An alternative to purchasing property on the open market is to purchase family-owned property. Buying a family-owned home allows the buyer and the seller to directly set the purchase price between themselves. How To Set Up The Transaction In a family purchase buy out, relationship between parties doesn’t matter (as long as clearly explained), more…
90% loan to value with 10% down or 10% equity whether that be a purchase loan or refinance mortgage, is the requirement for a second home or vacation property. The property will have to located in a resort area and because it’s less than 20% equity, a monthly escrow/impound account will be required for principal…
In order to get a mortgage despite having a short sale, you’ll have to provide some things to the mortgage lender including the final closing statement and/or copy of the deed on the note that was short saled previously. This is probably in the documents you receive from the title company when you did the…
This depends on whether or not the bankruptcy was a Chapter 7 or Chapter 13. A Chapter 13 bankruptcy is typically 12 months with court approval for the purposes of getting a mortgage with at least a 620 credit score or better. Lets assume for our purposes it was a Chapter 7 bankruptcy, the full…
With more home buyers entering the market, competition increasing, driving prices in most pocket areas up, consumers begin to place more emphasis on sustainable payment over time considering they could be paying more for the property than anticipated. Such real estate market conditions are also causing many buyers to switch mortgage loan programs during the…
Because one of the big benefits of working for yourself again to write off expenses you incur in the operation of your business. Because of this, this counts against income or rather the income is reduced to offset the liability. In order to qualify for a mortgage there have to be enough income to offset…
This it depends on all four factors of creating a mortgage, credit, debt, income and assets. Assuming you have the necessary assets for down payment and/or reserves in the bank and your credit score is considered good, let’s look at the meat and potatoes, is there enough income to offset all monthly liabilities? How the…
Great question! This comes up very frequently. When you’re applying for a mortgage, most mortgage companies are going to require two years of stable job history explaining any job gaps from one job to another as well as doing a full two year history showing all dates of employment began and when employment ended during…