We Do Loans For Foreign Nationals...

Good Morning!

Did you know we have a loan program for Foreign Nationals?

A Foreign National is someone who is neither a US Citizen, or a permanent resident.

Here are some aspects of the Foreign National program…

70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion)

65% LTV Cash out transactions

If no US credit, minimum credit score is waived

Max loan amount is 5 million

Cash out okay for reserves

65%  LTV for our Investor No ratio, rental income not required

Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use

5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option

That’s it for today!

Have a great day, and thanks for reading!


Get Pre Approved For A Loan Here
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Don't Do This On A Lease Option...

Good Morning!

 

I had this situation come up again recently...

 

Advice: If you enter into a lease option agreement don’t give cash for the option money.

 

The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s hard to prove cash.

 

You can do a personal check, cashiers check, or money order. …but, don’t give cash.

 

That’s it for today!

 

Have a good day today!  …and thanks for reading.


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Where Is Your Down Payment Coming From?...

 Good Morning!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called "sourcing down payment funds".

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

That’s it for today!

Have a good day today!  …and thanks for reading.

Get Pre Approved For A Loan Here
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Purchase Applications On The Rise...

Good Morning!

The Mortgage Bankers Association showed this week marks the sixth consecutive week that home purchase applications moved higher.

This is in spite of rates going up for the second straight week.

Part of this is because we are moving into buying season.

Any way you look at it - it's pretty good news!

That's it for today!

Thanks for reading!

Get Pre Approved For A Loan Here
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Paying A Little Extra On Your Mortgage Is A Good Idea...

Good Morning!

 

I get questions like this from borrowers all the time…  “If I pay an extra $100 a month on my payment how many years would it take off my mortgage?”

The answer is it can shave off alot of years and save you a ton of money!

I created the table below to illustrate the savings.

This is based on a 30 year $100,000 mortgage at 4% interest.

Extra Payment Monthly	Years Saved Off Mortgage
0	0
50	5 Years
100	8.5 Years
150	11.08 Years
200	13.08 Years
250	14.6 Years

If you would like to see how much an extra payment would effect your mortgage just call me or email me and give me your numbers on your mortgage. …

I’ll be happy to help you!

That’s it for today!

Have a good day today! …and thanks for reading.

Get Pre Approved For A Loan Here
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Quick Way To Get Disputes Off Your Credit...

Good Morning!

I want to talk to you about the impact of disputed accounts when you try to get a mortgage.

When your credit is pulled the lender will see that your account has been “disputed”.

The underwriter will ask that the dispute be removed if it is in fact your account. This can be time consuming, and it can also be tricky.

Here is a link with a letter that you can use to remove your disputed account. …use it in good health! …and, good luck.

If you need help, or more advice on how best to get the disputes off – please give me a call or shoot me an email.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
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How VA Treats Bankruptcy And Foreclosure...

Good Morning!

Have you had a bankruptcy or foreclosure in your past, and now you want to get a VA loan?

Here is how VA treats bankruptcy and foreclosure...

Short Sale

Deed-In-Lieu of Foreclosure

Foreclosure:

2 years from completion date

If extenuating circumstances exist – 12 months from completion date with re-established credit

Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available for the new loan

Bankruptcy:

Chapter 7 or 11 - 2 years from discharge or dismissal date

Note: If bankruptcy was result of a business failure, provide evidence that;

Applicant obtained permanent position after business failure

No derogatory credit prior to self employment

No derogatory credit subsequent to bankruptcy

Bankruptcy:

Chapter 13

2 years from discharge or dismissal date

A minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge has approved

Thanks for reading!
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How To Use Rent Income To Purchase Property…

Good Morning!

Here's how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property...

The program is called Investor Debt Service Coverage.

Here's how it works...

Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to the lower of either:

DSC Debt Service Coverage calculation of gross rent

-OR- 

Rent schedule from the Rental Addendum on 1007 Appraisal Report 

Min FICO:  620

Minimum Loan amount $75K - $5 Million

1-4, Units, Warrantable and Non-Warrantable Condos

Investor/Business use only

Reserves: 3-12 months (based on LTV).  If Bwr owns other investment properties with mortgages the reserve requirement is increased by 1% of total mortgage balance outstanding.

Purchase, Rate and Term Max LTV of 80%

Cash out available Max LTV of 80%

Cash out proceeds can be used to meet reserve requirements

Gift funds permitted.  Bwr to provide 5% of funds

Gifts of Equity permitted at a 75% Max LTV and Bwr to provide 5% of funds

US Citizens, Permanent Resident Aliens Max LTV of 80%

Foreign Nationals Max LTV 70%.  No FICO qualifies for immediate financing

...pretty cool program!

That's it for today!

Thanks for reading.

Get Pre Approved For A Loan Here
My Previous BlogGood Morning!

Here's how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property...

The program is called Investor Debt Service Coverage.

Here's how it works...

Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to the lower of either:

DSC Debt Service Coverage calculation of gross rents

-OR-

Rent schedule from the Rental Addendum on 1007 Appraisal Report

Min FICO:  620

Minimum Loan amount $75K - $5 Million

1-4, Units, Warrantable and Non-Warrantable Condos

Investor/Business use only

Reserves: 3-12 months (based on LTV).  If Bwr owns other investment properties with mortgages the reserve requirement is increased by 1% of total mortgage balance outstanding.

Purchase, Rate and Term Max LTV of 80%

Cash out available Max LTV of 80%

Cash out proceeds can be used to meet reserve requirements

Gift funds permitted.  Bwr to provide 5% of funds

Gifts of Equity permitted at a 75% Max LTV and Bwr to provide 5% of funds

US Citizens, Permanent Resident Aliens Max LTV of 80%

Foreign Nationals Max LTV 70%.  No FICO qualifies for immediate financing

...pretty cool program!

That's it for today!

Thanks for reading.

Get Pre Approved For A Loan Here
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Good Crowd This Weekend...

Good Morning!

I wanted to thank everyone that came out to the first time home buyer's seminar this weekend.

It was a good turn out, and a great crowd.

I surprises me every time I do one of these.  People don't realize that it's just not that hard to buy a house.

You don't have to have great credit, and you don't have to make that much money.

If you wanna find out if you qualify, just contact our office.  We'll take care of you!

Thanks for reading!

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