Brett Sampson's (bsampson) Blog

If you buy a house with cash, and suddenly need your cash back – can you get a cash out loan right away? Yes! Before 2011 you couldn’t. …you had to wait 6 months after purchase, but now you can. Both Fannie Mae and Freddie Mac have a program that will allow all cash homebuyers to refinance and t...

I ran into an issue with this topic on a loan from last week, and wanted to touch on it with you… If you are trying to purchase a house with an FHA loan – and you are using part time job income, be aware of this… FHA will want to see that you have a two year stream of this part time income befor...

I was going through some marketing letters I have written for Realtors the other day. I found this letter. It’s the introduction letter in a series of three letters I use to market to Realtors. I want to share it with you in this post because I feel it explains what not only Realtors, but everyo...

I get this question alot: “If you pull my credit will it hurt my credit score?” The answer is not necessarily. When you get an inquiry on your credit it’s usually due to you applying for one of these 4 types of credit… 1) A credit check for a mortgage loan. 2) A credit check for an auto loan. 3)...

FHA is about to revert back to a minimum 90 day wait to finance a “flipped” house with an FHA loan. FHA had waived this rule during the housing crisis in an attempt to boost home sales. For a while now there has been no minimum waiting period for an investor to purchase a home, fix it up, and th...

A product of the Frank Dodd act was the creation of the Qualified Mortgage. Any bank or mortgage company that makes a mortgage loan has to make sure that it fits into the “Qualified Mortgage” rules. …and there are a lot of rules! Trust me. However, the laws of nature apply to the mortgage world t...

I wanted to give you something to watch out for when you are purchasing a house. I have a borrower that recently ran into a complication, and I wanted to tell you about it here – so you can learn from his experience. My borrower got a home inspection for the home he was purchasing. …This is a sm...

If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There are just a few main guidelines that FHA ...

Here’s an interesting credit note I saw in National Mortgage News…   The government-sponsored enterprises, facing pressure to end their reliance on old credit-scoring models from Fair Isaac Corp., are working with their regulator to study newer alternatives. Fannie Mae and Freddie Mac confirmed ...

A few of quick notes on Texas Cash Out loans… 1) We can do Texas Cash Out loans down to credit scores of 620.2) We can do up to 10 acres for urban areas.3) We can do up to 20 acres for rural properties.4) 1 day off the market with a 70% LTV for properties that have been listed.5) Payment of curr...