3 BIG Things You Need to Know! – July 10th, 2020

Hey it’s Bruce Woodburn with CrossCountry Mortgage and WDBO Radio 107.3FM and 580AM. I hope you are listening to me on Saturdays from noon to one, a lot of great information going on in the real estate arena and the mortgage arena. I want to talk a little bit about the three BIG things you need to know.

BUT FIRST…This Saturday, I’m going to be giving it away an Alexa Dot. Listen to 107.3FM or 580AM from 12pm-1pm on Saturday and you’ll get the information on how to register to win!

  1. All right, three big things you need to know if you are a real estate agent or you are a client thinking about buying or refinancing. So, first thing is PPP money, a lot of folks have recently received PPP money. This money was designed to offset your expenses for payroll, you cannot use PPP money to purchase a home. Period. It’s against all guidelines for conventional FHA and VA. Now, if you receive PPP money it doesn’t mean you can’t buy a house, it just means that you can’t use that money. So, if you have questions about that you can call me, I’ll help guide you in the right direction if you’ve already received that money.
  2. Second thing, super important. If you have been in forbearance on a current mortgage, and now you want to buy a new home, or you want to refinance the one you have, there are different guidelines and rules depending on what type of mortgage you’re seeking to obtain. So, if you’re seeking to obtain a conventional loan and you forbear another loan, as long as you’re current right now, you’re fine. But if you’re seeking an FHA loan, which is probably about 40% of the market, you are one year out from getting a new loan. That’s right! One year. So, if you went into forbearance, you just knocked yourself out for 12 months, and that guideline has not been amended or dealt with by HUD as of yet so that is super important. Don’t go in forbearance if you need an FHA loan, because you’re out of the market for 12 months and you have to be completely current on your mortgage.
  3. Alright, let’s talk about people that were furloughed from work. A lot of folks are really concerned about being furloughed. If you were furloughed and you’re back to work, working the same amount of hours, you’re good to go. You don’t have to worry about it! But, if you’ve been reduced to 80%, which a lot of folks are, you’re going to have to qualify at that lower amount.

Those are your three BIG things you need to know.

Don’t forget to listen Saturday, I’m giving away an Alexa Dot! I look forward to hearing from you!

Thanks again. Have a great day.

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