Good Morning!
We offer many unique niche loan products.
Some of these may be a fit for you...
· Jumbo loans to $1.5 Million.
· Interest only available up to $900k.
· One day off MLS ok for refinance.
· Pay off debts to qualify is allowed.
· Use of gift funds allowed for purchase or refi transactions.
· No mortgage insurance required up to 90% LTV.
I hope you have a good day today.
Thanks for reading!
Brett
Tuesday, December 29, 2009
Monday, December 28, 2009
What To Do If You're Having Trouble With Your Property Taxes...
Good Morning!
I hope you had a great Christmas!
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
I hope you had a great Christmas!
This time of year property taxes are due on your property.
There are two issues I see every year with regard to property taxes. ...Issues that put people in tough spots.
1) Some people just don't have the money saved up to pay their property taxes. ...They might have had the money, but had to use it on an emergency. ...or any number of other things.
2) Some people that have an escrow account on their mortgage - but their mortgage company didn't collect properly. This often results in an arrearage... Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations - there's usually an easy fix for it. ...Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. ...Not only that, but usually at a lower rate and payment than they have now.
Please let me know if you have more questions about how this refinance works.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Tuesday, December 22, 2009
The Other 100% Program...
Good Morning!
There's a 100% loan program available to you that just doesn't get much publicity.
It's called USDA, and here are some unique features of the USDA loan program...
· 100% financing.
· No monthly mortgage insurance.
· Gifts for down payment are allowed (if you want to put money down).
· No limit on seller help with closing costs.
· You can purchase a Manufactured Home with USDA!
Here are some links that you will find helpful to learn more about this great program...
· Property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
· Income eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
There's a 100% loan program available to you that just doesn't get much publicity.
It's called USDA, and here are some unique features of the USDA loan program...
· 100% financing.
· No monthly mortgage insurance.
· Gifts for down payment are allowed (if you want to put money down).
· No limit on seller help with closing costs.
· You can purchase a Manufactured Home with USDA!
Here are some links that you will find helpful to learn more about this great program...
· Property eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
· Income eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Here Are Ways To Get Cash Out Of Your Home...
Hey There,
I want you to know the different ways to get cash out of your home. We have some complicated cash out laws in the State of Texas. So, here's what you need to know...
There are three ways to get cash out of your home:
1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)
When most people get cash out of their homes they use the Traditional Home Equity loan. ...The benefits? Low rates. 30, 20, 15 yr fixed terms.
In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law). The only way you can get that other 20% cash - is to sell your home. The laws on this loan also don't allow for the closing costs to exceed 3% of the loan amount.
...this is the reason lenders don't want to do a low loan amount cash out loans in Texas. ...they can't make money on them. You need to have a 620 with most lenders to get a Texas cash out loan.
A HELOC is a line of credit you get on your home. If you get a 20K HELOC - you don't have to take 20k at closing. You can take it when you want it. Most HELOC's are interest only ARMS. You need very good credit to get a HELOC.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
I want you to know the different ways to get cash out of your home. We have some complicated cash out laws in the State of Texas. So, here's what you need to know...
There are three ways to get cash out of your home:
1) Sell it.
2) Traditional Home Equity loan.
3) HELOC (Home Equity Line of Credit)
When most people get cash out of their homes they use the Traditional Home Equity loan. ...The benefits? Low rates. 30, 20, 15 yr fixed terms.
In Texas we can only get to get up to 80% of the appraised value of our homes (Texas law). The only way you can get that other 20% cash - is to sell your home. The laws on this loan also don't allow for the closing costs to exceed 3% of the loan amount.
...this is the reason lenders don't want to do a low loan amount cash out loans in Texas. ...they can't make money on them. You need to have a 620 with most lenders to get a Texas cash out loan.
A HELOC is a line of credit you get on your home. If you get a 20K HELOC - you don't have to take 20k at closing. You can take it when you want it. Most HELOC's are interest only ARMS. You need very good credit to get a HELOC.
I hope you have a good day today, and a good weekend. Thanks for reading!
Brett
Tuesday, December 15, 2009
The One Loan Where Your Credit Score Doesn't Matter...
Good Morning!
Do you have a low credit score - and think your chances of getting a loan are zero?
...There is still one loan available where your credit score doesn't matter.
It's an FHA streamlined refinance!
...If you have an FHA loan, and you would like a lower payment or interest rate - you can refinance even if your credit score is poor.
That's not all... You don't need to provide income or asset data on a streamlined refinance either!
...so, if you're in this situation - don't fret because you may still have a loan option available to you.
I hope you have a good day today. Thanks for reading!
Brett
Do you have a low credit score - and think your chances of getting a loan are zero?
...There is still one loan available where your credit score doesn't matter.
It's an FHA streamlined refinance!
...If you have an FHA loan, and you would like a lower payment or interest rate - you can refinance even if your credit score is poor.
That's not all... You don't need to provide income or asset data on a streamlined refinance either!
...so, if you're in this situation - don't fret because you may still have a loan option available to you.
I hope you have a good day today. Thanks for reading!
Brett
Monday, December 14, 2009
Look What Xerox Is Doing For FREE...
Good Morning!
One of my clients sent me this, and I wanted to pass it on to you...
Xerox has a program that allows you to pick out a Thank You Card to send to a soldier serving overseas.
You pick the card.
They will print it and send it to a random soldier in Iraq - for FREE.
I would encourage you to send one yourselves, and to pass this on to your friends.
Here's the link for the web site...
www.LetsSayThanks.com
I hope you have a good day today. Thanks for reading!
Brett
One of my clients sent me this, and I wanted to pass it on to you...
Xerox has a program that allows you to pick out a Thank You Card to send to a soldier serving overseas.
You pick the card.
They will print it and send it to a random soldier in Iraq - for FREE.
I would encourage you to send one yourselves, and to pass this on to your friends.
Here's the link for the web site...
www.LetsSayThanks.com
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, December 9, 2009
Here Are Some Recent Changes To Credit Scoring You Should Be Aware Of...
Hey there!
The credit bureaus (Trans Union, Experian, and Equifax) are continuing to tweak their scoring models.
Here are some recent changes that you should be aware of...
1) Regular installment loans, even student loans, that used to have low value in the weight of scoring factors now have more weight, especially when there is no revolving credit available.
.
2) Scoring algorithms have also been adjusted to slow down the effect of paying off or paying down debts so that it takes longer to see a significant increase in scores after payments have been made.
I hope you have a good day today. Thanks for reading!
Brett
The credit bureaus (Trans Union, Experian, and Equifax) are continuing to tweak their scoring models.
Here are some recent changes that you should be aware of...
1) Regular installment loans, even student loans, that used to have low value in the weight of scoring factors now have more weight, especially when there is no revolving credit available.
.
2) Scoring algorithms have also been adjusted to slow down the effect of paying off or paying down debts so that it takes longer to see a significant increase in scores after payments have been made.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, December 8, 2009
Look Out!... FHA Might Be Going Up On Their Down Payment Requirements.
Hello,
HUD Secretary Shaun Donovan is scheduled to address congress on Wednesday.
...It looks like he's going to recommend an increase in the up-front cash paid by borrowers as part of an effort to shore up the agency's finances.
This means either more down payment, less seller's concessions, or both for FHA loans. ...It doesn't mean this will happen - but HUD wants it, and they usually get what they want on their own loan programs.
Right now FHA is one of the lowest down payment, and most credit flexible programs available in the marketplace.
My message to you is this... ...if you were considering purchasing a house with an FHA loan - I would do it sooner rather than later.
I hope you have a good day today. Thanks for reading!
Brett
HUD Secretary Shaun Donovan is scheduled to address congress on Wednesday.
...It looks like he's going to recommend an increase in the up-front cash paid by borrowers as part of an effort to shore up the agency's finances.
This means either more down payment, less seller's concessions, or both for FHA loans. ...It doesn't mean this will happen - but HUD wants it, and they usually get what they want on their own loan programs.
Right now FHA is one of the lowest down payment, and most credit flexible programs available in the marketplace.
My message to you is this... ...if you were considering purchasing a house with an FHA loan - I would do it sooner rather than later.
I hope you have a good day today. Thanks for reading!
Brett
Monday, December 7, 2009
One Of The Best Loans Available To You... ...No Down Payment!
Hello,
Here are some reasons why you should consider the USDA loan product to buy your house with...
...No down payment.
...No monthly mortgage insurance.
...No cash reserves are required.
...No limit on cash assets.
...Home purchase loans up to 102% of appraised value (100.5% on refinance of Rural Development loans).
...No limitation on source of closing costs. 100% gifted closing cost or down payment assistance is permitted. Funds from community based down payment assistance organizations can be used. Soft second mortgages are allowed for closing costs even if the total debt exceeds the appraised value of the property.
...Repairs, closing costs, and the one time Rural Development guarantee fee of 2.0% can be financed up to 102% LTV.
..Seller concessions are allowed to pay loan closing costs and repairs. No limit on seller concessions.
Just remember - you won't be able to use USDA in the heart of larger cities. It's available in many suburbs, and all smaller towns and rural areas.
It's a great product if you're looking to buy in a qualified area.
I hope you have a good day today. Thanks for reading!
Brett
Here are some reasons why you should consider the USDA loan product to buy your house with...
...No down payment.
...No monthly mortgage insurance.
...No cash reserves are required.
...No limit on cash assets.
...Home purchase loans up to 102% of appraised value (100.5% on refinance of Rural Development loans).
...No limitation on source of closing costs. 100% gifted closing cost or down payment assistance is permitted. Funds from community based down payment assistance organizations can be used. Soft second mortgages are allowed for closing costs even if the total debt exceeds the appraised value of the property.
...Repairs, closing costs, and the one time Rural Development guarantee fee of 2.0% can be financed up to 102% LTV.
..Seller concessions are allowed to pay loan closing costs and repairs. No limit on seller concessions.
Just remember - you won't be able to use USDA in the heart of larger cities. It's available in many suburbs, and all smaller towns and rural areas.
It's a great product if you're looking to buy in a qualified area.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, December 2, 2009
Mortgage Underwriting Continues To Grow More Conservative...
Hello,
Fannie Mae continues to grow more and more conservative.
Starting December the 12th they are revising their automated underwriting guidelines again.
Some of the more notable changes...
1) If you are trying to purchase a home and you have a foreclosure on your credit record more than 5 years old, but less than 7 years old - it will now require a 10% down payment, and a 680 credit score. Cash out refinances will not be permitted.
2) Bankruptcies will be broadened to include no dismissals in the last 4 years. ...this is for chapter 13 or chapter 7.
The good news is that these changes will not affect FHA, VA, or USDA.
I hope you have a good day today. Thanks for reading!
Brett
Fannie Mae continues to grow more and more conservative.
Starting December the 12th they are revising their automated underwriting guidelines again.
Some of the more notable changes...
1) If you are trying to purchase a home and you have a foreclosure on your credit record more than 5 years old, but less than 7 years old - it will now require a 10% down payment, and a 680 credit score. Cash out refinances will not be permitted.
2) Bankruptcies will be broadened to include no dismissals in the last 4 years. ...this is for chapter 13 or chapter 7.
The good news is that these changes will not affect FHA, VA, or USDA.
I hope you have a good day today. Thanks for reading!
Brett
Tuesday, December 1, 2009
If You Are Trying To Accumulate Real Estate... Don't Let Fannie Mae Stop You!
If you are a real estate investor trying to accumulate properties - then you may run into a road block when you try to buy your fifth house.
It's the Fannie Mae rule of 4... ...Fannie doesn't allow you to have more than four Fannie Mae loans at one time. It doesn't matter if you are putting down 25%, and your credit score is 800. ...they won't do it.
So, what do you do if you want to purchase your fifth house? ...You have to find a lender that has loan options for non owner occupied properties - other than just the Fannie Mae programs.
...pssst. ...I'll tell you a secret... I'm one of these lenders with other loan options! ...and, I can tell you - there aren't many of us.
So, if you're in this situation - just give me a call. I can help you.
Have a good day today! ...and thanks for reading.
Brett
It's the Fannie Mae rule of 4... ...Fannie doesn't allow you to have more than four Fannie Mae loans at one time. It doesn't matter if you are putting down 25%, and your credit score is 800. ...they won't do it.
So, what do you do if you want to purchase your fifth house? ...You have to find a lender that has loan options for non owner occupied properties - other than just the Fannie Mae programs.
...pssst. ...I'll tell you a secret... I'm one of these lenders with other loan options! ...and, I can tell you - there aren't many of us.
So, if you're in this situation - just give me a call. I can help you.
Have a good day today! ...and thanks for reading.
Brett
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