Bankruptcy Seasoning For Each Loan Program...

I've written about this before, but I think it's important you know how the major mortgage programs treat Chapter 7 bankruptcy...

FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.

VA: 2 years from completion date.

USDA: 3 years from discharge date.

Fannie Mae: 4 years from discharge date, or dismissal date.

Freddie Mac: 4 years from discharge date or dismissal date.

That's it for today!

I hope you have a great day! Thanks for reading!

Brett

Cool Tip For Android Users…

No mortgage post today.

I want to pass on a little tip for you.

I have an Android phone, and unfortunately this tip is only for Android users. (I’m sure there is a corresponding app for IPhone users)

Download an application in your Chrome browser called Mighty Text. Mighty Text connects with your android phone, and it does alot of cool stuff.

You can send and receive texts through your laptop or desktop computer that go out on your phone. You can send group texts to many people. You can structure the group texts to look like it was just sent to one person, or you can include the entire group.

You can also plug in a phone number on your computer and tell your phone to dial it.

So, check it out! It will help you use your phone more effectively.

I use it when I’m at work.

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

How To Use Bank Statement Income To Get A Mortgage…

I run into alot of self employed people that “maximize their deductions” on their tax returns.

They make money, but they don’t show alot of income on their tax returns due to their deductions.

They may have great credit, but they can’t get a mortgage because they don’t show enough income.

We have bank statement loans now for people in this catagory. Your bank deposits over two years become your monthly income. The underwriter will want to see the deposits are from business related income.

We have rates in the 5’s right now for people with credit scores of 680 and up. This would require 20% down.

If you are in this category and need a mortgage shoot me an email or give me a call and I’ll see if we can help you out.

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