A lot of people ask me which loan should I get. My answer is it depends on your situation. Both FHA & conventional loans are good loans. Here are the main reasons to use either Conv. or FHA loan. FHA- If you have lower income and want to put down only 3.5%. If your credit score is below 660. […]
A VA home loan is either for a veteran, a soldier currently enlisted or a spouse of a deceased veteran. These loans allow for no down payment & no monthly mortgage insurance. These are fantastic loans if you are a veteran. A lot of veterans qualify for a VA loan and do not realize it. Most mortgage companies state you […]
Most of the mortgage companies have overlays on their products. An overlay is an additional requirement added on top of a FHA, VA, or conventional mortgage guidelines. One example is FHA allows down to a 580 credit score if you want to put down 3.5% down payment. 95% of the lenders state you must have a 640 credit score and […]
Do you own or want to own an investment property but, you keep getting turned down because your income is not sufficient or you own too many investment properties. These new loans do not verify your income. As long as you can put down 15% or you have 25% equity in your property you can get one of these loans. […]
This allows you to consolidate your bills up to 80% LTV. Only need 20% equity in your house. This mortgage requires a minimum credit score of a 500. This mortgage will allow you to pay off your current mortgage if you have one and all of your other debts. You can payoff auto, motorcycle, boat, RV, student & personal loans. […]
Whether you are buying a home to live in, or rent out we have loans that will allow you to buy the home and rehab the home at the same time with no more money down. If you are buying a home to live in we offer rehab loans with as little as 3% down payment. This will allow you […]
Almost all lenders require a 620 credit score to get an FHA mortgage. Most lenders use an automated system to get the customers loan approval (Total Score Card) which runs through DU (Desktop Underwriter) or LP (Loan Prospector). We can get you a mortgage with a 500 credit score if you have 10% to put down. If you have a […]
If you are an investor you know the challenges of showing income on your tax return when you own investment properties. With this new product the underwriter will only look at the income the property is producing for rent. This program can be used for purchases and refinances. This product can be used for a single rental property or 100’s […]
FHA has completely re written their new handbook called the 4000.1. The new FHA guidelines will affect everyone, which will make it harder to get an FHA loan in most situations. Here are some of the more important changes: Student Loans. Old Rule- FHA would allow the student loan payment to be excluded if the loan payments were deferred for […]
You could save hundreds of dollars by refinancing without lowering your current rate. How can this be? FHA just lowered the monthly mortgage insurance premium from .85% to .55% per year if you are over 95% LTV. This is almost 1/2 of what it used to be. Example: if you have an FHA mortgage with .85% premium and you mortgage […]
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