It’s been another unbelievable week in the mortgage business.

It’s been another unbelievable week in the mortgage business. I am still getting your clients approved and deals are coming together! Yes, it’s true. Here are some tips that are helping as I am continuing to be creative.

1. Counting Rental Income if Converting a Primary to an Investment- If qualifying is a problem get a co-mortgagor to help offset the debt to income ratios if they are too high.
a. Conventional – 30% equity and 6 months PITI reserves to count rental income
b. FHA – 25% Equity and 6 months PITI reserves to count rental income
2. Source the down payment – getting a gift or having money in the bank makes getting approved easier. We can use gift down payments from relatives.
3. Zero Down? – I have USDA Zero down programs for rural housing, CALHFA for 100% financing with a 680+ fico, and VA loans with no mortgage insurance.
4. Low Down – 3% down until January 1, 2009 and 3.5% thereafter! We can use gift money from a relative it’s so easy!
5. Credit Problems? Talk to about a credit repair program. It’s easy and its low cost to turn your clients into approved buyers.
6. Think Full Documentation – 2 years tax returns, 2 months bank statements, current paystubs. Set realistic expectations.
7. Investors – 20% down with no more than 4 properties with loans on them – Per Fannie Mae Guidelines
8. Investors – 30% down with more than 4 properties with loans –

Hope this helps! Oh by the way, I am never too busy for referrals!

This entry was posted in Conforming Loan Limit, FHA, USDA by Sean La Rue. Bookmark the permalink.

About Sean La Rue

Sean lives in the Palm Desert area and works with Franklin Loan Center as the Senior Vice President. Sean is ready to provide you the concierge level-of-service experience in purchasing or refinancing a home in Palm Springs, Palm Desert, La Quinta, Rancho Mirage, Coachella, Indio, or anywhere in California. His commitment is to treat your home loan like his own because he cares about your family.

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