Brett Sampson's (bsampson) Blog

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Mortgage and Lending - Berkshire Lending, LLC
RECENT BLOG POSTS
Sometimes the difference between getting an approval on your loan or not comes down to what documentation your loan officer decides to leave out of a loan submission. I’ll give you an example… Let’s say you work a regular job, and at the end of the year you get a W-2. Now let’s say last year you...
03/29/2015
Normally if you have had a foreclosure you must wait a minimum of 3 years (after the foreclosure) to get an FHA loan. However, if you have had extenuating circumstances you may be granted an exception to this waiting period. Here are the guidelines on the extenuating circumstances… 1) Satisfacto...
03/22/2015
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it’s doesn’t help pay down the balance of the loan. If ...
03/17/2015
  Often when you get divorced and once spouse keeps the house, per the terms of the divorce you must refinance your home to get your Ex spouse off the house and get them their share of the equity. The problem is – you have been told by a loan officer that they can’t help you get cash out because ...
03/15/2015
A while ago I sent out an email explaining that Experian was changing their policy on dispute removals and no longer would accept a letter from the consumer to remove disputes. Fortunately, they have changed their policy on this, and are now back to allowing dispute removals using a consumer let...
03/03/2015
When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If it was a personal check – you ne...
03/01/2015
I wanted to briefly go over how different loan programs treat a Short Sale. .FHA – If the mortgage was current at the time of the sale then there is no wait. If the mortgage was delinquent at the time of the sale there is a 3 year wait before you can get another mortgage. .VA – If the mortgage w...
02/25/2015
If there is one thing for certain in life it’s that the Federal Government likes to make new rules. I wanted to give you a “heads up” on more rule changes coming down the pike in the mortgage world… On August 1 of this year there are new RESPA – TRUTH IN LENDING rules going into place. They will...
02/22/2015
I wanted to quickly go over the waiting period various loan programs have for Foreclosure. FHA – 3 years from completion date. Exceptions with extenuating circumstances are allowed. VA – 2 years from completion date with an automated system refer. Fannie Mae – 7 years from completion date, or if...
02/18/2015
There is a little know rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportion...
02/15/2015
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