Gifts are allowed as part of your down payment, but have to follow set rules and we have no choice as this applies to everybody on every loan. The 3 items Covered here are: Who, How, and What. The Who: must be a family member, employer, not for profit, or a government agency. The How:… [Read More]
Mortgages: Which one is the best?
FHA vs CONVENTIONAL The simple answer is: which one gets you the mortgage for the house you want. Here are some key highlights: FHA FHA stands (Federal Housing Administration) loans are available to all borrowers and are guaranteed by the government. The mortgage is issued by the bank, not the government, but the government insures… [Read More]
What You Need for a Mortgage
To get a mortgage, you need credit, money and a loan officer. Credit means 3 things: a credit score of 580 for a low down payment mortgage; current credit items – such as credit cards or loans; and, not terrible credit the last 1-2 years; no bankruptcy in 2 years; no multiple late payments on active… [Read More]
What Are Mortgage Cost?
A mortgage has 3 costs: down payment, closing costs and out of pockets before you close. The Down Payment is the minimum you must pay. This comes from savings, paychecks, retirement, or a gift. Closing costs are set by Florida, title companies, and insurance companies. Good lenders do not charge lender fees. The lender pays… [Read More]
Who’s Who in Getting A Home
Here is a list of the Key Players in Buying a House: The Loan Officer can almost be likened to your lawyer who instead of representing you before a court, is representing you before a bank. There is a big difference in who the Loan Officer works for. A Loan Officer for a bank –… [Read More]
Getting a Mortgage | Planning for Your Costs
Getting a mortgage involves 3 costs: the down payment, closing costs and out of pockets before you close. The Down payment is the minimum you must pay. Only you can pay for this, from savings, paychecks, judgment awards, retirement withdrawal, or gift from a family member. Most 1st time buyers use an FHA mortgage with… [Read More]
Credit Score and Mortgages
The average American has a FICO credit score of 700, but your credit score alone does not tell you much about where you stand in getting a mortgage. Credit means 3 things: a credit score; current or open credit items – such as credit cards or loans; and, not terrible credit the last 1-2 years…. [Read More]
The Best Mortgage Program?
The Best Mortgage Program? It depends: on which one you one you can qualify. I often see your stories on which mortgage program is best for a homebuyer, and then they describe the different programs available. But that’s really not the point. The point about getting a mortgage is you want the loan program for… [Read More]
Cash and Mortgages
Cash may be King, or Queen, but when getting a mortgage cash is a Joker. If you have cash in a safe, or you get paid for an odd job in cash, you need to deposit that cash into a bank account yesterday or the bank will not allow you to use it for a… [Read More]
What is Needed for Pre-Approval Letter
A Pre-Approval Letter is a licensed Loan Officer’s Professional Judgment that you will get a mortgage with a bank. To get a mortgage, you need credit, money and a loan officer. Credit means 3 things: a credit score of at least 580 for a low down payment mortgage; current or open credit items – such… [Read More]
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