Good Morning!
Are planning on using your bonus income or overtime income to help you get a mortgage?
...If so, then there are three important things you need to be aware of:
1) We can't use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.
That's it for today!
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
Monday, January 9, 2012
Thursday, January 5, 2012
What To Do When You Don't Have Enough Trade Lines On Your Credit Report For A Mortgage...
Good Morning!
Have you been told by a loan officer that you don't qualify for a mortgage because you don't have enough "trade line depth"?
Most lenders have guidelines for the number of trade lines they want to see on your credit report.
...for most of them they want to see 3 trade lines with at least 12 months of history on each.
If you don't have the number of trade lines they want to see, you won't qualify for a mortgage with them.
...So, what do you do if you want to buy a house, but you don't have three open and active trade lines on your credit report?
Answer: You go to a lender that will allow you to ad "alternative trade lines". Some lenders (like me!) will allow you to use alternative trade lines - like utility bills, or rent to fill out the number of trade lines necessary to get a loan.
Often times this can be the difference between buying a house or not.
Keep this in mind if you or someone you know has been told you don't have enough "trade line depth" on your credit. ...I very well might be able to help you out in this circumstance!
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
Have you been told by a loan officer that you don't qualify for a mortgage because you don't have enough "trade line depth"?
Most lenders have guidelines for the number of trade lines they want to see on your credit report.
...for most of them they want to see 3 trade lines with at least 12 months of history on each.
If you don't have the number of trade lines they want to see, you won't qualify for a mortgage with them.
...So, what do you do if you want to buy a house, but you don't have three open and active trade lines on your credit report?
Answer: You go to a lender that will allow you to ad "alternative trade lines". Some lenders (like me!) will allow you to use alternative trade lines - like utility bills, or rent to fill out the number of trade lines necessary to get a loan.
Often times this can be the difference between buying a house or not.
Keep this in mind if you or someone you know has been told you don't have enough "trade line depth" on your credit. ...I very well might be able to help you out in this circumstance!
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, January 3, 2012
How Consumer Credit Counselling Impacts Getting A Mortgage...
Happy New Year!
I know you're going to have a great year this year!
Continuing with little known underwriting guidelines on FHA loans...
Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.
They are right in a way - FHA doesn't have as stringent of guidelines for CCC as bankruptcy.
...However, you're not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.
FHA's underwriting guideline for Consumer Credit Counseling is that the borrower must "document that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction."
...In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
I know you're going to have a great year this year!
Continuing with little known underwriting guidelines on FHA loans...
Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.
They are right in a way - FHA doesn't have as stringent of guidelines for CCC as bankruptcy.
...However, you're not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.
FHA's underwriting guideline for Consumer Credit Counseling is that the borrower must "document that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction."
...In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.
Have a good day today! ...and thanks for reading.
Brett
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