How To Get A Mortgage When You Can't Use Tax Returns...

 Hello!

Here's one way to get a mortgage if you are self employed, and don't show alot of income on your tax returns?

Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

If you or someone you know needs a loan like this - shoot our office an email or give us a call and let's see if we can help you.

That's it for today!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
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Easy Way To Save A Ton Of Money...

 Hello!

If you can afford it I highly recommend paying extra on your mortgage to pay it off faster.

I created the table below to illustrate the savings.

This is based on a 30 year $100,000 mortgage at 4% interest.

Extra Payment Monthly	Years Saved Off Mortgage
0	0
50	5 Years
100	8.5 Years
150	11.08 Years
200	13.08 Years
250	14.6 Years

If you would like to see how much an extra payment would affect your mortgage just call our office or email us and give us your numbers on your mortgage. …We’ll be happy 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

How To Get A Mortgage Just Using Your Deposits For Income...

 Hello!

If you are self-employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you…

I wanted to spotlight one of our Alt Doc programs:  Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.

Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Gift Giving Rules On FHA Loans...

 Good Morning!

FHA gift questions come up often.  This is where the buyer would get a gift to help in purchasing a home.

I wanted to give you the rules on FHA gift giving.

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.

 

2) Borrower’s employer or labor union.

 

3) A close friend with a clearly defined and documented interest in the borrower.

 

4) A charitable organization.

 

5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.

 

2) The real estate agent or broker.

 

3) The builder or an associated entity.

Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

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

Here's How A Bank Statement Loan Works...

 Hello!

If you are self-employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you…

I wanted to spotlight one of our Alt Doc programs:  Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.

Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

 

Variables of Bank Statement loans…

 

24 Months of bank statements.

 

12 Months of bank statements.

 

2 Months of bank statements.

 

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

What Not To Do When Getting A Mortgage...

 Hello!

Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit.

It sounds simple, and you would think most people would know this without being told.

I have a loan right now where a borrower got himself into trouble from doing just this very thing.

There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.

So, while you are in the loan process – don’t apply for anything that would involve credit (appliances, lawn equipment, etc.).

That’s it for today.

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Two Property Tax Issues Some People Face...

 Hello!

If you pay your property taxes apart from your mortgage payment, and you didn't get them paid by then end of January they are now considered late with the county.

There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.

1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.

2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let us know if you have more questions about how this refinance works.

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

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog