Brett Sampson's (bsampson) Blog

I’ve written about this before, but I saw it come up again last week. …So, I thought it would be prudent to touch on it again here.Be careful about what your Realtor puts in the earnest money contract.Keep in mind the buyers mortgage underwriter will scrutinize the contract.…and, sometimes what’s...

     I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA:  3 years from discharge date. Fannie Mae: 4 years from discharge date, or di...

 Most people think the reason for refinancing a mortgage is to lower their rate and/or payment.While that’s a very good reason to refinance, there are many other reasons you might want to refinance your mortgage.Here are some other reasons to refinance…To lower your term. Go from 30 years to 20 o...

  I expect rate volatility today.There is much speculation on the Fed meeting today that they may increase the cost of money the Federal Government lends out.Whether they do increase the lending rate, or they don’t I expect the market to over react. Whether it’s a rally or a sell off we will see....

    There are FHA changes beginning with all loans assigned after 9-14-20015.Some of them are biggies…For part time income: Two years of uninterrupted part-time income will be required. The borrower’s average over the two-year period will be used in calculations.Self employed declining income: Yo...

I hope you had a good Labor Day weekend! Quick note: Starting October 1st, 2015 USDA loans will become a bit more expensive. The up front guarantee fee will increase on USDA loans from 2.00% to 2.75%. This is a one time up front fee that is added onto the end of USDA loans. That’s it for today! H...

Here’s what you can expect if you are changing jobs while your getting a mortgage…The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks.The underwriter isn’t trying to make your life difficult by asking f...