success stories: Buyer used his pay to purchase a home! Check out this success story!
- 12/14/15 12:33 AM
Check out this success story! A little known tip which licensed Real Estate Agents can take advantage of is using their commission as down payment for the purchase of their own home.We just had a closing on new construction for a buyer using near the loan size limit for an FHA loan (County limit is $271,050) and his real estate commission from the sale was used as his down payment. Usually lenders are required to prove down payment in the buyer’s bank account during the underwriting stage of the file but these commission funds are not even available until the purchase has closed, funded, and recorded. So this … (4 comments)
success stories: Unbelievable VA Success Story for an Active Duty, 1st Time Home Buyer!
- 12/08/15 10:40 PM
Under 640 score, over 55% debt ratio, VA home loan purchase that needs to close in 33 days? No way? Yes, Way!! So often there are times when someone has some hurdles to overcome when purchasing a home and our team is one that will figure out a way to make the loan work if it can be. We were just recently faced with the following scenario: 620 credit score 57% debt ratio No money down Active duty service member First time buyer Need to close in 33 days The buyer provided us with everything requested up-front which allowed us to obtain … (0 comments)
success stories: Credit Tricks for Buying a Home!
- 12/07/15 02:40 AM
Do you have limited, but good credit and want to buy a home with little to no money down?Our USDA guaranteed loan guidelines will allow for us to add nontraditional credit to a thin credit file in order to get approval for the buyer. Check out these 2 USDA loan approvals for very limited, but good credit buyers that needed 100% financing. Here are two scenarios below in which we were able to help:Buyer # 1: First time buyer with very limited credit experience Only one trade line (a student loan) reporting on credit Rent paid on time for over a year Car insurance … (0 comments)
success stories: Check Out These 3 Real VA Home Loan Purchase Success Stories!
- 10/09/15 06:57 AM
Often you hear many complaining about no one can get a loan, guidelines are too strict, & lenders won’t go the extra mile. So that is why we LOVE sharing our buyers’ success stories. Check out these 3 VA Home Loan Successes! Contrary to belief, VA will allow excess acreage on appraisals:Most think that VA loans will only allow a property to have 5 acres. Not so as long as there are sales to support the acreage! For instance, we just received an appraisal on a property that had over 19 acres and a modular home from a VA appraiser and was approved … (0 comments)
success stories: VA loan for purchase while Veteran already has another VA loan
- 10/21/14 01:00 AM
And the seller pays off the buyer's debt!!! This VA purchase closing had 2 characteristics of a VA loan that most did not know: Accessing a Veteran's 2nd Tier VA Entitlement and the seller paying off debt for the Veteran through sales concessions for the buyer. Our buyer that is a Veteran has an existing VA mortgage on another property that is currently a rental property and wanted to purchase another property but thought that a VA loan wasn't an option. On top of that, to feel comfortable with the payment, the Veteran really wanted some debts to be paid off … (0 comments)
success stories: Approving VA loans without credit scores or with limited credit
- 10/10/14 02:58 AM
We just recently closed a VA loan for a Veteran that had no credit scores or trade lines reporting on the credit report. Even though the Veteran had no credit history with the credit bureaus, he was able to provide the last 12 months of cancelled checks for rent and 3 other credit reference that we were able to verify. He was then able to close with a no money down VA 30 year fixed rate mortgage. Learn more about how a VA loan could be the right loan for you. An important point to keep in mind is that these scenarios … (2 comments)
success stories: No credit scores, 1 credit score, or limited credit? USDA Mortgage?
- 10/10/14 02:55 AM
We just recently closed a USDA loan for a buyer that only had one credit trade line reporting on the credit report. The buyer had 3 credit scores with a middle of over 660 and no bad credit. We were able to receive an automated pre-approval through USDA's system called GUS and we have investors that will allow this limited credit. The buyer closed with zero money out of pocket in the end with a USDA loan and an MCC tax credit to save money on their tax returns each year. Learn more about the MCC tax credit here. An important … (0 comments)
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Russell Smith
Loan Officer Communication & Execution You Deserve
Check out this success story! A little known tip which licensed Real Estate Agents can take advantage of is using their commission as down payment for the purchase of their own home.We just had a closing on new construction for a buyer using near the loan size limit for an FHA loan (County limit is $271,050) and his real estate commission from the sale was used as his down payment. Usually lenders are required to prove down payment in the buyer’s bank account during the underwriting stage of the file but these commission funds are not even available until the purchase has closed, funded, and recorded. So this … (4 comments)
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