What happens when you use a variation on your legal name and apply for a home loan? While nothing prohibits you from using another variation of your name when taking title to the property, the title company will verify your identity through a Driver’s License or Passport. If the name on your ID does not match the loan application, then the loan application will need to be changed, which will delay the closing process. So, my best advice is to apply with the name listed on your ID to avoid any last-minute issues!
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What happens when you use a variation on your legal name and apply for a home loan? While nothing prohibits you from using another variation of your name when taking title to the property, the title company will verify your identity through a Driver’s License or Passport. If the name on your ID does not match the loan application, then the loan application will need to be changed, which will delay the closing process. So, my best advice is to apply with the name listed on your ID to avoid any last-minute issues!

ByBrandon Butler

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Did you know that self-employed people can use their business assets to purchase a home? For conventional loans, business assets are considered an acceptable source of funds for your required down payment, closing costs, or reserves.  If this sounds like your situation, let’s talk!  I’m here to help you make the dream of homeownership a reality.
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Did you know that self-employed people can use their business assets to purchase a home? For conventional loans, business assets are considered an acceptable source of funds for your required down payment, closing costs, or reserves.  If this sounds like your situation, let’s talk!  I’m here to help you make the dream of homeownership a reality.

ByBrandon Butler

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Is “Per Diem” income counted as income to qualify for a home loan? Unfortunately, no agencies allow per diem income to be counted as qualifying income because it is meant to cover the employee’s expenses. Therefore, a lender will not count that as part of your regular income.
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Is “Per Diem” income counted as income to qualify for a home loan? Unfortunately, no agencies allow per diem income to be counted as qualifying income because it is meant to cover the employee’s expenses. Therefore, a lender will not count that as part of your regular income.

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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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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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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What is an “Access Letter” for jointly owned bank accounts?  Many times, people own a bank account jointly, which means that either person may be able to access the funds in the account. Sometimes, only one person on the account is buying a property, and they plan to use some of those funds to buy a home.  When this happens, the home financing lender may or may not request a letter from the other account holder(s) verifying that the person buying the home has full access to the account. If you have questions about whether this may affect your next home loan, let’s talk!
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What is an “Access Letter” for jointly owned bank accounts?  Many times, people own a bank account jointly, which means that either person may be able to access the funds in the account. Sometimes, only one person on the account is buying a property, and they plan to use some of those funds to buy a home.  When this happens, the home financing lender may or may not request a letter from the other account holder(s) verifying that the person buying the home has full access to the account. If you have questions about whether this may affect your next home loan, let’s talk!

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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IRS Payment Agreements & Buying a Home!  Did you know that FHA will allow you to finance a home if you have delinquent IRS credit obligations and a repayment agreement has been set up? The lender will require you to show a history of 3 on-time monthly payments under the repayment agreement.  If you thought this was holding you back from owning a home, let’s talk!
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IRS Payment Agreements & Buying a Home!  Did you know that FHA will allow you to finance a home if you have delinquent IRS credit obligations and a repayment agreement has been set up? The lender will require you to show a history of 3 on-time monthly payments under the repayment agreement.  If you thought this was holding you back from owning a home, let’s talk!

ByBrandon Butler

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