First time Investors Loan Program...

10% down payment.

-The rent is used to offset the payment.

-Rent is counted for first time investors.

-1-4 units.  

 

This is the perfect product for those wanting to get into real estate investments. 

I have a lender that can do this!

Alimony or family support. New loan qualifying program...

Line 31a of the 1040 tax return is where alimony/family support is listed. Waukesha State Bank will allow the amount listed there to be deducted from income as opposed to treated as a debt.

Why is it important? Calculating income in this fashion can be the difference between a $117,000 or loan vs a $300,000 loan. Realistic assumptions are below.

• Example:  $100,000 / year income, and pays 25% family support, auto loan of $300/month, $150 credit card bill and the property taxes are $4,800 per year. Using conventional guidelines the borrower qualifies for a $117,000 loan.

• Using me as your Loan Officer, and deducting the family support/ alimony from income allows a loan amount just over $300,000.

From the fanniemae underwriting manual:

Alimony/Child Support/Separate Maintenance Payments

When the borrower is required to pay alimony, child support, or maintenance payments the payments must beconsidered as part of the borrower’s recurring monthly debt obligations.

Charlie Johnson

Waukesha State Bank

cmjohnson@WaukeshaBank.com

Apply here

262-853-6256 cell

262-953-2375 desk          

NMLS ID 284244   

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Are you a Veteran Looking to Buy a HOME?

NO DOWNPAYMENT with VA Mortgage Loans

United States’ veterans have access to the Veterans Home Loan Program which offers guaranteed home loans to all eligible service members. While you may be aware of this benefit, are you clear on how to qualify for the program?

In Guaranteed Rate’s continued effort to offer easy-to-understand mortgage information, we present details on how to qualify for a VA home loan.

Eligibility

All circumstances require eligible veterans to be honorably discharged.

Wartime

• Service of 90 days or more; or
• Service of 90 days or less with an honorable discharged due to a service-related disability.

Peacetime

• Service of 181 days or more; or
• Service of 181 days or less with an honorable discharged due to a service-related disability.

Reservist or National Guard

Service of at least 6 years. While this is a lending guideline, the VA can be flexible and you should speak with your seasoned VA mortgage professional about your options.

Spousal Benefits

The spouse of a deceased service member is eligible for the VA benefit provided the spouse has not remarried. Additionally, the deceased service member must have passed while in the line of duty.

Children of deceased veterans are not eligible for VA mortgage loan benefits.

Credit

While the VA has no credit requirement, lenders typically require a minimum of a 620 credit score. While VA is a benefits program that allows for some lending flexibility, you must show adequate income.

Want to know more? Contact me at lisabear@remax.net or call 262-893-5555

11 Things to Know About VA Loans and Housing Programs

11 Things to Know About VA Loans and Housing Programs

As part of its mission to serve the nation’s vets, the U.S. Department of Veterans Affairs provides several housing benefits to service members and their families, including assistance with home loans. If you or someone close to you has a military affiliation, it’s a good idea to know about the resources available. Here’s an overview.

1. Who's eligible: Current service members, veterans and eligible surviving spouses of members of the armed forces can take advantage of VA home loan guaranty benefits and other housing programs.

2. The VA's role in the mortgage process: Unlike what you may assume from the name, VA loans are provided by private lenders such as banks and mortgage companies, not the VA. The VA guarantees a portion of the loan, which allows private lenders to offer better terms to borrowers.

3. The advantages of VA loans: They often include no down payment, no required mortgage insurance, a limit on the amount vets can be charged for closing costs and possible assistance from the VA if the homebuyer has trouble making payments.

4. How VA loans can be used: The loans are just for primary residences. You can’t get a VA loan for a vacation home or an income property.

5. How many times vets use VA loans: Vets may be able to use their VA entitlement more than once, but the original loan must be paid off and the amount of the benefit may be reduced. As you may expect, each case is unique.

6. There are no prepayment penalties: Buyers through the program can’t be punished for paying off their loans early, which can happen with other mortgages.

7. Home equity loans are an option: The VA also offers Cash Out Refinance Loans for vets that allow homeowners to take money out of their home equity to pay for things like school and home improvements.

8. There are special provisions for Native Americans: Native American veterans may be eligible for additional home-financing help. The Native American Direct Loan Program can further reduce the interest rate on a VA loan, or can help pay for the purchase, construction or improvement of homes on Federal Trust Land.

9. There are additional resources for disabled vets: The VA also helps disabled vets buy, build or adapt a home to make it more accessible.

10. States sometimes offer additional benefits: Some states provide additional home-financing resources to eligible veterans, such as reduced property taxes. You can find out more here:http://www.va.gov/statedva.htm.

11. Refinancing is an option: The VA can also help eligible veterans who need to refinance their VA loan through an Interest Rate Reduction Refinance Loan (IRRRL).

For more information about the resources available through the U.S. Department of Veterans Affairs, visit their website at http://www.benefits.va.gov/homeloans/.

An experienced Realtor can help veterans and their families navigate through the VA loan process.Find a RE/MAX agent near you.