Three Keys To Bonus Income...

 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

Get Pre Approved For A Loan Here
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USDA Loan Tip...

 Good Morning!

Here’s a USDA tip for you…

One of the things to keep in mind is that USDA has family income caps.

In other words if you make too much money you won’t qualify for a USDA loan.

Here is the link to check the income for your area…

Important: USDA goes by total household income!

In other words if you are getting a USDA loan with you as the only borrower, but you have a partner that also lives in the house.

…and, that partner has a job and makes money – then their money would also be included in the total household income calculation for USDA.

So, please be aware of this before you apply for a USDA loan.

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

Brett

 

Get Pre Approved For A Loan Here
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When A Part Time Job Won't Help You...

 Good Morning!

If you are considering getting a part time job to give you extra income for mortgage qualification purposes – consider this…

Underwriters will want to see that you have a two year stream of this part time income before they will give you credit for it.

…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need. …You wouldn’t fulfill the 2 year work history on it.

You do have other options though… If you are in this situation – please give us a call or drop us an email. We would love to try to help you.

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

Make Sure Of This Before You Apply For A Loan...

Good Morning!

I touch on this from time to time, but it’s important so I want to revisit it…

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 in the mortgage industry.

For instance, the minimum down payment on an FHA loan is 3.5%, and Conventional is 5%.

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.

Thanks for reading!

Brett 

 

Get Pre Approved For A Loan Here
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How A Bank Statement Loan Works...

 Good Morning!

I made a short video showing you the basics of how a bank statement loans works.

It's short, I promise...  VIDEO LINK

If you feel the bank statement loan might be a good option for you or someone you know - please contact our office.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

A Unique Loan That Doesn't Require A Job...

 Good Morning!

I wanted to do a short little video for you on how you can use an Asset Depletion loan to get the property you want.

It's a great way to get a loan even if you don't have a job or income.

Please watch.  It's short - I promise...VIDEO LINK.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog