Loan Approval Tip, And Thanksgiving Fun Fact…

People get turned down for loans every day because their debt to income ratio is too high.

Some mortgage companies max out their debt to income ratio at 45%. …Some go to 50%.

I wanted you to know that I have NO LIMIT on a back end debt to income ratio.

…I can do 55% or even 60% or more as long as the automated system approves it!

If another lender is giving you problems with your debt to income ratio – give me a call or shoot me an email. …I can probably help you out!

Fun fact on Thanksgiving: Thanksgiving wasn’t widely celebrated until, after more than 36 years of campaigning, Sarah Josepha Hale convinced Abraham Lincoln to make it a national holiday in 1863.

That’s it for today!    …thanks for reading!

Brett

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Something You Didn’t Know About Cash Out Loans…

If you buy a house with cash, and suddenly need your cash back – can you get a cash out loan right away?

Yes!

Before 2011 you couldn’t. …you had to wait 6 months after purchase, but now you can.

Both Fannie Mae and Freddie Mac have a program that will allow all cash homebuyers to refinance and take equity out as soon as they close on their home purchase.
Even though the wait time is waived, the program comes with rules.

…Such as:

1) The sale must have been “arm’s length” (no parents selling to children).

2) The owner can’t have more than 10 financed properties and there can’t be any other liens against the property.

So, now you know something you might not have known 2 minutes ago!

That’s it for today!    …thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

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What You Have To Know About Part Time Income…

I ran into an issue with this topic on a loan from last week, and wanted to touch on it with you…

If you are trying to purchase a house with an FHA loan – and you are using part time job income, be aware of this…

FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.

…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need. …You wouldn’t fulfill the 2 year work history on it.

You do have other options though… If you are in this situation – please give me a call or drop me an email. I would love to try to help you.

That’s it for today!    …thanks for reading!

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

My Previous Blog Posts