Are You Too Old To Get A Mortgage?…

Good Morning!

I got asked this week...  "Am I too old to get a mortgage?"

The answer is even if you are 90 years old, and you are applying for a 30 year mortgage you are treated the same as a 30 year old.

It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
My Previous Blog

How Your Credit Score Is Compiled...

Good Morning!

I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus…

35% – Payment history
The credit bureaus  look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are any severe unpaid debts like bankruptcies or foreclosures; and the number and severity of delinquencies in your credit history.

30% – Amounts Owed
Too many credit accounts and a high ratio of credit balances to credit limits can affect your score. Also affecting your score is the amount of debt on each account and the level of debt paid off on term accounts.

15% – Length of Credit History
Longer credit histories result in higher scores. Important factors incorporated into credit scores are: length of credit history, length of time specific accounts have been open, and the duration of time since each account was last used.

10% – New Credit
Credit scores track consumers who suddenly take on new debt and potentially overextend themselves, by checking to see when the last time a consumer opened an account and how many accounts were opened and by looking at the number of inquires on the consumer’s credit reports.

10% – Types of Credit Used
The type of credit you have plays an important role in determining your credit score. A “healthy mix” of installment loans (mortgage payment, auto loan) and revolving credit from banks is considered better for your score.

That's it for today!

Have a great day.

Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

When You Don't Have To Remove Disputes...

Good Morning!

You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan.

For Conventional loans there is really no way around this. You will have to remove them.
However, for FHA loans you don’t necessarily have to remove them.

This is true for manually underwritten FHA loans.

So, if you are getting an FHA loan, and your loan officer wants to remove the disputes. Ask your loan officer to have the file manually underwritten.

On a manually underwritten loan the underwriter can underwrite the loan “around” the disputes. …Ignore them in other words.

Your lender may have their own “overlay” rules to remove the disputes even on manual loans. If so, you can change lenders to someone that wouldn’t do that.

…like me! Ha!


That’s it for today!

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


Get Pre Approved For A Loan Here
My Previous Blog

 

How To Purchase A Home Using A Reverse Mortgage...

Good Morning!

 

This is an example of how one of my borrower's purchased a home using a Reverse Mortgage...

 

The borrowers were recently retired, and now living on a fixed income.

 

They owned their home free and clear, and lived in a small town not too far from Dallas.

 

Their home was worth around $150,000.

 

Both husband and wife decided they didn’t want to live their retirement years in their current home.

 

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a near by lake for around $295,000.

 

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

 

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

 

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

 

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

 

Please shoot me an email or give me a call if you would like to explore how to use a Reverse Mortgage for you or someone you know.

 

That’s it for today!

 

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

Get Pre Approved For A Loan Here
My Previous Blog

Another Tool We Have To Help You...

Good Morning!

Did you know we have the ability to run a soft pull credit report on you?

This is a report that doesn't show an inquiry on your credit report, and won't impact the score at all.

...yet, it allows us to see your mortgage credit scores.

So, if you are interested in seeing what your mortgage credit scores are - give us a call or shoot us an email, and we can check for you.

That's it for today!

Thanks for reading!

Get Pre Approved For A Loan Here
My Previous Blog

Cool Loan You Didn't Know About...

Good Morning!

I hope you are having a good week so far!

Every now and then I like to spotlight unusual products we carry.

Today, I want to tell you how Asset Depletion loans work.

If you have no income to speak of, or at least you can’t prove your income via traditional means, or even using bank statement deposits, then Asset Depletion may be an option for you.

If you have assets - such as a large retirement account, or securities or savings accounts - then we can plug these assets into a calculation we use to produce a monthly income for you (even though you don't actually receive this income).

It's pretty cool, and it's considered a Full Doc loan!  ...that means you can get great rates and a low down payment with this type of loan.

If you think you might fall into this situation and want to see how much house you could buy - shoot us an email or call us and we can get you what you need.

Thanks for reading!

Have a good day!


Get Pre Approved For A Loan Here
My Previous Blog

Best Loans To Use For Buying In Rural Areas...

Good Morning!

 

I’ve written about this before, but I think it’s a good idea to touch on it again…

 

If you need financing to purchase a home in the country I would use either USDA, FHA, or VA.

 

The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable sales used in the appraisal.

 

Specifically conventional loans have a conservative limit on how far they will allow the comparable sales used in the appraisal to be away from the subject property.

 

For this reason, you often run into a Catch-22 using conventional loans in a rural environment.

 

…Yes you can use a conventional loan, but if the comps are too far away from the subject property so you can’t use a conventional loan, etc…

 

Generally speaking FHA, USDA, and VA will accept comparable sales that are “common for the area”. …So, in other words, if the comparable sales are all 5 miles away and that’s what is common for the area – then generally they will accept this.

 

If you are unsure about what type of financing is best to use for your next purchase – shoot me an email or give us a call and tell me about your situation.

 

That’s it for today!

 

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


Get Pre Approved For A Loan Here
My Previous Blog