Wednesday, May 23, 2012

Stated Income Loans - Are They Back?

People are always asking us if stated income loans are back. For those of you who are new to the real estate business, a stated income loan allows a borrower to simply "state" their income. In other words, the borrower does not have to document their income with pay stubs. Instead, they just make up a number and get approved for a mortgage based on that phony income.

Stated income loans were the hallmark of the sub-prime mortgage days.

So are they back? The answer is NO, and here's why. The federal government now runs Fannie Mae, Freddie Mac, FHA, and VA - and that's where just about all mortgages end up. Congress has passed regulations saying that Fannie and Freddie cannot buy stated income loans, and FHA and VA never allowed them. So until there is a private market for mortgages, there won't be any stated income loans available. Anyone who thinks that foreclosures are bad for our country would agree that getting rid of stated income loans is one of the smartest things our government has ever done.

The only exception to this "no stated income" rule is for certain types of refinance loans, called "streamline refinances". With a streamline refi, a borrower does not have to prove their income if they are refinancing into the same type of loan that they already have (FHA, VA, etc.) and they have a record of paying their existing mortgage on time.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Friday, May 11, 2012

Buying a House After a Bankruptcy

Can someone get a mortgage after a bankruptcy? Yes they can! And they only have to wait 2 years from the date that the bankruptcy was discharged.

The most important thing is that they "re-establish credit" after the bankruptcy. That means no late payments of any kind (including collection accounts) for the 12 months preceding the loan application date.

What are the down payment requirements for people with bankruptcies? They are that same as they are for anyone else: just 3.5% of the purchase price for FHA loans.

What are the interest rates for people with bankruptcies? They are the same as they are for anyone else.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!


Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Friday, May 4, 2012

5280 Magazine Again Recognizes The Mortgage Experts

5280 magazine notified Debbie and Chris that they have been awarded the designation of FIVE STAR Mortgage Professional for 2012.

This marks the second year in a row that we have been recognized as being among the top lenders in the Denver area.

Thousands of recent home buyers were surveyed, and Debbie and Chris were each ranked among the top mortgage professionals in Denver, based on overall satisfaction and the willingness of those surveyed to highly recommend them to their friends.

Does that make us a TEN STAR team? We think so!

This presents a HUGE opportunity for Colorado real estate agents. When you refer your clients to The Mortgage Experts, you are referring your clients to a team that is recognized by home buyers - YOUR client base - as being the best. When your clients are satisfied - and they certainly are when you refer them to us - they will refer more business to you. Referring clients to us means more money in YOUR pocket.

Give us a call and join the winning team! Thousands of home buyers are extremely happy with what we do. You will be, too!

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.