Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

FHA is the most credit-friendly loan in the marketplace. At the time of this report, most lenders will go down to a 620 middle credit score for FHA. There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score. We can do FHA down to a 500 credit score! Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available. They will require two years out of a bankruptcy discharge before you can get a new loan. You will also need to re-establish credit after bankruptcy. Berkshire Lending FHA Mortgage Rates Chapter 13 Bankruptcy: You need to have at least 12 months of payment history on your Chapter 13 with no late payments. You will also need permission from the court or the trustee. Foreclosures: FHA wants 36 months of seasoning after a foreclosure before you can get a new FHA loan. Clear CAIVRS: The government doesn’t like it when you have defaulted on a government-insured loan. They have a database called CA...

Have you ever wondered how long you have to wait to get a loan after a bankruptcy? Mortgage Programs I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4 years from the discharge date or dismissal date. Non-QM: No wait. That’s it for today! For more information please click here |Berkshire Lending|

If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates — which are higher). You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan. So, if you are in this situation, or you know someone who is — and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan. …or, better yet — just give us a call and we can help you! For more information please visit our website | Berkshire Lending | That’s it for today!

We do loans for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 80% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) If no US credit, minimum credit score is waived Max loan amount is 5 million 65% LTV for our Investor No ratio, rental income not required Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use 5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option That’s it for today! For more information please contact us here | Berkshire Lending |

Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage. If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income. This deduction would be things like job travel expenses, union dues, job education, etc. I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial. So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income. For more information please visit our site blog :- Berksbire 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 there 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. Thanks for reading!

Down-Payment   I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions. FHA: The minimum down payment is 3.5%. Great rates, has upfront and monthly mortgage insurance. Conventional: 3% down for first-time home buyers, and 5% for non-first-time home buyers. The bottom line: 1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise, FHA is a wonderful loan program – very friendly to the borrower. 2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices. Have a good day today! For more information please visit our site:- Berkshire Lending