How To Get An FHA Loan If You Have Been Out Of Work...

 Good morning!

If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house…

I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation.

There are just a few main guidelines that FHA likes to see for the borrower in this situation to be eligible for financing…

1) Current employment of at least six months.

2) Documentation of two years of employment prior to the absence. Acceptable documentation includes w-2’s, paystubs, or a written verification of employment.

3) Acceptable scenarios include an individual who took several years off to raise children but has now returned to work.

If you know someone in this situation and they want to purchase a home, have them give me a call and I’ll try to help!

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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No Money Down On This Loan Program...

 I wanted to take a minute and feature the USDA loan program.

If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

-Up to 100% of the Appraised Value – Total LTV of 102% –

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-First time home buyers allowed, but not limited to first time home buyers

-Non-traditional credit may substitute for lack of credit history

-Repair Escrow financed in loan up to $10,000 or 10% of loan

If you have more questions about getting qualified for this program just shoot us an email or give us a call.

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

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

One Way To Roll Repairs Into A Purchase...

 I want to show you how to roll repairs into a purchase price.

I've touched on this subject from time to time.

If you are buying a house that needs minor repairs – but the seller refuses to do them – what do you do?

This situation happens a lot, especially on bank owned homes.

One way is to use an escrow hold back. …an escrow hold back is a small amount of money that is held out of the seller’s proceeds from the sale to make the repairs.

You have to write the escrow hold back right into the contract – under special provisions. To avoid having to rewrite this clause – be specific. Your realtor will need to write – “An escrow hold back in the amount of $______ will be used for (specific) repairs.”

One key with the escrow hold back is the repairs need to be minor – and they can’t take that long to finish. …an average amount of an escrow hold back is $1,500 to $5,000.

Knowing how to solve minor repair problems on an offer – can sometimes make the difference between getting a great deal on a house, or not buying it at all.

If this situation comes up with your deal – just give us a call – 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