Quick Tips On The Mortgage World

How To Close On A House That Needs A Little Work...

2012-02-01T05:58:00.001-08:00

Good Morning!

I've written about this topic before - and I think it deserves mentioning again.

You would be amazed how many people (including realtors) that don't know this is a way to solve this common problem when you buy a house.

Problem: You are in the process of 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.

The simple answer 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 me a call - I can help you out.

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

That's it for today!

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

Brett

It Takes 19 Years 4 Months For This To Happen...

2012-01-30T05:28:00.001-08:00

Good Morning!

Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage...

It takes 19 years and 4 months to pay your principle down by half on a 30 year amortization.

Recommended action...

If you can handle a slightly higher mortgage payment it's a smart play to refinance to a 15 year mortgage!

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

That's it for today!

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

Brett

How To Get Rid Of FHA Mortgage Insurance...

2012-01-25T06:10:00.000-08:00

Good Morning!

I've written to you about this before, but I think it's worth covering again.

People ask me if it's possible to get rid of FHA mortgage insurance.

It is possible, and here is how to do it...

On a 30 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78% loan to value, and the loan is at least 5 years old.

On a 15 year FHA mortgage the annual mortgage insurance premium is canceled once the loan reaches 78%. The nice ting about the 15 year is that you don't have to wait 5 years to get rid of - as long as your home gets to 78% ltv.

FHA removes this mortgage insurance automatically. The 78% loan to value is based on the lesser of your purchase price, or its original appraised value.
If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

That's it for today!

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

Brett

You Need This Credit Score To Purchase An Investment Property...

2012-01-23T06:00:00.000-08:00

Good Morning!

You can have a credit score as low as 620 and get a loan with just 15% down payment on investment property.

It's been several years since you could have a credit score this low and be able to purchase an investment property.

If you are interested in purchasing an investment property, and want to see if you qualify click the link below...

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

That's it for today!

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

Brett

The Difference Between A Collection And A Judgment When Getting A Mortgage...

2012-01-18T06:30:00.001-08:00

Good Morning!

When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant.

The biggest difference is that a collection account doesn't have to be paid off as a condition of mortgage approval.

...However, a court ordered judgment MUST be paid off before a mortgage can be approved.

The reason is that the mortgage company sees the judgment as a significant risk to their lien position from a title perspective.

That's it for today!

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

How To Refinance Your Contract For Deed House...

2012-01-16T06:44:00.000-08:00

Good Morning!

If you purchased your house on a Contract For Deed, or a Land Contract - we can treat this as a refinance loan?

...It's true! ...The Contract For Deed doesn't even need to be recorded.

We just need 12 months cancelled checks to refinance a Contract For Deed, or a Land Contract.

The biggest benefit of this is that we can use the appraised value, and not the purchase price for value. ...So, you can roll in closing costs instead of writing a check for them!

Max loan to value ratio on this program is 90%.

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

When Your Spouses Credit Matters - Even If They Aren't On Your Loan...

2012-01-11T06:42:00.001-08:00

Good Morning!

In some circumstances your spouses credit matters - even thought they may not be on the loan with you.

When it doesn't matter...

If you are applying for a conventional loan then we won't run your spouses credit if they aren't on the loan.

When it does matter...

If you are applying for a government insured loan (FHA, VA, USDA) we will run your spouses credit even if they aren't on the loan.

Here is what we are looking for...

1) We have to incorporate their minimum monthly debt obligations into the purchasing spouses debt to income ratio.

2) If they have unsettled public records like tax liens, or judgements, then these would have to be satisfied before the loan closes.

What we are not looking for from spouses credit...

1) We really don't care about what their scores are or what their credit make up looks like other than getting their monthly debts, and to see if they have public records.

So, don't let your spouses bad credit scores keep you from applying for a mortgage. Their bad scores won't keep you from getting a mortgage.

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

3 Important Things You Should Know About Bonus And Overtime Income...

2012-01-09T05:59:00.000-08:00

Good Morning!

Are planning on using your bonus income or overtime income to help you get a mortgage?

...If so, then there are three important things you need to be aware of:

1) We can't use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

2) The employer has to indicate that the bonus or overtime income will likely continue.

3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.

That's it for today!

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

What To Do When You Don't Have Enough Trade Lines On Your Credit Report For A Mortgage...

2012-01-05T06:17:00.001-08:00

Good Morning!

Have you been told by a loan officer that you don't qualify for a mortgage because you don't have enough "trade line depth"?

Most lenders have guidelines for the number of trade lines they want to see on your credit report.

...for most of them they want to see 3 trade lines with at least 12 months of history on each.

If you don't have the number of trade lines they want to see, you won't qualify for a mortgage with them.

...So, what do you do if you want to buy a house, but you don't have three open and active trade lines on your credit report?

Answer: You go to a lender that will allow you to ad "alternative trade lines". Some lenders (like me!) will allow you to use alternative trade lines - like utility bills, or rent to fill out the number of trade lines necessary to get a loan.

Often times this can be the difference between buying a house or not.

Keep this in mind if you or someone you know has been told you don't have enough "trade line depth" on your credit. ...I very well might be able to help you out in this circumstance!

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

How Consumer Credit Counselling Impacts Getting A Mortgage...

2012-01-03T06:02:00.003-08:00

Happy New Year!

I know you're going to have a great year this year!

Continuing with little known underwriting guidelines on FHA loans...

Many people will elect to go through Consumer Credit Counseling instead of filing bankruptcy. They go through Consumer Credit Counseling because they think will not impact their credit as severely as bankruptcy.

They are right in a way - FHA doesn't have as stringent of guidelines for CCC as bankruptcy.

...However, you're not completely out of the woods if you elect to work with Consumer Credit Counseling when it comes to getting an FHA mortgage.

FHA's underwriting guideline for Consumer Credit Counseling is that the borrower must "document that one year of the pay-out period has elapsed under the plan and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction."

...In other words you will have to be in the plan for at least a year before you can hope to get an FHA mortgage.

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

How To Get A Mortgage Less Than Three Years Out Of A Foreclosure...

2011-12-28T06:15:00.001-08:00

Good Morning!

If you ask a loan officer how long you have to wait after a foreclosure to get an FHA loan they will tell you three years.

Three years is the standard seasoning period for a foreclosure before you can get an FHA loan.

However, three years isn't always true. ...It can be less.

If you did deeper into the FHA guidelines it does allow for a person to get a mortgage with less than three years of seasoning. ...in certain circumstances.

I pulled this paragraph right out of the FHA handbook. It describes under what circumstances the circumstances that you could get a mortgage with less than three years of seasoning...

A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year October 2003 2-6 4155.1 REV-5
requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.

If you would like to see if you qualify for a mortgage right now - click here and fill out this simple and quick application.

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

Brett

How Young Is Too Young To Buy A House?...

2011-12-21T06:00:00.001-08:00

Good Morning!

How young is too young to buy a house?
From a mortgage perspective there is no "minimum age" to purchase a house.

However, it really depends on the state you live in.

Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which a mortgage note can be enforced.

In Texas for instance - you must be 18 years old to enter into a contract.

That's it for today!

Have a great and safe Christmas!

REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more...

To see if you would qualify for a mortgage right now just fill out this simpleapplication.

To sign up for more tips like this one click here.

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

Brett

OPTION FOR PAYING PROPERTY TAXES…

2011-12-19T06:22:00.000-08:00

Good Morning!
If you own a house you’ve already gotten your property tax bill from the county.
There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.
1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.
2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
…or, to get a mortgage right now just fill out this simple application.
To sign up for more tips like this one click here.

REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more…
Have a good day today! …and thanks for reading.
Brett

How To Use FHA To Buy Apartment Buildings and Healthcare Facilities...

2011-12-14T06:36:00.001-08:00

Good Morning!

Did you realize that FHA has a multi-family lending program for mulit-family and healthcare facilities?

It's called the multifamily accelerated processing program.

...and I am a participating lender in this program.

This wonderful program allows you to use FHA financing to purchase, refinance, and construct apartment complexes, and healthcare facilities.

Here are some key aspects of these loans...

1) Rates as low as 4.25% on a 35 year term (apr 4.85%).

2) Loan size - no upper limit.

3) 80% cash out refinance.

4) 83.3% Purchase loan to value ratio.

5) Up to 90% Loan to value ratio on construction loans.

6) Non recourse loans.

If you are interested in this program - give me a call or shoot me an email and tell me what you are interested in accomplishing.

I'll see if I can help you out on it!

REMEMBER: I can do FHA loans on single family homes now down to 500 credit scores - read this blog post to learn more...

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

Brett

Recovering From Bankruptcy - Refresher...

2011-12-07T05:54:00.001-08:00

Good Morning!

I get asked about this a lot - so, I wanted to give you a little refresher on how you can get a mortgage when you have had a Bankruptcy in your life.
Chapter 7 Bankruptcy... You will need two years of seasoning after the discharge date of the Bankruptcy on your credit - for an FHA loan. ...and, you can't have ANY new derogatory information occur (lates, charge offs, collections) after the Bankruptcy discharge.

The other thing you need to do is to ESTABLISH NEW credit accounts after the BK. This is huge. ...and a lot of people fail here. They don't get new credit after a BK, but if you want to get a loan - you will need to.

Chapter 13 Bankruptcy... You can get an FHA loan once you have a documented 12 month pay history (with no lates).

So, YES - you can get an FHA loan while you are in a Chapter 13 Bankruptcy! ...You will need a letter of permission from your trustee - but as long as the new mortgage payment isn't appreciably more than you are paying now in rent - they usually will give their permission.

Also, on a 13 - You DON'T need two years of seasoning after the discharge. ...as long as you have had minimum 12 months of good pay history. Many loan officers don't get this - and I end up closing a lot of loans that people can't get closed elsewhere for this very reason.

REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
Have a good day today! ...and thanks for reading.

Brett

Here Are The New VA Funding Fee Rates...

2011-11-30T07:11:00.000-08:00

Good Morning!

I wanted to let you know that on November 21 the president signed HR 674.

This bill resets the VA funding fee rates for up front mortgage insurance on VA loans.

Here are the new rates...

Down Payment First Time Subsequent

0-4.99% 2.15% 3.30%
5%-9.99% 1.50% 1.50%
10% or more 1.25% 1.25%

If you are needing some advice on VA loans - give me a call or shoot me an email. I'll be happy to help you out!

I hope you have a good day today! Thanks for reading!

Brett

I Can Now Do This Loan Down To A 580 Score...

2011-11-28T05:53:00.000-08:00

Good Morning!

I wanted to let you know that I can now do USDA loans down to a 580 credit score!

Remember USDA is a 100% financing loan!

...You can go to this link on my site to learn more about this program:

http://loansdonequickly.com/no-down-payment-on-this-loan/

I hope you have a good day today! Thanks for reading!

Brett

Options For Paying Your Property Taxes...

2011-11-22T05:49:00.001-08:00

Good Morning!

This time of year property taxes are due on your property.

There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.

1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.

2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.

Please let me know if you have more questions about how this refinance works.

I hope you have a good day today. Thanks for reading!

Brett

How To Add A Pool When You Buy A House...

2011-11-16T05:55:00.001-08:00

Good Morning!

What if you find your ideal house - but it's missing one key element that you really wanted? ...A pool!
Many people are unaware of this, but it's possible to buy the house and finance the cost of building the pool right into the house purchase!
...it's done on a purchase with an escrow hold back for the pool.
Here are some basic guidelines for the pool escrow holdback...
1) It would have to be a conforming loan - so at least 5% down payment on a purchase.
2) Your contractor will have 90 days to complete the pool after your purchase.
3) There can be up to 3 draws (checks) for the contractor - with the last one coming after the final inspection.
4) The value of the pool is used in the loan to value calculation.
5) The amount of the escrow hold back will be equal to 150% of the amount quoted by the contractor.
6) Primary residence only.
7) Maximum amount of escrow is $20,000 or 10% of property value for LTV's of 90% to 95%.
8) Maximum amount of escrow is $20,000 or 15% of property value for LTV's less than 90%.
Keep this in mind the next time you are house hunting - if you have your heart set on a pool.

I hope you have a great day! Thanks for reading!

Brett

Announcing: Money Available For Down Payment On Home Purchases!...

2011-11-09T05:45:00.001-08:00

Good Morning!

I sent an update about this program a couple of months ago, but I wanted to touch on it again here.

It's a simple way to achieve 100% financing...

ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!

The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.

To learn more about this program, and see if you meet the qualifications for it click this link...

http://loansdonequickly.com/purchase-a-home/money-for-down-payment/

Thanks for reading! ...and, have a great day!

Brett

How To Get A Mortgage When You Owe The IRS Back Taxes...

2011-11-07T05:38:00.001-08:00

Good Morning!

Many people don't think it's possible to get a mortgage if you owe the IRS back taxes.

I'm happy to tell you that it is possible, and this is how you do it...

1) If you owe the IRS back taxes you have to take the initiative and make a payment plan with the IRS right away.

Generally, if you make a payment plan right away with them they won't file a lien against you.

If you wait and do nothing with your balance owed to the IRS - then the IRS will place a tax lien against you and at this point you won't be able to get a mortgage.

Once a public record lien shows up on your credit - you will have to pay off the entire amount and settle the lien before you can get a mortgage.

2) If you have a history of making payments on your IRS back taxes for 12 months without any late payments then you can get a mortgage with me (assuming you qualify otherwise).

My underwriter will treat this payment as he/she would with any other installment loan.

If you are in this situation - give me a call and I can most likely help you out!

I hope you have a great day! Thanks for reading!

Brett

Announcing: No Minimum Credit Score To Refinance This FHA Loan...

2011-11-03T06:48:00.001-07:00

Good Morning!

Did you know that I have no minimum credit score requirement for an FHA streamlined refinance mortgage?

...It's true!

Most of the industry requires either a 640 or 620 minimum score for an FHA streamlined refinance.

So, if you have a lower credit score and want to refinance your FHA loan - let me know! I can probably help you.

I hope you have a great day! Thanks for reading!

Brett

New!... No Minimum Credit Score On VA Loans Now...

2011-10-27T06:29:00.001-07:00

Good Morning!

I wanted to let you know that I can now do VA loans with no credit score limitation!

This means that there is no "minimum score" you must have to get a VA loan.

There are two main requirements for me to get your VA loan approved...

1) I must get an Approve / Eligible when I run your loan through the automated system.

2) You can't have any open collections. In other words you can't have collections with open balances.

If you have been told your score is too low to get a VA approval - I very well might be able to help you.

In order for me to give you a good answer on if I can get your loan closed - I would just need you to fill out a loan application.

Please click this link and fill in the blanks... Click Here.

I hope you have a great day! Thanks for reading!

Brett

Mortgage Rate News Coming Down Tomorrow...

2011-10-25T06:52:00.000-07:00

Good Morning!

Wednesday, Eurozone leaders are expected to announce an aid package for Greece.

If the stock market likes the aid program to Greece - then the stock market will soar, and the bond markets will sink.

This will make mortgage rates go higher - and possibly much higher.

If you are shopping for a mortgage right now I would recommend you consider locking in.

REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...

I hope you have a great day! Thanks for reading!

Brett

How To Get A 97% Loan With No Mortgage Insurance...

2011-10-24T05:25:00.000-07:00

Good Morning!

I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.

It's called HomePath. It allows a low down payment and flexible mortgage terms.

Here are some of the great features of this loan...

1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!

2) No lender requested appraisal!

3) No mortgage insurance! ...This is a biggie.

4) Generous seller contributions for closing costs.

5) Available for primary residences, second homes, and investment properties.

Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!

REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...

I hope you have a great day! Thanks for reading!

Brett