Applying For A Mortgage Loan When You're Paid Commission

FHA recently made quite a few changes to their mortgage underwriting guidelines.  One of the changes that can help some consumers is their change in regards to using commission income to qualify for a mortgage.  

This change allows commission income to use as qualifying income when a borrower has at least 12 months history receiving the income.   This guideline is a shift from conventional loans and the previous FHA guidelines of 24 months required commission work history.  

Many people believe that they have to have a commission job for 24 months before they could buy a house.  But now with an FHA Loan a consumer may qualify with just 12 months work history.



What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 30 years. Visit her other mortgage web sites go to: www.shirleynault.com

How Do I Choose the Right Lender for Me?

How Do I Choose the Right Lender for Me?

Surely you would not choose anyone but Shirley Nault, for your mortgage lending needs. If you live in Utah check out my website at www.getutahhomeloan.com

Question Regarding 100% Financing?

Last week after I posted on the topic of 100% financing available, I received this question. "Shirley, are you saying if we qualified for a 100% financing and we had an offer accepted on a property that the seller is willing to pay all the closing cost does this mean we buy the house with no out of pocket cost?"
I want always to be cautious when saying that is true.  But, you would be surprised how often clients obtain their home without any money out of pocket.  Remember you will be paying a monthly payment usually for 30 years and to say no cost could be misleading.  Consult a mortgage professional loan officer to review your particular situation.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 30 years. Visit her other mortgage websites.

 What Does "100% Financing" mean?

You probably have heard the term 100% financing available. But... What does that really say?  

When lenders talk about the loan to value (LTV) they are talking about what percent of the sales price or value would you be borrowing?  If you had a home that valued at $100,000, and you wanted a loan for $80,000 you would be borrowing 80% LTV.

If 100% financing is available and, you qualify you would have a loan for the total sales price of your home.  

You as the home buyer would not have to put any money down, but you could have to bring in closing cost and prepaids.  One way to get around not needing to bring money in for your closing cost and prepaids is to negotiate with the sellers and see if they will pay for them.  

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 30 years. Visit her other mortgage web sites go to www.shirleynault.com #firsttimehomebuyer #newhome #mortgageloanfinancing #utahsmortgageloans 

What Does a Red Door Say

Your front door can say a lot.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 30 years. Visit her other mortgage web sites go to www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Branding yourself

The 21st century will be about branding yourself

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 30 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Salt Lake Tribune Reports "The Great Recession took 18k Bite Out of the Average Utah Home Price"

Recent article in the Salt Lake Tribune suggested it will be a while until we get our values back.  Do You think your value is back yet?

It's time to call the Nault Team 801-635-8797 or email Shirley Nault at Shirley.nault@snmc.com NMLS #435308 Check out our other blog and web site www.ultimelyhome.blogspot.com or www.getutahhomeloans.com 

100% Mortgage Financing Still Available

I am sure you've heard the talk or maybe seen it in the news that , mortgage loans are harder to get now days.   You maybe surprised to know with all that news that there still are 100% programs available.

Rural housing a government program allows 100% financing at a competitive rate.   Utah Housing a state program created by Utah state legislature to serve the public also provides 100% financing.   They have four different programs some programs are for first time homeowners only  First time homeowner is defined as anyone who has not owned a home in the last 3 years.  The rate are also competitive in fact as of today if you checked their website you would see that FirstHome program is 3.905.   If you are a veteran you can get 100% financing depending on your eligibility.  

The Nault team can help you get financing for Utah  property with any of these products give us a call at  888-296-6970  

The Nault team can help you get financing for Utah  property with any of these products give us a call at  888-296-6970   
What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Free Realestate 3 hour Core CE Class

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

What Your Money Buys you in 2013 vs 1981

What your money buys you in a house compared to 1981. I seen this on Facebook posted by Bryce Anderson





What is happening today in mortgage lending? Shirley Nault and Jody Erickson has been a mortgage professional for over 30 years. Visit our other mortgage web sites go to: Get Utah Home Loans or Ultimately Home or link us on Facebook

PreQualify vs PreApproval by Shirley Nault and Jackie Lance

 

What is happening today in mortgage lending?   Shirley Nault and Jody Crowther has been a mortgage professional for over 30 years. Visit our other mortgage web sites go to: Get Utah Home Loans or Ultimately Home or link us on Facebook

Removing irrelevant comments

 

Hi All, I just wanted to let you know that if you post comments that are not related to the mortgage industry, they will be deleated.  I love feedback and different opions but it is not helpful to me our my readers to post things that are not relevent. 

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com

Interest Rates through 2042

What is in the future for mortgage rates? This could give us a clue. What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatelyhome.blogspot.com or www.getutahhomeloans.com

FHA Flipping Rule Extended

Good news for FHA lending the flipping rule waiver has been extended and more What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatetlyhome.blogspot.com or www.getutahhomeloans.com

2012 what lays ahead?

What is in store foe 2012 check this article out What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatetlyhome.com or www.getutahhomeloans.com

Home ownership in Utah

Utah home ownership among highest in the country What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatelyhome.blogspot.com or www.getutahhomeloans.com

Fannie Mae (FNMA) just announced the guidelines for the New HARP Program. Freddie Mac (FHLMC) also announced their guidelines for this program.  The Harp Program is designed to help property owners who are underwater.  Have questions give me a call or email me?


What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatelyhome.blogspot.com
or www.getutahhomeloans.com

Go figure...Law Makers increases loan limits for FHA but not FNMA or FHLMC

In mortgage business nothing is simple any more. Law Makers give approval for increase in loan limits for FHA but not FNMA or FHLMC. What do you think the reasoning behind this decision was?


What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.ultimatelyhome.blogspot.com or www.getutahhomeloans.com

Utility Cost Could Become a factor in Qualifying for a Mortgage

Could the cost of utilities become a factor in qualifing for your mortgage?  How do you think this will inpact qualifying borrowers?

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: http://www.ultimatelyhome.blogspot.com/ or http://www.getutahhomeloans.com/

GSE Loan Limits Restored?

Could the GSE Loan Limits be restored?


What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: http://www.ultimatelyhome.blogspot.com/ or http://www.getutahhomes.com/

New VA Bulletin 26-11-17 Announcing Future VA Funding Fees

VA Bulletin in regards to Future VA Funding Fees looks like the lower VA Funding Fee will not happen.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: https://www.getutahhomeloans.com/ or https://ultimatelyhome.blogspot.com/

VA Loans, VA Funding Fee,  VA IRRRL

I Am Back, Harp Program Changes

I have been asked over the last year to come back and keep blogging. It is a lot of work and I wasn't sure I was really helping anyone. A recent conversation with a realtor made me believe this information is helpful. So for my realtor friends the biggest news this week is the new HARP changes, here is everything you need to know

http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

You may have to copy and paste the link to your browser.

What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 25 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com, www.dutips.blogspot.com, www.ultimatelyhome.blogspot.com and www.getutahhomeloans.com