If you have an FHA loan that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property - it's a good time to refinance into a Conventional loan to get rid of your FHA MI. If you get 1099's instead of W-2's at the end of the year from your employer - that means you are self-employed.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. For foreigners that aren't eligible for a social security number, but want to work in the US the IRS issues ITIN numbers. We can do loans for borrowers with ITIN numbers.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. For foreigners that aren't eligible for a social security number, but want to work in the US the IRS issues ITIN numbers. We can do loans for borrowers with ITIN numbers.
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At the time of this report, most lenders will go down to a 620 middle credit score for FHA.
There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score.
We can do FHA down to a 500 credit score!
Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available.
They will require two years out of a bankruptcy discharge before you can get a new loan.
You will also need to re-establish credit after bankruptcy.
Chapter 13 Bankruptcy: You need to have at least 12 months of payment history on your Chapter 13 with no late payments.
There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score.
We can do FHA down to a 500 credit score!
Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available.
They will require two years out of a bankruptcy discharge before you can get a new loan.
You will also need to re-establish credit after bankruptcy.
Chapter 13 Bankruptcy: You need to have at least 12 months of payment history on your Chapter 13 with no late payments.
VA Loans: VA purchase loans allow a qualified borrower to buy a house with no down payment.
This is one of the very best loan programs in the mortgage market today.
If you are a veteran you should definitely try to take advantage of this program.
You should be a veteran.
You will need a Certificate of Eligibility from the VA.
If you don't have your Certificate of Eligibility you can apply for it at this website: http://www.vba.va.gov/pubs/homeloanforms.htm.
Credit: The VA has no minimum credit score listed in its guidelines.
This is one of the very best loan programs in the mortgage market today.
If you are a veteran you should definitely try to take advantage of this program.
You should be a veteran.
You will need a Certificate of Eligibility from the VA.
If you don't have your Certificate of Eligibility you can apply for it at this website: http://www.vba.va.gov/pubs/homeloanforms.htm.
Credit: The VA has no minimum credit score listed in its guidelines.
Conventional loans, also known as "conforming loans, " are insured by Fannie Mae and Freddie Mac, and have varying loan amount limits based on the property's location.
In Texas, for example, the conforming loan limit is $510,400.
In San Francisco, where the median home prices are considerably higher, the loan limit is $729,750.
These loans typically require PMI (private mortgage insurance) if the loan to value exceeds 80%, however, you may be able to obtain a conventional loan without PMI with less than 20% down if a subordinate lien is obtained.
In Texas, for example, the conforming loan limit is $510,400.
In San Francisco, where the median home prices are considerably higher, the loan limit is $729,750.
These loans typically require PMI (private mortgage insurance) if the loan to value exceeds 80%, however, you may be able to obtain a conventional loan without PMI with less than 20% down if a subordinate lien is obtained.
There are two fundamental components to the USDA loan.
It has geo-graphic and income limits.
So, the first thing you need to do is to make sure the house or area you are interested in is an approved USDA lending area.
You will also need to take the in-come survey on the website to see if your family is under the threshold for total annual income.
Credit: Most lenders that participate in the USDA loan program have a 620 cut-off on credit scores.
However, there are still a few lenders in the marketplace that are offering the USDA loan product down to a 580 credit score.
It has geo-graphic and income limits.
So, the first thing you need to do is to make sure the house or area you are interested in is an approved USDA lending area.
You will also need to take the in-come survey on the website to see if your family is under the threshold for total annual income.
Credit: Most lenders that participate in the USDA loan program have a 620 cut-off on credit scores.
However, there are still a few lenders in the marketplace that are offering the USDA loan product down to a 580 credit score.
Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income.
That is, other than the traditional Tax Returns, or W-2's and Pay stubs.
Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
The reason we offer multiple options for months is that sometimes a 12 month average won't work as good for the borrower as one month.
We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.
That is, other than the traditional Tax Returns, or W-2's and Pay stubs.
Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
The reason we offer multiple options for months is that sometimes a 12 month average won't work as good for the borrower as one month.
We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.
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