Brett Sampson's (bsampson) Blog

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services...

Were you aware that your credit score can effect the amount of mortgage insurance you pay on Conventional loans?  Here is an example of how your mortgage insurance rates can vary due to credit score.These numbers are based on a $100,000 loan at 95% loan to value ratio.MI Payment Chart…  Credit Sc...

Do you need a Jumbo loan?Did you realize I have Jumbo loans up to 90% loan to value ratio to loan amounts of $1,500,000?That’s unusual in the mortgage world by the way.Most loans that large cap out at 80% loan to value ratio.10% of $1,500,000 is alot of money.So, if you are in this situation, and...

There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available.So, every now and then I like to restate the great aspects of this loan…If you are looking for a home in the outter suburbs or in a rural area make sure your realtor kno...

Pricing on mortgage backed securities has improved in the past week, which has lowered rates a bit. Hopefully the trend will continue.This weeks major economic reports that could influence the mortgage market: Wednesday the Existing Home Sales numbers come out. Thursday the jobless claims come ou...

Did you realize that in the State of Texas you can’t get cash out of your home above 80% of its appraised value? In other words if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000. This 80% rule is a Texas law for homeowners in Texas. …However, there is on...

I had a borrower last week that wanted to sell his boat to raise money for a down payment on a house.This is ok, but you have to do it properly in order to use these funds as a down payment.Here’s how…You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales pric...

Have you been told by your loan officer that you could get a mortgage, but you will need to get disputes removed from your credit report first?For those of you who have disputes, and either don’t have time to get them removed, or are having trouble getting them removed there is a way to get a mor...

I wrote about this the other day, but it’s pretty huge and I wanted to touch on it again.It’s regarding alternative income documentation for FHA loans.Normally you will need to provide pay stubs, w-2′s, and tax returns for income documentation to get a mortgage.If there is an issue with your tax ...

From time to time I get asked if a USDA loan can be used to purchase a manufactured home.The answer is “yes”. …kind of.The big limitation when using a USDA loan for a manufactured home is that the loan can only be used to purchase and place a brand new manufactured home on land.If you are wanting...