Mortgage
For some homebuyers, especially self-employed, proving you can afford a mortgage may be hard if the tax returns do not show enough income. Now, you can use your bank statements deposits, personal or business, to qualify. This works for homebuyers that get paid via a 1099 (no taxes taken… [Read More]
The 2 best mortgage programs are VA and USDA mortgages because these are $0 down, no or very low private mortgage insurance, and low credit scores to qualify (500 for VA and 580 for USDA.) VA Mortgages are always $0 down. It is available for veterans, active military, reserves… [Read More]
The FHA Mortgage (Federal Housing Authority) is the traditional first-time buyers’ program. The federal government simply insures for the bank the mortgage against default. Loans are approved and issued by the bank. Forget the Shutdown – FHA loans are still closing. It is offered by virtually every bank –… [Read More]
Don’t Forget to Homestead! If You Closed in 2018, Don’t Forget to File for a Homestead Exemption, Now. Florida law provides for lower property tax assessments on homestead property. Every Florida homeowner can receive a homestead exemption from the County Appraiser’s value. The first $25,000 in property value is exempt… [Read More]
To get a mortgage, you need credit, money and a loan officer. What does “credit” mean? Credit means 3 things: a credit score, current or open credit items, and not terrible credit the last 1-2 years. Credit Score: you need to have a credit score to get a mortgage. A credit… [Read More]
If you have average credit, not too much debt, and 2 years of income, you are on your way to qualifying for a mortgage. Here are some key facts Everybody at one point was a First Time Home Buyer. Before I became a mortgage broker, I closed on 7… [Read More]
$0 Down Mortgages – Yes – They Exist! Some homebuyers have the income to pay the monthly mortgage but lack the money for a down payment. Or, there are mortgage programs designed for a certain homebuyer and a $0 Down Mortgage is available. Here are all the $0 mortgage… [Read More]
How To Buy A Fixer Upper 203K Rehab is the name used for fixer-upper loan. You can purchase a home needing work and the bank pays for it. Example: The purchase price of a house is $100,000. You estimate it needs $10,000 in work. Your total loan amount is… [Read More]
VA (Veterans Administration) mortgages are perhaps the best mortgage programs around. They offer $0 down, no mortgage insurance, and one can qualify with a credit score down to 500. Sadly, a majority of veterans and their families are either unaware of how easy it is to qualify, or… [Read More]
Getting a mortgage while self-employed is not hard, provided you plan for it. The credit requirements, the property reviews, and everything is the same as a regular w-2 wage earner. What makes it different is how one reports income; namely, is it declared on tax returns? And equally important is how well your loan officer… [Read More]
