Refinancing with a HELOC? Conventional mortgage financing will allow you to keep your present HELOC and refinance your first mortgage.  The lender will use your actual monthly payment amount on the outstanding balance of your line of credit, to calculate your monthly debt obligation on that loan. If you would like to refinance your first mortgage and keep your HELOC, let’s talk and make a plan!

Related Article Title: Calculating a payment on a HELOC loan – Draw Amt. vs. Line Amount Question: My client has a HELOC which will remain open at closing. When calculating the payment on this line of credit for DTI purposes, should the payment be based on the full line amount or just the draw amount? […]

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Veterans! Did you finance your present home using your VA Benefits? If so, did you know that you can use those same benefits to buy another home, when you sell your current home?  If you’re considering a move, let’s make a VA home financing plan before you start looking for property!

Related Article Title: VA Eligibility Transfer on Concurrent Closing Question: My Client currently has a VA loan and he is selling his current property and buying another one. Can he buy his next property using the 100% financing option too?  If so, how does that work? Answer: Yes.  A veteran can sell a VA financed […]

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FMLA Income can be used to qualify for a home loan. Lenders consider this “Temporary Income” and will consider the circumstances of the temporary income by reviewing the estimated time before returning to work and the amount of liquid reserves that you have available. If you are receiving temporary income you may still be able to buy or refinance now, so let’s talk!

Related Article Title: Calculating FMLA [Family& Medical Leave Act] Income Question: My client has been employed by the same company for 7 years, but is presently on FMLA and expected to return in a month or two.  How do I calculate this income? Answer: This is addressed in the Fannie Mae selling guide, and you […]

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The Coronavirus Pandemic is leaving some of you to wonder how to handle your mortgage payment if you have experienced a loss of income or job loss. We have put together some tips about “Handling Mortgage Debt During Covid19”.  Just Comment below, and I’ll send you a copy!

The Coronavirus Pandemic is leaving some of you to wonder how to handle your mortgage payment if you have experienced a loss of income or job loss. We have put together some tips about “Handling Mortgage Debt During Covid19”.  Just Comment below, and I’ll send you a copy!

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Delinquent Student Loans & Owning a Home – Did you know that under the Debt Collection Improvement Act, home financing lenders will accept a repayment plan for your collection? If this is holding your back from owning your own home, let’s talk.

Related Article Title: Federal Student Loan Debt in Collection Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from […]

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