First Time Home Buyers should use a Mortgage Planning Expert

by Dan Havey on August 23, 2011

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Part 8
Credit scores now are a major factor with interest rates.

You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, it’s not true.

You are never going to qualify for that rate today.

They are going to lie to you once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees but credit scores have to be significantly than they used to but again I have to tell you and whether you disagree I respect your opinion in a 70% no doc loan with someone who has a 720 or a 725 I believe is a good loan.

I personally believe that at some point and it will at some point brought back.

I am not arguing with that again with a good FICO score and even a 20% down with a stated income loan.

Because people are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan now.

They can’t qualify based upon their income In a lot of cases yes but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off now that does not mean that they will not qualify for, they have been told now that they have to go stated income because of my tax returns but most people, the small business owner the consumer doesn’t know how to analyze his taxes, whether or not he is going to qualify for financing that’s not his area.

The reality of it is most CPAs don’t even know how to analyze taxes to extrapolate enough income back to onto the line where we can use it as income so just because a person is self employed does not mean that they can’t qualify for financing and honestly nothing could be further from the truth.

Plenty of people self employed, small business owners well qualified using their tax returns.

I think that anyone right now who doesn’t own a home should be giving you a call getting pre- qualified.

If nothing else give you a call and see what you can do, so you say, “I wrote off a bunch of stuff last year and I am not going to be able to buy a house” well maybe you can.

But get in there, have a professional, have someone who knows what to do, has been in the business for 15 years, have them take a look at it and decide whether or not you can really get that loan.

And it is one of the things with my mortgage education; I am a certified mortgage planner.

I am a certified mortgage analyst and a certified mortgage planning specialist.

The significant part of that training and those certificates is in analyzing complex tax returns and we analyze complicated tax returns for professional athletes, for professional musicians, all the time.

There is income always it is just a matter of knowing how to get all of it out there.

So I think we have kind of hit that.

So yes if you do not own a home today and you have been told no, you need to find out if the person who told you know is qualified to tell you no #1 and #2 less than 15% of the lenders in Arizona are qualified to do FHA loans, those are the ones we are talking about, $100 down to buy a house, less than 3.5% down to buy a house with the best interest rates that we have in my career, it’s crazy not to look at your options.

And definitely if somebody does, if a lender does tell you no, it would be like going to a doctor and he says you have to have your arm amputated because you have a pimple on it I think you are going to go get a second opinion maybe even a third.

TO make sure you don’t have to have it cut off.

And that is exactly it here, if you go to a lender and he says, “Well you are going to have to put down 20%” you know he is not an FHA lender.

So run out of there and call Michael at Velocity Financial and get yourself pre qualified.

For more information, because we are going to be leaving the air in just a couple of minutes but we want to talk real quick.

Dan Havey, you have a great website, it’s called discountdreamhome.com and why don’t you talk real quick about that.

It’s real simple, if you are looking to buy a foreclosed home and as we discussed earlier they are in many times the best homes to buy right now they are vacant they obviously have a highly motivated seller, you do not have to deal with all the troubles you would have to deal with from a regular or as we refer to it an organic seller because a lot of these people again they are upside down, and any one who has ever dealt with a short sale, I have some very dear friends who do short sales, and god love them because it is a job that is the toughest job in the world for them to be able to help out these sellers who are distressed and need to get rid of their property but if you are a first time home buyer and you do not want to go through all that hassle you want ot go find yourself a foreclosed property and that is what discountdreamhome.com is all about.

You can go there, there is a big icon right in the middle of the screen, it says free 7 day trial just click on that and you are going to have access to thousands probably tens of thousands of properties in your area that are foreclosed homes, owned by banks, just tens of thousands available for you to choose from.

You go in there you find the one you want, like I said it is a 7 day free trial you go there you find the ones you want and then when you find it you call your favorite real-estate agent and you go “hey get me in to see this house”.

We talked earlier in the segment about making sure that you absolutely get pre-approved.

Here is what I can tell you, you can come into my office to sit down and meet with me.

If you come prepared we will put together a case and we will do our absolute best to get an actual approval to you while you are still in the office.

So we can take all of the guess work out of it for you not all cases work like that but in most cases right now you would be surprised at some of the financing we have been able to secure for people, just out of high school, just out of college, one a guy moving here from Colorado doesn’t even have a job yet he is going to move in on April 5th, one day on the job and own a house.

That is something g that most companies out there can’t do and that guy is spending $450,000 on a house and only putting 5% down.

SO the financing is absolutely available, buying a house, never been a better time.

Never been easier, you are never going to get a seller to help you more than they will today.

Thanks for listening to the show and for more information on Dan Havey or myself call (480) Velocity.
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