Some Bullet Points For You...

 Good Morning!

Few product bullet points for you this morning...

1)  We are doing FHA loans down to 580 credit scores right now, so if you want to buy a house and your credit is on the low side - this might be an option for you.

2)  We are getting one day approvals on loans with 620 scores and up (Conventional, FHA, VA, USDA).

3)  If you are self employed, and don't show alot of income - we have Alt Doc programs for you - can use bank statement deposits for income.

4)  We have no income programs for Non Owner Occupied Investment purchases.  (no income docs needed)

These are just a few of the products we have to help you get what you want.

If you have a question about your situation, just shoot our office an email or give us a call.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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Advice On Lease Options...

 Good Morning!

I had this situation come up again last week…

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.  

Brett

 

Get Pre Approved For A Loan Here
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Another Way To Have Someone Else Pay Your Closing Costs...

 Good Morning!

I get asked this question a lot by clients who are buying houses…

…”Can we just roll closing costs into the loan?”

The short answer… No.

You can do it with no problem on a refinance, but not a purchase loan.

…but there is an indirect way to do it on a purchase loan.

The best way to roll closing costs into your purchase – is to ask the sellers to pay your closing costs. …the way you do this is to make it part of your contract offer.  (This might be more difficult in a seller's market)

…they will either say “yes” or “no” to your request for them to pay closing costs. …so, right here you have a 50/50 shot at it.

If they say “no” – it’s still not over. …you can just offer to add the closing costs to the price of the home (as long as it will appraise) – and then ask the sellers to pay them. …often they will say “yes” to this.

Good luck house hunting!

That’s it for today!

Have a good day! …and thanks for reading.

Brett

 

Get Pre Approved For A Loan Here
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One Day Approvals Are Possible...

 Good Morning!

I wanted to let you know that we are seeing one day underwriting approvals on Conventional, VA, and FHA loans.

So, if you currently are in need of a purchase loan, or just want to get fully pre approved before you go house shopping (smart idea), then contact our office, and let us take a look at it for you.

The housing market is tight.  There is a shortage of existing homes, and as soon as they hit the market they go under contract.  ...so, it's smart to get fully approved before you go house shopping.

On another note:  If you have any interest in reading my novel, Density - here is the Amazon link for it.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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A Tax Deduction That Could Hurt You Getting A Mortgage...

 

Good Morning!

Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage.

If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches…

The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income.

This deduction would be things like job travel expenses, union dues, job education, etc.

I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial.

So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Second Homes And Investment Properties Soon To Carry Higher Rates...

 Good Morning!

FHFA (Fannie Mae's and Freddie Mac's conservator) announced March 10 that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels!), effective April 1.

What does this mean to borrowers seeking investment/2nd home mortgages?

Many mortgage lenders have already, or will soon add costs to these type of loans.

These changes won't affect Non QM investors for now, but Non QM loans carry higher rates generally.

Bottom line - you will be paying higher rates / fees for Second Homes and Investment Properties going forward.

That's it for today.

Have a great week!

Brett

 

Get Pre Approved For A Loan Here
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How To Qualify For A Mortgage When You Can't Now...

 Good Morning!

I’ve written about this before, but I think it’s worth touching on again.

If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (We can do this for you).

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

We can help you create a plan.

We’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of months to six months they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Work Around For Multiple Disputed Credit Accounts...

 Good Morning!

I want to give you a solution to a problem I see every day.

Disputed accounts.

Usually when I see someone with alot of disputed credit accounts its because a borrower has hired a company to try to “improve” their credit scores.

Often they are surprised to learn when they apply for a mortgage their loan officer, or the underwriter will want the disputes to be removed.

If you have alot of disputed accounts removing these disputes can be quite a chore. …and, it can take alot of time.

If the clock is ticking on your closing date this can often mean disputed accounts can kill a contract. …you just don’t have the time to remove them.

Here is one way to solve this problem without removing a single dispute:

Ask your loan officer to have the loan underwritten as a manually underwritten FHA loan. The underwriter can manually underwrite an FHA loan with the disputes in place. …they don’t have to be removed.

Problem solved.

I hope you have a great day! Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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Waiting Times By Program For Foreclosure...

 Good Morning!

I wanted to quickly go over the waiting period various loan programs have for Foreclosure.

FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed.

VA – 2 years from completion date with an automated system refer.

Fannie Mae – 7 years from completion date, or if you can get an automated approval sooner, the the wait can be less.

Freddie Mac – 7 years from completion date, or if you can get an automated approval sooner, the the wait can be less.

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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Three Tips For Your Bonus Income...

 Good Morning!

Here are three things you need to be aware of for us to use your bonus income 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

 

Get Pre Approved For A Loan Here
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