Brett Sampson's (bsampson) Blog

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Mortgage and Lending - Berkshire Lending, LLC

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2014 

Monday I detailed the VA loan program. I wanted to give you some info about a lesser used 100% program – USDA. USDA Loans: USDA is another 100% loan program. It’s a lending program that is put out by the US Department of Agriculture. The purpose of the program is to promote rural development of h...
01/28/2014
There are still 100% loan programs in the Mortgage Market Place. One of the best is VA. I wanted to give you a quick breakdown of the good and the bad for a VA loan…  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 th...
01/26/2014
If you want to buy a house, but you’re short on cash in the bank here’s an idea. You can sell an asset to generate cash for a down payment. …such as a boat, car, etc. Here’s how to structure it for a mortgage… You must create a bill of sale reflecting the date of sale, asset to be sold, and the s...
01/21/2014
If you are looking for an Alternative Documentation loan program we have one! This is also called a bank statement loan. …Instead of providing standard full mortgage documentation (W-2?s, Paystubs, and last two years Tax Returns) you just provide your last 2 years bank statements.  There is also ...
01/19/2014
I wanted to give you the basic waiting periods for Bankruptcies, Foreclosures, and Deed in Lieu and Short Sales for FHA and Conventional loans. Waiting periods for FHA: Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you need to determine when the property was subsequent...
01/14/2014
What’s the minimum age to purchase a home? From a mortgage perspective there is no “minimum age” to purchase a house. However, it really depends on the state you live in. Each state or jurisdiction in which a property is located will have specific laws that detail the minimum age at which a mortg...
01/12/2014
As the new year starts you may have given some thought to creating some good habits for 2014. Here’s a suggestion… I’ve written to you about this before, but I believe it’s a message worth repeating. My job as a loan officer allows me to have a unique perspective into people’s lives. I can see ho...
01/07/2014
As the new year starts you may have given some thought to creating some good habits for 2014. Here’s a suggestion… I’ve written to you about this before, but I believe it’s a message worth repeating. My job as a loan officer allows me to have a unique perspective into people’s lives. I can see ho...
01/05/2014
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Happy new year! I hope you have a great 2014! News on USDA maps… The maps USDA uses to show acceptable lending areas have been scheduled to change January 15, 2014. However, the latest news is that the current maps are likely to remain until 9/30/2015. This extension language is in the recent Bud...
01/01/2014
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