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Ask The Expert

Were You Aware Of These Mortgage Updates?

By Wanda Norgeuidelines are constantly being revised in the world of mortgages. Below are items that have been modified recently that could help with your ability to qualify for a new home — especially if you are looking to buy and have been told it is not possible. Or perhaps you need to refinance and need flexibility due to a recent job, credit or debt situation.

As a mortgage broker, we have access to niche loans that some companies cannot offer or may not know about.

Are You Self Employed and Write Off Your Income onTax Returns?

There are options available for this situation that could help you qualify for a new home purchase or to get cash out of your home with a refinance.

• 1 year of self-employed income is acceptable

• Qualify using your bank statement deposits

• Qualify using your asset accounts

• Qualify using equity in other real estate that you own

• Switching from W2 to Self Employed or vice versa is possible

Doctor, Lawyer , Dentist or Professional With Guaranteed Start Date

Future income is permitted with a documented contract that reflects an effective date within six months of the loan note or closing date. Certain “doctor” loans may exclude student loan payments from being counted in the debts as well.

Alimony or Child Support Received Less Than 6 Months?

I have a specialty loan where you can qualify with one month documentation of receipt of this income with copy of the divorce decree, separation agreement or court order. Another option is available with three months receipt of income or wait for the six months to use a conventional loan. This income must continue for a period of three years past the funding date of the new loan.

Other Income:

• Tip Income –  if received for two years

• Commission or Overtime Income - can possibly be used with one year history (instead of the two years typically needed with the same job)

• Rental Income – may be used to qualify – possibly with no history of being a landlord

Turned Down By Lender #1? -Transferred Appraisals

If your loan was turned down for some reason, we can accept compliant transferred appraisals. That could save you the cost of doing a second appraisal.

Cash Out Refinances

Use the equity in your home to pay off credit cards, student loans or get your divorce buyout completed.

Delayed Financing – buy a property with cash from your retirement account or other funds you have and get a loan after the purchase to pay yourself back!

Contact me to discuss your specific situation!

Wanda Norge, Mortgage Consultant,  Certified Divorce Lending Professional (CDLP), and member of the National Association of Divorce Professionals (NADP).  Equilane Lending, LLC (NMLS: 387869), 15 years experience. Phone: 303-419-6568, loans@wandanorge.com, www.wandanorge.com. NMLS:280102, MB:100018754

What To Do Before 30 If You Want To Build Wealth

By Victoria Thompson

Some key financial steps that you could take.

Your twenties are the perfect time to save and invest. Do it now, and you will have a great ally – time – on your side. Think about doing the following things if you’re not doing them already.

Put money into a retirement plan. Save and invest through a 401(k), a 403(b), a Roth or traditional Individual Retirement Account, a myRA – whatever is available to you; any tax-advantaged retirement account is better than none. If your employer doesn’t offer one, start an IRA or myRA on your own.

Consider an investment in equities. The market goes up and down, but equities offer you the potential for double-digit yearly returns. From 1951-2016, the average yearly price return of the S&P 500 was 7.4 percent, and roughly every fifth year saw a gain of 23.5 percent or more. Please remember, investing in equities involves risk, including the complete loss of principal.*

Whittle away at your debts. The less money you owe each month, the more you potentially have to save or invest. You can “pay yourself first” with it, rather than paying those you owe first and yourself second.

Live below your means. Living large and buying expensive “stuff” that depreciates can leave you drowning in debt. Spending sensibly can help you grow your emergency fund, and, by extension, your net worth.

*Qualified accounts such as 401ks and Traditional IRAs are accounts funded with tax deductible contributions in which any earnings are tax deferred until withdrawn, usually after retirement age. Unless certain criteria are met, IRS penalties and income taxes may apply on any withdrawals taken prior to age 59-1/2 RMDs (required minimum distributions) must generally be taken by the account holder within the year after turning 70-1/2. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59-1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10 percent IRS penalty tax.

The S&P 500 is an unmanaged index and cannot be invested into directly. Past performance is no guarantee of future results.

Victoria Thompson is a partner at Resolute Family Wealth Advisors. She can be reached at 720-464-5697, victoria.thompson@lpl.com.