The How To Remove Disputes From Your Credit email that I sent out earlier this week has been very popular, and contains key tips if you face this problem.

…if you missed it - Click here to read it.

My gift to you…

Take a couple of minutes today and watch this short video… 10 Rules For Being Human.

'

If you have been denied a loan because you disputed an account,
and then couldn't get the dispute removed when you needed to get
a mortgage - I have a solution for you...

I can now get most of your disputes removed with a simple letter! 

...Contact me for the EXACT letter format you have to use to get 

these removed.

Here are my new guidelines for getting disputes removed from 

your credit...

Transunion (TU) will now accept letters from the consumer regarding

the removal of dispute comments. TU will verify with the creditor,

but the letter from the creditor will not be needed.  The consumer 

letter will only address the 'account in dispute reported by 

consumer' comments. If there is any other verbiage such as "dispute

resolved-consumer disagrees" or anything else, the letter from the

creditor will be required.

The consumer must write the letter to include the date, their name, 

address, refer to the name and account number of the creditor as 

it appears on the report and a brief explanation that they are no 

longer disputing any information on the account and would like the

comment removed.

Equifax (EQ) will now accept the consumer letter to remove the 

dispute comment specifically stating 'consumer disputes'. The consumer

must first call the creditor to 'note' the account that they are 

no longer disputing the information.

-

If the comment states 'dispute resolution pending', we cannot 

remove that comment. This means there is already an 'investigation' 

pending on the account. This usually happens when the consumer 

contacts the bureau Equifax directly to inquire about the account. 

This can also happen if the consumer is working with a credit 

counseling company or another vendor doing a similar update.
'Dispute resolved-customer disagrees' requires a letter from 

the creditor, dated, on their letterhead, reference the account 

number as it appears on the credit report and specifically state 

the account is no longer in dispute and the comment will be removed.

Experian (EX) will accept a letter from the consumer to update 

most dispute comments.

-

Remember - you have to use a specific formated letter to do this 

- be sure to contact me for a copy if you are in this situation.

To see if you qualify for a mortgage right now -

CLICK HERE  and fill out this simple application.

-

To sign up for my weekly mortgage quick tips - CLICK HERE.

-

To download this report "4 Easy Ways To Get Someone Else To

Pay Your Closing Costs!" - CLICK HERE.

-

Thanks for reading, and have a great day!

Brett

I’m one of the few mortgage lenders in the country that can do loans for people with credit scores under 620!

If your score is between 620 and 580 you would be looking at a 3.5% down payment.

If your score is between 579 and 500 you would have a 10% down payment – max 90% LTV financing.

The same basic underwriting guidelines apply:  No bankruptcies in the last 2 years.  No foreclosures in thelast 3 years.  No short sales in the last 3 years.

To see if you qualify for this low interest mortgage program - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

To download this report “4 Easy Ways To Get Someone Else To Pay Your Closing Costs!” - CLICK HERE  (and use password “present”)

Thanks for reading, and have a great day!

Brett

To download this report “4 Easy Ways To Get Somone Else To Pay Your Closing Costs!” – CLICK HERE  (and use password “present”)

Thanks for reading, and have a great day!

Brett

Have you or someone you know been turned down for a mortgage because they didn’t have enough trade lines?
Trade lines are active credit accounts (credit cards or installment loans usually) that show up on your credit report.
Solution: As long as you have at least a 620 credit score, and I get an automated approval on you – I have no minimum trade line requirements!
This is huge and can save your deal if you are in this situation!
Let me know if you have been told you don’t have enough trade lines – I can probably 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.

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

It’s about to be tax season again.

I wanted to make you aware of certain deductions on your tax return that can hurt you when it comes time to get a loan.

The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction of your income.

This deduction would be things like job travel expenses, union dues, job education, etc.

I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial.

So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income.

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

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!

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!

I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus…

35% – Payment history

The credit bureaus  look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item; whether there are any severe unpaid debts like bankruptcies or foreclosures; and the number and severity of delinquencies in your credit history.

30% – Amounts Owed

Too many credit accounts and a high ratio of credit balances to credit limits can affect your score. Also affecting your score is the amount of debt on each account and the level of debt paid off on term accounts.

15% – Length of Credit History

Longer credit histories result in higher scores. Important factors incorporated into credit scores are: length of credit history, length of time specific accounts have been open, and the duration of time since each account was last used.

10% – New Credit

Credit scores track consumers who suddenly take on new debt and potentially overextend themselves, by checking to see when the last time a consumer opened an account and how many accounts were opened and by looking at the number of inquires on the consumer’s credit reports.

10% – Types of Credit Used

The type of credit you have plays an important role in determining your credit score. A “healthy mix” of installment loans (mortgage payment, auto loan) and revolving credit from banks is considered better for your score.

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

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

That’s it for today!

Thank you for reading my email – and have a great week!

Brett

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 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

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

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

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!

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 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

If you have medical collections the odds are they won’t keep you from getting a mortgage.

It’s true that generally collections of any kind are bad for your credit score.

…However, from a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.

Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with… …and, I can tell you that the automated system will generally ignore these older collections.

So, if you have Medical Collections… Don’t fret! …Generally they won’t keep you from getting a mortgage!

To see if you would qualify for 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 now down to 500 credit scores – read this blog post to learn more…

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

Brett

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

Brett

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

What if you find your ideal house – but it’s missing one key element that you really wanted?   …A pool!

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

Brett

Are you unable to refinance your first mortgage because your second lien holder refuses to subordinate their lien position?

…if so, I might have a solution for you.

I can now refinance your first mortgage, and I don’t need a resubordination agreement signed by the second lien holder.

This is huge!  …because when values drop it’s very common for second lien holders to refuse to subordinate their lien position on a refinance.

Now you don’t need their permission to refinance your first mortgage!

If you are in this situation – shoot me an email or give me a call.  I might be able to help you!

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

Brett

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

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!

…or, to get a mortgage right now just fill out this simple application.

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

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

Brett

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

This would apply to veterans using VA loans, and realtors/title officers involved in a real estate transaction involving a VA loan…

Veterans Administration guidelines state that if a sales contract is signed by the veteran prior to receipt of the Lenders Notice of Value, the contract must include, or be amended to include, the following clause:

“It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property described herein, if the contract purchase price or cost

exceeds the reasonable value of the property established by the Department of Veterans Affairs.

The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. (Authority: 38 U.S.C. 501, 3703(c)(1))

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

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

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

I try to touch on this at least once a year because many people are steered into cash out loans without knowing how they will be impacted.

Here’s what you need to know…

If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out – you need to be aware of the fact that this will permanently change your future loan choices.

It’s true!

Once you have a first position Texas Home Equity loan on your property – you can never again go back to a rate/term conventional loan, or even an FHA loan.

…the reason is the State of Texas, and how the Texas Home Equity Laws were written.

Once you have a 1st position Texas Home Equity loan on your home – any subsequent loan you get must also be a Texas Home Equity loan – even if you aren’t getting any equity out of the new loan!

Why is this not such a good thing?…   Well, there’s two big reasons…

1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.

2)The LTV is capped at 80% on a Texas Home Equity loan.  …This can be really bad if you get one of these loans, and then the value of your property depreciates – so your LTV is now above the 80% threshold.  I’ve talked to a lot of people in this boat.  They are stuck in their loan – their only other option is to sell.

Here is an alternative if you want cash out of your home, but don’t want to permanently eliminate future loan choices.

…You get a 2nd position cash out loan.  You keep your first mortgage, and get a second loan to go behind it for your cash out.  (cap is still 80% combined loan to value ratio)

There are two types of 2nd position cash out loans…

1)A HELOC (usually an interest only ARM).

2)A fixed term second cash out mortgage (normally 15 yr amortization).

…just keep in mind if you refinance with one of these cash out seconds in place – you can’t refinance – and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. …you will have to subordinate the second.

…confused?  Give me a call!  I’ll go over it with you.

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

Brett

If you purchase and fix up an investment house – you either want to sell it right away, or you want to pull your money out so you can go buy another one right.

…sometimes it’s not so easy to sell the home for top dollar right away.

So, if you see the house isn’t selling as fast as you wanted it to now it’s time to refinance and pull your money back out of the house.

…but, you find that no one wants to do a cash out loan on an investment property with less than 90 days of seasoning on the property.

This is where I can help you.  …I can do an investor cash out loan on a flip house with less than 90 days of seasoning.

If you’re in this situation please give me a call.  I would love to help you out!

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

Brett

You know you are entitled to an annual free credit report?

Here’s a web site you can go to and get your report…

https://www.annualcreditreport.com

…Oh, and remember – I can now to FHA loans down to a 580 score!

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

Brett

The funding fee is lowering for VA loans!

You know VA doesn’t have monthly mortgage insurance, but they have always had up front MI paid at closing.

The upfront MI was always quite a chunk of change, but it’s now getting a lot lower.

Here is the new schedule… (This is an image so you’ll have to turn on your images to see it)

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

Brett

Did you know that I can do an FHA loans down to a 580 credit score now?

…Yes I can!

Here’s a few things needed to qualify for this program…

1)   We either need 12 months cancelled rent checks, or if you rent from an apartment complex we’ll need a verification of rent from the complex.

2)  No mortgage or rent lates in the last 12 months.

3)  Gifts are allowed for down payment and closing costs.

4)  Online home buyer education course required – I can show you how to do this.

If your credit score is between 580 and 620 and you want to purchase a home – you need to apply with me.  The odds are I can get you a mortgage.

…and, we’re talking a good, low interest rate, fha loan!

Here’s the link to my application page…  http://loansdonequickly.com/apply-now-2/

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

Brett

Rates are getting really low right now.

If your current mortgage rate is over 5% – this message is for you!

If you would like to see how much money you could save every month – and over the life of your loan please click this link and enter your information in the short form.

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

Brett

I’ve written you about this before, but I wanted to touch on it again today.

I ran into this issue just 2 days ago – and I wanted to share with you how to roll repairs into a purchase price.

If you are 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 $3,000.

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.

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

Brett

This may sound funny coming from a mortgage guy, but sometimes it’s not necessary to refinance your mortgage to reduce the number of years left on your mortgage.

I have to tell people sometimes that it just doesn’t make sense to refinance.  The drop in rate isn’t significant enough to warrant the costs of the refinance.

…but, what do these people do when they want to refinance to reduce the number of years on their mortgage?

One simple thing you can do is simply pay more each month on your current payment.

I’ll give you an example…

On a $100,000 30 year mortgage – if you just add $120 to your payment every month you will pay your mortgage off in 20 years.

…If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.

Easy right!

That’s it for today!

…by the way if you know of someone needing to be prequalified for a mortgage loan – I appreciate your referrals!

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

Brett

I’m a loan officer, and I don’t work in the credit repair industry.

However, I do recommend companies to my clients.  There’s one company in particular that I have seen do great work time and time again.

They used to charge $499 per person for their services.

I’m excited to tell you that this company now has a new pricing plan that’s much more affordable!

…It’s just $199 down, and $39 a month!

…That’s a good price!

I had written you about this company a couple of years ago.  Here’s more detail about them from that post…

We’ve all heard the horror stories about credit repair.   …Heck, I’ve seen them first hand.

I’ve heard every story in the book…  ”I gave that credit repair crook $1,000, and six months later my credit is worse than it was before!”.

…or ”I gave that company $1,250 to repair my credit and now they aren’t even in business anymore!”

I know you have these fears too…

·      How do I know this company is reputable?

·      Is this going to cost me an arm and a leg?

·      What if the credit repair doesn’t work and I’m just out that money?

The good news is after all these years I finally found a company that I can refer my clients to for credit repair that actually does what they say they will do!

…and if you don’t like it - they give you your money back!

Here’s why I feel comfortable referring them…

·      You don’t have to worry about dealing with crooks!   …They’re reputable!  …They have an “A” rating with the Better Business Bureau.

·      You won’t ever have to worry about losing your money!   They have a money back guarantee if you’re not satisfied!

·      You get your money’s worth!  Most companies work on your credit for 2 to 3 months and that’s it.   …This company will work on your credit up to a year at no extra charge!

·      You don’t have to wait long!  …They usually get significant results within 45 days.

·      You can see everything!   …You can log on every day and see exactly what’s going on with your account.  What’s been removed and what hasn’t…   yet.

·        You can talk to a credit restoration expert about your credit whenever you want for as long as you want!

If you want to get your credit restored fast from a company you can rely on – I encourage you to click here now.

Please contact me if you have additional questions.

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

Brett

Many lenders can’t do a Texas Cash Out Loan over the $417,000 conforming loan limit.

…but, I wanted you to know that I can do Texas Cash Out Loans all the way up to $650,000!

Have a good week!

Thanks for reading!

Brett

If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.

No one likes paying monthly mortgage insurance.  It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan.

If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance there are two ways to avoid this…

1)   One would be Lender Paid Mortgage Insurance.  We pay the MI for you.  The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.

2)  Get a piggy pack loan.  This is where we make two loans for you.  …A first mortgage at 80%, and a second mortgage at 15%.  This way you just put down 5%, and there is no monthly mortgage insurance payment.

Recent posts of interest:  Did you see this program we currently have to give you a down payment on a home?

…Click here and read this page to check it out…

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

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

Brett

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

There’s big news on VA loans staring October 1st 2011.

…The funding fees are being reduced by the government!

Here is the new schedule…

First Time Entitlement Use
Down Payment Active Duty National Guard Reserve List
None Current rate = 2.15% / After 10-1-2011 = 1.4% Current rate = 2.4% / After 10-1-2011 = 1.65%
5% or more Current rate = 1.5% / After 10-1-2011 = .75% Current rate = 1.75% / After 10-1-2011 = 1%
10% or more Current rate = 1.25% / After 10-1-2011 = .50% Current rate = 1.50% / After 10-1-2011 = .75%

Subsequent Use Of Entitlement
Down Payment Active Duty National Guard Reserve List
None Current Rate = 3.3%
After 10/1/2011 = 2.8%

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

Brett

Here’s what you need to know about getting a cash out loan in Texas…

If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out – you need to be aware of the fact that this will permanently change your future loan choices.

It’s true!

Once you have a first position Texas Home Equity loan on your property – you can never again go back to a rate/term conventional loan, or even an FHA loan.

…the reason is the State of Texas, and how the Texas Home Equity Laws were written.

Once you have a 1st position Texas Home Equity loan on your home – any subsequent loan you get must also be a Texas Home Equity loan – even if you aren’t getting any equity out of the new loan!

Why is this not such a good thing?… Well, there’s two big reasons…

1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.

2)The LTV is capped at 80% on a Texas Home Equity loan. …This can be really bad if you get one of these loans, and then the value of your property depreciates – so your LTV is now above the 80% threshold. I’ve talked to a lot of people in this boat. They are stuck in their loan – their only other option is to sell.

Here is an alternative if you want cash out of your home, but don’t want to permanently eliminate future loan choices.

…You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)

There are two types of 2nd position cash out loans…

1)A HELOC (usually an interest only ARM).

2)A fixed term second cash out mortgage (normally 15 yr amortization).

…just keep in mind if you refinance with one of these cash out seconds in place – you can’t refinance – and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. …you will have to subordinate the second.

…confused? Give me a call! I’ll go over it with you.

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

Brett

Many people don’t know just how great our title services are!…

Did you know that our title services will come to your home or office to close your loan?

…even on weekends!

Once we closed an emergency room doctor – while he was while he was on duty at the hospital!

…just keep this in mind the next time you are considering a purchase or a refinance loan.

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

Brett

A couple of important things to keep in mind for real estate investors…

I wanted to remind you real estate investors that we allow up to 10 financed properties! …Most banks cut you off at 4 financed properties.

Also, we allow property flips with less than 90 days of seasoning!

Let me help you finance your next investment property!

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

Brett

Did you know I can go down to a 580 credit score on FHA now?

Yes I can!

Here are some things you need to know about this program…

· Credit scores between 580 and 599.

· 95% max LTV (5% down payment).

· 33/45 DTI max.

· 12 months cancelled rent checks required.

· No mortgage/rent late payments in the last 12 months.

· 6% seller concessions allowed.

· Borrower must have 2 credit scores with at least 2 trade lines open and active within the last 12 months.

· No derogatory activity in the last 12 months.

If this program fits you – let me know! I’d love to help you out with your home purchase!

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

Brett

Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties.

Non owner occupied guidelines are still very conservative – long gone are the days of 100% financing on investment properties.

…but, I wanted to tell you that I CAN do cash out loans on investment homes (non owner occupied) up to 75% of the appraised value of the property.

This is important because very few mortgage companies are doing cash out loans on investment properties.

So, if you or someone you know needs cash out on an investment property – let me know! …I can help!

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

Brett

If you are needing to purchase a home for an elderly person, or a disabled child – you can purchase this home as an owner occupant!

This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)!

Please keep this in mind if you or someone you know is in this situation.

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

Brett

Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.

This means the gift would represent your entire down payment and you wouldn’t need to come out of pocket with your own sourced funds for the down on FHA and USDA.

Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.

You do have to have a 740 credit score to use this program.

…However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.

If you have access to a gift for your down payment – give me a call and we can discuss which program would work best for you.

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

Brett

I wanted to let you know about some upcoming changes on the USDA loan program.

Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. …Starting October 1st, 2011 this upfront fee will go down to 2%.

However, currently there is no annual mortgage insurance paid on USDA loans – this will change.

Starting October 1st, 2011 there will now be 0.3% mortgage insurance fee paid annually on all USDA loans.

What this means is your initial loan amount will be lower on USDA loans, but your borrowing power will go down on USDA loans due to the extra annually MI fees.

So, if you thought about getting a USDA loan I would do it now. …because staring October 1st you won’t be able to borrower quite as much money as you could before October 1st.

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

Brett

I wanted to let you know that I can do USDA loans down to 600 again!

…Remember the USDA loan is a 100% loan with no monthly mortgage insurance!

For a while there the credit score requirement for this program was 620, but now it’s back to 600.

The key for this program is there are geographic and income restrictions.

…To see if you qualify for this program just shoot me an email, or give me a call.

I can tell you really quickly if we can get you on this no money down program!
I hope you have a good day today.  Thanks for reading!

Brett

Do you know what your mortgage scores are?

The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. …This isn’t enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.

…I see it every day.

You don’t want to go put earnest money down on a house – thinking you have good credit if you haven’t seen your mortgage credit scores.

One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on “apply” and fill out the quick application…

…it will give you an opportunity to run your credit right there, and I will let you know your mortgage scores.

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

Brett

Fannie Mae has a little known about program that they designed to compete directly with FHA.

It’s called My Community mortgage, and it has some advantages over FHA.

1) One advantage is that the down payment is lower on My Community. …Only 3% vs 3.5% for FHA.

2) My Community allows for loan amounts up to $417k – compared to a max of $271,050 in most Texas counties for FHA.

3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.

To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).

However, there are many circumstances where the My Community program flat out beats FHA.

If you are looking to purchase a home – you need to check with me to see which program is best for your scenario.

Many loan officers just aren’t familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.

Have a great day! Thanks for reading!

Brett

Recently I sent out an email about gift giving on conventional loans.

I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.

Here’s who can’t give you a gift on an FHA loan…

The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.

Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.

Here’s who can give you a gift on an FHA loan…

Your parents or immediate family.

The realtor can give you a gift if the realtor is your immediate family.

You can also get a gift from a legitimate grant program (city, county, state, or national).

Have a great day! Thanks for reading!

Brett

I’ve talked to you about this before, but it’s important enough for me to revisit it again…

Using cash for a down payment on a home is not smart.

If you have cash saved up for a down payment on a home – and you were planning on using it for a down payment – it will present a problem when it comes time to getting a mortgage.

The mortgage world is all about documentation.

…The guidelines on cash are designed to prevent the seller from giving you the down payment.

So, if you have a down payment – you will have to show where it came from…   …checking = good,  …savings = good,  …gift from relative (fha/va/usda) = good,  …retirement account = good,  …cash = NO GOOD.

The best solution for this?…   Put the cash in the bank.    …Leave it there for 60 days.  …After 60 days sitting in the account – it doesn’t matter where it came from.

By the way, if you are having trouble getting a loan done with another lender – don’t fret!

…give me a call – there’s a good chance I can get the loan completed for you.  I do a lot of loans others just can’t do.

Have a great day!  Thanks for reading!

Brett

People get turned down for loans every day because their debt to income ratio is too high.

Some mortgage companies max out their debt to income ratio at 45%. …Some go to 50%.

I keep tellin’ ya that I do loans other people can’t do, and it’s true!

If I get an automated approval on your file – I have NO LIMIT on a back end debt to income ratio.

…I can do 55% or even 60% or more as long as the automated system approves it!

If another lender is giving you problems with your debt to income ratio – give me a call or shoot me an email. …I can probably help you out!

…by the way my family and I were at Lake Caddo over the weekend. That’s one amazing lake!

Here’s a picture I took…

Lake Caddo

Have a great day! Thanks for reading!

Brett

Things are starting to loosen up from the Mortgage Insurance companies.

We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. …and, this is for loan to value ratios up to 95%!

You still need a 680 credit score to get MI up to a 97% loan to value ratio.

One of the reasons you would opt for a conventional loan over an FHA loan is that there is no large up front pre paid mortgage insurance on conventional loans.

This will give us loan originators more options, which in turn gives you more options!

Have a safe weekend! Thanks for reading!

Brett

One of my clients is currently buying a house.

He ran into a complication, and I wanted to tell you about it here – so you can learn from his experience.

Bobby got a home inspection for the home he was purchasing. …This is a smart thing to do anytime you purchase a house.

The home inspector is hired by the buyer to check the house for any current or potential issues with the condition of the house prior to purchase. The home inspection is typically a private report meant only for the buyer’s eyes.

Typically the home inspector will go out of his way to let the buyer know about every little light bulb and air register that has any type of imperfection in them. His goal is just to let the buyer know about them, and to cover his own bases if something were to happen to these items in the future.

Bobby’s realtor made the mistake of mentioning the inspection in the earnest money contract. Once the word “inspection report” shows up in the contract the underwriter can ask to see a copy of it.

Sure enough, the underwriter asked to see the inspection report. …and, the underwriter wanted every little item listed on the report to be fixed prior to closing.

This of course caused the need for renegotiation on the repairs, and very well could have killed Bobby’s deal.

Fortunately the seller was willing to cooperate with the buyer on the repairs.

The lesson here is don’t mention the inspection report in the contract – unless you don’t mind showing it to the underwriter.

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

Brett

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.

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!

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

Brett

I get asked about “Deed In Lieu” a lot.

A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose.

People ask me how a Deed In Lieu would affect their credit.

I tell them that it would be treated the same way a full foreclosure would – from a mortgage perspective anyway.

…in fact, if you have a “Short Pay” or “Deed In Lieu” show up in the mortgage history on your credit report – it might as well say “Foreclosure”.

You will have to wait a period of time before you would be eligible for a new mortgage.

…here’s what you’re looking at for seasoning on a foreclosure:

Fannie Mae/Freddie Mac: 5 years.

VA: 4 years.

FHA: 3 years.

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

Brett

If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs – here are some guidelines you need to be aware of…

The gift can only be provided by…

A relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or a fiancé, fiancée, or domestic partner.

Amount of gift…

If loan to value ratio is 80% or less (putting down at least 20%) then entire down payment can be a gift! This would be on owner occupied 1 to 4 family homes.

If loan to value ratio is 80% or higher then entire down payment can be a gift! …This would apply to a one unit principal residence.

If buying a 2 to 4 unit home and the LTV is over 80% then 5% of the down payment must come from borrower’s own funds. The remaining funds can come from a gift for additional down or help with closing costs or reserves.

Documentation Requirements for a gift…

Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:

· specify the dollar amount of the gift;

· specify the date the funds were transferred;

· include the donor’s statement that no repayment is expected; and

· indicate the donor’s name, address, telephone number, and relationship to the borrower.

Remember the main benefit of using a Conventional Loan over FHA is that there is no upfront mortgage insurance payment!

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

Brett

Rates on ARMs are getting amazing right now!

I wanted to give you an idea of where these rates are…

FHA 5 year arms = Rates in the low 3′s!

VA 5 year arms = Rates in the low 3′s!

Conventional 7 year arms = Rates in the mid to low 3′s!

If you know you will only be in a house for 5 years or less then you should definitely be looking at one of these ARMs.

…You will save a lot of interest!

Call me or email me today if you think you could benefit from these low rates.

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

Brett

I’ve talked about this before, but I think it’s worth revisiting…

If you are trying to purchase a house with an FHA loan – and you are using part time job income, be aware of this…

FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.

…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need. …You wouldn’t fulfill the 2 year work history on it.

You do have other options though… If you are in this situation – please give me a call or drop me an email. I would love to try to help you.

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

Brett

If you are a Veteran and you live in Texas – then you have access to the Texas Vet Loan Program.

The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%.

Here are some interesting aspects of the Texas Vet loan program…

1) Program is offered with FHA, VA or Conventional loans.

2) There is a 30% rate discount to disabled veterans – which is extended to the surviving spouse as well.

3) Eligible Reservist and members of the National Guard who have a VLB home loan, have an interest rate of 0 percent while they are on active duty and for 90 days after they return.

If you are a Veteran and you are interested in this program – give me a call or shoot me an

email.

I love to help Veterans!

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

Brett

Would you like to refinance your house, but you currently owe more than your house is worth?

If so, then I have several programs I can use to get you refinanced – depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan.

…Some of these programs will refinance up to 125% combined loan to value ratio!

If you are in this situation then I encourage you to give me a call today to see how we can get you out of your current high interest loan.

*************

I have a new limited time “no closing costs” coupon I’m offering – please click this link and enter this special code…

9934

You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day!  Thanks for reading!

Brett

Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?

We do!

This can come in very handy for getting deals closed, where they otherwise wouldn’t be able to.

Here are some of the requirements of the seller seconds…

1)       Subordinate liens must be recorded and clearly subordinate to first mortgage lien.

2)      Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.

3)      Monthly payments remain constant for each twelve-month period over the term of the loan.

Ineligible Second Mortgages:

1)      Mortgages with negative amortization.

2)      Subordinate financing with “wraparound” terms that combine the indebtedness of the first and second mortgages.

3)      Subordinate financing that does not fully amortize under a level monthly payment plan.

*************

I have a new limited time “no closing costs” coupon I’m offering – please click this link and enter this special code…

9934

You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day!  Thanks for reading!

Brett

Some good news!

…but first a brief editorial comment:

After the mortgage market crash underwriting swung so far to the conservative side that it’s helped put a death grip on the economy.

I don’t think the feds have figured this out yet, but the real estate market is the engine that drives our economy.

If the feds had just stayed out of the way I think the market would be well on its way back by now.

…Instead they have been passing new mortgage guideline choking legislation.  …One after another, after another.

Finally a small ray of hope…

Got news today that some guidelines are changing.  Mainly they have to do with the removal of overlay guidelines.

For instance…

1)   Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.

2)  They are also leaving the max debt to income ratio up to the automated system now – which is a welcome change.  …if we could only get the MI companies to go along with this.

The guidelines will probably never return to what they were 3.5 years ago – and that’s probably a good thing.  They do need to come back to at least the middle.  …and, eventually they will.

This is a little step in the right direction.

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

Brett

I have borrowers ask me every day how much they need to put down to purchase a home.  Here are your minimum down payment options on the loan products currently available in the market place.

Loan Programs…

VA loan:  No down payment necessary.  No monthly MI.  This is the best loan going if you can qualify for it.

USDA: No down payment necessary.  No monthly MI.  Mainly for rural areas or smaller downs.  Has geographic and income restrictions.

FHA:  The minimum down payment is 3.5%.  Great rates, low monthly MI.

Fannie Mae Flex 97:  3% down.  Higher monthly MI.  This one has a bit higher rate than FHA.

The bottom line:

1)    If you have less than 5% to put down VA and USDA are best if you qualify for them.  Otherwise FHA is a wonderful loan program – very friendly to the borrower.
2)    If you have 5% or more to put down you can get a great rate and you will have multiple loan choices.

Have a good day, and thanks for reading!
Brett

One of the hardest loans to get right now is a mortgage for a manufactured home.

…It’s because lenders just don’t do them anymore.

I wanted you to know that I still do loans for manufactured homes down to a 600 credit score!

This loan is good for homes in a city, or on acreage.

That’s it for today!

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

To get a special limited time offer coupon (1% cash back) I’m offering – please click this link and enter this special code…

9934

You can print the coupon off and submit it with your application to get your cash at closing!

Brett

I have two quick things to go over with you today…

1)   I left Southwest Funding and started my own mortgage company.  It’s called Berkshire Lending, LLC.  …So when you call me or email me your questions you are talking to the boss!

Don’t worry – all my phone numbers, web site, and email addresses are the same.

The new mandates coming down from the Federal Reserve Board made this a necessity for me to go back to having my own company, and really it was something I was planning on doing anyway.  …The Feds just sped things up!

2)  I haven’t said a lot about all the new federal regulations our industry is facing, and how it can and probably will affect you – until now…

It’s becoming more and more difficult for small and middle sized mortgage companies to continue to do business.  Mortgage companies and loan officers are leaving the mortgage business right and left.

I truly believe the government would like to see just a few big banks doing all the mortgages in this country.  This is what is slowly happening right now.

Any time you reduce the competition in a market it’s bad for the consumer.

The other thing that is happening as a result of these federal changes is that more and more if you go to a large bank (the big four) to get a mortgage you will get a poorly paid “order taker” to do your mortgage for you.

Don’t get me wrong.  They are good people.  …but, generally they are not very well trained, and they don’t get paid enough to really care if your mortgage closes on time or not.

So, if you or someone you know needs a loan officer who really knows what they are doing, and will get your loan closed on time…  Come to me to get your mortgage!

To get a special limited time offer coupon (1% cash back) I’m offering – please click this link and enter this special code…

9934

You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day!  Thanks for reading!

Brett

It’s been several years since I could say this…

…but I can now get you a 97% loan with absolutely no mortgage insurance!

You need a 720 to get it, but it’s a very smart way to go if you can qualify for it.

We simply use our new 2^nd mortgage that goes up to a combined loan to value ratio of 97%.

So, you have a first at 80%.

Then, you have a 2^nd mortgage at 17%.  You put down 3%.

We make both loans for you at closing.

Here’s a chart to illustrate why it’s a smart way to go…

To get a special limited time offer coupon (1% cash back) I’m offering – please click this link and enter this special code…

9934

You can print the coupon off and submit it with your application to get your cash at closing!

I wanted to tell you about my USDA repair escrow program.

Most repair escrows (when they are allowed at all) max out at around 3k to 5k.

My USDA program goes up to $10,000 dollars for USDA purchase homes!

Here’s how it works…

The home has to be able to meet the guideline of being livable at the time of closing.

However, many things can be done while the house is occupied. Carpets can’t be upgraded, but if they are damaged it is possible to install new carpet while the home is occupied.

Here are some examples of what may be considered subject to circumstances:

·     Roof – 20+ years old needs to be replaced. It can be replaced while the house is being lived in. A hole in roof would not qualify.

·     HVAC – A/C unit stolen – it can be replaced while house is being lived in. The same for heater if not winter.

·     Gutters and downspouts – can be repaired or replaced while house is being lived in.

·     Appliances – stolen or vandalized – can be replaced while living in house.

So if you have a house you would like to buy, but it needs a little bit of work contact me about this program!

I wanted to highlight a very competitive product being offered by Fannie Mae.

…It’s their 97% purchase product. That’s right! …only 3% down.

Here are some of the important features of this product…

1) Owner-occupied primary residence only.

2) Minimum 720 FICO score.

3) 3% down payment must come from the borrower’s own funds.

4) 1-unit attached and detached single family residence, attached and detached PUDs.

5) Purchase and rate/term transactions.

6) Maximum DTI 41%.

7) 15, 20, 25, and 30-year loan terms.

No up front MI (like you would have on FHA).

9) Loan amounts exceed 271k (which is the FHA limit in most of Texas).

This is a great product.

If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call me and I can help you with this.

I hope you have a good week. Thanks for reading!

Brett

You know, I get asked this question a lot by clients who are buying houses…

…”Can we just roll closing costs into the loan?”

The short answer… No.

You can do it with no problem on a refinance, but not a purchase loan.

…but there is an indirect way to do it on a purchase loan.

The best way to roll closing costs into your purchase – is to ask the sellers to pay your closing costs. …the way you do this is to make it part of your contract offer.

…they will either say “yes” or “no” to your request for them to pay closing costs. …so, right here you have a 50/50 shot at it.

If they say “no” – it’s still not over. …you can just offer to add the closing costs to the price of the home (as long as it will appraise) – and then ask the sellers to pay them. …they will usually say “yes” to this.

Good luck house hunting! …call me or email me if you need help or advice getting into a house.

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

Brett

I touched on this topic about 1.5 years ago, but I thought it was time I went over this again for you.

If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind…

1) Get a Good Faith Estimate (GFE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a GFE.

2) When looking at the GFE – focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the GFE. They will just be guessing on the title fees, insurance, and taxes.

3) Pay attention to the date on the GFE – or rate quote. The rate market changes daily. You have to compare apples to apples. …To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate – depending on when the quote was generated.

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

Brett

FHA is finally giving us some relief on disputed accounts.

They have recently modified their underwriting guidelines regarding disputed accounts, and the automatic downgrade to a manual underwrite when disputes exist in a credit report.

Here is how the new guideline reads…

If the credit report reveals that the borrower is disputing any credit accounts, Manual Downgrade of a TOTAL Scorecard Approve/Accept recommendation is not required if:

1. The disputed account has a zero balance.

2. The disputed account is marked as “paid in full”, or “resolved”.

3. The disputed account is both less than $500, and more than 24 months old, based on the date of dispute.

This is really good news.

This means that a file doesn’t have to be automatically downgraded to a manual underwrite if the conditions are right on the disputes.

Have a good week! …and thanks for reading.

Brett

I covered this about 2 years ago, but I wanted to touch it again now for you.

I have customers call me every day – worried that their Medical Collections will keep them from getting a loan.

From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.

Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with… …and, I can tell you that the automated system will generally ignore these older collections.

So, if you have Medical Collections… Don’t fret! …Generally they won’t keep you from getting a mortgage!

…by the way – if you feel the emails that I send you have provide value… …please forward them to your friends so that they may also subscribe to them. Thank you!

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

Brett

I have this situation come up again and again, so I wanted to address it once more…

Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the 3.5% down payment on an FHA loan can be a gift from the seller. …in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).

Neat, huh!

I would like to help you with your next purchase or refi loan. If you need help – let me know!

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

Brett

Many of you know that I can do FHA loans for credit scores between 580 and 600.

However, I wanted to make sure you aware of the two most important elements of getting an approval on this loan program for lower scores.

1)   You need to have at least 2 open and active trade lines with at least 12 months of history.

2)  You need to have pretty clean credit history for the past 12 months.

In other words the underwriter won’t want to see a lot of lates, and collections that have occurred in the past 12 months.

If your score falls in this range and you want to see if you would qualify for a mortgage – just contact me, and I’ll see if we can get you approved.

If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program.

It can save you time and money – and give you a valuable insight on the impact of paying off or paying down accounts on your credit scores.

I’ll give you an example…  Yesterday I had a borrower that was thinking about paying off his Chase credit card.

The card had a balance of $267, and his credit limit was $500.  When I asked the “what if” program what would happen if he paid off the account – it said his TransUnion score would go down by 16 points.  I know that doesn’t make much sense, but the fico system doesn’t make much sense.

The best part is that this program is very reasonably priced.

I’ll be coming out soon with some updates on how the new LO Comp rule is effecting loan pricing and loan closing costs.

Please call me or email if you need help with a loan, or if you know someone that needs help buying or refinancing a home.

That’s it for today.  I hope you have a good day.  Thanks for reading this email!

Brett

I get asked every day what credit scores are needed for various programs.

So…   I wanted to give you a quick overview of the most popular loan programs, and our minimum credit scores for these programs…

FHA – I can do FHA down to 580 credit score on a manual underwrite.  If your score is over 600 – I can now do an automated approval for FHA!

USDA – I can do USDA down to a 600 credit score.

VA – Can go down to 600 for a manual underwrite.

Conventional – You will need a 680 to get mortgage insurance on a conventional loan if your loan to value ratio is over 80%.  If it’s under 80%, then I can do conventional loans down to a 620.

Hope this helps!  Call me or email me if you have questions – or you need to get a loan!

That’s it for today.  I hope you have a good day.  Thanks for reading this email!

Brett

Here’s a very useful solution that I’ve used successfully on borrowers that have high debt to income ratios on conventional loans.

Last year Fannie Mae came out with a 45% limit on debt to income ratio if the loan to value ratio is over 80%.

If you are over 45% on your debt to income ratio – you won’t be able to get a conventional approval.

Here’s one possible way around this – lender paid mortgage insurance.

…With lender paid mortgage insurance – we pay your mortgage insurance in a lump sum up front.

This way there is no monthly mortgage insurance.

No monthly mortgage insurance means a lower debt to income ratio!

…You will want to make sure getting rid of the monthly MI will be enough to push you under the 45% limit.

If so, then this simple change could be your key to loan approval!

That’s it for today.  I hope you have a good day.  Thanks for reading this email!

Brett

I finally have a way around “disputed” accounts.

You know when you dispute your credit accounts it’s always a double edged sword.

…On the one had you can get them removed sometimes by disputing them.

However, on the other hand if they don’t get removed you have a big “disputed” comment on the account from now on.

Up to now this “disputed” note on the account has been a loan killer.

The problem is that the underwriter always wants to resolve the dispute.

…This sounds like it would be easy to simply remove the disputes from your credit at this point – but let me tell you it’s not. In fact, sometimes it’s downright impossible.

This simple “disputed” account problem has killed many a loan. …until now.

I finally have a way around this that will allow me to close loans. So, this is important – if you have this problem, or know someone who does have this problem you need to talk to me – I can help!

…If you can otherwise qualify for a loan – I can get your loan closed in spite of these “disputes”.

That’s it for today. I hope you have a good day. Thanks for reading this email!

Brett

Finally it appears the mortgage market is moving back towards more reasonable lending guidelines.

As of today I can now do automated approvals on FHA loans down to 600 fico scores!

This is pretty huge.

For a while I’ve been able to do FHA loans down to 580. However, this program has rigid manual guidelines.

The automated approval is a bit more flexible.

For instance, a manually underwritten FHA loan has a back end debt to income ratio of 43%. …With an automated approval you can get higher ratios approved.

This means more people will be able to qualify for loans. …Which means more buyers in the market. ….Which means values will begin to appreciate again.

It’s really good news all around.

If you want to see if you would qualify for this program – just give me a call or drop me an email.

I’ll be happy to help you.

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

Brett

Well, it’s official…

The Federal Reserve is taking more control over the mortgage industry.  …On April 1^st they are implementing changes that will result in limiting the income loan officers can make on a loan.

According to my calculations the changes will result in about a 30% income drop from loan officers in our office.

The end result of this is unknown.

These changes should lower the closing costs for borrowers.  However, it will most likely drive up rates for borrowers as well.

These changes will also drive good loan officers out of the mortgage industry.

I’ll continue to report the impact of these changes as I see them develop.

I hope you had a good day.  Thanks for reading this email!

Brett

We have been having a lot of success with our “what if” service in helping borrowers decide which accounts to pay down on their credit.  …to get the biggest bang for credit score improvement.

I sent out an email on this program a couple of months ago – but I wanted to touch on it again, because it really can save you money.

Here’s how it works…

There is a “what if” service we use through our credit company that allows us to ask what the impact of paying off or down any account.  It will tell you the expected impact of the action on your credit scores.

I have some people that pay thousands of dollars against 6 or 7 year old collections – only to find out the impact on the score was negligible.

So, if you are trying to get your scores up – and you are considering paying off some accounts.

…Let me run the “what if” scenario for you to see how it will impact your score first.

I hope you had a good day.  Thanks for reading this email!

Brett

I’ve been getting more and more questions from borrowers lately about what loans are available right now to put zero down on a loan.

Really there are only two loan programs currently in the mortgage marketplace that will provide 100% financing.

1)   One is a VA loan.  You of course must have been in the military to get this loan.  You can read more detail about a VA loan in this report that I wrote recently…

http://loansdonequickly.com/?page_id=392

2)   The other no money down loan currently available is USDA.  I made a video describing how the USDA program works.  You can see it with this link…

http://loansdonequickly.com/?page_id=543

I hope you had a good weekend, and a great week ahead!

Brett

If you have a 10% down payment – this loan program just might work for you.

With many couples one spouse has good credit but not enough income to borrow on their own.   The other spouse has good income, but not very good credit.

Most loan programs in the mortgage industry will automatically go with the lowest credit score (when you have two borrowers) to underwrite the loan.

I have a loan that will go with the score of the main wage earner to score the loan.  However, the co borrower’s score still must be at least a 620 for this program.

If you think this program would work for your situation give me a call or shoot me an email.

Thank you for reading my email – and have a great day!

Brett

I see this single element kill more loan approvals than probably any other single thing.   …Overlay guidelines.

I continue to write about this from time to time because I’m really trying to get the message out on this.

If you thought your score was good enough to get a loan, but your lender is telling you there is a problem with your trade lines…

…you probably got caught in their “overlay guideline trap”.

Many lenders have overlay guidelines that they place on files that are more stringent than the basic FHA or Fannie Mae guidelines.

The message I’m getting on this point is – my underwriting doesn’t have overlay guidelines.

…I can get approvals often times where other banks just can’t!

…just something I wanted you to be aware of.

Thank you for reading my email – and have a great week!

Brett

I wanted to let you know that we can now do FHA mortgages down to a 580 score!

However, this program does come with some guidelines that I want you to be aware of.

…So if you think you would qualify for this program please give me a call or shoot me an email and I’ll make it happen for you.

Here are the guidelines for this 580 to 600 fha program…

1. Housing Ratios exceed 37% and DTI ratios exceed 45%.
2. More than 25% of borrower’s income from child support – not allowed.
3. More than 50% of borrower’s incomes from social security or pension.
4. Loan amounts greater than $250,000.00.
5. No housing payment history; no canceled rent checks or management ledger.
6. Borrowers experiencing greater than 100% payment shock with no established savings pattern to offset the increase differential.
7. Major derogatory or recent late histories within 24 months on refinance transactions – 12 months for purchase transactions.
8. Maximum LTV for rate and term transaction; 97% LTV or more any transactions involving flipping.
9. Bankruptcy or mortgage foreclosure within 3 years.
10. DU refer/eligible.
11. Borrowers with multiple properties shown on real estate owned.
12. All identity of interest transactions, including gifts of equity.
13. Any non-occupying co-borrower transactions where the primary borrower ratios exceed 40% for housing and 50% for DTI.
14. Borrower’s traveling distance between subject and employment or current residence exceeds 30 miles.

That’s it for today!

Thank you for reading my email – and have a great day!

Brett

I wanted to let you know a few unusual loan programs I offer that you won’t find at your corner bank…

1)      Jumbo loans up to 1.5 million dollars.  …this includes purchase, refinance, and cash out refinance.

2)     Loans up to 90% LTV and $800,000 have NO mortgage insurance!

3)     Texas cash out loans down to a 620 score. – with some late payments allowed.

4)     Second mortgages up to $350,000!

These are just four good reasons you should use me for your next mortgage.

That’s it for today!

Thank you for reading my email – and have a great day!

Brett

Did you realize you can get a loan to buy a house without two years of consecutive work history?

It’s true!   …If you use a conventional mortgage.

As long as you have 30 days worth of paystubs I can get you a loan.  So, if you had been out of work, but now you have a job – you just might be able to qualify for a loan to purchase that house you’ve been looking at.

Note about my local number…   I changed my local office phone service from AT&T and they wouldn’t let me pull my local number with me (214-575-8800 – old number).

Most people call my 800 number anyway…   888-875-8800.

So, please make a note of my new local number…  214-937-4455.

Thank you for reading my email – and have a great Friday and a safe weekend!

Brett

Have you ever wondered what the impact on your credit score would be if you paid off a certain collection, or credit card?

I’m going to do a video illustration on this subject, but I wanted to write a quick note to you about it because I want you to know this is something I can do for you.

There is a “what if” service we use through our credit company that allows us to ask what the impact of paying off or down any account.  It will tell you the expected impact of the action on your credit scores.

This is important because it can save you a ton of money.

I have some people that pay thousands of dollars against 6 or 7 year old collections – only to find out the impact on the score was negligible.

So, if you are trying to get your scores up – and you are considering paying off some accounts.

…Let me run the “what if” scenario for you to see how it will impact your score first.

Brett

One of the most underused methods of increasing credit scores is to add trade lines to your credit report that are active and have a good payment history.

Some people with “not so good” credit have a hard time getting new credit.  …no one wants to give them new credit.   It becomes a catch-22.

If you are wanting better credit scores, but are having a hard time finding someone to give you new credit – I have some good news for you…

I found a new credit card for you that…

1)  Is guaranteed issue!

2)  Reports to all three bureaus!

3)  It has no up front or monthly fees!

** One thing to keep in mind to maximize your score increase:  Don’t charge the card to more than 50% of the available credit.

I put the card on my web site for you.

Here is the link…

http://loansdonequickly.com/?page_id=434

Thanks for reading!  …and, have a good day!

Brett

I wanted you to know that FHA is changing their Mortgage Insurance again.

Here are the 7 things you need to know about these changes:

1. These changes are effective April 18th, 2011.

2. The Annual Insurance Premium will increase .25% for standard forward mortgages. The Upfront Mortgage Insurance remains at 1.00%.

3. The Annual Premium is now 1.15% for LTVs GREATER than 95% on 30 year loans.

4. The Annual Premium is now 1.10% for LTVs EQUAL to or LESS than 95% on 30 year loans.

5. The Annual Premium is now .50% for LTVs GREATER than 90% on 15 year loans.

6. The Annual Premium is now .25% for LTVs EQUAL to or LESS than 90% on 15 year loans.

7. Case numbers with no activity for 6 months will automatically be canceled (includes case numbers pulled prior to April 18th, 2011.)

Thanks for reading!  …and, have a good day!

Brett

I run into this issue with bankruptcy frequently – so I wanted to address it again today.

Here is what you need to do if you have a recently discharged bankruptcy…

Mortgage companies want to see that you reestablish new positive trade lines after a bankruptcy.

…In fact, the guidelines will want to see that you have established three new trade lines (credit card, installment loans, etc.) after the bankruptcy.

You will want to do this as soon as possible after the bankruptcy, because they are going to want to see 12 months positive credit history from these new trade lines – before they will approve you for a new loan (In addition to the seasoning requirements for  a BK on each loan program).

Thanks for reading!  …and, happy Valentines Day!

Brett

Here is one way to purchase a home with less than a 620 credit score. It’s called a Manually Underwritten FHA loan.

We can still do Manually Underwritten FHA loans down to a 600 credit score. …but, the rest of your file has to fit the manual guidelines.

Here’s what the manual guidelines want to see…

1) No collections, late payments in the last 12 months (older than this is usually ok).

2) Steady employment and provable income over the last 2 years.

3) Your back end Debt to Income ratio can’t exceed 43%. (house payment + other recurring monthly debt / gross income)

4) You really need at least 3 trade lines (credit accounts) with a good history for the last 12 months.

5) No defaults on any previous government insured loans (student loans).

6) No bankruptcy in the last 2 years, and if you have had a BK – no lates after the discharge.

7) No foreclosures in the last 3 years.

Believe it or not, that’s pretty much it.

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

Brett

John Paulson is the hedge fund manager that made 4 Billion dollars betting on the housing melt down a few years ago.

He has now come out and said “it’s the time to buy real estate”. This guy knows real estate, and I would have to say that I agree with him on this one.

…So, if you have your eye on a house to purchase – just let me know, and I’ll help you make it happen!

Here’s a nice note I got from a borrower recently. I wanted to pass it on to you…

“I had my doubts that I would ever qualify for a mortgage loan again, after my credit score dropped a few years ago.

I needed an ally who could navigate through the changes in the mortgage industry, lenders, programs and requirements.

Brett gave me hope that a mortgage loan program was available for me.

He eased me through the process and was available when I had questions.

Brett added a touch of humanity and personal service that is rarely seen these days.

I am grateful to Brett for his customized approach to my situation.”

KSD

Richardson, Tx

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

Brett

Last year HUD waived the 90 day rule on flipping properties with FHA loans for 1 year.

That year is up today – February 1st 2011.

…So, unless HUD comes out with a separate announcement at a later time – we are back to having to wait 90 days before an investor can buy / resell a house on an FHA loan.

…just wanted you to be aware of this.

If you have an FHA loan that you are having trouble with, or have been told “no” by a lender… Don’t give up!

Bring that loan to me and let me take a look at it for you. Half the loans I do were once with another lender that couldn’t get it done.

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

Brett

Thanks for reading!  …and, have a great week!

Brett

Thanks for reading!  …and, have a great week!

Brett

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

Brett

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

Brett

Thanks for reading!  …and, have a great weekend!

Brett

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

Brett

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

Brett

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

Brett

Thanks for reading!  …and, have a great week!

Brett

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

Brett

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

Brett

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

Brett

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

Brett

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

Brett

FHA has come out with their new maximum loan amount list for the year of 2011.  Unfortunately in Texas all county loan limits remain the same.

Here is an updated list of the maximum FHA loan for your county…

Thanks for reading!  …and, have a great weekend!

Brett

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%.  If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now.  You can borrow it from your retirement account.       …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

If you aren’t sure where your down payment is coming from – find out now.  …before you apply for a loan.

Thanks for reading!  …and, have a great week!

Brett

I hope you and your family have a safe and happy Thanksgiving!

By the way – If you know someone that needs to improve their credit before they can buy a house have them watch this quick video I made on this topic…

http://loansdonequickly.com/?page_id=467

Thanks for reading!

Brett

I sent this email out about 1 year ago – but I’m continuing to run into this situation, so I thought it was a good idea to revisit it here…

When you give someone option money at the onset of a lease option agreement – 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

If you have ever wondered what the maximum FHA loan limit for your county was – I have some good news for you.

…I just added a chart to my web site that will show the maximum FHA loan limit for your county.

Just click on this link…

http://loansdonequickly.com/?page_id=625

Thanks for reading – and have a safe weekend!

Brett

If you were on the fence before about refinancing with these historical low rates – I would suggest you might want to go ahead refinance now.

Rates got worse last Friday, and they were worse again on Monday due to the Fed’s quantitative easing program on the mortgage backed securities markets.

When the rates go up – they do seem to go up fast, so take advantage of these rates while their still low.

Thanks for reading – and have a great day!

Brett

I’m generally not one to toot my own horn, but I wanted to tell you how quickly my team and I can get a loan ready for closing…

I had a borrower contact me recently.  She said that she was purchasing a house – and she wanted to close quickly.

She signed her loan package on the 2^nd of November.

…and, she got me everything I had asked her for from the checklist I gave her that same day, which was a Tuesday.

I ordered the appraisal that same day.

We were fully approved and clear to close on her loan by the afternoon of Wednesday the 10^th!

…with a weekend thrown in there – that’s 7 business days.

The key to this quick turnaround is that I had everything I needed from the borrower to get that loan into underwriting from day one.

…I just wanted you to know what was possible for a quick closing the next time you wanted to close a loan quickly.

Thanks for reading – and have a safe weekend!

Brett

I originally sent this email out to you about 1 year ago.

However, I get asked about this so often, I wanted to re-print the email here for you now…

I get asked this question a lot by clients who are buying houses…

…”Can we just roll closing costs into the loan?”

The short answer…  No.

You can do it with no problem on a refinance, but not a purchase loan.

…but there is an indirect way to do it on a purchase loan.

The best way to roll closing costs into your purchase – is to ask the sellers to pay your closing costs.  …the way you do this is to make it part of your contract offer.

…they will either say “yes” or “no” to your request for them to pay closing costs.  …so, right here you have a 50/50 shot at it.

If they say “no” – it’s still not over.  …you can just offer to add the closing costs to the price of the home (as long as it will appraise) – and then ask the sellers to pay them.  …they will usually say “yes” to this.

Good luck house hunting!  …call me or email me if you have additional questions.

Thanks for reading – and have a great day!

Brett

I have customers call me every day – worried that their Medical Collections will keep them from getting a loan.

From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.

Fannie Mae and Freddie Mac underwriters will pretty much stick with what the automated findings come back with… …and, I can tell you that the automated system will generally ignore these older collections.

So, if you have Medical Collections… Don’t fret! …Generally they won’t keep you from getting a mortgage!

…by the way – if you feel the emails that I send you have provide value… …please forward them to your friends so that they may also subscribe to them.

Thanks for reading – and have a great day!

Brett

There’s a general rule in the mortgage industry about getting a mortgage after a bankruptcy.

…The rule is that the underwriter will want to see at least 3 trade lines that were established after the bankruptcy – each with at least 12 months of history. …and, good history – no lates.

However, with every rule there is an exception…

I just closed a loan on a borrower that only had 1 reestablished trade line after a bankruptcy.

My point here is – don’t give up.

…If a loan officer is telling you they can’t help you – let me take a look at it for you.

I just might be able to find a way to “gitter done”.

Thanks for reading – and have a safe weekend!

Brett

If you are trying to buy a house – but your spouse has no credit scores you have a problem.

The problem is that you can’t use your spouse’s income for your loan, because they won’t be allowed to be on the loan.

…but, not if you use me as your loan officer.

As long as the other aspects of your loan are strong – I can add the spouse with no scores to your loan – AND USE THEIR INCOME!

So, if you know of someone in this situation – let them know about me. …I can probably help them.

Take advantage of my latest coupon…

coupon

Thanks for reading – and have a great day!

Brett

Here’s trick I’ve used successfully on borrowers that have high debt to income ratios on conventional loans.

Not long ago Fannie Mae came out with a 45% limit on debt to income ratio if the loan to value ratio is over 80%.

If you are over 45% on your debt to income ratio – you won’t be able to get a conventional approval.

Here’s one possible way around this – lender paid mortgage insurance.

…With lender paid mortgage insurance – we pay your mortgage insurance in a lump sum up front.

This way there is no monthly mortgage insurance.

No monthly mortgage insurance means a lower debt to income ratio!

…You will want to make sure getting rid of the monthly MI will be enough to push you under the 45% limit.

If so, then this simple change could be your key to loan approval!

Thanks for reading – and have a great day!

Brett

I wanted to remind you that I’m still doing purchase loans down to a 600 credit score with only 3.5% down payment.

…also, if you are having issues getting approved because of disputed accounts – bring your file to me. I can get around the disputes and get you approved!

Thanks for reading – and have a great day!

Brett

If you are considering purchasing or refinancing a Manufactured home – I just made a new video for you.

The video shows you how to qualify for our Manufactured program.

Check it out here…

http://loansdonequickly.com/?page_id=594

Thanks for reading – and have a great weekend!

Brett

I just wanted to remind you that if you are thinking about doing credit repair – please let me take a look at your credit first.

I say this for three reasons…

1)  There are often cheaper, quicker, and easier steps you can take to bump your scores than full blown credit repair.

2)  Full blown credit repair can take a while to complete – and some companies charge A LOT for it.

3)  Many credit repair companies employ wholesale “disputing” of your accounts.  If you’re not careful – this can get you stuck in what I like to call “dispute cement”.  …and it can kill your loan.

So, if you are thinking about employing a credit repair company – I would encourage you to let me take a look first.

…Just give me a call or shoot me an email.  Tell me what you are considering.

…I just might be able to save you money – and get you in a house sooner!
Thanks for reading – and have a great day!

Brett

I just had another example last week of one of my borrower’s scores going up 26 points in 30 days from adding this card to their credit.

It will cost you $100 to open the account, but they give you a $5,000 credit line.  (and that’s why the bureaus like it)

So, if you need some points on your credit – try it out…

www.oxp.to/ycanswer
Thanks for reading – and have a great day!

Brett

If you are thinking about getting cash out of your home – I want you to know your options.

We have some complicated cash out laws in the State of Texas. So, here’s what you need to know…

There are three ways to get cash out of your home:

1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)

When most people get cash out of their homes they use the Traditional Home Equity loan. The benefits? Low rates. 30, 20, 15 yr fixed terms. In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law).

The only way you can get that other 20% cash – is to sell your home.

The laws on Texas Cash Out loan also don’t allow for the closing costs to exceed 3% of the loan amount. …this is the reason lenders don’t want to do a low loan amount cash out loans in Texas. …they can’t make money on them. You can still get a Texas Cash Out loan down to a 620 credit score, but if your score is below 680 you will get some pretty severe Fannie rate penalties.

A HELOC is a line of credit you get on your home. If you get a 20K HELOC – you don’t have to take 20k at closing. You can take it when you want it. Most HELOC’s are interest only ARMS. You need pretty good credit to get a HELOC.
Thanks for reading – and have a great day!

Brett

I didn’t envision this when I made Friday’s video message to you.

…but some of you were a little irked that I didn’t give away the secret tactic I referred to in the video email.

The main reason I didn’t give away that tactic is because I know there are other loan officers that get my emails – and I really didn’t want to give away some of my credit improvement secrets to my competition.

…However, after having the weekend to think about it, I realized that that isn’t consistent withmy nature.

I prefer to lead a live of abundance and sharing.

…So, I’m going to give you this secret tactic right here. …May you and my competition use it – and may your lives improve as a result of it.

It’s a trade line that I have some borrowers add to their credit profile. It generally adds anywhere from 20 points to 40 points to their scores.

Just click this link to get it…

www.oxp.to/ycanswer

Thanks for reading – and have a great day!

Brett

If you are wanting to improve your credit scores – you are in luck!

…I just posted another video on my web site that can show you another way to get your scores up.

The video illustrates a very effective technique I use in my office to bump my clients scores.

Here it is…

http://loansdonequickly.com/?page_id=573

Thanks for reading – and have a safe weekend!

Brett

P.P.S. – Columbus day is this coming Monday. Christopher Columbus was born October 31, 1451. …So, in honor of old Chris – I’m offering a full appraisal reimbursement ($400!) through the end of October if your birthday falls in October!

There was an announcement in the mortgage market late last week that many of the major banks have gone to a minimum score of 640 for all FHA loans.

…Well, that may be the case for them – but not me!

I’m still doing Automated FHA loans down to 620.

…and, I’m still doing manual FHA loans down to 600!

So, if you want an FHA loan and your score is between 600 and 640 – you know where to come for your loan.

…to me!

P.S. – Be looking for another credit tip video coming out from me tomorrow.

Thanks for reading – and have a great day!

Brett

P.P.S. – Columbus day is this coming Monday. Christopher Columbus was born October 31, 1451. …So, in honor of old Chris – I’m offering a full appraisal reimbursement ($400!) through the end of October if your birthday falls in October!

Brett

P.S. – I’m offering full appraisal reimbursement ($400!) through the end of October if your birthday falls in an even numbered month! 

Fannie Mae has made changed on their Foreclosure waiting period.

 

I'm going to list Fannie Mae's current waiting period on all derogatory events for you
 here...





Derogatory Event

Current Waiting period



Bankruptcy –

4 years



Chapter 7 or 11








Bankruptcy –

2 years from discharge   date



Chapter 13

4 years from dismissal   date







Multiple

5 years if more than   one filing within the



Bankruptcy

past 7 years



Filings








Foreclosure

7 years







Deed-in-Lieu of

2 years – 80% maximum   LTV ratios(1)



Foreclosure

4 years – 90% maximum   LTV ratios(1)



Preforeclosure

7 years – LTV ratios   per the Eligibility



Sale

Matrix



Short Sale





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

Brett

I wanted to remind you about the USDA program.  It’s a no down payment – 100% financing loan program.

Congress just added funding to this program – so it’s running full speed again.

Here are some unique features of the USDA loan program…

·         100% financing.

·         Small monthly mortgage insurance.

·         Gifts for down payment are allowed (if you want to put money down).

·         No limit on seller help with closing costs.

You need to make sure of two things…

1) The property you want to buy is in a USDA approved area.

2)  Your family meets the income guidelines for your area.

You can find this information on the links below…

·         Property eligibility:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

·         Income eligibility:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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

Brett

With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front and the Annual premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all case numbers assigned on or after October 4th, 2010.

Here are the 6 things you need to know about these changes:

1. The Up Front premium is now 1.0 % for all standard FHA programs

2. The Annual premium is now .90% for LTVs GREATER than 95% on 30 year loans

3. The Annual premium is now .85% for LTVs EQUAL to or LESS than 95% on 30 year loans

4. The Annual premium is now .25% for LTVs GREATER than 90% on 15 year loans

5. The Annual premium is now .00% for LTVs EQUAL to or LESS than 90% on 15 year loans

6. These premiums apply to purchases, regular refinances and streamlines

If have questions about how this may affect you – just give me a call or shoot me an email and I’ll be happy to go over it with you.

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

Brett

If you are a real estate investor – you have probably been told you can’t have more than 4 Fannie Mae loans.

That may have been true of the lender you were speaking with – but not with us.

We have a program that will allow up to 10 financed properties with Fannie Loans.

Let me know if you are in this situation, and have properties you need to have financed.  I can help you.

…just wanted you to know!

By the way – I added a neat little link on my web site called Cool Free Stuff.  Check it out!

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

Brett