Hello!
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…
FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date.
USDA: 3 years from discharge date.
Fannie Mae: 4 years from discharge date, or dismissal date.
Freddie Mac: 4 years from discharge date or dismissal date.
That’s it for today!
I hope you have a great day!
Thanks for reading!
Brett
Hello!
Did you know we do Reverse Mortgages?
I wanted to address the two most common
questions that I get regarding reverse mortgages…
Question: What happens if I die? Will the lender be taking my house?
Answer: No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.
Question: What happens if the loan balance becomes greater than the value of my home?
Answer: No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, if there is any.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
Hello!
For foreigners that aren't eligible for a social security number, but want to work in the US the IRS issues ITIN numbers.
We can do loans for borrowers with ITIN numbers.
Here are some bullet points on this program...
1) Borrowers can be W2 or Self-Employed.
2) Loan amounts up to $1.5MM
3) Primary and Second Homes
4) Full Doc or P&L Only
5) Up to 90% LTV
6) 1 Year employment documentation required
If you or someone you know needs an ITIN loan - contact our offices and we'll see if we can help you.
That's it for today!
Thanks for reading!
Brett
Hello!
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.
No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn't help pay down the balance of the loan.
If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance, here are two ways to avoid this…
1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.
2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
Hello!
For instance, if you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.
That same $20,000 as part of a mortgage payment would only cost around $82 a month.
This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.
If you would like to see how your numbers look for a consolidation loan - contact our offices.
That's it for today!
Thanks for reading!
Brett
Good Morning!
Have you ever wondered how long you have to wait to get a loan after a bankruptcy?
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…
FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date.
USDA: 3 years from discharge date.
Fannie Mae: 4 years from discharge date, or dismissal date.
Freddie Mac: 4 years from discharge date or dismissal date.
Non QM: No wait.
That’s it for today!
I hope you have a great day! Thanks for reading!
Good Morning!
If you have a 1099 job (they don't take taxes out of your check), and for some reason you can't submit tax returns to get a mortgage - there is hope.
We have a 1099 program. You just submit your last two years of 1099s, and we can do a loan from this income documentation.
Few notes on the 1099 program...
1) Can go up to 90% loan to value ratio.
2) Minimum loan amount $100,000.
3) Need 6 months reserves at closing.
4) Seller concessions up to 3%.
5) Need a two year employment history.
6) Can be used for purchase, and refinance.
If you get 1099's, but can't use a tax return to get a loan - here is an option for you!
Contact our office to see how we can help you.
Good Morning!
If you are considering buying a house from a family member I have something for you.
I just put up a video on my Youtube channel of how to structure a purchase / sale transaction with a family member.
It's a unique transaction, and this video shows you how to take advantage of it, and make all parties happy. I encourage you to watch it.
Here ya go... https://youtu.be/v6NKiMGPx18
That's it for today!
Brett
