Four Reasons You Need To Use Me…

As you know if you have been getting my posts for any length of time I don’t toot my own horn that much.

     …these are mostly informational – to educate you about aspects of the mortgage and real estate industry.

However, I wanted to give you four quick reasons you really need to be using me for your mortgage…

     1) I have the best of both worlds. I am a Mortgage Banker, but I also have the ability to broker your loan if your loan is “out of the box”.

     2) I can close your loan quickly. The big banks like Wells, Chase, etc. are taking 45 to 90 days to close loans right now. I can get a loan closed in 2 weeks with a complete file!

     3) I have access to the lowest rates in the industry. There’s no reason to go with a higher rate.

     4) I can do loans other lenders can’t! Sometimes its low credit scores, or high debt to income ratios. …sometimes it’s no trade lines. So, if your current lender is having trouble – let me take a look at your loan! I can’t tell you how many of these type of loans I get closed!

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.

What To Expect If You Are Changing Jobs During The Mortgage Process…

I have many people apply for mortgages that have recently changed jobs.

Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage…

The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks.

The underwriter isn’t trying to make your life difficult by asking for your new paychecks. …This is a common guideline in the mortgage industry.

There is one circumstance where you can change jobs and not have to supply your new pay check prior to approval…

If you continue to work for the same company, but you are just changing jobs within that company then you won’t have to produce a new paycheck.

If you have more questions on this – don’t hesitate to give me a call or shoot me an email!

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

Brett

How To Get A Mortgage 12 Months After A Foreclosure Or Bankruptcy…

We are one of the few lenders that uses FHA’s Back To Work program. …If you can prove you had a significant “economic event” in your life that resulted in loss of income.

Here is how FHA describes an “economic event”:

An Economic Event is any occurrence beyond the borrower’s control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower’s Household Income of twenty percent or more for a period of at least six months. The Onset of an Economic Event is the month of Loss of Employment/Income. Recovery from an Economic Event is the re-establishment of Satisfactory Credit for a minimum of twelve months.

In order to use this program we have to prove a few things…

1) Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control.
2) The borrower has demonstrated full recovery from the event. (good credit history since)
3) The borrower has completed housing counseling. (I can show you how to do this)

Here is what FHA wants to see on your credit since your recovery from your Economic Event…

1) No history of delinquency on rental housing payments.
2) No more than one thirty (30) days delinquency on payments due to other creditors
3) No collection accounts/court records reporting (other than medical and/or identity theft).

Here is what FHA wants to see to prove loss of employment that caused the Economic Event…

1) A written Verification of Employment (we get this) evidencing the termination date or in cases where the prior employer is no longer in business.
2) A written termination notice.
3) Other publicly available documentation of the business closure (if applies and is available).
4) Documentation of receipt of unemployment income.

Other than this FHA will want us to prove that 12 months have elapsed since the Foreclosure or Bankruptcy.

If you are in this situation, or you know of someone in this situation – don’t fret! There is hope for you!

Give me a call or shoot me an email and I’ll be happy to see if we can help you out!

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.