If you have an FHA loan that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property - it's a good time to refinance into a Conventional loan to get rid of your FHA MI. If you get 1099's instead of W-2's at the end of the year from your employer - that means you are self-employed.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
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At the time of this report, most lenders will go down to a 620 middle credit score for FHA. There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score. We can do FHA down to a 500 credit score! Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available.
VA Loans: VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the very best loan programs in the mortgage market today. If you are a veteran you should definitely try to take advantage of this program. You should be a veteran. You will need a Certificate of Eligibility from the VA.
Conventional loans, also known as "conforming loans, " are insured by Fannie Mae and Freddie Mac, and have varying loan amount limits based on the property's location. In Texas, for example, the conforming loan limit is $510,400. In San Francisco, where the median home prices are considerably higher, the loan limit is $729,750.
There are two fundamental components to the USDA loan. It has geo-graphic and income limits. So, the first thing you need to do is to make sure the house or area you are interested in is an approved USDA lending area. You will also need to take the in-come survey on the website to see if your family is under the threshold for total annual income.
Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2's and Pay stubs. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
Reviews (9)
Albert Martin
Aug 23, 2021
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Rob Garriga
Jul 30, 2021
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Brett and his team at Berkshire Lending were fantastic! Leslie was awesome! They walked us through the process from day one and made our mortgage experience so pleasant. I would recommend them to anyone who's looking for a easy lending experience handled by true professionals. Thanks so much to everyone at Berkshire Lending!!!
Lesly Brown
Apr 17, 2021
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Leslie DeHart
Dec 26, 2020
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Patricia Gonzalez
Oct 20, 2020
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David Taul
Sep 10, 2020
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Good morning Berkshire Lending Team,
I wanted to thank you all for helping get my home refinanced. It was an easy process and everyone was so professional and helpful.
This was my second time using your team and just like the first it was seamless.
I will be sure to let everyone know the wonderful service you provide and I'll be sure to use your services in the future.
Thank you again,
David and Terri Taul
I wanted to thank you all for helping get my home refinanced. It was an easy process and everyone was so professional and helpful.
This was my second time using your team and just like the first it was seamless.
I will be sure to let everyone know the wonderful service you provide and I'll be sure to use your services in the future.
Thank you again,
David and Terri Taul
Taylor Parker
Jul 29, 2020
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This is a second review after my credibility was dismissed by this lender. I represent a home builder, the seller, in a transaction Brett was responsible for. He missed our closing by 3 weeks due to his inability to perform his role to the standard of others. Thus leaving a family homeless, confused and out of more money to cover his mistakes. This family was forced to take shelter in their vehicle with rescue dogs and a young baby. My initial review was left to shed light onto his poor performance. This review is being left as I have been placed in a position where this lender is cowering away
Todd Warner
Jun 09, 2020
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Bo Inthathirath
May 21, 2020
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