Home Loans

Need Help with you Credit Scores?

  • We participate in a system called, CreditXpert.  This is a program that will inform you of what you can do to increase your FICO scores by 20 to 70 points within 30 days.  This software also provides information on what steps you can take to increase your credit score. 
  • Test Question:   If you have a delinquent item on your credit report for $120 and the delinquency is 30 months old; would it be a good idea to send the creditor a payment of $60 with a promise to pay the balance next month?  The correct answer to this question will surprise you.  Contact us for the answer.
  • We use "stated documentation"  for Home Loan pre-qualification.  There is a fee involved in the CreditXpert services.  There is NO Fee to pre-qualify potential home buyers. 

 

The Zero Down 80/20 Mortgage is Available

The 80 20 mortgage is simply two loans for 100% of the purchase price. It is a first mortgage at 80% of the purchase price with a 20% second mortgage.  Need help with the closing cost?

 

What is Equity Share?  No Down Payment, 100% Financing?

Equity Sharing is a unique arrangement between an investor who has cash to contribute, and a buyer who has good income and at least average credit, but doesn’t have a down payment. The investor can provide the cash for a down payment or supplemental monthly payments, depending on how the buyer qualifies. The buyer covers the closing costs and all the other normal costs of owning a home, such as the mortgage payment, property taxes, insurance and upkeep. In 3-7 years the homeowner buys out the investor and they each take a share of the appreciation.

What  Does a Wholesale Loan Officer Do?

They can pre-qualify first time home buyers to purchase their first home through the Equity Share program.  Why use a Mortgage Broker rather then a Mortgage Banker or a Banking Institution?  A Wholesale Mortgage Broker has more choices. They have access to more Lenders and they can get you a (usually) loan much easier if your credit is challenged by completing a "state" loan application.  This is an application that can help self-employed and other challenged credit applications to be approved.

Call  415 738-7961 - A Loan officer will set up an appointment. 

It takes about 35 minutes to complete the application. 

Mortgage Broker vs. Mortgage Banker

A Mortgage Banker is a direct lender.  They usually require full documentation and good credit. They also provide a lower mortgage rate.  Persons with credit scores over 680 are encouraged to consult with their bank before contacting a Mortgage Broker.  However, if you are 680 or above and want to purchase Investment property; you may want to visit your local Mortgage Broker.

A Mortgage Broker is a middleman who shops your loan and puts the lender and the borrower together without putting numerous inquires on your credit report.  A  Mortgage Broker has access to MANY Lenders and can obtain  Loans that require very little documentation.  Taxes Will Travel now provides Mortgage Broker services through several Licensed Real Estate Brokers in the State of California. 

 

Tips to Increase your Odds of Obtaining a Home Loan:

  • Be prepared to purchase PMI (Private Mortgage Insurance) at the Lender request.  This insurance protects the Lender in case you default on the mortgage.
  • Be prepared to put on your application that you have Mortgage Life Insurance that can be assigned to the Lender if required.
  • Pay your bills down.
  • Clean up your credit
  • Be prepared to purchase below your normal living expectation.  Purchase, fix-up, sale, purchase again.
  • Get a Mortgage Pre-Approval Letter. (TWT provides such a letter from the Mortgage Broker, they are usually good for 30 days)

 

Note to Sellers:

If you have a gain from the sale or exchange of your main home, you may be able to exclude from income all or part of the gain, please refer to Publication 523 for more information on the gain exclusion. The exclusion may be allowed each time you sell or exchange your main home, but generally no more frequently than once every two years

Advantages of Seller Will Carry (For Tax Reasons)

  • Getting a top price by taking terms rather than all cash
  • Deferring taxes* now on any gain by using an installment sale
  • Receiving a higher interest rate than if you put the proceeds from a cash sale in the bank, a CD, or Money Market account
  • Monthly income secured by property you understand and whose value you know
  • Larger number of perspective buyers and a quicker sale because you are offering seller financing
The words “Owner Will Carry” will set your property apart from sellers who are waiting for that elusive all cash buyer. Adding the words “Owner Will Carry” or "Seller Financing” can be the quickest way to change a “For Sale” sign to “Sold”.

* If you will earn over $250,000 (single) or $500,000 ( if married) on the sale of your home.  It is wise to think about owner financing.  (Under the installment method, you include in income each year only part of the gain you receive, or are considered to have received)

 

 

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