Here's What You Can Expect To Pay When You Buy A House...

Good Morning!



Before you go out house hunting make sure you have enough money available to get your house closed.



...I know it sounds simple, but many people don't realize the amount of funds they will need available to get into a house.



Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program.



1) VA: 100% loan. No down payment.



2) USDA: 100% loan. No down payment



3) FHA: Minimum 3.5% down payment.



4) Conventional: 5% minimum down payment. (except Fannie's Homepath has 3% down available).



...but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home...



1) One, is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price.



2) Then there is your closing costs... Typically closing costs (from all entities - title, appraisal, mortgage, survey, etc.) will add another 1.5% to 3% to a sales price.



Be prepared for these additional costs. However, there are a couple of ways to help you lower the closing costs and prepaid expenses.



The best way is to ask the seller to help you. However, there are limits to the amount the seller can help you, and it gets worse after April 5th because FHA max seller help goes to a cap of 3%.



Please talk to me before you ask the seller for any help. This way you will know what your options are.



If the seller refuses to help you pay your closing costs and pre paids - there is one other way to get help... I can help you! Go here to find out how... www.free-money-for-your-house.info.



I hope you have a good day today. Thanks for reading!


Brett

Two Important Deadlines You Need To Be Aware Of...

Good Morning!



I wanted to remind you of two important upcoming dates...



1) Starting April 5th and after all new FHA loans are limited to 3% max seller contributions (down from 6%).



2) To qualify for the home buyer tax credit you must be under contract by April 30th, and closed by June 30th.



I would love to see you take advantage of both of these while they last.



If you are interested in purchasing a home please contact me about how to get you qualified for these two programs.



I hope you have a good day today. Thanks for reading!


Brett

If You Need A Big Second Mortgage - I've Got it!...

Good morning!





Did you know that I can do purchase money second mortgages up to $350,000 in Texas?




...I can even do them on rural properties!





I hope you have a good day today. Thanks for reading!



If you and your kiddies are on spring break this week - be safe.




Brett

How To Get A 2.6% Interest Rate...

Good Morning!



If you are looking for a really low interest rate...



You might consider an Adjustable Rate Mortgage.



I have ARM rates that start as low as 2.6%!


...This makes for a very low payment.



If you want to see how low your payment could go with this type of rate - just let me know and I'll help you with it.



I hope you have a good day today. Thanks for reading!


Brett

Get It While You Can - This Loan Program Is Running Out Of Money...

Good Morning,



I have an important update for you on USDA loans...



Last week USDA came out with this announcement:



Notice of Funding



This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.



Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available.



Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.



We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.





So, unless congress decides to put more money into this program - it's going to run out of money by the end of April.



If you were considering a USDA loan I would recommend you give me a call on this soon so we can get your deal done.



I hope you have a good day today. Thanks for reading!


Brett

How To Get Cash Out Of Your Investment Property...

Good Morning!



I get asked about investment cash out loans a lot...



So, I thought it would be smart to give you a note about how we do investment property cash out loans.



Yes! We do investment cash out loans.



You will need to have owed the property for at least 6 months before we can use the new appraised value for our loan value.



If you fixed the property up - be prepared to show what you did to the property and how much it costs.



Max loan to value ratio will be 80% on a non owner occupied cash out loan.

I hope you have a good day today. Thanks for reading!


Brett

Another Change Is Comming For FHA Next Month...

Hope your having a good morning!



There's another huge change coming from FHA at the end of April...



The max seller help contribution towards the buyers closing costs is now capped at 6% of a sales price on an FHA loan.



In April - this max seller help contribution is getting cut to a max of 3% of the sales price.



This is going to have a big impact on buying and selling houses below the $271,050 FHA loan limit.



...be looking for an exciting announcement from our office on this subject in the next couple of weeks!



I hope you have a good day today. Thanks for reading!


Brett

I Can Do This Loan For You Even If You Only Have One Credit Score...

Good morning!



Did you know that we can do a USDA loan for you even if you only have one credit score?



...It's true!



I hope you have a good day today. Thanks for reading!


Brett

More Changes Are Coming For This Loan Program...

Good Morning,




I wanted to remind you that FHA's up front mortgage insurance charged at closing is going up from 1.75% to 2.25% on April 5th.



This is the upfront mortgage insurance that FHA charges in case there is a foreclosure. FHA adds it to the loan balance at closing.



The reason they are doing this is to strengthen the fund that insures FHA mortgages.



Have a good day today! ...and thanks for reading.


Brett

If You Are Worried About Your Old Collections Keeping You From Getting A Loan - Here's A Solution!

Good Morning!



If you are worried about your older collections keeping you from getting a loan - I can probably help you.



Many lenders have overlay guidelines that will decline your loan if your collections add up to be too high. ...For instance some lenders have a $10,000 limit on total collections, etc.



I don't have those overlay guidelines.



So, if you are clean for the last 12 months, and we can get an automated approval on your file - then I can get your loan done! ...even if your total collections add up to $25,000!



...just keep it in mind if you want to buy a house. One less hurdle for you to deal with.



Have a good day today! ...and thanks for reading.


Brett

Down Payments On Jumbo Loans Are Going Down...

Hey there!



Down payments on Jumbo loans are going down...



We have a new Jumbo purchase loan up to 90% (only 10% down!)loan to value ratio with no Mortgage Insurance!



· Max $500,000 loan amount.

· Minimum 700 score.

· Single family homes only.



It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)



Have a good day today! ...and thanks for reading.


Brett