Thinking about buying a condo? If you are in the market for a condominium, pay attention to any “special assessments” placed on the property. A special assessment is generally a significant repair/update issue assigned to the condo owners. The condominium board votes on this assessment, and each condo unit is responsible for paying this fee. It is independent of the monthly condominium fee and can sometimes be substantial. Understanding any additional fees you would be responsible for before signing a contract is essential. If you have any questions, I’m here to help!
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Thinking about buying a condo? If you are in the market for a condominium, pay attention to any “special assessments” placed on the property. A special assessment is generally a significant repair/update issue assigned to the condo owners. The condominium board votes on this assessment, and each condo unit is responsible for paying this fee. It is independent of the monthly condominium fee and can sometimes be substantial. Understanding any additional fees you would be responsible for before signing a contract is essential. If you have any questions, I’m here to help!

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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Can you buy a home if you have a gap in your employment history?  Most home loan programs require at least a two-year work history, with some exceptions for those with only one year.  However, if you have a gap of more than 30 days or multiple gaps in income during the last two years, a lender may question that.  The reason is that the lender is looking for consistent income, which is reasonable to assume will continue to make the home loan payment.  If the income or your employment history is not consistent, it does not mean you cannot get a loan.  We will need to document the reasons, and the lender will need to decide if gaps in employment were temporary or a consistent part of your employment history.  If you have had gaps in your job, I’m here to help, so let’s talk!
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Can you buy a home if you have a gap in your employment history?  Most home loan programs require at least a two-year work history, with some exceptions for those with only one year.  However, if you have a gap of more than 30 days or multiple gaps in income during the last two years, a lender may question that.  The reason is that the lender is looking for consistent income, which is reasonable to assume will continue to make the home loan payment.  If the income or your employment history is not consistent, it does not mean you cannot get a loan.  We will need to document the reasons, and the lender will need to decide if gaps in employment were temporary or a consistent part of your employment history.  If you have had gaps in your job, I’m here to help, so let’s talk!

ByBrandon Butler

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What happens when you purchase a 2-4 Unit property, and no leases exist? Is there a way to count the future leases as income? One of the advantages of purchasing a 2-4 unit property is that you can live in one unit and rent out the others.  When you buy a 2-4 unit property, and there are no leases, the lender will ask the appraiser’s opinion of Fair Market Rent.  There are other requirements depending on the type of loan you are considering, so let’s talk about your situation!
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What happens when you purchase a 2-4 Unit property, and no leases exist? Is there a way to count the future leases as income? One of the advantages of purchasing a 2-4 unit property is that you can live in one unit and rent out the others.  When you buy a 2-4 unit property, and there are no leases, the lender will ask the appraiser’s opinion of Fair Market Rent.  There are other requirements depending on the type of loan you are considering, so let’s talk about your situation!

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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Self-Employed Homebuyers, I have great news to share!  When you are self-employed it can be a challenge to figure out your income when speaking to a lender.  The reason is that every self-employed person has an individual story to tell about their business and how they receive their income.  To simplify this, we now have access to a tool that makes this process easier.  Let’s talk if you are exploring buying or refinancing your home. 
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Self-Employed Homebuyers, I have great news to share!  When you are self-employed it can be a challenge to figure out your income when speaking to a lender.  The reason is that every self-employed person has an individual story to tell about their business and how they receive their income.  To simplify this, we now have access to a tool that makes this process easier.  Let’s talk if you are exploring buying or refinancing your home. 

ByBrandon Butler

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FHA does not require you to play favorites with your children! Did you know that FHA will allow parents to help their adult children purchase a home by acting as a Non-Occupying Co-Borrower? They will also allow you to do this for more than one child, provided the house will be their principal residence. If you are searching for ways to help your children buy a home, let’s discuss the options!
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FHA does not require you to play favorites with your children! Did you know that FHA will allow parents to help their adult children purchase a home by acting as a Non-Occupying Co-Borrower? They will also allow you to do this for more than one child, provided the house will be their principal residence. If you are searching for ways to help your children buy a home, let’s discuss the options!

ByBrandon Butler

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Great News for USDA Loans!  Due to the lack of insurance options in some states, USDA has now changed its insurance coverage requirements from a 1% deductible to a 5% deductible. This change is effective May 6, 2024, and will allow more homebuyers in states with problematic insurance issues to buy a home. Let me know if you have any questions about USDA financing.  I’m here to help!
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Great News for USDA Loans!  Due to the lack of insurance options in some states, USDA has now changed its insurance coverage requirements from a 1% deductible to a 5% deductible. This change is effective May 6, 2024, and will allow more homebuyers in states with problematic insurance issues to buy a home. Let me know if you have any questions about USDA financing.  I’m here to help!

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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Your VA benefit for buying a home is a lifelong benefit.  However, there are some important points to remember.  If you use your VA eligibility to buy a home and then you do not sell that home, your eligibility will still be tied up in that house.  You may still have “partial eligibility” to buy another home, but not the full eligibility. However, once you sell the home your eligibility is restored and can be used again.  I love helping Veterans purchase or refinance their home, so please contact me with any questions.  I’m here to serve you!
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Your VA benefit for buying a home is a lifelong benefit.  However, there are some important points to remember.  If you use your VA eligibility to buy a home and then you do not sell that home, your eligibility will still be tied up in that house.  You may still have “partial eligibility” to buy another home, but not the full eligibility. However, once you sell the home your eligibility is restored and can be used again.  I love helping Veterans purchase or refinance their home, so please contact me with any questions.  I’m here to serve you!

ByBrandon Butler

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Real estate taxes can creep up over time, resulting in a higher monthly payment.  Many of my clients have learned how to appeal their real estate taxes each year. In addition to saving you money each month, consistently appealing your taxes helps keep them within the “norm” should you choose to sell your property one day.  If you are interested in learning how to do this, please comment below, and I’ll send you some information to help you get started!
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Real estate taxes can creep up over time, resulting in a higher monthly payment.  Many of my clients have learned how to appeal their real estate taxes each year. In addition to saving you money each month, consistently appealing your taxes helps keep them within the “norm” should you choose to sell your property one day.  If you are interested in learning how to do this, please comment below, and I’ll send you some information to help you get started!

ByBrandon Butler

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Are you Self-Employed and wondering what documentation is needed to finance a home? The answer depends on how long you have been in business, how you are paid, and the steadiness of your income. The loan approval systems evaluate the length of time you have been self-employed, how your income is trending [up, down, or steady], and how you are paid by your business. Based on these factors, the documentation needed to qualify you for a loan will be determined. If you are Self-Employed, let’s talk! I’m sure I can help you discover the path to homeownership.
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Are you Self-Employed and wondering what documentation is needed to finance a home? The answer depends on how long you have been in business, how you are paid, and the steadiness of your income. The loan approval systems evaluate the length of time you have been self-employed, how your income is trending [up, down, or steady], and how you are paid by your business. Based on these factors, the documentation needed to qualify you for a loan will be determined. If you are Self-Employed, let’s talk! I’m sure I can help you discover the path to homeownership.

ByBrandon Butler

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For Home Financing purposes, we rely on credit scores to help approve a client for their new home.  Historically, the Classic FICO score has been the “go-to” score for lenders, but that is changing!  The agencies have determined that there is more to a person’s credit than just those accounts traditionally reported to the bureaus, such as car loans, credit cards, and mortgages.  Items such as rent, utilities, cell phone, and other monthly bills also demonstrate a Borrower’s ability to repay debt.  So starting next year, lenders will be using a new credit score model that factors in a more complete credit picture of the Borrower.  That’s great news for many!  If you would like to know more, please let me know and I’m happy to share the details!
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For Home Financing purposes, we rely on credit scores to help approve a client for their new home.  Historically, the Classic FICO score has been the “go-to” score for lenders, but that is changing!  The agencies have determined that there is more to a person’s credit than just those accounts traditionally reported to the bureaus, such as car loans, credit cards, and mortgages.  Items such as rent, utilities, cell phone, and other monthly bills also demonstrate a Borrower’s ability to repay debt.  So starting next year, lenders will be using a new credit score model that factors in a more complete credit picture of the Borrower.  That’s great news for many!  If you would like to know more, please let me know and I’m happy to share the details!

ByBrandon Butler

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Can you buy a home while on Temporary Leave? If you are still employed and on temporary leave, chances are good you can buy a home. The lender will document that you are still employed, that you intend to return to work, and will document any assets you have available after your down payment and closing costs. Depending on the date you return to work, the lender may consider your regular employment income or your temporary leave income, along with the assets available to “tide you over” until you return to work. Let’s talk if you are on temporary leave and want to buy now!
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Can you buy a home while on Temporary Leave? If you are still employed and on temporary leave, chances are good you can buy a home. The lender will document that you are still employed, that you intend to return to work, and will document any assets you have available after your down payment and closing costs. Depending on the date you return to work, the lender may consider your regular employment income or your temporary leave income, along with the assets available to “tide you over” until you return to work. Let’s talk if you are on temporary leave and want to buy now!

ByBrandon Butler

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