Do you have a lot of cash in the bank, but do not have the income needed to purchase the home you want? This can be frustrating for many clients as they have accumulated assets over the years and plan on using those funds to cover all or part of their house payment each month.   If so, you may qualify for a loan using a method called “Asset Depletion.”  This program is available to borrowers aged 62 or older, purchasing a primary residence and putting down at least 20%.  If this sounds interesting to you, let’s chat!
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Do you have a lot of cash in the bank, but do not have the income needed to purchase the home you want? This can be frustrating for many clients as they have accumulated assets over the years and plan on using those funds to cover all or part of their house payment each month.   If so, you may qualify for a loan using a method called “Asset Depletion.”  This program is available to borrowers aged 62 or older, purchasing a primary residence and putting down at least 20%.  If this sounds interesting to you, let’s chat!

ByBrandon Butler

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When you finance a home, there may be circumstances where a co-signer who is not occupying the property you are buying helps you out quite a bit! There are multiple reasons why someone would consider using a co-signer, but the most important thing to remember is that it could affect your required downpayment. That’s why it is essential to talk with your lender first! So let’s talk if you are considering adding a co-signer to your home loan!
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When you finance a home, there may be circumstances where a co-signer who is not occupying the property you are buying helps you out quite a bit! There are multiple reasons why someone would consider using a co-signer, but the most important thing to remember is that it could affect your required downpayment. That’s why it is essential to talk with your lender first! So let’s talk if you are considering adding a co-signer to your home loan!

ByBrandon Butler

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How is Cryptocurrency/Virtual Currency used to purchase a home?  Cryptocurrency is considered an asset to purchase a home. However, this asset must be converted into US dollars and deposited into a US bank account to be used for purchasing a home.  If you have questions, let’s talk!
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How is Cryptocurrency/Virtual Currency used to purchase a home?  Cryptocurrency is considered an asset to purchase a home. However, this asset must be converted into US dollars and deposited into a US bank account to be used for purchasing a home.  If you have questions, let’s talk!

ByBrandon Butler

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Have You Heard of Delayed Financing?  In competitive home buying markets, some buyers will choose to offer cash for the property to win the bid.  Once they close, they can immediately refinance their home under “delayed financing” to recoup their investment.  If this sounds like a strategy you are curious about, let’s talk! 
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Have You Heard of Delayed Financing?  In competitive home buying markets, some buyers will choose to offer cash for the property to win the bid.  Once they close, they can immediately refinance their home under “delayed financing” to recoup their investment.  If this sounds like a strategy you are curious about, let’s talk! 

ByBrandon Butler

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If you are self-employed, a lender will rely on the tax returns you filed to determine your qualifying income.  The first part of a new year is the time frame when showing income gets a little tricky because most corporations either file taxes during the first quarter or file an extension.  So, the key is working with a lender that understands what types of documentation are needed and how to avoid issues.  If you are self-employed, let’s chat, and I will be happy to answer any of your questions!
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If you are self-employed, a lender will rely on the tax returns you filed to determine your qualifying income.  The first part of a new year is the time frame when showing income gets a little tricky because most corporations either file taxes during the first quarter or file an extension.  So, the key is working with a lender that understands what types of documentation are needed and how to avoid issues.  If you are self-employed, let’s chat, and I will be happy to answer any of your questions!

ByBrandon Butler

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Using Retirement Income to Qualify for a Home Loan? When seeking home financing, lenders will look at how you are drawing down your retirement income from your investments to determine the income that can be used to qualify you for a home loan.  Due to the various types of retirement income, this can get a little complex.  If you are considering purchasing or refinancing, let’s talk first!
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Using Retirement Income to Qualify for a Home Loan? When seeking home financing, lenders will look at how you are drawing down your retirement income from your investments to determine the income that can be used to qualify you for a home loan.  Due to the various types of retirement income, this can get a little complex.  If you are considering purchasing or refinancing, let’s talk first!

ByBrandon Butler

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If you receive 1099 income vs. W2 Income, a home financing lender may consider your income as self-employed. In other circumstances, they may just average your 1099 income. How your income is calculated is based on the job circumstances, your tax returns, and loan program requirements. Everyone’s situation can be slightly different, so let’s talk before you decide to start exploring your home options.
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If you receive 1099 income vs. W2 Income, a home financing lender may consider your income as self-employed. In other circumstances, they may just average your 1099 income. How your income is calculated is based on the job circumstances, your tax returns, and loan program requirements. Everyone’s situation can be slightly different, so let’s talk before you decide to start exploring your home options.

ByBrandon Butler

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When calculating Self-Employed income to buy a new home, lenders will look at gross income, minus expenses and then add back in paper write-offs such as depreciation, depletion, amortization, casualty losses, net operating losses, or other one-time expenses. Then, we average that income over the time period dictated by the loan program. If you are self-employed, I’m here to answer your questions!
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When calculating Self-Employed income to buy a new home, lenders will look at gross income, minus expenses and then add back in paper write-offs such as depreciation, depletion, amortization, casualty losses, net operating losses, or other one-time expenses. Then, we average that income over the time period dictated by the loan program. If you are self-employed, I’m here to answer your questions!

ByBrandon Butler

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Sometimes there is a fine line between what lenders consider to be a second home vs. an investment property. This is important for home buyers because the underwriting guidelines and down payment options are more stringent on an investment home vs. a true second home.  I have a fact sheet that describes the difference, so comment below and I will send that to you!
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Sometimes there is a fine line between what lenders consider to be a second home vs. an investment property. This is important for home buyers because the underwriting guidelines and down payment options are more stringent on an investment home vs. a true second home.  I have a fact sheet that describes the difference, so comment below and I will send that to you!

ByBrandon Butler

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Sales Contract Tip!  When you are buying a home, keep personal property out of the contract. Personal property is not appliances, fixtures, or smaller maintenance equipment for the home. However, cars, furniture, TVs, and Art, just to name a few, are considered personal property. The reason is that home financing restrictions consider personal property to be a concession from an interested party [the seller] and may be viewed as something of value that could affect the appraisal of your home.  If you’re not sure, just message me before you present a contract and I’ll help you figure it out!
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Sales Contract Tip!  When you are buying a home, keep personal property out of the contract. Personal property is not appliances, fixtures, or smaller maintenance equipment for the home. However, cars, furniture, TVs, and Art, just to name a few, are considered personal property. The reason is that home financing restrictions consider personal property to be a concession from an interested party [the seller] and may be viewed as something of value that could affect the appraisal of your home.  If you’re not sure, just message me before you present a contract and I’ll help you figure it out!

ByBrandon Butler

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Inheriting a Home? If you inherited a home with a reverse mortgage or any other debt tied to it, did you know that you can refinance the home and pay off the existing debt? You may also be able to take advantage of renovation financing options that are rolled into the same loan in order to fix up the place.  If you have questions, let’s talk about your situation!
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Inheriting a Home? If you inherited a home with a reverse mortgage or any other debt tied to it, did you know that you can refinance the home and pay off the existing debt? You may also be able to take advantage of renovation financing options that are rolled into the same loan in order to fix up the place.  If you have questions, let’s talk about your situation!

ByBrandon Butler

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What is an Accessory Dwelling Unit? It is a separate living space with its own entrance and exit, that is often used as additional living space.  Some property owners rent out the space, others use it as private living space for guests, older children, disabled adults, parents, or others. The financing for a home like this is the same as a single dwelling.  If this sounds interesting, comment below and I’ll send you a fact sheet!
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What is an Accessory Dwelling Unit? It is a separate living space with its own entrance and exit, that is often used as additional living space.  Some property owners rent out the space, others use it as private living space for guests, older children, disabled adults, parents, or others. The financing for a home like this is the same as a single dwelling.  If this sounds interesting, comment below and I’ll send you a fact sheet!

ByBrandon Butler

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Assuming a Lower Rate Mortgage? It may seem like a great idea to assume a low-rate mortgage and then get a Home Equity loan to cover the cost of any repairs you would like to make. Depending on what you would like to do, it may make more financial sense to refinance to pull out that equity.  HELOCs typically float with the market.  If rates go up, they can get really expensive fast!  Let’s do the numbers on your situation to see what makes sense for you!
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Assuming a Lower Rate Mortgage? It may seem like a great idea to assume a low-rate mortgage and then get a Home Equity loan to cover the cost of any repairs you would like to make. Depending on what you would like to do, it may make more financial sense to refinance to pull out that equity.  HELOCs typically float with the market.  If rates go up, they can get really expensive fast!  Let’s do the numbers on your situation to see what makes sense for you!

ByBrandon Butler

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Shorten Your Commute Time! Did you know you can finance a residential home that includes a business? These types of properties are referred to as “mixed-use” properties because they have residential living space and a business such as a day-care facility, beauty/barber shop, or doctor’s office.  And the best news is that there are no separate down payment requirements between these types of homes and non-business residences.  If this sound like something you are trying to finance, let’s talk first!
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Shorten Your Commute Time! Did you know you can finance a residential home that includes a business? These types of properties are referred to as “mixed-use” properties because they have residential living space and a business such as a day-care facility, beauty/barber shop, or doctor’s office.  And the best news is that there are no separate down payment requirements between these types of homes and non-business residences.  If this sound like something you are trying to finance, let’s talk first!

ByBrandon Butler

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Buy That Fixer Upper!  So many great properties get overlooked because they need some renovation.  Did you know that you can buy a home and finance the purchase and the renovation all in one loan?  This tip might help you find a home that is overlooked vs. trying to outbid others on a “hot” property. The best thing is that you can renovate the home to your liking vs. just taking what you can get.  Comment below & I’ll send you a fact sheet about how this program works!
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Buy That Fixer Upper!  So many great properties get overlooked because they need some renovation.  Did you know that you can buy a home and finance the purchase and the renovation all in one loan?  This tip might help you find a home that is overlooked vs. trying to outbid others on a “hot” property. The best thing is that you can renovate the home to your liking vs. just taking what you can get.  Comment below & I’ll send you a fact sheet about how this program works!

ByBrandon Butler

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