Credit Review

The credit bureaus say that they are going to reduce the impact of tax liens and civil judgments when calculating your credit score. Therefore millions of you are going to see a jump in your credit score. Please have your credit reviewed by loan professional because this does not mean that you can now by a house with these items on your report.

FHA just decreased monthly mortgage insurance. This will have a nice impact on most FHA borrowers. Please call me and I will show you your potential monthly savings

Cash is not our friend in the lending business. If you need to use your cash to help finance a real estate transaction you are going to need some advice on what to do with it so that you can use it. Strong hint: Please get this advice at least 60 days prior making offers on a property. You will be glad that you did

Today we are working on a pre approval for a family. We need to use the husband for his income, but he has no credit and no credit score. Yes, we do allow for building of alternative credit, but there are going to be trade offs for doing this, for example, reduced debt to income ratios. One solution is going to be for him to go out and apply for some secured credit cards. This will take about 60 days, but we will get a credit score as a result. Another solution is to not use the husband at all and switch the loan product.

Hello all - Hope you had a great, productive March - Today's topic is about FHA 203k - This is another government loan product that allows the borrower to include repairs in the loan amount either in a purchase or refinance transaction. If you know of anyone that is looking to purchase or refinance a property and they want to make some repairs or improvements please have them call me for details. PS - I have seen transactions where the property was rebuilt from the ground up!!

When you purchase a property in a community property state like California with an FHA loan you need to take in to consideration the credit of your spouse, even if they are not going to be on the loan.

Recently I met someone who paid $15,000 to join one of those "fix and flip" schools. Before I proceed, please call me if you are thinking of doing something like this!! Anyways, he was told that he did not need good credit, that he did not need to use his own money, and that they would show him the path to the promised land. He graduated from the school over 4 months ago and guess how many deals he has in his pipeline?

I have a new client that makes a great living and wants to buy a new home. The problem was that his chapter 7 bankruptcy was discharged just 2 years ago. He was under the impression that he had to wait another 5 years. The good news is that he does not have to wait 7 years and he can start looking right away.

Have you looked at your credit lately? Do you have a credit monitoring service? If your answer to either of these questions is no please call me. I pulled credit for another client yesterday and there was fraudulent information on her report.

With rates as low as they are and values as good as they are people are looking to refinance to pull cash out. Great idea unless of course you are planning to use the money to purchase a new home. Some additional planning may be required.