If you’re one of the fortunate who have access to the VA home loan program, first, thank you for your service. Second, the VA loan program is without a doubt the most competitive home financing option in today’s marketplace for those seeking to purchase a home with as little cash to close as possible. When […]
Four Tips to Cash Flow on Rentals
Real estate is one of the unique asset classes that appreciates over time while at the same time providing the owner a monthly dividend. Name any other investment that does the same. Active real estate investors seek out rental properties that point to long term appreciation while getting paid each month to own it. Not […]
What’s a Two-Step Mortgage?
Here’s another loan program you might not have heard of before but could be an attractive option for you. It’s referred to by lenders as a “two-step” mortgage. It’s so called because the interest rate on the mortgage changes once at a predetermined point in the future. There’s the initial rate, or the first step, […]
Minimum Credit Standards for FHA Loans
The Federal Housing Administration’s housing finance programs, most commonly referred to as FHA home loans, provides lenders guidance regarding how to evaluate and approve an FHA loan application. FHA loans are one of three government-backed programs that carry some degree of lender compensation should a guaranteed loan ever go into default. With FHA programs, the […]
How to Finance an Out-of-State Property
The time-tested mantra of “real estate is local” simply means that while homes are bought and sold every day, one market may be seeing higher valuations while in other areas, home values might be doing the opposite, for the very same type of properties. A four bedroom 2 ½ bath in one neighborhood might be […]
The VA Cash Out Loan
Surely the ideal loan program for those looking to come to their closing with as little cash as possible is the VA loan. There are only a couple of government-backed mortgages that do not require a down payment and the VA program is one of them. The other is the USDA mortgage but that is […]
Raising Your Credit Scores in 60 Days
Credit scoring can be somewhat of a mystery to the everyday consumer. Borrowers typically have a pretty good handle on the status of their credit. Bills come in every month and they’re paid on or around the due date. Sometimes though those accounts aren’t paid when due and if a payment is made more than […]
The Keys to a Smooth Jumbo Closing
Jumbo loans, loans whose loan amounts exceed local conforming loan limits, are approved in much the same manner as most any other loan program. There are some basic differences and we’ll review them for you but overall, it’s a very similar process. Jumbo loans typically ask for higher credit scores compared to other loan programs, […]
Why Lenders Ask You to Sign IRS Form 4506-T
One of the major changes in lending guidelines made nearly 10 years ago was making sure mortgage lenders verified income. Up until around 2008-2009, the proliferation of so-called “stated” and “no doc” loans made getting a loan approval almost a no-brainer. Such loans also contributed to the housing crisis as those who wouldn’t normally be […]
Why Experienced Loan Officers Form Relationships With Third Party Providers
Forming relationships either personal or in business is key to an open dialogue when issues arise. For example when a couple first start getting to know one another, how each one handles adversity of any degree when it comes is extremely important. Does one party get frustrated and angry? Maybe the silent treatment? A solid […]
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