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 .

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!