A VA No-No is kind of a funny name and it’s possible you’ve heard the term but unless you’re in the mortgage business or in real estate, but most likely you haven’t. The term has been used for decades and applies to a certain type of purchase transaction when someone is using their VA eligibility […]
Bank Statement Loans Explained
Have you heard of a Bank Statement Mortgage? Most all mortgage loans require bank statements to verify sufficient funds to close on a transaction. A complete bank statement provides third party verification that the applicant has enough funds for a down payment, related closing costs and cash reserves all belonging to the applicant. But a […]
Mortgages and Divorce: What You Need to Know
Couples don’t enter into a marriage expecting it to soon end. Quite the opposite in fact, when they get married they do so “until death do us part” and are so much in love they couldn’t imagine being separated much less getting a divorce. Unfortunately however divorce is a real thing and too often marriages […]
Credit Score in the mid 500’s? Refinancing or Purchasing Can Be an Option
Its still possible to consolidate debt through a FHA cashout refinance. As long as you don’t exceed 15% equity on your home. Even with mortgage lates as long as we receive an approval through AUS (automated underwriting system) In addition, you can purchase with a minimum of 10% downpayment with a 550 FICO score.
Are Unreimbursed Business Expenses Holding you Back from Financing a Home?
The IRS defines it as 2106 (unreimbursed business expenses) 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 […]
Pulling Cashout Equity From a Non Owner Occupied Property is Possible
There are solutions in our current lending environment for pulling cashout (equity) from an investment property for real estate investors for one to four unit California properties. Even in the case of having more then four financed properties which would be allowable as a Conventional loan. If its more then more then six financed properties […]
Combo or Piggyback Loans Are Back!
A combo or piggyback loan is a great mortgage product especially with a downpayment of less then ten percent in order to avoid mortgage insurance. In terms of the loan amount they can go up to 1,275,000. Also, it can be used on a refinance for home improvement or debt consolidation purposes or to have […]
What is a no closing cost loan?
A great option for those that have refinanced within the past year or two or have purchased a home within the past twelve months. By choosing a slightly higher interest rate the lender would issue out a rebate that covers all of the non recurring closing costs which consists of the lender fee along with […]
Unpermitted Garage or Additions are OK
Unpermitted room additions or garage conversions along with in law units with a stove are acceptable. As long as the scope of the work has been done in a workmanship like manner. Out of the approximately 75 lenders we are approved with several of them are able to do them without converting the bedroom and […]
