Hard Money Loans: An Overview What They Are Hard money loans are short-term, asset-based loans primarily used by real estate investors. Unlike traditional bank mortgages, they are issued by private investors or lending companies and rely on the property’s value rather than the borrower’s credit history. How They Work Asset-based lending: Approval is based on the property’s value (collateral), not […]
A cash-out refinance allows you to access the equity in your property and use the funds for virtually any purpose—pay off debt, make a major purchase, invest in a business, or simply improve your financial flexibility. ✅ General Requirements: Most lenders require a minimum credit score of 640. If you’re self-employed and show limited income on your taxes, options […]
If you declared chapter 13 bankruptcy you only need to wait 1 year from the date of filing to buy a home. You need to have made 12 payments to the trustee. It is very important to rebuild your credit with 3 secured credit cards right after your bankruptcy has been filed. You will need 3 tradelines of credit to […]
You can now put down 3% when buying a home if you have at least a 620 credit score. If you are buying a home the 3% down payment can be all given to you as a gift from a family member, and if you have the seller pay your closing costs you can now buy a home with a […]
You could save hundreds of dollars by refinancing without lowering your current rate. How can this be? FHA just lowered the monthly mortgage insurance premium from 85% to .55% per year if you are over 95% LTV. This is almost 1/2 of what it used to be. Example: if you have an FHA mortgage with .85% premium and you mortgage […]
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 […]
If you declared chapter 7 bankruptcy you only need to wait 2 years from the date of discharge to buy a home. It is very important to rebuild your credit with 3 secured credit cards right after your bankruptcy has been filed. When your 2 years seasoning on the bankruptcy is up you will have great credit again. Then you […]
You can buy a home with zero percent down with a 600 credit score. We will cover your down payment of 3.5%. Many people can afford a home payment but do not have the down payment saved up to buy a home. Instead of renting a property you can buy one with help from a DPA (Down Payment Assistance) program. […]
Most mortgage companies have overlays on their products. An overlay is an additional requirement added on top of a FHA, VA, USDA or conventional mortgage guidelines. One example is FHA allows down to a 580 credit score if you want to put down 3.5% down payment. 95% of the lenders state you must have a 640 credit score and about […]
A lot 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. […]
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