Good Morning!
I wanted to let you know that I can do USDA loans down to 600 again!
...Remember the USDA loan is a 100% loan with no monthly mortgage insurance!
For a while there the credit score requirement for this program was 620, but now it's back to 600.
The key for this program is there are geographic and income restrictions.
...To see if you qualify for this program just shoot me an email, or give me a call.
I can tell you really quickly if we can get you on this no money down program!
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, July 27, 2011
Monday, July 25, 2011
The Credit Scores You REALLY Need To Know Before You Buy A House...
Good Morning!
Do you know what your mortgage scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and I will let you know your mortgage scores.
I hope you have a good day today. Thanks for reading!
Brett
Do you know what your mortgage scores are?
The scores you get from www.freecreditreport.com, and other services like it will only tell you what your consumer credit scores are. ...This isn't enough.
95% of the time your mortgage credit scores will be different, and sometimes significantly different.
...I see it every day.
You don't want to go put earnest money down on a house - thinking you have good credit if you haven't seen your mortgage credit scores.
One easy way to see your mortgage credit scores is to simply to go www.loansdonequickly.com, click on "apply" and fill out the quick application...
...it will give you an opportunity to run your credit right there, and I will let you know your mortgage scores.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, July 20, 2011
This Little Known About Loan Program Only Has A 3% Down Payment!...
Good Morning!
Fannie Mae has a little known about program that they designed to compete directly with FHA.
It's called My Community mortgage, and it has some advantages over FHA.
1) One advantage is that the down payment is lower on My Community. ...Only 3% vs 3.5% for FHA.
2) My Community allows for loan amounts up to $417k - compared to a max of $271,050 in most Texas counties for FHA.
3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.
To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).
However, there are many circumstances where the My Community program flat out beats FHA.
If you are looking to purchase a home - you need to check with me to see which program is best for your scenario.
Many loan officers just aren't familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.
Have a great day! Thanks for reading!
Brett
Fannie Mae has a little known about program that they designed to compete directly with FHA.
It's called My Community mortgage, and it has some advantages over FHA.
1) One advantage is that the down payment is lower on My Community. ...Only 3% vs 3.5% for FHA.
2) My Community allows for loan amounts up to $417k - compared to a max of $271,050 in most Texas counties for FHA.
3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.
To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).
However, there are many circumstances where the My Community program flat out beats FHA.
If you are looking to purchase a home - you need to check with me to see which program is best for your scenario.
Many loan officers just aren't familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.
Have a great day! Thanks for reading!
Brett
Monday, July 18, 2011
Who Can Give Gifts On An FHA Loan...
Good Morning!
Recently I sent out an email about gift giving on conventional loans.
I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.
Here's who can't give you a gift on an FHA loan...
The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
Here's who can give you a gift on an FHA loan...
Your parents or immediate family.
The realtor can give you a gift if the realtor is your immediate family.
You can also get a gift from a legitimate grant program (city, county, state, or national).
Have a great day! Thanks for reading!
Brett
Recently I sent out an email about gift giving on conventional loans.
I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.
Here's who can't give you a gift on an FHA loan...
The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
Here's who can give you a gift on an FHA loan...
Your parents or immediate family.
The realtor can give you a gift if the realtor is your immediate family.
You can also get a gift from a legitimate grant program (city, county, state, or national).
Have a great day! Thanks for reading!
Brett
Friday, July 15, 2011
Having Cash Can Be A Problem When You Want One Of These...
Good Morning!
I've talked to you about this before, but it's important enough for me to revisit it again...
Using cash for a down payment on a home is not smart.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
By the way, if you are having trouble getting a loan done with another lender - don't fret!
...give me a call - there's a good chance I can get the loan completed for you. I do a lot of loans others just can't do.
Have a great day! Thanks for reading!
Brett
I've talked to you about this before, but it's important enough for me to revisit it again...
Using cash for a down payment on a home is not smart.
If you have cash saved up for a down payment on a home - and you were planning on using it for a down payment - it will present a problem when it comes time to getting a mortgage.
The mortgage world is all about documentation.
...The guidelines on cash are designed to prevent the seller from giving you the down payment.
So, if you have a down payment - you will have to show where it came from... ...checking = good, ...savings = good, ...gift from relative (fha/va/usda) = good, ...retirement account = good, ...cash = NO GOOD.
The best solution for this?... Put the cash in the bank. ...Leave it there for 60 days. ...After 60 days sitting in the account - it doesn't matter where it came from.
By the way, if you are having trouble getting a loan done with another lender - don't fret!
...give me a call - there's a good chance I can get the loan completed for you. I do a lot of loans others just can't do.
Have a great day! Thanks for reading!
Brett
Wednesday, July 13, 2011
Here's One Way I Can Do Loans Others Can't...
Good Morning!
People get turned down for loans every day because their debt to income ratio is too high.
Some mortgage companies max out their debt to income ratio at 45%. ...Some go to 50%.
I keep tellin' ya that I do loans other people can't do, and it's true!
If I get an automated approval on your file - I have NO LIMIT on a back end debt to income ratio.
...I can do 55% or even 60% or more as long as the automated system approves it!
If another lender is giving you problems with your debt to income ratio - give me a call or shoot me an email. ...I can probably help you out!
...by the way my family and I were at Lake Caddo over the weekend. That's one amazing lake!
Here's a picture I took...
Lake Caddo
Have a great day! Thanks for reading!
Brett
People get turned down for loans every day because their debt to income ratio is too high.
Some mortgage companies max out their debt to income ratio at 45%. ...Some go to 50%.
I keep tellin' ya that I do loans other people can't do, and it's true!
If I get an automated approval on your file - I have NO LIMIT on a back end debt to income ratio.
...I can do 55% or even 60% or more as long as the automated system approves it!
If another lender is giving you problems with your debt to income ratio - give me a call or shoot me an email. ...I can probably help you out!
...by the way my family and I were at Lake Caddo over the weekend. That's one amazing lake!
Here's a picture I took...
Lake Caddo
Have a great day! Thanks for reading!
Brett
Friday, July 8, 2011
You Can Now Get Mortgage Insurance Down To This Credit Score...
Good Morning!
Things are starting to loosen up from the Mortgage Insurance companies.
We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. ...and, this is for loan to value ratios up to 95%!
You still need a 680 credit score to get MI up to a 97% loan to value ratio.
One of the reasons you would opt for a conventional loan over an FHA loan is that there is no large up front pre paid mortgage insurance on conventional loans.
This will give us loan originators more options, which in turn gives you more options!
Have a safe weekend! Thanks for reading!
Brett
Things are starting to loosen up from the Mortgage Insurance companies.
We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. ...and, this is for loan to value ratios up to 95%!
You still need a 680 credit score to get MI up to a 97% loan to value ratio.
One of the reasons you would opt for a conventional loan over an FHA loan is that there is no large up front pre paid mortgage insurance on conventional loans.
This will give us loan originators more options, which in turn gives you more options!
Have a safe weekend! Thanks for reading!
Brett
Tuesday, July 5, 2011
When You're Buying A House - Don't Do This...
Good Morning!
One of my clients is currently buying a house.
He ran into a complication, and I wanted to tell you about it here - so you can learn from his experience.
Bobby got a home inspection for the home he was purchasing. ...This is a smart thing to do anytime you purchase a house.
The home inspector is hired by the buyer to check the house for any current or potential issues with the condition of the house prior to purchase. The home inspection is typically a private report meant only for the buyer's eyes.
Typically the home inspector will go out of his way to let the buyer know about every little light bulb and air register that has any type of imperfection in them. His goal is just to let the buyer know about them, and to cover his own bases if something were to happen to these items in the future.
Bobby's realtor made the mistake of mentioning the inspection in the earnest money contract. Once the word "inspection report" shows up in the contract the underwriter can ask to see a copy of it.
Sure enough, the underwriter asked to see the inspection report. ...and, the underwriter wanted every little item listed on the report to be fixed prior to closing.
This of course caused the need for renegotiation on the repairs, and very well could have killed Bobby's deal.
Fortunately the seller was willing to cooperate with the buyer on the repairs.
The lesson here is don't mention the inspection report in the contract - unless you don't mind showing it to the underwriter.
I hope you have a great day! Thanks for reading!
Brett
One of my clients is currently buying a house.
He ran into a complication, and I wanted to tell you about it here - so you can learn from his experience.
Bobby got a home inspection for the home he was purchasing. ...This is a smart thing to do anytime you purchase a house.
The home inspector is hired by the buyer to check the house for any current or potential issues with the condition of the house prior to purchase. The home inspection is typically a private report meant only for the buyer's eyes.
Typically the home inspector will go out of his way to let the buyer know about every little light bulb and air register that has any type of imperfection in them. His goal is just to let the buyer know about them, and to cover his own bases if something were to happen to these items in the future.
Bobby's realtor made the mistake of mentioning the inspection in the earnest money contract. Once the word "inspection report" shows up in the contract the underwriter can ask to see a copy of it.
Sure enough, the underwriter asked to see the inspection report. ...and, the underwriter wanted every little item listed on the report to be fixed prior to closing.
This of course caused the need for renegotiation on the repairs, and very well could have killed Bobby's deal.
Fortunately the seller was willing to cooperate with the buyer on the repairs.
The lesson here is don't mention the inspection report in the contract - unless you don't mind showing it to the underwriter.
I hope you have a great day! Thanks for reading!
Brett
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