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Rates are up today. Today’s rates with no lender fees are 3.5% APR on a 30 year, 2.875% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

Let’s talk a little bit about what type of income is NOT acceptable to use in your mortgage transaction.
Check it out in today’s video:

1. Rent money – You can not use rent from a friend or family member that is going to live with you to help qualify for a mortgage. Not even with a lease.
2. Obviously, anything cash. If you have a cash job you can not use any of that money for qualifying purposes or as money for downpayment.
3. Second job income – This is a big one for some of you. You can NOT use second job income to qualify UNLESS you have a two year history of having a second job. This is to prevent people from obtaining a second job just to qualify.
4. Unreimbursed expenses – These deductions are deducted from your income. Make sure you let your loan officer know if you have unreimbursed expenses related to your job. It makes a big difference.
I know you know what day it is. It’s Friday… Follow Friday. Check out these three crazy twitter fanatics and show them some twitter love.
Linda Willis – North Myrtle Beach Realtor/Owner of SC Beach Real Estate
Gene Marks – Runs a 10-person CRM consulting firm and writes weekly for the NY Times, Forbes, Inc.com, Huff Post and Phila Magazine
RealEstateNerd – Nerd info for the Real Estate Community
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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