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mortgage tips: Stated Income Loans - Are They Back? - 05/23/12 05:39 AM
People are always asking us if stated income loans are back. For those of you who are new to the real estate business, a stated income loan allows a borrower to simply "state" their income. In other words, the borrower does not have to document their income with pay stubs. Instead, they just make up a number and get approved for a mortgage based on that phony income.Stated income loans were the hallmark of the sub-prime mortgage days.So are they back? The answer is NO, and here's why. The federal government now runs Fannie Mae, Freddie Mac, FHA, and VA - … (2 comments)
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mortgage tips: The Mortgage Experts are Recognized Again by 5280 Magazine - 05/11/12 07:27 AM
5280 magazine notified Debbie and Chris that they have been awarded the designation of FIVE STAR Mortgage Professional for 2012. This marks the second year in a row that we have been recognized as being among the top lenders in the Denver area.Thousands of recent home buyers were surveyed, and Debbie and Chris were each ranked among the top mortgage professionals in Denver, based on overall satisfaction and the willingness of those surveyed to highly recommend them to their friends.Does that make us a TEN STAR team? We think so!This presents a HUGE opportunity for Colorado real estate agents. When you … (0 comments)
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mortgage tips: Buying a House After a Bankruptcy - 05/11/12 07:23 AM
Can someone get a mortgage after a bankruptcy? Yes they can! And they only have to wait 2 years from the date that the bankruptcy was discharged. The most important thing is that they "re-establish credit" after the bankruptcy. That means no late payments of any kind (including collection accounts) for the 12 months preceding the loan application date. What are the down payment requirements for people with bankruptcies? They are that same as they are for anyone else: just 3.5% of the purchase price for FHA loans. What are the interest rates for people with bankruptcies? They are the same … (14 comments)
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mortgage tips: Use Credit to Have Good Credit - 02/21/12 06:39 AM
In order to have good credit scores, you need to use credit. The credit bureaus (TransUnion, Experian, and Equifax) do not give good credit scores to people who do not use credit cards.
But how do you get a credit card if you don't have good credit scores? Won't the banks just turn you down?
The answer is NO, not if you apply for a secured credit card. When you get a secured credit card, you give the bank $300 or $500 and they give you a credit card with a limit of either $300 or $500, depending on … (2 comments)
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mortgage tips: Great News about Mortgage Insurance - 02/13/12 08:31 PM
Want some great news regarding mortgage insurance for conventional loans? How about this?• The maximum allowable debt-to-income ratio (DTI) for mortgage insurance is being increased from 41% to 45%, regardless of the borrower's credit scores.• Mortgage insurance monthly premiums are going down by a little more than 10% for borrowers with credit scores above 760. These changes are for conventional (non-government) loans only. The mortgage insurance guidelines for FHA loans remain the same, meaning anyone who qualifies for an FHA loan automatically qualifies for FHA mortgage insurance. No additional underwriting is required.Getting a loan approved is easy - if you know … (1 comments)
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mortgage tips: Earnest Money and CHFA Loans - 02/13/12 08:22 PM
CHFA (Colorado Housing and Finance Authority) offers down payment and closing cost assistance for Colorado home buyers and they only require the buyer to contribute $1,000 of their own money to the transaction.However, if a buyer pays more than $1,000 in earnest money, they are NOT allowed to get the amount that is in excess of $1,000 back at the closing. So make sure that when your buyer is getting a CHFA loan, they only pay $1,000 in earnest money.Have a buyer who needs a CHFA loan? Send them to us and we'll take care of everything for you.Getting a loan … (1 comments)
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mortgage tips: Re-establishing Credit - 02/13/12 08:10 PM
After a bankruptcy, a foreclosure, or a short sale, a potential home buyer must wait a certain period of time before they are eligible to get a mortgage.In addition, the underwriting guidelines state that they must "re-establish" their credit. Many buyers are unaware of this additional requirement, and it prevents them from getting a loan. Here's what re-establishing credit means: for the 12 months preceding the loan application date, the borrower must have a perfect payment record on all of their existing credit accounts. In other words, they can't have any late payments for one full year before applying for the … (0 comments)
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mortgage tips: Tax Refunds as Assets - 01/25/12 10:29 AM
It's almost tax refund time. Many people ask us if tax refunds can be used to pay for a mortgage down payment or closing costs.The answer is YES! All a borrower needs to do to document the tax refund is to provide a copy of the refund check and a bank statement showing that the refund has been deposited into their account. If the refund was automatically deposited into their account, they won't have a copy of the check, but the notation on their bank statement will show that it is a tax refund. In the case of automatic deposits, the … (0 comments)
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mortgage tips: Real Estate Agents - Expand Your Sphere of Influence - 01/19/12 10:25 AM
By popular demand, one of the greatest ways to expand your sphere of influence is BACK! If you're a Denver area real estate agent and you have a question about mortgages or credit reports, send us the question. If we choose your question, we'll answer it in our next email newsletter, AND we'll deliver a $25 Starbucks card to you as a way of saying "Thank You" for helping to expand the knowledge base of our local real estate industry.We'll also include your name and contact information in our newsletter, which goes to more than 6,000 local people. We'll also post … (1 comments)
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mortgage tips: Debt-to-Income Ratio (DTI) - What Counts Against You? - 01/19/12 10:18 AM
The debt-to-income ratio (DTI) is the ratio of your debts divided by your income, and is one of the main things that determines how large a mortgage you can qualify for. But do all of your debts count against you?The answer is no, not all debts count against you when determining the size of the mortgage you can get. Here is a list of some of the things that do NOT count against you when a lender calculates your DTI:
car insurance electricity water gas sewer phone - land line phone - cell Internet cablecollection accounts health insurance In basic terms, … (0 comments)
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mortgage tips: No W-2? No Problem - 01/06/12 12:23 PM
We get many calls this time of year from borrowers who are worried that they can't get a mortgage because their lender told them that they need their W-2 for 2011 and they haven't received it yet from their employer.Employers have until the end of January to give W-2s to their employees and underwriters know that, so instead of a W-2, underwriters will accept the final pay stub for 2011, provided it shows the year-to-date income. The year-to-date income on the final pay stub will be the total income for the year, which is the same number that the underwriter takes … (1 comments)
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mortgage tips: Holiday Credit Tip - 12/13/11 07:01 PM
It's important to remember that credit needs to be pulled twice for most mortgage transactions these days: once when the loan is pre-approved, and again right before the closing. If any new credit inquiries show up on the second credit report, then they have to be explained before the loan can close. Many people apply for new credit cards at this time of year because of all the holiday shopping. Those credit inquiries will show up on a credit report.If you have a question regarding new credit accounts and how that will affect your ability to close a loan, make sure you consult … (3 comments)
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mortgage tips: FHA Loan Limits Go Up - 12/08/11 11:40 AM
FHA loan limits have gone back up! Here are the new limits:For the Denver-Metro counties, the new loan limit is $406,250.For Boulder County, the new loan limit is $460,000.These limits are for 1-unit properties. The amounts are higher for 2, 3, and 4 unit properties.These new amounts are in effect until the end of 2012. As always, there is no income limitation on FHA loans and you do NOT have to be a first-time home buyer to get an FHA loan.Call us with any questions.Getting a loan approved is easy - if you know what to do. The Mortgage Experts know … (0 comments)
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mortgage tips: Financing for 5-10 Properties - 11/15/11 09:41 AM
If someone is buying a second home or an investment property, Fannie Mae allows financing for up to 10 properties to the same borrower, and so do we!Here are the restrictions:
Minimum credit score is 720 For second homes and 1-unit investment property purchase transactions, the down payment is 25% For second home and 1-unit investment property refinance transactions, the maximum loan-to-value (LTV) ratio is 70% For 2-4 unit investment property purchase transactions, the down payment is 30% For 2-4 unit investment property refinance transactions, the maximum LTV is 70% with no cash-out, and 65% with cash-out And remember, if the … (0 comments)
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mortgage tips: Waiting Periods after a Bankruptcy, Foreclosure, or Short Sale - 11/04/11 10:22 AM
Ever wondered how long you have to wait after a bankruptcy, foreclosure, or short sale before being able to qualify for a new mortgage? Check out the table below for all the answers.
NOTE: For all loans, the borrower must have “re-established credit” after the bankruptcy, foreclosure, or short sale. That means no late payments of any kind for 12 months.
Extenuating Circumstances means serious illness or death of a wage earner. Divorce or loss of a job are not extenuating circumstances.Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to … (5 comments)
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mortgage tips: Bankers Vs. Brokers - What are the Differences? - 10/30/11 12:12 PM
Ever wonder what the difference is between a mortgage banker and a mortgage broker? Today's winning question by Steve Jacobson of Metro Brokers addresses that issue. Steve receives a $25 Starbucks card and gets his contact information sent to the 6,600 people on our contact list. We also list his contact info on our blog (10,199 visits for the first 6 months of 2011) and on our blog at Active Rain, a real estate blog with more than 210,000 members. Steve's contact info follows:Steve Jacobson CRSSteve Jacobson Group - Metro Brokers303-898-9000steve.sjgroup@gmail.comSteve's question is: What are the differences between Mortgage Brokers and … (2 comments)
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mortgage tips: $100 Down HUD Homes are BACK! - 10/26/11 07:34 AM
$100 down HUD homes are back! From now until October 20, 2012, The $100 HUD home sales incentive is back in Colorado. Here's how it works:
The offer price must be the full listing price. The down payment requirement is only $100. The financing must be an FHA mortgage. The maximum loan amount cannot be more than 100% of the appraised value. FHA loans have a 1% up-front mortgage insurance premium (UFMIP), which is typically included in the loan amount. However, since the maximum loan amount cannot be more than 100% of the appraised value, it seems like there will be … (3 comments)
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mortgage tips: Debt-to-Income Ratios (DTI) - 10/18/11 10:11 AM
People are always asking us about debt-to-income ratios. Here's what you need to know.Each type of loan has a maximum allowable Debt-to-Income (DTI) ratio. However, if the loan is run through the automated underwriting software that is available from Fannie Mae, Freddie Mac, FHA, and VA, the maximum DTI ratios may be exceeded. The DTI is calculated like this: Add all the monthly payments that show on the borrower’s credit report to the total monthly housing payment (principal, interest, taxes, insurance, mortgage insurance, and HOA fees). Then divide that number by the borrower’s gross monthly income (income before taxes).The following table … (2 comments)
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mortgage tips: Down Payment Requirements - 10/14/11 02:55 PM
Ever had a question about down payments? Check out this table - it shows all the current down payment requirements.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!Make sure you check out our web site:www.mtgsupportservices.comAnd check out all our great tips on our blog:
http://TheMortgageExperts.blogspot.com
By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.
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mortgage tips: VA Funding Fees Stay the Same - 10/11/11 09:52 AM
A couple of weeks ago, we announced that VA funding fees were going down beginning October 1. However, Congress has since passed a bill that does not allow for the VA funding fees to be lowered. So the bottom line is that VA funding fees remain unchanged. If they change in the future, we will be sure to let everyone know! The VA funding fee is a fee that is charged to the borrower on VA loans. It is typically included in the loan amount.If a borrower is receiving military disability payments, they are usually exempt from the funding fee completely.Remember, … (0 comments)
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Chris Thomas
Denver,
CO
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The Mortgage Experts at America's Mortgage
Office Phone: (303) 345-3683
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