Are you an Authorized User on a Credit Card?  Most people don’t think about the impact on your credit when you are an authorized user of someone else’s credit card.  However, when buying a home, the lender reviews your creditworthiness. As an authorized user, this may have a positive or negative impact on your credit. If you are curious as to how this affects your ability to buy a home, let’s chat!
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Are you an Authorized User on a Credit Card?  Most people don’t think about the impact on your credit when you are an authorized user of someone else’s credit card.  However, when buying a home, the lender reviews your creditworthiness. As an authorized user, this may have a positive or negative impact on your credit. If you are curious as to how this affects your ability to buy a home, let’s chat!

ByBrandon Butler

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Can you use retirement funds as income to qualify for a home loan?  Maybe!  To use retirement assets as income to qualify for a home loan, you must meet specific requirements.  These include having access to withdraw the funds in their entirety without being subject to a penalty or an additional early distribution tax. For most people, this means reaching the age of 59.5, which is the IRS age for withdrawals without penalty; however, there are some exceptions.  If you have questions about your income and buying or refinancing a home, let’s talk!
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Can you use retirement funds as income to qualify for a home loan?  Maybe!  To use retirement assets as income to qualify for a home loan, you must meet specific requirements.  These include having access to withdraw the funds in their entirety without being subject to a penalty or an additional early distribution tax. For most people, this means reaching the age of 59.5, which is the IRS age for withdrawals without penalty; however, there are some exceptions.  If you have questions about your income and buying or refinancing a home, let’s talk!

ByBrandon Butler

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Active Military & Veterans!  A government agency just published a free guide to Financial Readiness for active military and veterans.  I’ve had a chance to check this out, and it is full of fantastic tips, tools, and checklists to help you navigate the complexities of your finances while serving our country.  If you would like a free copy, comment below, and I’ll send it to you!
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Active Military & Veterans!  A government agency just published a free guide to Financial Readiness for active military and veterans.  I’ve had a chance to check this out, and it is full of fantastic tips, tools, and checklists to help you navigate the complexities of your finances while serving our country.  If you would like a free copy, comment below, and I’ll send it to you!

ByBrandon Butler

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Question: I’m considering buying a home that I want to renovate prior to moving in, do I have to make payments on my present home and the new loan?Answer: One of the benefits of renovation lending is that you can build into the mortgage your new loan payments so that you don’t have two housing payments at the same time! This option is only available if the home is uninhabitable during construction. Each program has different time limits so if you are thinking about a renovation loan, let’s talk first!
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Question: I’m considering buying a home that I want to renovate prior to moving in, do I have to make payments on my present home and the new loan?Answer: One of the benefits of renovation lending is that you can build into the mortgage your new loan payments so that you don’t have two housing payments at the same time! This option is only available if the home is uninhabitable during construction. Each program has different time limits so if you are thinking about a renovation loan, let’s talk first!

ByBrandon Butler

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Know Before You Buy! If you are thinking about purchasing a condo, it is wise to talk about the financing first, as not every condo is eligible for financing! In order to use conventional or government options that offer the lowest down payments, the condominium project must be evaluated by the lender. Issues such as special assessments, too many rentals, use of the common elements and the condition of the condo association are just a few items reviewed by the lender. I have a fact sheet about “How Do I Know if It’s a Condo” that I’m happy to share with you. Just comment below, and I’ll send it to you. If you are in the market for a condo, let’s talk first!
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Know Before You Buy! If you are thinking about purchasing a condo, it is wise to talk about the financing first, as not every condo is eligible for financing! In order to use conventional or government options that offer the lowest down payments, the condominium project must be evaluated by the lender. Issues such as special assessments, too many rentals, use of the common elements and the condition of the condo association are just a few items reviewed by the lender. I have a fact sheet about “How Do I Know if It’s a Condo” that I’m happy to share with you. Just comment below, and I’ll send it to you. If you are in the market for a condo, let’s talk first!

ByBrandon Butler

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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.
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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.

ByBrandon Butler

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Paid by the Hour & Considering a Home Purchase? When you are paid by the hour vs. a salary, lenders generally average your income over a 1-2-year period, depending on your situation. But what happens if you receive an hourly increase? In that case, we can use your higher hourly wage and average your hours (not your income) over that same 1-2 year period. For some of my clients, this has helped them qualify for more, so let’s discuss your situation!
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Paid by the Hour & Considering a Home Purchase? When you are paid by the hour vs. a salary, lenders generally average your income over a 1-2-year period, depending on your situation. But what happens if you receive an hourly increase? In that case, we can use your higher hourly wage and average your hours (not your income) over that same 1-2 year period. For some of my clients, this has helped them qualify for more, so let’s discuss your situation!

ByBrandon Butler

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Considering Buying a Home? Don’t make this mistake! Suppose you receive W2 income and are considering a change to 1099 income. In that case, it will affect your homebuying ability because you cannot use that income until you have a filed tax return showing a full year of 1099 income. Let’s talk and build your roadmap to homeownership!
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Considering Buying a Home? Don’t make this mistake! Suppose you receive W2 income and are considering a change to 1099 income. In that case, it will affect your homebuying ability because you cannot use that income until you have a filed tax return showing a full year of 1099 income. Let’s talk and build your roadmap to homeownership!

ByBrandon Butler

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It’s Not Just a Credit Score Anymore!  Lenders financing homes traditionally used your credit score to determine your credit risk.  Now, lenders are required to add “Trended Credit Data” which takes a look at your pattern of credit usage over a period of time.  Credit Scores only showed a snapshot for a moment in time, whereas the Trended Data shows patterns over time.  By using both types of analysis, lenders are better able to predict future credit risk.  Have questions about your credit?  Let’s talk!
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It’s Not Just a Credit Score Anymore!  Lenders financing homes traditionally used your credit score to determine your credit risk.  Now, lenders are required to add “Trended Credit Data” which takes a look at your pattern of credit usage over a period of time.  Credit Scores only showed a snapshot for a moment in time, whereas the Trended Data shows patterns over time.  By using both types of analysis, lenders are better able to predict future credit risk.  Have questions about your credit?  Let’s talk!

ByBrandon Butler

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Let’s End the Myths Surrounding the Cost to Purchase a Home!  Despite what you may hear from people who promote themselves as financial experts, the truth is that buying a home is more affordable than you might think.  For instance, you don’t need 20% down or perfect credit, just to name a couple of common myths I hear frequently.  In today’s market there are fantastic options for first time buyers and I’d love to discuss those solutions with you.  If you want to get out of the renter’s cycle, let’s talk!
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Let’s End the Myths Surrounding the Cost to Purchase a Home!  Despite what you may hear from people who promote themselves as financial experts, the truth is that buying a home is more affordable than you might think.  For instance, you don’t need 20% down or perfect credit, just to name a couple of common myths I hear frequently.  In today’s market there are fantastic options for first time buyers and I’d love to discuss those solutions with you.  If you want to get out of the renter’s cycle, let’s talk!

ByBrandon Butler

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Significant Changes to Using Trust Income to Qualify for a Home Loan! Lenders will now require documentation that the trust income has been received for at least a year. Additionally, if the borrower is the account’s trustee, a letter documenting the trust income will not be permitted as proof of continuance. Instead, a bank statement will be necessary. Let’s talk if you are receiving Trust Income and want to finance a home!
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Significant Changes to Using Trust Income to Qualify for a Home Loan! Lenders will now require documentation that the trust income has been received for at least a year. Additionally, if the borrower is the account’s trustee, a letter documenting the trust income will not be permitted as proof of continuance. Instead, a bank statement will be necessary. Let’s talk if you are receiving Trust Income and want to finance a home!

ByBrandon Butler

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Freddie Mac announced they will no longer allow Non-Occupant Co-Borrowers for Cash-Out Refinances. There is a small window of opportunity before the effective date of this new rule change, so if you are considering a Cash-Out refinance, let’s talk immediately!
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Freddie Mac announced they will no longer allow Non-Occupant Co-Borrowers for Cash-Out Refinances. There is a small window of opportunity before the effective date of this new rule change, so if you are considering a Cash-Out refinance, let’s talk immediately!

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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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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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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