Good Morning!
Occasionally I like to spotlight a program that may help you or someone you know.
We have ITIN loans as low as 15% down.
An ITIN number is a number issued to an individual by the IRS, who for whatever reason can't get a social security number.
Income documentation needed on these loans is either: 1 year Tax Returns, or 1 Year W2 or 1099, or 12 Month P&L only.
That's it for today!
Have a safe and happy new year!
Brett
Get Pre Approved For A Loan Here
My Previous Blog
Good Morning!
USDA is a 100% government insured loan. Low rates, and no down payment.
However, there are geographic limitations on this program.
To see if the area you are interested in is eligible for a USDA loan - please go to this map and check it out.
Let us know if you have other questions regarding this program.
That's it for today!
Thanks for reading!
Brett
Good Morning!
Can you believe Christmas is already here?
I hope you get to spend time with those you love, and get to put a lot of memories into your memory bank.
Reminder – property tax bills are due at the end of January.
If you have a non escrowed loan and don’t have the money to pay the tax bill, or don’t want to pay the tax bill - here is a possible solution for you...
We can refinance your loan and roll in your tax bill into the new loan. This way you can get your taxes paid, and skip a couple of months payments in the process!
That’s it for today!
Have a good day today! …and, thanks for reading
Brett
Good Morning!
If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage.
1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Good Morning!
Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest?
Below are the max seller help contribution limits per program...
Program: Conventional (Fannie/Freddie), owner-occupied…
1) 25% or more down payment = 9% allowed seller contribution.
2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.
3) Less than 10% down payment = 3% allowed seller contribution.
4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.
Program: FHA
1) 6% maximum seller contribution.
Program: VA
1) 4% closing cost contribution.
Program: USDA
1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Get Pre Approved For A Loan Here
My Previous Blog
Good Morning!
I try to do a post about this at least once a year because it's important...
My job as a loan officer allows me to have a unique perspective into people’s lives.
I can see how much money people make, and how much money they have in the bank.
I do loans for people who make less than $20,000 a year, and I do loans for people who make well over $250,000 a year.
I know times are harder now than in years past, but this post isn't about circumstances as much as a mindset.
…It doesn’t matter if you make a lot of money, or very little money – there is a common problem that I see again and again…
…Little to no savings.
This isn’t true in every case, but I see it very often.
People tend to spend what they make.
…even the borrowers I have who make a lot of money don’t tend to save their money.
My advice to you?… Pay yourself first.
Open a savings account, and before you pay any other bills – pay yourself first. …pay it just like it was a car payment or an electric bill.
…Make it a percentage of your total income.
Pay it every month. …it will build up faster than you think.
There is a special comfort that you will gain when you see that you have a comfortable cushion in the bank.
…I want that feeling for you.
This feeling of comfort will percolate into other areas of your life – less fights about money – less stress at work – happy mom and dad makes for happy kids, etc.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Good Morning!
I have borrowers ask me every day how much they need to put down to purchase a home.
Here are your minimum down payment options on the loan products currently available in the marketplace.
Loan Programs…
VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.
USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.
FHA: The minimum down payment is 3.5%. Great rates, has up front and monthly mortgage insurance.
Conventional: You will need 5% down for Conventional loans. There is also a 3% down for first time home buyers.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
Good Morning!
There are five different possibilities as far as who can pay your closing costs on a purchase loan.
I’ll go through each one here…
1) You. …You are the borrower and you can pay these expenses yourself.
2) The seller. It’s a seller’s market right now, so some sellers are reluctant to pay closing costs. You will just have to talk to your realtor about a strategy.
3) Gift. You can get a gift from a family member to pay your closing costs. The guidelines are different with each program for gift giving – so check with your loan officer before you attempt to go this route to make sure it’s appropriate for your loan program.
4) Grant. If you have access to a state or government grant program you can use this to pay these costs.
5) Loan officer and/or realtor. You can get help with paying your closing costs and prepaid expenses from the loan officer, and the realtor can help as well.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
