Good Morning!
I wanted to let you know that I can now do VA loans with no credit score limitation!
This means that there is no "minimum score" you must have to get a VA loan.
There are two main requirements for me to get your VA loan approved...
1) I must get an Approve / Eligible when I run your loan through the automated system.
2) You can't have any open collections. In other words you can't have collections with open balances.
If you have been told your score is too low to get a VA approval - I very well might be able to help you.
In order for me to give you a good answer on if I can get your loan closed - I would just need you to fill out a loan application.
Please click this link and fill in the blanks... Click Here.
I hope you have a great day! Thanks for reading!
Brett
Thursday, October 27, 2011
Tuesday, October 25, 2011
Mortgage Rate News Coming Down Tomorrow...
Good Morning!
Wednesday, Eurozone leaders are expected to announce an aid package for Greece.
If the stock market likes the aid program to Greece - then the stock market will soar, and the bond markets will sink.
This will make mortgage rates go higher - and possibly much higher.
If you are shopping for a mortgage right now I would recommend you consider locking in.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Wednesday, Eurozone leaders are expected to announce an aid package for Greece.
If the stock market likes the aid program to Greece - then the stock market will soar, and the bond markets will sink.
This will make mortgage rates go higher - and possibly much higher.
If you are shopping for a mortgage right now I would recommend you consider locking in.
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Monday, October 24, 2011
How To Get A 97% Loan With No Mortgage Insurance...
Good Morning!
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
5) Available for primary residences, second homes, and investment properties.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
5) Available for primary residences, second homes, and investment properties.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
REMEMBER: I can do FHA loans now down to 500 credit scores - read this blog post to learn more...
I hope you have a great day! Thanks for reading!
Brett
Wednesday, October 19, 2011
Want To Acquire Investment Properties?...
Good Morning!
If you own four or more investment properties, and you want to purchase another one you've most likely run into a problem. ...Most banks will tell you that they can't finance more than 4 properties for any one borrower.
This "max four properties financed" common in the mortgage industry.
However, I wanted to remind you that I can go up to 10 properties financed on investor loans.
So, if you are an investor wanting to purchase another house - and you are running into this problem with banks not being able to finance you.
...give me a call or shoot me an email. I can probably help you out.
Have a good day today! ...and thanks for reading.
Brett
If you own four or more investment properties, and you want to purchase another one you've most likely run into a problem. ...Most banks will tell you that they can't finance more than 4 properties for any one borrower.
This "max four properties financed" common in the mortgage industry.
However, I wanted to remind you that I can go up to 10 properties financed on investor loans.
So, if you are an investor wanting to purchase another house - and you are running into this problem with banks not being able to finance you.
...give me a call or shoot me an email. I can probably help you out.
Have a good day today! ...and thanks for reading.
Brett
Monday, October 17, 2011
You Need To Know This About Texas Cash Out Loans...
Good Morning!
I try to touch on this at least once a year because many people are steered into cash out loans without knowing how they will be impacted.
Here's what you need to know...
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
I try to touch on this at least once a year because many people are steered into cash out loans without knowing how they will be impacted.
Here's what you need to know...
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
Thursday, October 13, 2011
I Can Now Do This Loan Down To A 500 Credit Score!...
Good Morning!
I'm excited to tell you that I can now make FHA loans down to a 500 credit score! ...What? ..."Yes!"
This is old school FHA underwriting.
If your score is between 620 and 580 then you would be looking at a 3.5% down payment.
If your score is between 579 and 500 you are looking at a 10% down payment - max 90% LTV financing.
The same basic FHA guidelines apply: No bankruptcies in the last 2 years. No foreclosures in the last 3 years. No short sales in the last 3 years.
I can also do no credit score borrowers on this program as long as they meet the FHA requirements for alternative credit.
If you would like for me to evaluate you to be qualified under this program - please fill out an updated loan application.
Click here to get to the application page:
https://brettsampson1.flexapp1003.com/LoanApp/English/
Thanks for reading! ...and, have a great day!
Brett
I'm excited to tell you that I can now make FHA loans down to a 500 credit score! ...What? ..."Yes!"
This is old school FHA underwriting.
If your score is between 620 and 580 then you would be looking at a 3.5% down payment.
If your score is between 579 and 500 you are looking at a 10% down payment - max 90% LTV financing.
The same basic FHA guidelines apply: No bankruptcies in the last 2 years. No foreclosures in the last 3 years. No short sales in the last 3 years.
I can also do no credit score borrowers on this program as long as they meet the FHA requirements for alternative credit.
If you would like for me to evaluate you to be qualified under this program - please fill out an updated loan application.
Click here to get to the application page:
https://brettsampson1.flexapp1003.com/LoanApp/English/
Thanks for reading! ...and, have a great day!
Brett
Tuesday, October 11, 2011
Cash Out Loans For Investors With Less Than 90 Days Of Seasoning...
Good Morning!
If you purchase and fix up an investment house - you either want to sell it right away, or you want to pull your money out so you can go buy another one right.
...sometimes it's not so easy to sell the home for top dollar right away.
So, if you see the house isn't selling as fast as you wanted it to now it's time to refinance and pull your money back out of the house.
...but, you find that no one wants to do a cash out loan on an investment property with less than 90 days of seasoning on the property.
This is where I can help you. ...I can do an investor cash out loan on a flip house with less than 90 days of seasoning.
If you're in this situation please give me a call. I would love to help you out!
Thanks for reading! ...and, have a great day!
Brett
If you purchase and fix up an investment house - you either want to sell it right away, or you want to pull your money out so you can go buy another one right.
...sometimes it's not so easy to sell the home for top dollar right away.
So, if you see the house isn't selling as fast as you wanted it to now it's time to refinance and pull your money back out of the house.
...but, you find that no one wants to do a cash out loan on an investment property with less than 90 days of seasoning on the property.
This is where I can help you. ...I can do an investor cash out loan on a flip house with less than 90 days of seasoning.
If you're in this situation please give me a call. I would love to help you out!
Thanks for reading! ...and, have a great day!
Brett
Wednesday, October 5, 2011
Get Your Annual Free Credit Report From This Site...
Good Morning!
You know you are entitled to an annual free credit report?
Here's a web site you can go to and get your report...
https://www.annualcreditreport.com
...Oh, and remember - I can now to FHA loans down to a 580 score!
Thanks for reading! ...and, have a great day!
Brett
You know you are entitled to an annual free credit report?
Here's a web site you can go to and get your report...
https://www.annualcreditreport.com
...Oh, and remember - I can now to FHA loans down to a 580 score!
Thanks for reading! ...and, have a great day!
Brett
Monday, October 3, 2011
VA Loans Are Going To Be Even More Appealing!...
Good Morning!
The funding fee is lowering for VA loans!
You know VA doesn't have monthly mortgage insurance, but they have always had up front MI paid at closing.
The upfront MI was always quite a chunk of change, but it's now getting a lot lower.
Here is the new schedule... (This is an image so you'll have to turn on your images to see it)
Thanks for reading! ...and, have a great day!
Brett
The funding fee is lowering for VA loans!
You know VA doesn't have monthly mortgage insurance, but they have always had up front MI paid at closing.
The upfront MI was always quite a chunk of change, but it's now getting a lot lower.
Here is the new schedule... (This is an image so you'll have to turn on your images to see it)
Thanks for reading! ...and, have a great day!
Brett
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