thebesthomelender

[thebesthomelender]

7 reasons why bridge loans aren't more expensive!

[thebesthomelender]

Include some of the closing costs in the loan!

I have written a series of articles on NON-QM loans. But even more advantages are coming out! Here is the latest, to be able to stack points on top of the loan amount. Or in other words, to be able to roll in some of the closing costs into the loan. Now some might say, can’t you do that in every loan? No, not at all, in purchase loans both for conventional and government loans, the closing…

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DSCR loan trailblazer!

I just received an update from one of my DSCR lenders. What are DSCR loans? A way for investors to use the rent they gain or will gain on an investment property to qualify for a loan to purchase or refinance an investment property. Here are some features: Up to 85% Loan to Value! Credit scores down to 640! ITIN and foreign national investors available! No ratio DSCR allowed! Short term…

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Bank statement second mortgages!

I have commented before about these options… Then I received this email that explained well the specific options available for bank statement second mortgages, you would think a bank would offer this, but they don’t! 12 or 24 month bank statements solution Loan amounts from $150,000 to $500,000 Up to 80% Loan to value on a primary residence only Up to 45% debt to income Credit scores as low…

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Usually you hear "non-warrantable condos" as an excuse for a turndowned loan! No, you need options and I have them!

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Say yes to more borrowers!

One of my lenders mentioned these options to help investors: No-experience investors with credit as low as 500! No income or reserves required. Heavy rehab projects welcome. Foreign nationals and ITIN eligible! Rural properties, 1-4 units accepted. Loans up to $10 million. Lending in all 50 states (for clarification, that’s the lender, not me). I think that the bottom line is that…

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Fix and Flip without Limits!

Lots of questions on buying a fixer upper and reselling it. There are videos and books on the subject. What they don’t tell you is how hard it is to get financing normally. Most mortgage lenders are what we would call fix and hold lenders, in fact, they often have penalties for paying off early. Until now… One of my lenders came out with this nice list of expanded criteria, check it out and…

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Dreambuilder might help make your homebuying dream come true!

I must admit I was totally skeptical of this when I first heard of it. I said it wasn’t buying, it was just renting. I said it wasn’t really a good deal. Then FHA said no more loans to non-resident aliens (or the vast majority) and closed the door to homeownership for many borrowers! Then I read about Dreambuilder in detail and tried to think of where it would work best and when. Then it…

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Why is a mortgage specialist better than a bank? Part 8: Second mortgage options!

This series is up to 8 parts! I never imagined I would continue finding differences. The whole purpose of this series was to highlight the difference between a bank and a specialized or professional independent mortgage lender for home mortgage loan options. If you have outstanding credit, no debt, provable income is outstandingly high, buying a cookie cutter home, and have plenty of money in the…

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Self-employed solutions part 1

I am often asked what self-employed solutions are there? This blog is an attempt to at least give some options available through me. 2 years of taxes – this is the most common form, the income is averaged over the 2 years AND a self-prepared profit and loss is made for the current year to show that the income has NOT decreased. What’s wrong with this? People who deduct a lot of expenses, show…

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Why does the interest rate not matter?

As a consumer as well as a loan officer, I understand asking about rate. Rate sounds like the biggest factor in any loan. High rates is bad for a loan, right? Maybe not as much as you think! The principal amount is the #1 factor in how much a payment is. If the rate were 0%, what would you have to pay for that house monthly to pay it back in 30 years? It’s fun to do the math on that, as it helps…

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More options part 2 - a gem of options...

More options part 1 – A forest of options… As I mentioned in the first installment, I am often asked about what difference it makes to have so many options. I spoke to another of our lender options, and there were so many “gems” that I had to mention a few. The lender mentioned Zircon, Sapphire, Aquamarine, Ruby, Onyx, Pearl, Sunstone, Diamond, Citrine, Emerald, Jade, Amazonite, and more…

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More options part 1 - A forest of options...

I am often asked, what does it mean that you have more loan options? One lender just brought to my attention a “forest of options!” They literally have Rainier, Sequoia, Biscayne, Teton, Glacier, and Olympic loan options. Without getting into too much detail, these options can help non-conforming loans, second mortgages that banks turn down, ITIN recipients, self-employed borrowers, and…

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A question about your debt...

Please consider these Debt Consolidation Questions: 1. How much credit card debt you have? 2. How did you acquire the debt? 3. How long have you had the debt (if applicable)? 4. When you make your payments are you sending the minimums? 5. Are your payments a burden? 6. Are the balances moving? 7. At the rate you’re going, how long will it take you to pay off the debt? 8. Is your main goal…

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Why is a mortgage specialist better than a bank? Part 7: Flexible Income Options!

I just wrote this article for income options!

When I started this series (see 1, 2, 3, 4, 5, and 6 here), I thought only of how to differentiate the skill set, or the person. But then it struck me, the key to this explanation is for you to see the main difference between the two: access to more options (and here was #4 about bank statement loans, surprisingly, something a depository financial institution doesn’t have). And we all know more…

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Why is a mortgage specialist better than a bank? Part 6: Unique properties!

When I started this series (see 1, 2, 3, 4, and 5 here), I thought only of how to differentiate the skill set, or the person. But then it struck me, the key to this explanation is for you to see the main difference between the two: access to more options (and here was #4 about bank statement loans, surprisingly, something a depository financial institution doesn’t have). And we all know more…

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Were you turned down for a mortgage loan by your bank?

It’s hard to know whether it’s just one lender, or you can’t get a traditional mortgage loan anywhere (AKA <500 credit score, no proof of income, and no down payment for a purchase loan, or equity for a refinance). Sometimes what a lender counts or doesn’t count can vary. While we all are looking at the same “rules,” those rules are often interpreted differently. In fact, they are called…