A Homestyle loan is a great option if you’ve thinking about new construction. It has flexible downpayment requirements. It can be used on a purchase and a great way to finance improvements, renovations and repairs. It can go up to 50% of the as-completed appraised value. Its an excellent alternative to a home equity line […]
Great news! The FHFA (Federal Housing Financing Agency) has extended the HARP Program (Home Affordable Refinance Program) till December 31, 2016! The main objective of this type of home loan is to save a borrower from a potential foreclosure or short sale by substantially reducing the mortgage payment to allow you to continue to live […]
Financing is available with just a 3% down payment as a Conventional loan for a 1 unit property. County or city downpayment assistance along with community 2nds are possibly available to you. Even cash on hand is allowed with appropriate documentation. One of the borrowers must be a first-time homebuyer. In addition, you must go […]
You can still reduce your monthly payment even if you had a short sale, foreclosure or a bankruptcy. An FHA Streamline refinance would only look at the mortgage rating on the credit report. In addition, we have lending sources with no FICO score requirements along with no minimum loan to value ratio that is required […]
When are VA Termite Inspections Required? A termite inspection is waived on a VA IRRRL (streamline) refinance. It is required on a purchase and a cashout refinance. If the property is a low-rise or high-rise condo its only required if the appraiser notices a potential issue. If there is active infestation by pests (Section I) […]
Mortgage insurance is tax deductible again. Any purchase or refinance that closed after December 31, 2013 are eligible for qualified borrowers. Borrowers with an adjusted gross income of less then 100,000 would be able to deduct 100% of their mortgage insurance premium. It is subject to income limits. Please consult your CPA or tax professional […]
The IRS defines unreimbursed business expenses as 2106. It is possible to attain financing for a home purchase or to refinance your current residence even while having these listed on your tax returns. In order to ensure eligibility, it depends on the following factors. 1. You must be a wage earner (W2) for at least […]
A VA IRRL Program is the Veterans Administration Interest Rate Reduction Loan program. Many VA homeowners who purchased their home within the past year could benefit from a lower interest rate. This is also known as a Streamline refinance program in which it requires limited documentation in terms of income and assets. It’s quite common […]
You can still take advantage of HARP (Home Affordable Refinance Program) it has been extended through 2015! There is a misconception about this program its not for just borrowers with negative equity or minimum equity. Even in the case of having a loan to value ratio under 80% or equity of more then 20% is […]
Leasehold financing solutions are available, though they aren’t as common. Freehold often known most commonly known as fee simple is the most prevalent form of ownership. Fee simple properties would be defined as complete ownership consisting of holding title along with the land. A leasehold property differs since a fee simple landowner (lessor) enters into […]
