Do you need “Reserves” to buy a home? For some clients, Yes; for others, No. It depends on the financial strength of your file. While it is always a great idea to have money left over after buying a home for decorating or an emergency, you may get a loan approval condition that requires reserves after closing costs and down payments.  This means that your loan can be approved if we can document that you have assets available to you “just in case” there is a financial hardship issue that makes it difficult to pay your mortgage.  Reserves can vary based on loan type, borrower, and property type.  The good news is that reserves can be many different types of assets!  Buying a home is a significant investment, so call me with any questions, and I’m happy to help!
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Do you need “Reserves” to buy a home? For some clients, Yes; for others, No. It depends on the financial strength of your file. While it is always a great idea to have money left over after buying a home for decorating or an emergency, you may get a loan approval condition that requires reserves after closing costs and down payments.  This means that your loan can be approved if we can document that you have assets available to you “just in case” there is a financial hardship issue that makes it difficult to pay your mortgage.  Reserves can vary based on loan type, borrower, and property type.  The good news is that reserves can be many different types of assets!  Buying a home is a significant investment, so call me with any questions, and I’m happy to help!

ByBrandon Butler

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Don’t forget the debts on your paystub!  When applying for a home loan, it’s easy to forget the deductions on your paystub that may impact how much you qualify for since someone else handles that.  When discussing your financial situation be sure to look at your paystub.  I can quickly let you know about any deductions that may or may not be counted as debt when qualifying for a home loan.
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Don’t forget the debts on your paystub!  When applying for a home loan, it’s easy to forget the deductions on your paystub that may impact how much you qualify for since someone else handles that.  When discussing your financial situation be sure to look at your paystub.  I can quickly let you know about any deductions that may or may not be counted as debt when qualifying for a home loan.

ByBrandon Butler

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2-4 Unit Property Financing Just Got Better!  Recent guideline changes now allow for a 95% LTV when buying a 2-4 unit property as an occupant of one of the units.  Previously, the maximum LTV was 75%, so this change means a lot less of an investment on the homeowner’s part!  If you are interested in purchasing a 2-4 unit property where you can live in one unit and rent out the others, let’s talk!
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2-4 Unit Property Financing Just Got Better!  Recent guideline changes now allow for a 95% LTV when buying a 2-4 unit property as an occupant of one of the units.  Previously, the maximum LTV was 75%, so this change means a lot less of an investment on the homeowner’s part!  If you are interested in purchasing a 2-4 unit property where you can live in one unit and rent out the others, let’s talk!

ByBrandon Butler

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Did you know that there are hundreds of down payment assistance programs available? These programs are generally meant to assist first-time buyers, but there are also programs for others.  Our new resource allows us to search for all of the available programs in your area to find the program that may help you buy a home.  Despite what the media tells you, 20% down is not required to buy a home.  So, let’s talk and create your Road to Home Ownership Plan! Comment below, and I’ll send you some facts about down payment assistance.
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Did you know that there are hundreds of down payment assistance programs available? These programs are generally meant to assist first-time buyers, but there are also programs for others.  Our new resource allows us to search for all of the available programs in your area to find the program that may help you buy a home.  Despite what the media tells you, 20% down is not required to buy a home.  So, let’s talk and create your Road to Home Ownership Plan! Comment below, and I’ll send you some facts about down payment assistance.

ByBrandon Butler

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What Income Counts When Qualifying for a VA Loan?  Active Military and Veterans have different types of income and some of those types of income can be used to qualify for a VA loan while others cannot.  And another secret is that sometimes a type of income cannot be used, but it can be used to offset another debt. Comment below and I’ll send you “VA Income – Qualifying for a Home Loan.” If you have any questions about a VA home loans or another type of home loan, let’s talk!
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What Income Counts When Qualifying for a VA Loan?  Active Military and Veterans have different types of income and some of those types of income can be used to qualify for a VA loan while others cannot.  And another secret is that sometimes a type of income cannot be used, but it can be used to offset another debt. Comment below and I’ll send you “VA Income – Qualifying for a Home Loan.” If you have any questions about a VA home loans or another type of home loan, let’s talk!

ByBrandon Butler

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When qualifying for an FHA loan, there are certain debts that are not counted when considering how much of payment you can afford each month.  Many of my clients are surprised by how expansive this list it.  If you would like a copy, just comment below and I’ll send it to you!
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When qualifying for an FHA loan, there are certain debts that are not counted when considering how much of payment you can afford each month.  Many of my clients are surprised by how expansive this list it.  If you would like a copy, just comment below and I’ll send it to you!

ByBrandon Butler

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Student Loans & Buying a Home Update! If you are considering buying a home and have student loans, there are some solutions that can make that journey easier. I have a guide to Student Loans and Buying a Home, so comment below, and I will send it to you. Let’s chat if you have any questions about financing a home with student loan debt! Solutions may be more achievable than you think!
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Student Loans & Buying a Home Update! If you are considering buying a home and have student loans, there are some solutions that can make that journey easier. I have a guide to Student Loans and Buying a Home, so comment below, and I will send it to you. Let’s chat if you have any questions about financing a home with student loan debt! Solutions may be more achievable than you think!

ByBrandon Butler

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3-D Printed Homes – Can You Finance Those? Recent guideline updates for 3-D printed homes allow for financing for these types of homes and do not consider them ” unique ” properties for appraisal purposes when constructed using conventional building materials. Could this be the next wave of new homes? I would love to hear your opinions, so please comment below.
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3-D Printed Homes – Can You Finance Those? Recent guideline updates for 3-D printed homes allow for financing for these types of homes and do not consider them ” unique ” properties for appraisal purposes when constructed using conventional building materials. Could this be the next wave of new homes? I would love to hear your opinions, so please comment below.

ByBrandon Butler

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Buying a Home as a Displaced Homemaker! – An individual that is a displaced homemaker or single parent will be considered a First Time Homebuyer if he or she had no ownership interest in a principal residence, other than a joint ownership interest with a spouse, during the preceding three-year time period. This is great news for some of you that want to take advantage of first-time homebuyer programs. Let’s talk and build your road map to homeownership!
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Buying a Home as a Displaced Homemaker! – An individual that is a displaced homemaker or single parent will be considered a First Time Homebuyer if he or she had no ownership interest in a principal residence, other than a joint ownership interest with a spouse, during the preceding three-year time period. This is great news for some of you that want to take advantage of first-time homebuyer programs. Let’s talk and build your road map to homeownership!

ByBrandon Butler

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If a portion of your employment compensation is a housing allowance such as corporate, military, or parsonage/religious leader income, you may wonder how lenders consider this income when qualifying you for a home loan. The answer is that it varies based on program type, length of the income, and whether it is taxable.  If this is your situation, let’s talk before you start shopping for a home!
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If a portion of your employment compensation is a housing allowance such as corporate, military, or parsonage/religious leader income, you may wonder how lenders consider this income when qualifying you for a home loan. The answer is that it varies based on program type, length of the income, and whether it is taxable.  If this is your situation, let’s talk before you start shopping for a home!

ByBrandon Butler

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Are you receiving Alimony, Child Support, or Separate Maintenance? If so, here are some important tips. Generally, you will need a legally binding agreement outlining the payments received. However, FHA loans will allow for voluntary payments when adequately documented.  There are also requirements for how long you have been receiving the payments and how long the payments will need to continue to use the income to qualify for a home.  Let’s talk, and I’ll fill you in on all the details for your situation!
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Are you receiving Alimony, Child Support, or Separate Maintenance? If so, here are some important tips. Generally, you will need a legally binding agreement outlining the payments received. However, FHA loans will allow for voluntary payments when adequately documented.  There are also requirements for how long you have been receiving the payments and how long the payments will need to continue to use the income to qualify for a home.  Let’s talk, and I’ll fill you in on all the details for your situation!

ByBrandon Butler

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Great News for Freddie Mac conventional home loans!  If you have applied for an installment agreement for taxes owed to the IRS, Freddie Mac will now allow lenders to provide a copy of the application outlining the balance and the terms requested. To calculate your monthly obligation, lenders will take the GREATER of the monthly amount on your application OR divide the balance owed by 72. Previously, those looking to finance a home had to wait on the IRS backlog for the formal agreement.  If this is your situation, let’s talk!
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Great News for Freddie Mac conventional home loans!  If you have applied for an installment agreement for taxes owed to the IRS, Freddie Mac will now allow lenders to provide a copy of the application outlining the balance and the terms requested. To calculate your monthly obligation, lenders will take the GREATER of the monthly amount on your application OR divide the balance owed by 72. Previously, those looking to finance a home had to wait on the IRS backlog for the formal agreement.  If this is your situation, let’s talk!

ByBrandon Butler

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Life Estate Planning includes adding your beneficiaries to your assets so that they are already owners of that asset when you pass. For real estate purposes, these beneficiaries are added to the Property Title. When this happens, you may wonder whether the liabilities on the home count as debt when purchasing your own home. For conventional home financing, if you are on the Title but not on the note, none of the debt associated with the property is counted as your personal debt, including property taxes, insurance, and HOA fees.
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Life Estate Planning includes adding your beneficiaries to your assets so that they are already owners of that asset when you pass. For real estate purposes, these beneficiaries are added to the Property Title. When this happens, you may wonder whether the liabilities on the home count as debt when purchasing your own home. For conventional home financing, if you are on the Title but not on the note, none of the debt associated with the property is counted as your personal debt, including property taxes, insurance, and HOA fees.

ByBrandon Butler

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Community Property States can be challenging when one spouse wants to buy a home independently of the other spouse. To omit non-borrowing spousal debt in a community property state, you must document that the borrowing spouse cannot be held legally liable for the debt. If you live in a community property state, let’s chat about your options before you start house hunting!
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Community Property States can be challenging when one spouse wants to buy a home independently of the other spouse. To omit non-borrowing spousal debt in a community property state, you must document that the borrowing spouse cannot be held legally liable for the debt. If you live in a community property state, let’s chat about your options before you start house hunting!

ByBrandon Butler

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Condo financing is a bit more stringent due to the disaster in Florida and ongoing issues with the management of funds at the condo associations.  These new rules are meant to protect the consumer from buying a property that may be hard to sell or will burden the consumer with special assessments and deferred maintenance issues.  If you have your eye on a condo, we can talk first, and I’ll help you navigate the condo financing process.
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Condo financing is a bit more stringent due to the disaster in Florida and ongoing issues with the management of funds at the condo associations.  These new rules are meant to protect the consumer from buying a property that may be hard to sell or will burden the consumer with special assessments and deferred maintenance issues.  If you have your eye on a condo, we can talk first, and I’ll help you navigate the condo financing process.

ByBrandon Butler

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