Tag Archives: FHA

Two for Tuesday – Non Traditional Groups

#TwoforTuesday – Non-Traditional groups are needed to help when someone needs to qualify with non-traditional credit.  There are two groups that you need three things from.  I will detail this today in efforts to help you pre-qual someone whom has “thin” credit.  NEED ALTERNATIVE TRADE LINES? Here’s what you need to know;

There are two groups, and you need at least 1 thing from group number 1.  Group 1 consists of Rental history, a utility company, or telephone service.  Group 2 can consist of a personal loan, insurance payments (car, medical, renters, life), Child care payments, rent to own payments, or school tuition.  This second group also consists of car lease (rental) payments or retail store credit cards, however I don’t know why an auto lease or retail store wouldn’t report that to the bureaus though.  lol

Here’s a break down of guides for you: Happy Selling!

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Two for Tuesday – Mortgage Insurances

I ♥ GOVIE LOANS, USDA, VA or FHA are a specialty of mine.  I do these loans for my Broker #partners down to 560 FICO!  Today being #TwoforTuesday I wanted to address the up front insurance fees and monthly MI’s for all these programs.  And provide a guide on this that could help you remember them.

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I WAS WRONG!  LOL, I remember that majority of FHA loans are typically over 90% LTV and not a 15 year.  But I am placing the charts for each product below;

FHA FIRST:

FHAMIP3

Here’s where I was wrong, looks like if you have less than 78% LTV on a 15 year FHA loan the MI stays on the loan for 11 years and can fall off.  I guess I forgot that 🙂

FHAMIP4

NEXT IS VA, I ♥ VA loans and it seems my Brokers educate me on this loan more than any.  The guidelines are so awesome for this loan, did you know you can payoff debt with sellers contributions?  Check out the Chart below and identifies based on the “branch of military” what the funding fee is;

VA-Funding-Fee-Chart

And Last but certainly not least the chart for the USDA Guarantee fee;

post-infographic138

#SELLWELL