Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

If you get 1099’s instead of W-2’s at the end of the year from your employer — that means you are self-employed. At least that’s how we perceive it in the mortgage world. The traditional means of income documentation for self-employed people is two years of tax returns. Some people that are self-employed tend to “maximize their deductions” so to speak on their tax returns. Even though their gross income is good, their adjusted gross income on their tax returns is low. That’s good for paying taxes, but bad when you want to get a mortgage. One possible way around this is to take advantage of one of our Non-QM 1099 loans. We just need your last two years of 1099’s and no tax returns. We use the income figures on the 1099’s for income. If you or someone you know is in this situation — give our offices a call or shoot us an email. We would love to help you! For Complete post Please visit our website | Berkshire Lending |

When it comes to your mortgage payment your credit score can affect your interest rate and your homeowner's insurance rate. There is another part of your payment that is also affected by your credit score… Your mortgage insurance payment on Conventional loans. Let me give you some examples of how your mortgage insurance rates can vary due to your credit score. These numbers are based on a $100,000 loan at a 95% loan to value ratio. MI Payment Chart… Credit Score Range MI Payment Amount > 760 = $45 720 to 759 =$51.6 680 to 719 =$74.17 620 to 679 =$95.83 The lesson here is to protect and monitor your credit as much as you can. Keeping your scores up can save you a lot of money! That’s it for today! For more information please visit our website | Berkshire Lending |

For foreigners that aren’t eligible for a social security number, but want to work in the US the IRS issues ITIN numbers. We can do loans for borrowers with ITIN numbers. Here are some bullet points on this program… 1) Borrowers Can Be W2 Or Self-Employed. 2) Loan Amounts Up To $1.5MM 3) Primary And Second Homes 4) Full Doc Or P&L Only 5) Up To 90% LTV 6) 1 Year Employment Documentation Required If you or someone you know needs an ITIN loan — contact our offices and we’ll see if we can help you. That’s it for today! For More Information, please visit our website. Berkshire Lending

If you have a conventional loan, and your loan to value ratio is over 80% — you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance, here are two ways to avoid this… 1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance. 2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment. That’s it for today! For More information please visit our mortgage companies Dallas texas Website Berkshire Lending .