Brett Sampson's (bsampson) Blog

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Mortgage and Lending - Berkshire Lending, LLC

ARCHIVED BLOG POSTS

2013 

A common question I get is what minimum credit scores are needed for various loan programs. I going to give you a quick guide for minimum credit scores on each program. The mortgage industry is a very dynamic industry. …the rules change almost daily. …so please check in with me when you get seri...
01/29/2013
I get this question a few times a month. I’ve addressed it before in my blog, but I thought I should touch on it again. Question: If I bought a house on a contract for deed or land contract can Irefinance out of this type of agreement? Yes you can! …The Contract For Deed doesn’t even need to be ...
01/27/2013
Hello!   Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. ...I know it sounds simple, but many people don't realize the amount of funds they will need to get into a house.Here is a simple breakdown of your out of the out of poc...
01/24/2013
I get asked gift fund questions on FHA loans more than you would think.   Questions like...   ..."Who can give a gift on an FHA loan?"   ..."Who can't give a gift on an FHA loan?"   Here are the guidelines on FHA gift giving directly from the FHA underwriting manual.   Acceptable gift donors for ...
01/22/2013
Many borrowers are unaware of this but there are several ways to purchase Mortgage Insurance on conventional loans.  (Even many loan officers are unaware of this!..)   The different types of MI are… 1) Standard borrower paid monthly. 2) Lender paid MI.  3) Split MI. 4) Financed MI. For the purpo...
01/20/2013
One of the most conservative areas of the mortgage market the last few years has been Mortgage Insurance on conventional loans. When I say conservative I mean the MI companies for a long time wouldn’t give Mortgage Insurance coverage to an borrower with higher than a 45% debt to income ratio. (…a...
01/18/2013
Here's another loan that I can make that most other lenders just can't do... Have you ever thought about buying a house out the in country? ...away from it all? ...on a lot of land? Then, this program may work very well for you. Here are some highlights... 1) Only 3% down payment. 2) Up to 417k ...
01/18/2013
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