Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

  I’ve Touched On This Before, But I Had This Come Up The Other Day, And Thought I Might Touch On It Again. When You Sell A Personal Asset Such As A Car Or Boat To Raise Money For A Down Payment To Buy A House Here Is What You Will Need To Show The Underwriter To Use The Funds… • The Ownership Of The Asset (Proof — Such As A Car Or Boat Title) • The Transfer Of Ownership Of The Asset With Its Sale, Such As A Bill Of Sale Or A Statement From The Purchaser • The Receipt Of The Proceeds Of The Sale, Such As A Deposit Slip, Bank Statement, Or Copy Of The Purchaser’s Check That’s It For Today! For complete blog Please visit our website |  Berkshire Lending

  If you need an Alternative Documentation loan look no further. We have the most robust Alt Doc product offering in the mortgage industry. 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 Pay stubs. Option 1: 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 good 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 there are issues with one calculation method. Rates on these program are us

  I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program. 1) VA: 100% loan. No down payment. 2) USDA: 100% loan. No down payment 3) FHA: Minimum 3.5% down payment. 4) Conven t ional: 5% minimum down payment. (There is also a 97% conventional option for first time home buyers). …but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home… 1) One is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price. 2) Then there’s your closing costs… Typically closing costs (from all entities — title, appraisal, mortgage, survey, etc.) w

  Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship. Fiancé, Fiancée, Or Domestic Partner O Domestic Partner — An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner. The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction. That’s it for today! For more information please visit our website.  Berkshire Lending

  Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship. Fiancé, Fiancée, Or Domestic Partner O Domestic Partner — An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner. The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction. That’s it for today! For more information please visit our website.  Berkshire Lending .

  Most loan officers don’t know this loan exists. If you are getting a divorce, and you have to pay your spouse their share of the equity, 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  a bove 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! That’s it for today! Visit now for more details. please visit our website.  Berkshire Lending

  If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate The Reason You Can’t Get A Mortgage Now. (We Can Do This For You).   2) Make A Plan To Solve This Problem. If credit is the reason you can’t get a loan now – you need to know exactly where you are now. …and, you need to know where you need to be for a loan. We would like to help you create a plan. I’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of months to six months, they are usually ready for a loan. …not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal. So, contact us and we’ll help create a plan for you. …and the best part is that we do this as a free service to you! That’s it for today! for more information please visit our website. | Berkshire Lending |