Can You Use an All Gift Downpayment?
Myth Buster of the week: You need your own savings to buy a home. Not true! Both FHA and FNMA allow for an all gift down payment. FNMA allows 5% up to $417,000. FHA allows it all the way to the max $625,500 (even on duplexes, however not on 3 and 4 units). So if your...
Do you Have to Be a Citizen to Get a Mortgage?
Myth Buster of the Week: True or False: You must be a citizen to get a mortgage. FALSE! Your client can have a resident alien card and she can even be on a work Visa with no credit in the US and still qualify for a loan. We are one of the few mortgage brokers with a...
True or False, VA Loans Cost the Seller Money & Your Weekend Rate Sheet
True or False: VA loans are difficult to do and they cost the seller money. False! In many ways, VA loans are easier to do: no proof of downpayment higher debt ratios conventional underwriting and appraisers who are easier to deal with than the AMC. The seller DOES...
No PMI with 10% Down – You Bet!
If you’re in the market for a new home, but you have less than 20% to put down, you may not have to pay PMI! How is this possible? With an old loan that is NEW again. It’s called the Piggyback or 80-10-10 loan. PMI or Private Mortgage Insurance is an insurance policy...