Posts

Why Loan Officers Don’t Use Their Own Company For Financing; No Loan Officer Models

OTHER LOAN OFFICERS CAME TO ME FOR MORTGAGES Prior to the 2008 Mortgage Meltdown, ironically, a major source of business was other loan officers coming to me for mortgage financing. They came to me back then for several reasons: 1) My rates were lower than theirs b/c of my model and the volume discounts I […]Read More

Mortgages For DACA Status Recipients (FHA & Conforming); Honey vs. Vinegar

Can DACA Recipients Get a Mortgage? FHA now allows DACA recipients to obtain FHA mortgages. DACA stands for Deferred Action for Childhood Arrivals. You can read more about DACA here, but it mostly refers to people who immigrated to the United States as children without legal immigration status. As adults, these DACA status recipients can […]Read More

The Requirements To Purchase A Home With A Mortgage

Are you considering buying a home and plan on using a mortgage loan to help finance your purchase? If so, there are some requirements you should be aware of before you start the process. Buying a home is a significant investment that most often requires mortgage assistance to finance such a large purchase. To secure […]Read More

Returning To Work After COVID Layoffs; Job Seasoning

One of our clients just returned to work after a six-month-layoff and her agent asked if and when she could qualify for mortgage financing. In light of that, I thought I’d repeat this blog from April: EMPLOYMENT GAP UNDER SIX MONTHS If the layoff or furlough lasted less than six months, lenders will be able […]Read More

Are Mortgage Lenders Better Than Banks?

There are many reasons why choosing a local mortgage lender to buy or refinance a home is best. Working with a trusted local mortgage lender can ensure that homeowners get the highest level of customer service and the best deal when applying for a loan. 4 THINGS TO KEEP IN MIND WHEN PICKING A LOCAL […]Read More

Bankruptcies Up; How Long Do They Have to Season for Mortgage Financing?

In another indication that we are at the tail end of a business growth cycle, Bankruptcy (BK) filings are increasing even though the economy remains relatively strong. BK filings were up 3% year over year in July, with 64,000 filings nationwide. And, almost 800,000 people are expected to file for BK protection by year-end, as […]Read More

Income Taxes Owed Is OK; Tax Liens Must Be Paid Though

This is a quick reminder that borrowers can still obtain mortgage financing even if they owe income taxes.  But, a payment plan with the IRS must be in place. For FHA, we need proof of three payments, and for conventional, we need proof of one payment (and it can be made in escrow). Borrowers cannot obtain […]Read More

Myth: Self-employed Borrowers Need 2 Years of Income; 1 Year Often OK

We often have borrowers with ample income but who only recently became self-employed. For example, we have a young Realtor who is doing extremely well this year but had no self-employment income last year (in 2013). We also have many borrowers who go to work for companies in which they own over 25%, effectively making […]Read More

Appraised Value Higher than Contract Price? Irrelevant

We are financing a condo purchase in Newport Beach and the appraisal came in $13,000 over the contract price. This was a big surprise, given the strength of the current market. The buyer, of course, wanted to know if he could use the higher appraised value to push his loan-to-value ratio down to 75% and […]Read More