Determination of VA Spousal Status – Recognition of Same Sex Marriage

VA recently updated their guidelines with regard to VA spousal status. The process has been much more streamlined as of late in the past a loan package had to be submitted to a VA regional office for approval of spousal status. The VA requirement would be met as long as it was legal in the […]

A Reverse Mortgage May Be Right For You

Approximately 10,000 Americans go into retirement on a given day. With a reverse mortgage, you would be able to utilize equity in your home to live comfortably in your golden years along with covering medical expenses etc. Here are some key benefits. No monthly mortgage payments are required with a reverse mortgage. You are able […]

Low Credit Score in the mid 500’s? Refinancing or Purchasing Can Be an Option

Even with a low credit score below 600, it’s still possible to consolidate debt through a FHA cash-out refinance. As long as you don’t exceed 15% equity in your home. Even with prior late mortgage payments, as long as we receive approval through AUS (automated underwriting system).  In addition, you can purchase with a minimum […]

A Homestyle Loan is Fannie Mae’s Version of a Construction Loan

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 […]

The HARP Program: Extended by The Federal Housing Finance Agency

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 […]

You Can Buy With Just 3% Down Payment

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 […]

FHA Streamline Refinances Are Still Possible Even With Credit Challenges

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?

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 Tax Deductions are Back!

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 […]

Are Unreimbursed Business Expenses Keeping You from Financing a Home?

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 […]