How To Give Option Money On A Lease Option…

When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it’s certified funds you need to keep a copy of the certified check.

If it was a personal check – you need to keep a copy of the cancelled check (front and back).

Don’t give cash!

Anything less than this – the underwriter will not give you credit for giving that money.

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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How Bank Statement Loans Work…

I am getting more and more calls from clients asking about bank statement loans.

Bank statement loans are making a come back.

They are designed for people that have income deposits flowing through their checking account, but for what ever reason they don’t show much income on their tax returns. …typically they are self employed.

We take 12 or 24 months of bank statements. We average their monthly income deposits. …and, that’s what we give them for income.

By the way it’s simpler and easier to use personal bank statements over business bank statments, but it’s not impossible to do business bank statements.

You will pay a higher interest rate, and put more down payment on these type of loans. If you have decent credit you can get rates under 6% however. Down payment will range from 15% to 25%.

If have more questions about this type of loan give me a call, or shoot me an email.

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 Posts

Important New FHA Guideline That Can Effect Your Loan…

Did you know that for FHA loans if you write your earnest money check for less than 1% of the sales price you don’t have to source the funds for the check?

This is a new wrinkle in the FHA guidelines, and it reduces the amount of paperwork you have to come up with for your loan.

Many realtors are still unaware of this guideline, so you might want to let your realtor know when you write your earnest money check.

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 Posts