This Tax Deduction Could Hurt You When It Comes To Applying For A Mortgage...

 Hello!

This tax deduction can hurt you when it comes time 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

 

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Two Important Things To Know About USDA Loans...

 Hello!

If you are considering a USDA loan there are two things you should be aware of…

1) There are geographic restrictions. Not every area is eligible for USDA financing.

The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for USDA financing.

Here is the link to check your address: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

2) USDA has household income caps. In other words, it’s possible to make too much to qualify for a USDA loan.

You will need to enter your total household income into the link below and see if your family qualifies.

Here is the link to check the income for your area… https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

USDA is a great program. …100% financing with a low fixed interest rate.

If you have any other questions or want to see if you qualify just give me a call or shoot me 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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Be Aware Of This If You Are Changing Jobs During The Loan Process...

 Hello!

We have many people apply for mortgages that have recently changed jobs.

Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage…

1)  If you are getting transferred from one location to another, but with the same company you don’t need to do anything.  This is fine because you have the same employer.

2)  Generally, the underwriter will want to see your first paycheck at the new job at a minimum, and often they will want to see your first 30 days of paychecks.  However, we have also been able to use a Verification of Employment to establish the new terms on occasion.

3)  Sometimes it can create a “catch-22” if you are moving here from elsewhere and starting a new job at a new company.  You can’t get the loan until you get some paystubs at the new job, but you have to move here and live here to work here.  Sometimes temporary housing is required in these circumstances.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How Long To Wait Before You Can Get A Mortgage After Bankruptcy...

 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.

Non QM:  No wait.

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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Buying A House Using A Reverse Mortgage...

 Hello!

I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage.

I had a borrower that was recently retired, and now living on a fixed income.

They owned their home free and clear, and lived in a small town not too far from Dallas.

Their home was worth around $150,000.

Both husband and wife decided they didn’t want to live their retirement years in their current home.

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a near by lake for around $295,000.

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

So, if you or someone you know may benefit from this - please reach out to us.  We would love to help!

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Buying A House Using A Reverse Mortgage...

 Hello!

I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage.

I had a borrower that was recently retired, and now living on a fixed income.

They owned their home free and clear, and lived in a small town not too far from Dallas.

Their home was worth around $150,000.

Both husband and wife decided they didn’t want to live their retirement years in their current home.

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a near by lake for around $295,000.

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

So, if you or someone you know may benefit from this - please reach out to us.  We would love to help!

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Mortgage If You Have Filed An Extension On Your Taxes...

 Hello!

What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes?

Your loan officer asks you for last year’s tax return, but you can’t give it to him or her because you filed an extension.

Easy! …You give your loan officer the extension you filed for last year’s taxes, plus your previous two years’ tax returns.

Now, if your extension shows you owe money to the IRS the underwriter may ask you to show proof you paid this money. Keep this in mind.

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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Credit Tip For You...

 Hello!

Did you realize that 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards)?

You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep it under 30% of the available balance.

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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