#WhackedOutWednesday – Is back and in full effect this am. WOW, I mean WOW, what goes through the mind of clients that think they can just deposit large sums of money in their bank account as you’re doing a purchase loan anyway? lol Today, I go over the guidelines on large deposits to clear the air, and help you know what to look out for. HINT – It has to do with what type of loan your doing! Not all deposits are considered equal. (large)
Don’t be fooled, while I add a lot of value to my Broker partners, and can help them source business, I AM STILL LOOKING FOR ACTION TAKERS! I am not at my goal monthly and want to help as many mortgage Broker’s as I can. Sometimes I think people might think I’m swimming in business and don’t need their loan because I do these videos and add so much value inside the groups and social media. That is not the case, I need and want to help as many people as I can. If you don’t have a responsive AE, or someone that can help you actually source business on top of close loans for you, CALL ME! – Let’s make it ring today, 304-901-2798 is my office line. Reach out don’t be shy, I might be able to help on that “I gotta guy” guideline question, or I can discuss with you marketing strategies to help you double your business. Either way, #LetsDoBusiness! – I am growing towards my goal daily, but I’m not stopping until I’m there!
#SellWell – JUICEman
#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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To get started click HERE! #SellWell
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;
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 🙂
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;
And Last but certainly not least the chart for the USDA Guarantee fee;