Rules For Gift Giving On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Alternative Documentation Loan Products Available...

 Hello!

We are a full service mortgage lender.  This means we provide a broad spectrum of loan options to help you get what you want.

We have the lowest rates on Conventional, Jumbo, and Government loan products, but we also have other products to help you if you don't "fit" into the box of a normal loan.

Here is just a small sample of some of the alternative loan products we offer...

Multi Family             We can do residential properties 5-24 units up to 7 m loan amount.

Fix and Flip               Cash available for purchase and restoration.

Foreign Nationals    No income required, 70% LTV,DSCR approval.

ITIN        Bank statement for the self-employed or W-2 .

P/L          Alternative to bank statements for just one spouse.  2 year P/L needed. 80% LTV.

1099       80% LTV

VOE        When tips, cash earning needed.

If you or someone you know wants to buy or refinance a house call our office and let's see if we can help you out!

Happy Thanksgiving!

Brett

 

Get Pre Approved For A Loan Here
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What To Expect If You Change Jobs During The Mortgage Process...

 Hello!

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 paycheck 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

 

Get Pre Approved For A Loan Here
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