Employer Gift for Down Payment – FHA Mortgage Loan

Employer Gift for Down Payment – FHA Mortgage Loan

‘Employer Assistance’ refers to benefits provided by an employer to relocate a borrower or assist in the borrower’s home purchase, including down payment, closing costs and Up Front Mortgage Insurance Premium(UFMIP). A salary advace or loan cannot be used.

The amount of the gift does not matter. The lender will simply add this amount to the borrower’s available funds to be allocated at closing.
This can be a one-time bonus for an employee. It can also be defined as relocation help from the employer.
Some documentation will be required. Tell your Loan Officer at time of application as it does affect their paperwork internally. It is still the same FHA Mortgage Loan, but we need to know up front so we know where we will sell the loan.

If you have questions about whether you qualify for an FHA Loan…. Or just want to chat about home loan qualifying.
Call The LouisiaLoanGuy, Tom Burris today!!
214-763-4629 cell/text/nights/weekends

Free Credit Consultation

Free Credit Consultation for Texas and Louisiana Home Buyers

The LouisianaLoanGuy offers free one-on-one credit consultations for potential home buyers.
Don’t know whether you qualify for a Home Mortgage Loan? Ask me.

What’s the catch? Well, there are two catches.
1. You must read my free e-book first
2. You must provide a copy of all three credit reports. Experian, Equifax, and Transunion

http://www.louisianaloanguy.com/resources <= look for the e-book “About Credit”

Go to AnnualCreditReport.com for your credit reports. The is the ‘really free’ reports. Avoid the frecreditreport.com scam.

Knowing and understanding your credit score can help you MANAGE your score. Potentially saving you thousands of dollars over the life of any loan you get in the future.

Contact me today to set up a time slot that will change your life.

Tom Burris
214-763-4629 cell/text/nights/weekends

 

FHA Mortgage Loan East Baton Rouge Parish

FHA Mortgage Loan East Baton Rouge Parish

With most of Baton Rouge ineligible for the USDA Rural Development Loan that takes 0% down financing, the best backup plan for a low down payment with less than perfect credit is a Federally Backed FHA Fixed Rate Mortgage Loan.

The FHA Mortgage Loan is NOT a First Time Homebuyer loan. It is for anyone who wishes to use the loan.
Current FHA Loan Limits in East Baton Rouge Parish, LA as of this writing is $275,665

The FHA Loan is a little more forgiving to bruised credit. And doesn’t hit you in the rate as hard as conventional for lower FICO Scores.

Basic qualifications:
1. 2yrs work history in the same line of work(can be multiple jobs)
2. Decent credit. Clean the last 12 months
3. Charged off accounts and collections do not need to be paid off to qualify
4. Money for down payment and closing costs(can be a gift from a family member)

If you have questions about whether you qualify for an FHA Loan…. Or just want to chat about home buying.
Call The LouisiaLoanGuy, Tom Burris today!!
214-763-4629 cell/text/nights/weekends

 

Using 2016 Taxes for Home Loan Qualifying

Using 2016 Taxes for Home Loan Qualifying

This time of year is unique in lending. People want to use their 2016 income (self-employed and commissioned borrowers) for qualifying.
But we cannot get those tax transcripts yet as the IRS has not processed the returns.

What to do?

At Loan Simple, Inc….. We can take YOUR COPY of filed tax returns that are stamped by your local IRS office.

What we need:

– Evidence that no 2016 tax returns are available. We will handle that
– Your Signed Tax Returns that are officially stamped as received by the IRS.
– Proof that you electronically filed or evidence of a refund check or payment made to the IRS

Who does this benefit?
This will help the person who made very little in 2014 but made more money in 2015 & 2016. As we will be averaging 2yrs of income for self-employed and commission income borrowers.

Call The LouisianaLoanGuy, Tom Burris with any questions-
214-763-4629 cell/text/nights/weekends

 

FHA Mortgage Loan – Livingston Parish, LA

FHA Mortgage Loan Livingston Parish, LA

Looking for an FHA Loan in Livingston Parish? How can I help?

The Federal Housing Administration (FHA) provides Mortgage Insurance on Mortgage Loans made by approved lenders. Being that the Mortgage Insurance is Federally backed, lenders can offer very low rates… Even to those with very little to put down and might have low credit scores.

You can buy a home in Livingston Parish for 3.5% down using an FHA insured, 30yr Fixed Rate loan.
Maximum loan amounts at the time of this article is $275,665

Are you interested in seeing if you qualify for a Federally backed FHA Mortgage? Give me a call. I can be reached most times day/night/weekends.

Think you might not qualify? Bring me a credit report and let me coach you on how to improve your credit so you can own a home.

Basic qualifications:
1. 2yrs work history in the same line of work(can be multiple jobs)
2. Decent credit. Clean the last 12 months
3. Charged off accounts and collections do not need to be paid off to qualify
4. Money for down payment and closing costs(can be a gift from a family member)

 

If you would like to talk about your job/credit history.
Please call Tom Burris…  214-763-4629 cell/text/nights/weekends

I lend across the entire State of Louisiana and Texas too!!