Make Sure You Get Credit For This Money...

 Hello!

If you enter into a lease with option to Buy you must give option money to secure the agreement.

If you end up buying the home you have a lease option on, you will want to get credit for the money you gave as option money towards your down payment.

However, you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it’s certified funds you need to keep a copy of the certified check.

If it was a personal check – you need to keep a copy of the cancelled check (front and back).

Don’t give cash!

Anything less than this – the underwriter will not give you credit for giving that money.

That’s it for today.   …Have a good week!

Brett

Get Pre Approved For A Loan Here
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No Income Docs Needed On This Loan...

 Hello!

Wanted to spotlight a Non QM loan product we offer.  Non QM = Non Qualified Mortgage.  It's a family of mortgages.

Product:  Investor Debt Service Coverage, also called DSCR Loans.

This documentation option is for non owner occupied investment properties.

It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

As long as the rent from the property pays the mortgage payment that is all the income that’s needed.

 

Down payment as low as 10% are possible on this product.

If you think this product might be a good fit for you or someone you know, give our office a call or shoot us an email.

That's all for today!

Thanks for reading!

Brett

 

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Great 100% Financing Purchase Loan...

 Hello!

Want to buy a nice home in the country or an outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Up to 100% of the Appraised Value – Total LTV of 102% –
-Difference of sales price and appraised value can be used for closing cost
-No Down Payment Required
-No Cash Reserve Requirement. No cash contribution requirement
-Unlimited seller concessions
-Unrestricted gifts, not necessary to document source, no seasoning
-First time home buyers allowed, but not limited to first time home buyers
-Non-traditional credit may substitute for lack of credit history
-Repair Escrow financed in loan up to $10,000 or 10% of loan

If this sounds like a loan that you or someone you know would be interested in please give us a call or shoot us an email.  We are happy to help.

That’s it!

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

Brett

Get Pre Approved For A Loan Here
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How A No Cost Refi Works...

 Hello!

I have people ask me about no cost refinances.

I wanted to take a minute and tell you exactly how a no cost refinance works.

There are two pools of funds you have to address when you refinance…

1) Closing costs.

2) Pre paids. (taxes, interest, and insurance)

A no cost refinance will cover your closing costs. You would still be responsible for the pre paids (although we can roll them into the loan) – because you would pay these costs whether you refinance or not.

Now, if your current loan is escrowed you would be reimbursed the balance in your escrow account after closing. So, this would be a wash for you.

Let me give you an example…

Let’s say your current rate is at 4.75%. …and let’s say normal closing costs on your refinance loan would be $4,000.

There are two ways to approach this refinance…

1) You can take the very lowest rate in the market at the time. …Let’s say it’s 4.00%. If you elect to go this route – you would either have to pay the closing costs yourself, or we could roll them into the loan. Either way you are paying for the closing costs.

2) You could take a slightly higher rate – say 4.5%, and we (the lender) can pay the $4,000 closing costs for you.

Option 2 is a true no cost refinance. You were able to lower your rate and monthly payment for free. It didn’t cost you any money to do it!

If you would like for us to review your current situation for a no costs refinance – We'll do it for free!

…just give us a call, or shoot us an email.

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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How To Sell An Asset To Raise Money For A Down Payment On A House...

 Hello!

I hope you had a good weekend!

When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds…

• The ownership of the asset (proof)

• The transfer of ownership of the asset with its sale, such as a bill of sale or a statement from the
purchaser

• The receipt of the proceeds of the sale, such as a deposit slip, bank statement, or copy of the
purchaser’s check

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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What Paying Extra On Your Mortgage Can Do For You...

 Hello!

 

I get questions like this from borrowers all the time…  “If I pay an extra $100 a month on my payment, how many years would it take off my mortgage?”

The answer is it can shave off a lot of years and save you a ton of money!

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 us 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
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We Have Loans For Foreign Nationals...

 Hello!

Did you know we have a loan program for Foreign Nationals?

A Foreign National is someone who is neither a US Citizen, or a permanent resident.

Here are some aspects of the Foreign National program…

70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion)

65% LTV Cash out transactions

If no US credit, minimum credit score is waived

Max loan amount is 5 million

Cash out okay for reserves

65%  LTV for our Investor No ratio, rental income not required

Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use

5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option

That’s it for today!

Have a great day, and thanks for reading!

Brett

 

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

 Hello!

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.

I’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.

So, contact us and we’ll help create a plan for you. …and the best part is that we do this as a free service to you!

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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Waiting Period If You Have Had Chapter 7 Bankruptcy To Get A Loan...

 Good Morning!

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.

With Fannie and Freddie – if you get an automated approval in the underwriting engine with less than 4 years out on a BK, then we can do the loan.

That’s it for today!

Have a great day! Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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