Brett Sampson's (bsampson) Blog

Mortgage and Lending - Berkshire Lending, LLC
I had a question about Short Sales recently.FHA is most friendly to Short Sales.There are basically two kinds of Short Sales…1) If more is owed on the home than the home is worth, and it’s impossible to sell the property without the seller bringing money to the table then the mortgage holder can ...
Occasionally I get asked if a Deed In Lieu of Foreclosure will be treated the same as a foreclosure by a mortgage company.From a mortgage underwriting perspective it’s simular.A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before ...
Generally when you buy a house you will have two sets of funds you will have to pay at closing.Your down payment.Your closing costs, and prepaid taxes and insurance.Unless your getting a gift or grant you will have to pay your own down payment.However, you don’t necessarily have to be the one to ...
You don’t have to make a lot of money to buy a house!In the mortgage industry we are concerned with your debt to income ratio. …So, if you don’t have alot of monthly debt you can buy a house without making alot of money.Example: I recently closed a loan for a person that made $10.25 an hour – and...
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind…1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great, but if you are paying poi...
Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home?…You ask them!You make it part of your offer to purchase.Depending on the circumstances they may or may not say “yes” to your request, but you should at least know the...
One of the most common questions I get is “How much will I have to put down?”Here are your minimum down payment options on the loan products currently available in the market place.Loan Programs…VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for ...
When it comes to your mortgage payment your credit score can affect your interest rate, and your home owners insurance rate.There is another part of your payment that is also affected by your credit score… Your mortgage insurance payment on Conventional loans.Let me give you some examples of how ...
Are planning on using your bonus income or overtime income to help you get a mortgage?…If so, then there are three important things you need to be aware of:1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.2) The employer has to i...
Did you know there was a federal law in place to protect borrowers who have Conventional loans with private mortgage insurance?The law includes two basic consumer protections:It requires lenders to inform home buyers-both at closing and annually-about their right to request mortgage insurance can...

Brett Sampson

Texas Lender
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