New Cash Out Loan…

If you want a cash out loan on your home you will need a minimum of a 620 credit score.

This is because a cash out loan is a Conventional loan, and the guideline is a minimum 620 credit score.

…At least that’s what you’ll hear form most loan officers.

I wanted to alert you to a product we just added. …Cash out loans down to 580. This is a non conforming product, and the rates will be higher, but you can get cash out down to 580.

That’s it for today!

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

Brett

We Have To Know Where This Is Coming From…

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 in the mortgage industry.

You can have your down payment funds 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! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

How To Give Option Money On A Lease Option…

When you give someone option money at the onset of a lease option agreement – 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 day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts