Make Sure You Get Credit For This Money...

 Hello!

If you enter into a lease with option to Buy you must give option money to secure the agreement.

If you end up buying the home you have a lease option on, you will want to get credit for the money you gave as option money towards your down payment.

However, 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 week!

Brett

Get Pre Approved For A Loan Here
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No Income Docs Needed On This Loan...

 Hello!

Wanted to spotlight a Non QM loan product we offer.  Non QM = Non Qualified Mortgage.  It's a family of mortgages.

Product:  Investor Debt Service Coverage, also called DSCR Loans.

This documentation option is for non owner occupied investment properties.

It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

As long as the rent from the property pays the mortgage payment that is all the income that’s needed.

 

Down payment as low as 10% are possible on this product.

If you think this product might be a good fit for you or someone you know, give our office a call or shoot us an email.

That's all for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Great 100% Financing Purchase Loan...

 Hello!

Want to buy a nice home in the country or an outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Up to 100% of the Appraised Value – Total LTV of 102% –
-Difference of sales price and appraised value can be used for closing cost
-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 this sounds like a loan that you or someone you know would be interested in please give us a call or shoot us an email.  We are happy to help.

That’s it!

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

Brett

Get Pre Approved For A Loan Here
My Previous Blog