I hope you and your family had a great Holiday weekend!
Did you know even if you have “challenged” credit you can still get a low down payment loan to buy a house with FHA?
We can do down payments as low as 3.5% down to a 580 credit score!
And, we have several down payment assistance programs to help you too.
So, if you or someone you know is wanting to buy a house, but they aren’t sure about their credit – let us take a look. We can possibly help them right now.
Thanks for reading!
Brett
Did you know we can do ITIN loans up to 90% loan to value ratio?
An ITIN number is issued by the IRS to non-resident aliens who are not eligible to receive a social security number.
If you or someone you know are interested in how to qualify for a 10% down loan as an ITIN borrower – just give our offices a call or shoot us an email.
That’s it for today!
Thanks for reading!
Brett
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 down payment funds”.
For instance, the down payment on an FHA loan is 3.5%.
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!
Have a good day today! …and thanks for reading.
Brett
Believe it or not we are seeing rates as low as in the mid 5's on a face rate for FHA now.
So, if you have been waiting for lower rates to jump in and buy a house, they are lower now.
It's also a good time to buy before the market is flooded with alot more buyers...
Reach out and we'll get you ready to buy now.
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 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
If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.
This type of loan is called ‘delayed financing’. …and, you can get your cash back out of the house.
In fact, we do these types of cash out loans up to three million dollars. Many companies won’t lend cash out over 500k, but we do!
…so, if you are in need of a loan like this – shoot us an email or give us a call. We can help!
That’s it for today!
Thanks for reading!
Brett
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.
Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.
To prove this income we would need…
• Letters from the organizations providing the income.
• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or
• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?
Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift…
Relative, defined as the borrower’s spouse, child or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship. Fiancée, or domestic partner – an unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner, and intends to occupy the security property with the primary wage earner.
The donor may not be or have any affiliation with the builder, the developer, the real estate agent, or any other interested party to the transaction.
That’s it for today!
Thanks for reading!
Brett
