Tagged : mortgage

Found 7 blog entries tagged as "mortgage".

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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Construction Loans ~ Which are best?

There are two types of construction loans used by homeowners;
1. One-time-close loans
2. Two-time-close loans

With all construction loans, money is disbursed by the lender based on a pre-established construction draw schedule. The goal is to only pay for what has been completed, minus retainage, typically 10% of the cost of the project, which is held back until everything is completed properly and the owner has issued a certificate of occupancy (CO).

One-Time-Close Construction Loans...

This loan has one approval process, and one closing, simplifying the process and reducing the closing costs. Typically, the borrower can choose from the portfolio of mortgages offered by the lender such as 30-year-fixed, or

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HomeOne mortgage is a new conventional 3% down payment option for qualified first-time home buyers. HomeOne mortgage serves borrowers without geographic or income restrictions.  The HomeOne mortgage will provide home buyers the flexibility they need to help buyers achieve the milestone of home ownership and overcome the common down payment resource hurdle.

Below are the highlights of the HomeOne Loan Program: 

  • Financing with just 3% down

  • Lower Mortgage Insurance requirements than standard rates

  • No Income Limits

  • Homeownership education course required for at least one borrower

  • Must be an owner-occupied property

  • Includes 1-unit single-family residences, condos and townhouses

  • Must be a

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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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So, you have an adjustable rate mortgage, what to do, what to do?

A lot of consumers took advantage of low mortgage rates five years ago by taking out an adjustable rate mortgage. These mortgage loans, generally fixed for 3 years or 5 years, 7 years or 10 years, allowed consumers to save thousands of dollars in interest by having an interest rate below the rate of a fixed rate mortgage.

For example, on a $300,000 mortgage, in November of 2004, you could get a 5/1 ARM (principle and interest payments) at 4.5%. The comparable 30 year fixed rate loan at the time was around 5.375%, giving the adjustable rate mortgage a monthly savings of $159 per month . . . or $9,540 over the first 60 months (5 years fixed term). Saving $10,000 is good, not toxic, or

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On January 1, 2010, the new standardized (nationalized) Good Faith Estimate went in to mandatory use.  The intent of the form was to create a standard disclosure for all mortgage providers -- better allowing consumers to shop for a mortgage, make comparison of loan options, closing costs, etc.  In the first sense (to create a single standardized form), the new Good Faith Estimate has succeeded.  In a few other areas, the new form is a giant headache.  So, to help you understand the new 2010 Good Faith Estimate, here is the good, the bad and, well, what you need to know to avoid getting the previously mentioned headache (the ugly).

First, the good:

  • the new form gives a very good summary of loan terms (I honestly think that it should be renamed "A
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In an effort to further reduce the number of foreclosures on the market FHA has waived the 90 day seasoning requirement for properties bought by investors for resale and profit purposes.  This FHA 90 Day Rule Waiver which shall be in effect through January 31, 2011 will provide new opportunities for home buyers and investors.   

Prior to the waiver all homes purchased for resell could not qualify for FHA financing until 91 days after acquisition, provided improvements could be documented to justify the new higher sales price, or 180 days if improvements had not been made.  The FHA 90 Day Rule Waiver  should result in investors being able to buy and sell homes more quickly, buyers will be afforded more options since the property condition would have

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