Tagged : home loan

Found 6 blog entries tagged as "home loan".

NO TAX RETURN INCOME? 

HERE’S A LOAN BASED ON BANK STATEMENT DEPOSITS…

If you have been self-employed for a minimum of 2 years, and you maximize your tax deductions to minimize your tax liability but have excellent cash flow, it is now possible to document your income by adding up the deposits on your 24 most recent bank statements. The total deposits will replace the income reporting on your tax returns for qualifying.   Taking this different perspective can make the difference to get you to qualify for your home loan.

Below are the features of our Bank Statement Loan Program:

  •   Can use Business or Personal Bank Statements

  •   All owners of bank accounts used must be on loan

  •   100% of deposits can be used

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Putting the cart before the horse, getting ahead of yourself, whatever you want to call it, going through the mortgage and real estate process in the wrong order can be confusing, frustrating, disappointing, and it could cost you hours of time and hundreds or even thousands of dollars.

Unfortunately, a lot of times, the order of activities goes something like this: 1. Become interested in purchasing a home; 2. Go online and do some research; 3.  Find a few houses that seem to be a good fit; 4.  Contact a Real Estate agent for more information; 5.  Contact a mortgage provider to get details on available loan programs, interest rates, monthly payment scenarios, etc.  Some extraordinarily out-of-order buyers may even squeeze in an additional step

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Is Smaller Always Better? It Depends!

No, the phrase is actually “bigger isn’t always better,” but in the mortgage world, smaller is the way to go, right? Smaller monthly payments… interest rates… etc. Smaller is always better; maybe not when it comes to down payments on a home purchase.

A few months ago, Fannie Mae reintroduced their 3% down conventional loan. With only a 3% down payment required to qualify for the loan, that means there is a conventional loan program out there with a smaller down payment requirement than an FHA loan (203b needs 3.5% down). That means the conventional product is better, right?

The Answer is in the Comparison

  • 3% down conventional: $250,000 purchase price means the loan amount is $242,500. At a rate of 4.75%,
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Key Mortgage Events of 2010

Minimum Credit Scored Raised to 640

During 2010, the mortgage lending industry saw credit requirements tighten. The minimum mid FICO score was raised from 580 to 640. That alone removed almost 30% of potential home buyers from the market place. For those considering on purchasing or refinancing in the next six months, it would be beneficial to obtain all three FICO scores issued by Experian, Transunion and Equifax. The mortgage lender will use the mid of the three FICO scores to determine if the consumer meets the minimum mid FICO score requirement.

Federal & State Licensing For All Georgia Mortgage Loan Officers

The State of Georgia required all mortgage loan officers be Federally and State licensed beginning

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With the recent changes to FHA mortgage insurance going into effect on October 4, 2010, I know the questions on whether or not to use an FHA versus a conventional loan will pick up again. Consumers will want to know how the new guidelines impact the total monthly payments on conventional and/or FHA loans.

Whether or not to get an FHA or conventional loan should be up to a borrower’s unique situation. In order to accomplish this, borrowers should always speak to a mortgage consultant who take the time to ask probing questions about their situation and goals instead of quoting rates for the same loan program to everyone that comes their way.

That being said let me try to shed some light on the latest change by using the example of a borrower looking to

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Several weeks ago, President Obama signed a law giving the Department of Housing and Urban Development (HUD) the ability to make changes to the mortgage insurance on all FHA loans. While the law allows HUD to increase the mortgage insurance almost three times higher than its current level, it wasn't until recently that the exact changes were known for the different FHA loan programs.

In the next few paragraphs, I aim to address those differences, provide some examples and insight into how this impacts individuals looking to buy or refinance a home using an FHA loan for all new case numbers assigned on October 4, 2010.

For all FHA loans, the up front mortgage insurance premium is being reduced from 2.25% to 1.00%, and the up front premium can still be

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