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Mortgage and Lending - Blue Ridge Bank Mortgage - NMLS # 78989
The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.

ARCHIVED BLOG POSTS

2014 

And the seller pays off the buyer's debt!!! This VA purchase closing had 2 characteristics of a VA loan that most did not know: Accessing a Veteran's 2nd Tier VA Entitlement and the seller paying off debt for the Veteran through sales concessions for the buyer. Our buyer that is a Veteran has an ...
10/21/2014
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Did you know that a retired borrower can use a new distribution of income from a retirement account as qualifying income for a mortgage loan as long as the income from the asset should continue for at least 3 years? Even if the borrower has not been receiving the distribution from an asset accoun...
10/20/2014
Keep in mind that there is not just one or two rates for all scenarios so when someone asks “what’s your 30 year fixed rate?”, there is no all-encompassing rate. Here are some of the criteria for quoting rates that we need to review for an accurate quote on program, rate, terms, etc: 1. Loan Size...
10/17/2014
As I always say, nowadays everyone is a number so you might as well have a high one! Tips for getting that elusive perfect credit score: If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their credit looks ...
10/14/2014
Jumbo mortgage loans over recent years have been more conservative but we have some low down payment solutions for today’s luxury home buyer. The improvement in the US economy has really helped increase the number of sales of the higher priced luxury homes. For single family primary residences (1...
10/13/2014
If you are not able to use a VA or USDA for 100% financing and have none or one credit score, we may be able to give you an approval for the popular FHA loan. An important thing to keep in mind is that these scenarios and programs are not allowing approvals with no scores or only one score along ...
10/10/2014
We just recently closed a VA loan for a Veteran that had no credit scores or trade lines reporting on the credit report. Even though the Veteran had no credit history with the credit bureaus, he was able to provide the last 12 months of cancelled checks for rent and 3 other credit reference that ...
10/10/2014
We just recently closed a USDA loan for a buyer that only had one credit trade line reporting on the credit report. The buyer had 3 credit scores with a middle of over 660 and no bad credit. We were able to receive an automated pre-approval through USDA's system called GUS and we have investors t...
10/10/2014
Many self-employed borrowers today are faced with the dreaded phrases when talking to their mortgage lender, “Your debt ratio is too high” or “You don’t report enough income on your tax returns”. It is true that if a borrower reports no income or reports losses on the tax return as self-employed,...
10/07/2014
When you are considering an application for a mortgage loan, calculating income is not as simple as asking for your salary. So make sure you have the following documents together at application to help us calculate your income accurately up-front: Last 2 years of federal personal tax returns with...
10/01/2014
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Russell Smith

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The goal of my blog is to give you real world mortgage solutions to actual mortgage scenarios I see everyday.