loan: Can You Get a Loan if You Have No Credit? - 03/07/16 02:12 AM
No credit, no loan. FALSE!
I had a client who was referred by their Realtor, whom I have never met and works in the valley. The client told me that they had been turned down because they have no credit score.
The banks claimed that because there was no credit score, they could not sell the loan because it did not meet the new QM rules. QM is qualified mortgage which is a new rule (January 2014) that says banks must now know that the borrower for sure can make the payment. Debt ratios and credit enter into this calculation.
The fact is that … (1 comments)

loan: Be Careful Who You Use to Get a Loan - 03/07/16 01:59 AM
After waiting 3 months for a loan, a local woman puts a message out on Facebook about finding a good lender. My assistant is friends with her and responded right away that she works for the “smartest lender ever in her 35 year in the business.” Ah, shucks. …
This client is a CPA, but has partial ownership in a huge apartment building, and has note income (very fancy tax returns). The old lender was counting the $2 million loan on the 60 unit apartment building against them. Of course, if you do that, they won’t qualify… Well, we don’t use stifling … (0 comments)

loan: Can College Graduates Get a Loan? - 03/07/16 01:56 AM
You have to have 2 years employment to get a loan.
FALSE!
I was reminded of this today when a realtor asked me if their client who had just graduated from their Bachelor’s degree last June could buy a home, or if they have to wait until 2017. I told her YES, that this hard-working lady and new graduate in Chemistry has a job, and we count that job right away.
Of course, rules like, “We cannot count overtime” would apply, but she is fine with that. This young woman will be closing on her new condo here in the South Bay … (0 comments)