Good Morning!
I wrote about this 6 months ago - but I think it bears repeating.
This simple thing stops many loans in their tracks - and I want you to be aware of it.
I wanted to point out one downside of disputing accounts on your credit report. ...These would be accounts that you have disputed but there's really been no resolution. In other words the account is still on your report - and now has a "customer disputed" message on it.
If you are trying to get a conforming loan (Fannie Mae, Freddie Mac), or an FHA loan - you will find the automated underwriting system doesn't like accounts with "disputed" on them.
It won't include these accounts in the automated underwriting analysis. It will tell you to remove the disputed language from these accounts so it can finish its job of underwriting your file.
I can tell you removing the disputed language from these accounts can end up being quite a chore. ...and, I've had it derail some loans because we couldn't remove it.
...just wanted you to be aware of this.
I hope you have a good day today. Thanks for reading and have a good weekend!
Brett
Friday, August 27, 2010
Wednesday, August 25, 2010
We Allow You To Use Gifts For Down Payment On These Loans...
Good Morning!
Did you realize that we allow gifts on non government insured loans (including jumbos!) up to 85% Combined Loan To Value Ratios?
Many people don't realize that this is possible. You can actually get a gift for the down payment on loan amounts above the conforming limits ($417,000). ...This is true up to $800,000 for this program.
Remember, the max combined loan to value ratio for these loans caps out at 85%.
...Oh, I'm coming out with a new program next week that will help you reduce your out of pocket cash the next time you purchase a home. ...Be on the lookout for it!
That's it for today!
Thanks for reading and have a great day!
Brett
Did you realize that we allow gifts on non government insured loans (including jumbos!) up to 85% Combined Loan To Value Ratios?
Many people don't realize that this is possible. You can actually get a gift for the down payment on loan amounts above the conforming limits ($417,000). ...This is true up to $800,000 for this program.
Remember, the max combined loan to value ratio for these loans caps out at 85%.
...Oh, I'm coming out with a new program next week that will help you reduce your out of pocket cash the next time you purchase a home. ...Be on the lookout for it!
That's it for today!
Thanks for reading and have a great day!
Brett
Monday, August 23, 2010
The Two Ways To Get Rid Of Monthly Mortgage Insurance With FHA...
Good Morning!
Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is "yes". Unless...
There are really only two ways around monthly mortgage insurance on an FHA loan...
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years - then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
Many people ask me if they have to pay monthly mortgage insurance on an FHA loan.
The answer is "yes". Unless...
There are really only two ways around monthly mortgage insurance on an FHA loan...
1) Do a 15 year mortgage and the loan to value ratio has to be under 90%.
2) Do a 30 yr fixed fha mortgage. Pay MI for 5 years - then you can get rid of it if the loan to value ratio is under 78%.
Thanks for reading and have a great day!
Brett
Subscribe to:
Posts (Atom)