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How To Structure A Repair Escrow On An FHA Loan…

  Hello! You may not be aware of this but we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let you know some of the items that are eligible for repair escrows, and some that are not allowed. These items are eligible for repair escrows: 1) Repair roofs, gutters and downspouts 2) Repair/Replacement/upgrade of existing HVAC systems 3) Repair/Replacement/upgrade of plumbing and electrical systems 4) Repair/Replacement of flooring 5) Painting, both exterior and interior 6) Weatherization, including storm windows and doors, insulation, weather stripping, etc. 7) Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens 8) Minor repair to exterior decks, patios, porches 9) Minor basement waterproofing 10) Minor mold remediation
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Only 3% Down On This Loan Product…

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  Hello! Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and detached PUDs. 5) Purchase and rate/term transactions. 6) No up front MI (like you would have on FHA). 9) Loan amounts up to conforming limits ($647,200 in Texas). This is a great product. If you meet the credit criteria listed above, and you only want to put 3% down on a house — then call us and we can help you with this. That’s it for today! Have a good day today! …and thanks for reading. For more details please visit our website  Berkshire Lending
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How To Get A Mortgage Just Using Your Deposits For Income

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  Mortgage Hello! If you are  self-employed , and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns — here’s an option for you… I wanted to spotlight one of our Alt Doc programs: Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Paystubs. Bank statement loans. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income. Variables of Bank Statement loans… 24 months of bank statements. 12 months of bank statements. 2 months of bank statements. 1 Month bank statement. The reason we offer multiple options for months is that sometimes a 12-month average won’t work as well for the borrower as one month. We offer down payments as low as 10% on owner-occupied bank statement programs. We also offer multiple ways of calculating deposits, which is very helpful if ther
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What Not To Do When Getting A Mortgage…

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Hello! Mortgage tip : If you are about to get into the loan process to buy or refinance a house — don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself into trouble from doing just this very thing. There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit. So, while you are in the loan process — don’t apply for anything that would involve credit (appliances, lawn equipment, etc.). That’s it for today.
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Two Property Tax Issues Some People Face…

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  Tax Issues Hello! If you pay your property taxes apart from your mortgage payment, and you didn’t get them paid by the end of January they are now considered late with the county. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money but had to use it in an emergency. …or any number of other things. 2) Some people   have an escrow account on their mortgage — but their mortgage company didn’t collect properly. This often results in an arrearage… This means your payments go way up until the escrow is caught up. If you are in either one of these situations — there’s usually an easy fix for it. …Refinancing. We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that but usually at a lower rate and payment than they have now. Please let us kno
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Good Time To Get Rid Of FHA MI — Berkshire Lending

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  Good Morning! If you have an  FHA loan  that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property — it’s a good time to refinance into a Conventional loan to get rid of your FHA MI. It’s a great time to do this because Conventional rates are at historical lows right now. The odds are your payment would drop significantly. …or you can keep the same payment and drop the term of your loan to 20 years or 15 years. I f  you would like to see if we can switch you over to a Conventional loan to lower your overall payment — just let us know. We’ll be happy to help you out! That’s it for today! For more details please visit our website:-  Berkshire Lending
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Waiting Period On Foreclosure For Traditional Loan Programs…

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  Hello! I wanted to quickly go over the waiting period various l oan programs  have for Foreclosure. FHA — 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA — 2 years from completion date with an automated system refer. Fannie Mae — 7 years from completion date, or if you can get an automated approval sooner, the wait can be less. Freddie Mac — 7 years from completion date, or if you can get an automated approval sooner, the wait can be less. That’s it for today! For more information please visit our website. | Berkshire Lending
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