Quick Video: How To Get A Mortgage After Bankruptcy…

Occasionally I like to create short videos as a teaching tool for borrowers and Realtors.

I’ve made this short video explaining the keys to get a mortgage after bankruptcy.

Believe it or not it is possible to get a mortgage after bankruptcy!

Watch this short video to find out how… CLICK HERE NOW 

That’s it for today!

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

Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips – CLICK HERE.

Repair Escrows: What’s Allowed and Not Allowed…

You may not be aware of this be we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan)

Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred.

I wanted to let you know some of the items that are eligible for repair escrows, and some that are not allowed.
These items are eligible for repair escrows:

1) Repair roofs, gutters and downspouts
2) Repair/Replacement/upgrade of existing HVAC systems
3) Repair/Replacement/upgrade of plumbing and electrical systems
4) Repair/Replacement of flooring
5) Painting, both exterior and interior
6) Weatherization, including storm windows and doors, insulation, weather stripping, etc.
7) Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
8) Minor repair to exterior decks, patios, porches
9) Minor basement waterproofing
10) Minor mold remediation
11) Window and door replacements and exterior wall re-siding
12) Other minor repair(s) as indicated by the appraiser as being cosmetic in nature and conform to HUD’s repair escrow requirements

These items are NOT eligible for repair escrows:

1) Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
2) New construction (including room additions)
3) Any repair that, according to the appraiser’s report, not cosmetic in nature
4) Repair of structural damage
5) Repair(s) requiring detailed drawings or architectural exhibits
6) Landscaping or similar site amenity improvements
7) Any repair or improvement requiring a work schedule longer than 60 days
8) Repair/Rehabilitation activities that require more than one (1) final disbursement

If you are buying a home and you think you may need a repair escrow. Give me a call or shoot me an email and we can discuss whether your scenario would qualify!

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

Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips – CLICK HERE.

How You Can Qualify For The Home Buyer Tax Credit (MCC)…

If you are a prospective home owner you are probably aware of the tax deduction you receive from mortgage interest on your income tax returns. 

However, there’s another tax benefit available to you that you may not have heard about. 

This tax benefit is called a Mortgage Credit Certificate (MCC).  …and, it’s not just another deduction. 

It’s a tax credit you get year, after year, after year, etc… 

I’ve written a Special Report about the MCC that’s yours for FREE!  

This report shows you…

1)  How the Mortgage Credit Certificate works.

2)  How you can qualify for it.

3)  Why you need it.

4)  …and how to apply for it.

Get your copy of this report instantly right now.  

…Just fill in your name and email address below.

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