Quick Tips On The Mortgage World

Monday, September 13, 2021

Mortgage Broker Advisor Good Morning!

Have you ever wondered how long you have to wait to get a loan after a bankruptcy?

I wanted to let 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.

Non QM: No wait.

That’s it for today!

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

Brett

Mortgage Broker Advisor Good Morning!

If you have a 1099 job (they don't take taxes out of your check), and for some reason you can't submit tax returns to get a mortgage - there is hope.

We have a 1099 program. You just submit your last two years of 1099s, and we can do a loan from this income documentation.

Few notes on the 1099 program...

1) Can go up to 90% loan to value ratio.

2) Minimum loan amount $100,000.

3) Need 6 months reserves at closing.

4) Seller concessions up to 3%.

5) Need a two year employment history.

6) Can be used for purchase, and refinance.

If you get 1099's, but can't use a tax return to get a loan - here is an option for you!

Contact our office to see how we can help you.

That's it for today!

Thanks for reading!

Brett

Mortgage Broker Advisor Good Morning!

If you are considering buying a house from a family member I have something for you.

I just put up a video on my Youtube channel of how to structure a purchase / sale transaction with a family member.

It's a unique transaction, and this video shows you how to take advantage of it, and make all parties happy. I encourage you to watch it.

That's it for today!

Brett