Cool New Tool Alert! Did you know there may be down payment assistance or affordable home loan programs when you meet certain income limits? One of the ways to search for this is through a new tool released by Freddie Mac. Just type in the address of the property you are looking at, and the system will give you the average income in the area and allow you to search for available down payment resources. Comment below, and I’ll send you the link!
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Cool New Tool Alert! Did you know there may be down payment assistance or affordable home loan programs when you meet certain income limits? One of the ways to search for this is through a new tool released by Freddie Mac. Just type in the address of the property you are looking at, and the system will give you the average income in the area and allow you to search for available down payment resources. Comment below, and I’ll send you the link!

ByBrandon Butler

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Great News!  If you allow someone to assume your loan, Freddie Mac will exclude that liability if you have an assumption agreement and proof that the person who assumed the mortgage has made 12 payments on time.
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Great News!  If you allow someone to assume your loan, Freddie Mac will exclude that liability if you have an assumption agreement and proof that the person who assumed the mortgage has made 12 payments on time.

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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Did you know that you can purchase a multi-unit property, live in one unit, and then rent the other units to cover your mortgage payment?  It’s a great way for some people to get started with owning their own home and testing the waters for becoming a landlord. Qualifying for these types of homes may be easier than you think, so let’s talk if this sounds interesting to you!
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Did you know that you can purchase a multi-unit property, live in one unit, and then rent the other units to cover your mortgage payment?  It’s a great way for some people to get started with owning their own home and testing the waters for becoming a landlord. Qualifying for these types of homes may be easier than you think, so let’s talk if this sounds interesting to you!

ByBrandon Butler

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Buy the Fixer Upper! Did you know that you can buy a home that needs some love and finance the home and renovation all in one loan? Many homes have “good bones” that, with some renovation work, turn into gems. Curious about this financing option? Let’s Talk!
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Buy the Fixer Upper! Did you know that you can buy a home that needs some love and finance the home and renovation all in one loan? Many homes have “good bones” that, with some renovation work, turn into gems. Curious about this financing option? Let’s Talk!

ByBrandon Butler

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Did you know that you are not required to have a formal credit report history or credit score to buy a home? Many people use “non-traditional” credit to establish a credit payment history acceptable to lenders. Items you pay for each month, such as rent, cell phone, electricity, streaming services, and other monthly bills, demonstrate a credit history. So don’t let a lack of credit score hold you back; let’s talk!
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Did you know that you are not required to have a formal credit report history or credit score to buy a home? Many people use “non-traditional” credit to establish a credit payment history acceptable to lenders. Items you pay for each month, such as rent, cell phone, electricity, streaming services, and other monthly bills, demonstrate a credit history. So don’t let a lack of credit score hold you back; let’s talk!

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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Considering a Home Equity Line of Credit [HELOC]? The consumer financial protection bureau just updated its publication “What You Should Know About a Home Equity Line of Credit”. If you would like a copy of this, just comment below, and I’ll send it to you! It’s filled with great tips to consider prior to applying for a HELOC.
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Considering a Home Equity Line of Credit [HELOC]? The consumer financial protection bureau just updated its publication “What You Should Know About a Home Equity Line of Credit”. If you would like a copy of this, just comment below, and I’ll send it to you! It’s filled with great tips to consider prior to applying for a HELOC.

ByBrandon Butler

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Student Loans & Buying a Home? With deferment and income-based repayment options, there is a lot of confusion about how home lenders consider your monthly student loan payment when qualifying you for a home loan. Every situation can be a bit different, including the variances based on the type of home loan you are applying for. Let’s discuss your situation!
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Student Loans & Buying a Home? With deferment and income-based repayment options, there is a lot of confusion about how home lenders consider your monthly student loan payment when qualifying you for a home loan. Every situation can be a bit different, including the variances based on the type of home loan you are applying for. Let’s discuss your situation!

ByBrandon Butler

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What is a Blended Credit Score? A blended credit score is one where the lender averages the credit scores for all borrowers on the loan.  In some cases, this will increase the credit score for the loan file, which may result in a loan approval and pricing that is more advantageous for the consumer. Blending or Averaging works for some home financing products, but not others.  Don’t let misunderstanding your credit stop you from owning a home.  Let’s Chat!
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What is a Blended Credit Score? A blended credit score is one where the lender averages the credit scores for all borrowers on the loan.  In some cases, this will increase the credit score for the loan file, which may result in a loan approval and pricing that is more advantageous for the consumer. Blending or Averaging works for some home financing products, but not others.  Don’t let misunderstanding your credit stop you from owning a home.  Let’s Chat!

ByBrandon Butler

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Unmarried Veterans seeking to purchase a home can both use their VA eligibility to buy a home.  This is known as a Joint loan, and the entitlement amount is split between the two veterans.  Also, the funding fee that is charged by VA for the loan is waived for disabled veterans. However, if only one veteran is disabled, then the non-disabled veteran only pays a funding fee on their portion of the loan!  Veterans, let’s talk about your situation!
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Unmarried Veterans seeking to purchase a home can both use their VA eligibility to buy a home.  This is known as a Joint loan, and the entitlement amount is split between the two veterans.  Also, the funding fee that is charged by VA for the loan is waived for disabled veterans. However, if only one veteran is disabled, then the non-disabled veteran only pays a funding fee on their portion of the loan!  Veterans, let’s talk about your situation!

ByBrandon Butler

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Did you know that items that do not show up on a credit report, such as rental history or other monthly bills, can be evaluated as a type of credit history?  That’s right, you do not need to have a credit score on some loans in order to buy a home! All those bills that you regularly pay each month count as a credit history.  If this sounds like your situation or you have more questions, please message me to discuss financing your own home.

Did you know that items that do not show up on a credit report, such as rental history or other monthly bills, can be evaluated as a type of credit history?  That’s right, you do not need to have a credit score on some loans in order to buy a home! All those bills that you regularly pay each month count as a credit history.  If this sounds like your situation or you have more questions, please message me to discuss financing your own home.

ByBrandon Butler

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Private Roads & Shared Driveways – VA released an important update for Veterans buying homes that have access through a private road or shared driveway.  VA will no longer require a maintenance agreement from the HOA or a joint maintenance agreement from the owners of the private road.  This requirement was cumbersome to obtain, so removing it is a win for Veterans seeking home financing!
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Private Roads & Shared Driveways – VA released an important update for Veterans buying homes that have access through a private road or shared driveway.  VA will no longer require a maintenance agreement from the HOA or a joint maintenance agreement from the owners of the private road.  This requirement was cumbersome to obtain, so removing it is a win for Veterans seeking home financing!

ByBrandon Butler

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I’ve heard the term “Departing Residence” on a real estate blog. What does that mean?  A departing residence is the home that you currently own.  Sometimes, clients choose to rent out that home versus selling it when purchasing another home.  Home loan programs vary as to how the rental income on your departing residence will be counted to offset your present loan obligation.  That’s why it’s important to talk about your situation first, before looking at new homes.  Let’s talk and I’ll help you review those options.
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I’ve heard the term “Departing Residence” on a real estate blog. What does that mean?  A departing residence is the home that you currently own.  Sometimes, clients choose to rent out that home versus selling it when purchasing another home.  Home loan programs vary as to how the rental income on your departing residence will be counted to offset your present loan obligation.  That’s why it’s important to talk about your situation first, before looking at new homes.  Let’s talk and I’ll help you review those options.

ByBrandon Butler

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Who should be on a home sales contract? Some of my clients are fortunate to have family members that help them buy a home by co-signing on the loan.  The question is often asked, who should be on the sales contract? If a non-occupant co-borrower is not going to take title to the property, then they are not a buyer and are not on the sales contract.  If they are on the sales contract, then they would be included on the title.
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Who should be on a home sales contract? Some of my clients are fortunate to have family members that help them buy a home by co-signing on the loan.  The question is often asked, who should be on the sales contract? If a non-occupant co-borrower is not going to take title to the property, then they are not a buyer and are not on the sales contract.  If they are on the sales contract, then they would be included on the title.

ByBrandon Butler

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