I wanted you to know about a mortgage program that doesn’t require any income documentation when purchasing an investment property.
It’s called a Debt Service Coverage Loan. And, the rent from the property is the only income you need. No tax returns, or paystubs needed.
Down payment on this program ranges from 10% to 20%.
If you are looking to acquire an investment property – contact our offices and we can get you some numbers on your situation.
That’s it for today!
Thanks for reading!
Brett
If you have credit card debt it’s a good time to consider a consolidation loan.
I had this situation come up again last month, and I wanted to address it again with you…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment? (As long as it’s a owner occupied residence for seller and buyer.)
…this is because the guidelines allow the seller to “gift” equity to the buyer.
So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
That’s it for today!
Have a good day today! …and 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 haven’t owned a home in the last three years and you want to purchase a home you should consider the MCC tax credit.
How MCC works in a nutshell…
You take 20% of the mortgage interest you pay each year – and you are allowed to claim that 20% as a dollar for dollar tax credit against whatever income taxes you pay that year.
The cool part is you can do this every year you are in the house.
The net savings to you would be thousands of dollars over that time frame.
Very few people use this, but it’s available to all first time home buyers that qualify.
If you or someone you know might benefit from the MCC tax credit – contact our offices and see if you qualify for it.
That’s it for today!
Thanks for reading!
Brett
Here are two quick credit tips for you…
1) 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.
2) 15% of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action.
So, it’s impossible for someone who is new to credit to have a perfect credit score.
A longer credit history provides more information and offers a better picture of long-term financial behavior.
So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain long standing accounts.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
If you have credit card debt it’s a good time to consider a consolidation loan.
If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.
That same $20,000 as part of a mortgage payment would only cost around $82 a month.
This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.
If you would like to see how your numbers look for a consolidation loan – contact our offices.
That’s it for today!
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
