Good Morning!
ATTENTION: I currently have access to a new government sponsored program that will provide you with down payment money to buy a house!
The funds in this program are limited, and it's on a first come first serve basis - so take advantage of this program while it's available.
To learn more about this program, and see if you meet the qualifications for it click this link...
http://loansdonequickly.com/purchase-a-home/money-for-down-payment/
Thanks for reading! ...and, have a great day!
Brett
Wednesday, August 31, 2011
Monday, August 29, 2011
Big News On VA Loans Starting October 1st...
Good Morning!
There's big news on VA loans staring October 1st 2011.
...The funding fees are being reduced by the government!
Here is the new schedule...
First Time Entitlement Use
Down Payment Active Duty National Guard Reserve List
None Current rate = 2.15% / After 10-1-2011 = 1.4% Current rate = 2.4% / After 10-1-2011 = 1.65%
5% or more Current rate = 1.5% / After 10-1-2011 = .75% Current rate = 1.75% / After 10-1-2011 = 1%
10% or more Current rate = 1.25% / After 10-1-2011 = .50% Current rate = 1.50% / After 10-1-2011 = .75%
Subsequent Use Of Entitlement
Down Payment Active Duty National Guard Reserve List
None Current Rate = 3.3%
After 10/1/2011 = 2.8%
Have a good day today! ...and thanks for reading.
Brett
There's big news on VA loans staring October 1st 2011.
...The funding fees are being reduced by the government!
Here is the new schedule...
First Time Entitlement Use
Down Payment Active Duty National Guard Reserve List
None Current rate = 2.15% / After 10-1-2011 = 1.4% Current rate = 2.4% / After 10-1-2011 = 1.65%
5% or more Current rate = 1.5% / After 10-1-2011 = .75% Current rate = 1.75% / After 10-1-2011 = 1%
10% or more Current rate = 1.25% / After 10-1-2011 = .50% Current rate = 1.50% / After 10-1-2011 = .75%
Subsequent Use Of Entitlement
Down Payment Active Duty National Guard Reserve List
None Current Rate = 3.3%
After 10/1/2011 = 2.8%
Have a good day today! ...and thanks for reading.
Brett
Thursday, August 25, 2011
What You Need To Know About Texas Cash Out Loans...
Good Morning!
Here's what you need to know about getting a cash out loan in Texas...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
Here's what you need to know about getting a cash out loan in Texas...
If you get a traditional Texas Home Equity Loan to pay off your current mortgage (assuming you have a mortgage), and give you cash out - you need to be aware of the fact that this will permanently change your future loan choices.
It's true!
Once you have a first position Texas Home Equity loan on your property - you can never again go back to a rate/term conventional loan, or even an FHA loan.
...the reason is the State of Texas, and how the Texas Home Equity Laws were written.
Once you have a 1st position Texas Home Equity loan on your home - any subsequent loan you get must also be a Texas Home Equity loan - even if you aren't getting any equity out of the new loan!
Why is this not such a good thing?... Well, there's two big reasons...
1)The rates on Texas Home Equity loans are higher than other conventional loans, and FHA loans.
2)The LTV is capped at 80% on a Texas Home Equity loan. ...This can be really bad if you get one of these loans, and then the value of your property depreciates - so your LTV is now above the 80% threshold. I've talked to a lot of people in this boat. They are stuck in their loan - their only other option is to sell.
Here is an alternative if you want cash out of your home, but don't want to permanently eliminate future loan choices.
...You get a 2nd position cash out loan. You keep your first mortgage, and get a second loan to go behind it for your cash out. (cap is still 80% combined loan to value ratio)
There are two types of 2nd position cash out loans...
1)A HELOC (usually an interest only ARM).
2)A fixed term second cash out mortgage (normally 15 yr amortization).
...just keep in mind if you refinance with one of these cash out seconds in place - you can't refinance - and pay off the second mortgage without changing the classification of the new mortgage to a cash out mortgage. ...you will have to subordinate the second.
...confused? Give me a call! I'll go over it with you.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, August 23, 2011
We Have The Most Amazing Title Services On Planet Earth...
Good Morning!
Many people don't know just how great our title services are!...
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Many people don't know just how great our title services are!...
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, August 17, 2011
Couple Of Important Tips For Real Estate Investors...
Good Morning!
A couple of important things to keep in mind for real estate investors...
I wanted to remind you real estate investors that we allow up to 10 financed properties! ...Most banks cut you off at 4 financed properties.
Also, we allow property flips with less than 90 days of seasoning!
Let me help you finance your next investment property!
I hope you have a good day today. Thanks for reading!
Brett
A couple of important things to keep in mind for real estate investors...
I wanted to remind you real estate investors that we allow up to 10 financed properties! ...Most banks cut you off at 4 financed properties.
Also, we allow property flips with less than 90 days of seasoning!
Let me help you finance your next investment property!
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 15, 2011
I Can Now Do This Loan Down To A 580 Credit Score...
Good Morning!
Did you know I can go down to a 580 credit score on FHA now?
Yes I can!
Here are some things you need to know about this program...
· Credit scores between 580 and 599.
· 95% max LTV (5% down payment).
· 33/45 DTI max.
· 12 months cancelled rent checks required.
· No mortgage/rent late payments in the last 12 months.
· 6% seller concessions allowed.
· Borrower must have 2 credit scores with at least 2 trade lines open and active within the last 12 months.
· No derogatory activity in the last 12 months.
If this program fits you - let me know! I'd love to help you out with your home purchase!
I hope you have a good day today. Thanks for reading!
Brett
Did you know I can go down to a 580 credit score on FHA now?
Yes I can!
Here are some things you need to know about this program...
· Credit scores between 580 and 599.
· 95% max LTV (5% down payment).
· 33/45 DTI max.
· 12 months cancelled rent checks required.
· No mortgage/rent late payments in the last 12 months.
· 6% seller concessions allowed.
· Borrower must have 2 credit scores with at least 2 trade lines open and active within the last 12 months.
· No derogatory activity in the last 12 months.
If this program fits you - let me know! I'd love to help you out with your home purchase!
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, August 10, 2011
How To Get Cash Out On Your Investment Property...
Good Morning!
Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties.
Non owner occupied guidelines are still very conservative - long gone are the days of 100% financing on investment properties.
...but, I wanted to tell you that I CAN do cash out loans on investment homes (non owner occupied) up to 75% of the appraised value of the property.
This is important because very few mortgage companies are doing cash out loans on investment properties.
So, if you or someone you know needs cash out on an investment property - let me know! ...I can help!
I hope you have a good day today. Thanks for reading!
Brett
Back in 2007 when the mortgage market crashed one of the first programs to disappear was cash out loans on investment properties.
Non owner occupied guidelines are still very conservative - long gone are the days of 100% financing on investment properties.
...but, I wanted to tell you that I CAN do cash out loans on investment homes (non owner occupied) up to 75% of the appraised value of the property.
This is important because very few mortgage companies are doing cash out loans on investment properties.
So, if you or someone you know needs cash out on an investment property - let me know! ...I can help!
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 8, 2011
Purchase Home For Elderly Or Disabled Child As An Owner Occupant!...
Good Morning!
If you are needing to purchase a home for an elderly person, or a disabled child - you can purchase this home as an owner occupant!
This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)!
Please keep this in mind if you or someone you know is in this situation.
I hope you have a good day today. Thanks for reading!
Brett
If you are needing to purchase a home for an elderly person, or a disabled child - you can purchase this home as an owner occupant!
This means you get owner occupant rates and loan to value ratios (lower rates and lower down payment)!
Please keep this in mind if you or someone you know is in this situation.
I hope you have a good day today. Thanks for reading!
Brett
Wednesday, August 3, 2011
You Can Use A Gift For Down On Conventional Loans Now...
Good Morning!
Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.
This means the gift would represent your entire down payment and you wouldn't need to come out of pocket with your own sourced funds for the down on FHA and USDA.
Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.
You do have to have a 740 credit score to use this program.
...However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.
If you have access to a gift for your down payment - give me a call and we can discuss which program would work best for you.
I hope you have a good day today. Thanks for reading!
Brett
Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.
This means the gift would represent your entire down payment and you wouldn't need to come out of pocket with your own sourced funds for the down on FHA and USDA.
Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.
You do have to have a 740 credit score to use this program.
...However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.
If you have access to a gift for your down payment - give me a call and we can discuss which program would work best for you.
I hope you have a good day today. Thanks for reading!
Brett
Monday, August 1, 2011
Important Changes To The USDA Loan Program Starting October 1st...
Good Morning!
I wanted to let you know about some upcoming changes on the USDA loan program.
Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. ...Starting October 1st, 2011 this upfront fee will go down to 2%.
However, currently there is no annual mortgage insurance paid on USDA loans - this will change.
Starting October 1st, 2011 there will now be 0.3% mortgage insurance fee paid annually on all USDA loans.
What this means is your initial loan amount will be lower on USDA loans, but your borrowing power will go down on USDA loans due to the extra annually MI fees.
So, if you thought about getting a USDA loan I would do it now. ...because staring October 1st you won't be able to borrower quite as much money as you could before October 1st.
I hope you have a good day today. Thanks for reading!
Brett
I wanted to let you know about some upcoming changes on the USDA loan program.
Right now the upfront mortgage insurance fee paid at closing is 3.67% on a USDA loan. ...Starting October 1st, 2011 this upfront fee will go down to 2%.
However, currently there is no annual mortgage insurance paid on USDA loans - this will change.
Starting October 1st, 2011 there will now be 0.3% mortgage insurance fee paid annually on all USDA loans.
What this means is your initial loan amount will be lower on USDA loans, but your borrowing power will go down on USDA loans due to the extra annually MI fees.
So, if you thought about getting a USDA loan I would do it now. ...because staring October 1st you won't be able to borrower quite as much money as you could before October 1st.
I hope you have a good day today. Thanks for reading!
Brett
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