30 Mar 2018

Gift Money: Everything You Need to Know

Gift Money: Everything You Need to Know

We get this question more often than most… “ Can my family member help me with my closing costs or down payment?” The answer is yes, but if you are getting gift money to help finance your new home there are a few things you need to remember…

The “Donor” of the gift must be a family member, fiancé or domestic partner. They must prove they have the ability to provide you with the gift by providing a copy of their bank statement, a copy of the canceled gift check and/or a signed letter from their bank saying the funds are available.

The “Gift Letter” is a form we will provide. The donor will need to complete it with basic information and a signed statement that the funds are a gift with no expectation of repayment.

The “Transfer” must be documented carefully. Make a copy of the gift check and deposit slip or of confirmation of the wire transfer. Deposit the gift in the account you’re already using for verification of funds to close. DO NOT combine this deposit with any other incidental deposits. Provide either an online update or the next account statement to show that the deposit cleared into the account.

Some programs allow for the entire down payment to be in the form of a gift. Others may require that you have at least 5% of the purchase price from your own funds. As these rules can vary or change at any time, never hesitate to consult with us for the specifics as they relate to your transaction.

While the documentation requirements may seem excessive at times, please remember that the underwriters are simply following the rules to assure that your down payment is not borrowed and that any allowable gift funds are coming from acceptable sources.

And remember, if you have any questions about the mortgage process, just ask me!

26 Feb 2018

Can You Close a Home With No A/C Unit?

Can You Close a Home With No A/C Unit?


The answer is … no,  and this can be a major problem for you and your business. House has had the A/C unit/ pool pump/ water heater stolen or broken and the lender will not close the loan until the equipment is fixed.

Seller or buyer agrees to pay for the repair but will not do so until closing.

This is understandable because the seller does not want to waste money and the buyer does not want to improve a property that he doesn’t own yet.

We have a solution that will allow the property to close, loan to fund, and the repairs to be done within 10 days of funding. We require that you get 2 estimates from licensed contractors. We will stipulate that 1.5 times the amount of the highest bid be put into escrow at closing. Example: highest bid is a $1,000. We will require 1.5 times ($1,500) held in escrow.

Schedule the work to be done shortly after closing. Once work is completed we send out an appraiser for final inspection and then release the funds to the contractor. This program is for minor repairs like the A/C unit, water heater, pool pump etc. It is not to be used on a new roof, kitchen/bath remodel etc. It is not a renovation loan.

Hopefully this information helps you in with you’re A/C Closing questions.

15 Mar 2017

Tax Liens vs Back Taxes

Tax Liens vs Back Taxes

“I have a tax lien/back taxes. Can I get an FHA mortgage?”

I get this question often and wanted to share with you the difference between the two and how they are treated in regards to an FHA mortgage.

Tax Liens: IRS has been trying to collect their money for a long time. A lien now shows up on their credit. They need to have a payment plan in place. There must be at least 3 monthly payments made and those payments can’t be prepaid. Payment plans will need to be included into the Debt to Income Ratio. The tax lien will subordinate automatically to the FHA mortgage.

Back taxes: This is normally tied to a more current tax year. They will need an established payment plan from the IRS. There is no established time frame required for payments so we only need the payment plan from the IRS. Monthly payment must be included in the Debt to Income Ratio.

Hopefully this helps you in your business, or Home Search.

27 Feb 2017

Selling & Buying a House on the Same Day

Selling & Buying a House on the Same Day

I got this question a few times this week so I wanted to share this with you. Your potential seller can sell their house and buy another on the same day if financing is involved.

We would underwrite the entire file of the home being purchased as if the house has already been sold. We will have the file Clear to Close even with the house still not being sold. Closing package would be sent out and worked on. The fully executed Closing Disclosure for the sale would be all that was needed to fund the loan.

Sell their house in the morning, and close on their new one in the afternoon. It’s a beautiful thing!

Let me know if I can be of any help to you or your buyers.

P.S. Using the same title company for both transactions will make it easier on everyone.

02 Jan 2017

What Year Tax Returns and W-2’s Does My Borrower Need to Provide?

What Year Tax Returns and W-2’s Does My Borrower Need to Provide?

We are now in 2017 and some of our borrowers are confused on which W-2 and tax returns we need.

As long as the loan application date is before 1/31/17 AND the loan closes prior to 4/17/2017 we will need the following:

  • 2014 and 2015 W-2 and tax returns

Application date between 2/1/17 – 4/17/17 & the loan closes prior to 4/17/2017 we need the following:

  • 2016 return filed- 2015 & 2016 W-2 & tax returns
  • 2016 NOT filed – 2014 & 2015 tax returns along with 2014,2015 & 2016 W-2

After 4/17/2017 we will need 2016 and 2015 tax information OR the proof of extension filed.

As always, please call me with any questions or concerns. This is just some information to help your business.


04 Nov 2015

Who Do You Trust With the Biggest Investment of Your Life?

Who Do You Trust With the Biggest Investment of Your Life?

The real estate and financial markets have been in constant turmoil. Almost 70% of Mortgage Broker Business and Wholesale Lenders are out of business but Tim Hart and Vandyk Mortgage is still standing.

There is a big reason that we have made it through the largest financial crisis of our lifetime.

Plain and Simple We Take Care of Our Borrowers and Will Do the Same for You!

Who Is Tim Hart?

The Tim Hart team opened in 2004 and is committed to providing our clients with the highest quality financial services as a direct Florida mortgage lender for FHA, VA, USDA Rural Development and Conventional loans combined with the lowest Florida mortgage rates available.

Please read the testimonials on Tim Hart’s past clients by Clicking Here!

04 Nov 2015

First Time Home Buyers

First Time Home Buyers

What a Great Time to be a First Time Home Buyer in Florida!

Buy Your New Home Today for Cheaper Than You Can Rent!

The Life of a First Time Homebuyer

The stars have aligned for the first time home buyers in Florida and Tim Hart is more than happy to walk you through the entire loan process. Being a part of you buying your first home and knowing that we did everything possible to make it go as smooth as possible is one of our  true joys. We know it sounds clichéd but it is the truth!

Why Buy a Home Today?

If you are a first time home buyer please think of everything that you have available to you to purchase your new home instead of renting.

  • 100% Financing: You can still buy a home in Florida with Zero Down by using a program called USDA Rural Development or USDA Home Loans. Click Here for more information on this No Money Down Loan.
  • FHA Mortgage: An FHA Home Loan has a low 30 year fixed rate and allows you to use a gift from a family member for your 3.5% down payment. Click Here for more information on our Florida FHA Mortgage.
  • Rent vs. Own: Use our Free Mortgage Calculator to compare your new mortgage payment to the amount of rent you pay now. If your new mortgage payment it will only make sense to purchase your new home. Stop throwing your money out the window and click here to use our Free Florida Mortgage Calculator!
04 Nov 2015

Debt Consolidation

Debt Consolidation

How Much Money Would You Save With a Debt Consolidation Loan?

Imagine the Feeling of Paying Off Your Credit Card Debt!

With mortgage rates at an all time low it is now time to examine your current mortgage and financial situation.

Ask Yourself the Following Questions:

  • Do you have equity in your current home?
  • Do you have too much credit card debt?
  • Is your interest rate high?
  • Do you want to lower your total monthly payment?

If your answer is “YES” to any of those questions you should use our apply for a refinance for FREE today.

You Can Have an Answer Back Within 24 Hours!

Apply Today by Clicking Here!

We have created a tutorial for our Borrowers called Florida Mortgage University. The home buyer tips are Free and you can check them out by clicking here: Florida Mortgage University
Do you have questions or concerns?

Please call us at and speak with Tim Hart today or use our Ask an Expert and we will get back with you as soon as we can.

Make it a great day!

04 Nov 2015

Work With a Good Realtor

Work With a Good Realtor

Realtors are FREE so Take Advantage of it!

Using a Realtor is to Your Advantage!This is a very important step in insuring a smooth transaction in the purchase of your new Florida home.A big mistake that new buyers will make is to drive around and call real estate signs, talking to about ten different agents, hoping to find their piece of the Florida Real Estate.A Realtor does not cost a buyer anything to hire since they are paid for out of the seller proceeds.You can use one of our recommended Florida Realtors or we can work with the one you choose.Interview Your Realtor Before You Hire Them.Before you make your Realtor choice there are some questions that you should ask before you make your choice.Is your Realtor full time?How long have they been a Realtor?Can they provide you with testimonials?Do they have a team and/or a personal assistant?How will they keep in contact with you?Choose Your Realtor WiselyThese are just a few questions that you can ask but make sure you don’t pick a Realtor just because your Mom’s cousin, neighbors daughter just became a Realtor.Pick an experienced and knowledgeable Realtor to help you in your home purchase, you won’t regret it!

04 Nov 2015

Shop For Home Owners Insurance

Shop For Home Owners Insurance

Florida Homeowners Insurance can be cheap!

Shop for insurance to get the best price!
One major piece to your mortgage puzzle is finding the best homeowners insurance for your new home. The price can vary significantly from company to company so that is why we offer you at least three recommendations for your insurance. You are able to work with whoever you choose and we do not care who you use as long as you have it ready.