It depends on if you had a job gap (time off between jobs) and how long the job gap was. You could have a job gap for many reasons, laid off, fired, maternity or left for a new job. If your job gap was over 6 months than you will have to wait until you have 6 months on your […]
Credit repair is helpful if there is a lot of incorrect information on your credit report. If you have hired a company to dispute all of your bad credit, it most likely will delay or stop you from getting a mortgage. Most credit repair companies will dispute everything on your credit report that is derogatory. When a trade line on […]
Yes it is true you can buy a home 1 day after your foreclosure. Your home has to have been already foreclosed, it cannot be in the process of being foreclosed. If you have a 660 credit score and 20% down you can buy a new home. You can get either a 5/1 or a 7/1 ARM. Rates start at […]
FHA & VA loans no longer require a full tax transcript (4506-T) to be done if you are a W-2 employee. This does not apply if you a self employed or more than 25% of your income is commissioned income. This helps people buying or refinancing, where their tax returns show losses from unreimbursed employee expenses (form 2106) or they have […]
Student loans can affect the loan process in multiple ways. They could limit you on how much you can buy or they could prevent you from buying a home all together. We will look at how student loans affect FHA, VA, USDA & conventional loans. Student loans are looked at differently depending on what type of loan you are […]
Alot of people ask me which loan should I get. My answer is it depends on your situation. Both FHA & conventional loans are good loans. Here are the main reasons to use either Conv. or FHA loan. FHA- If you have lower income and want to put down only 3.5%. If your credit score is below 660. You […]
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