Don't Do This During The Mortgage Process...

 Hello!

Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit.

It sounds simple, and you would think most people would know this without being told.

I have a loan right now where a borrower got himself into trouble from doing just this very thing.

There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit.

So, while you are in the loan process – don’t apply for anything that would involve credit (appliances, lawn equipment, etc.).

That’s it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A VA Loan After Foreclosure Or Bankruptcy...

 Hello!

I want to go over the VA guidelines for Foreclosure, and Bankruptcy.

VA

Short Sale
Deed-In-Lieu of Foreclosure
Foreclosure:
2 years from completion date
If extenuating circumstances exist – 12 months from completion date with re-established credit
Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available for the new loan.

Bankruptcy Chapter 7 or 11:

2 years from discharge or dismissal date
Note: If bankruptcy was result of a business failure, provide evidence that;
Applicant obtained permanent position after business failure
No derogatory credit prior to self employment
No derogatory credit subsequent to bankruptcy

Bankruptcy Chapter 13:

2 years from discharge or dismissal date
A minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge has approved

That’s it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

VOE Only To Prove Your Income...

 Hello!

Did you know we have a VOE (Verification of Employment) program that is considered full doc?

This program is for borrowers that work for a company (W-2).

You don’t need pay stubs, or w-2’s, or tax returns.

…we just send a one page form to your employer.  They fill it out and that’s all the documentation we need for your job / income.

Just wanted you to be aware of some of the different ways we can structure your loan to meet your needs.

That’s it for today!

Brett

Get Pre Approved For A Loan Here
My Previous Blog