MY CHRISTMAS GIFT TO YOU…

You may be gone next week next week visiting family and friends for the holidays.

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…so, I wanted to catch you before you left and wish you a Merry Christmas and a Happy New Year!

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Here is a gift before you go.

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..It’s a cool video called 10 Rules For Being Human. I’m particularly fond of #7.

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Enjoy… Watch Video

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Here Are The New 2013 FHA County Loan Limits For FHA...

HUD has just come out with the new FHA county loan limits for 2013. 

Check your county below to see the max FHA loan for a single family home for your county...

 

County Name	State	One-Family
ANDERSON	TX	$271,050
ANDREWS	TX	$271,050
ANGELINA	TX	$271,050
ARANSAS	TX	$271,050
ARCHER	TX	$271,050
ARMSTRONG	TX	$271,050
ATASCOSA	TX	$332,500
AUSTIN	TX	$271,050
BAILEY	TX	$271,050
BANDERA	TX	$332,500
BASTROP	TX	$288,750
BAYLOR	TX	$271,050
BEE	TX	$271,050
BELL	TX	$271,050
BEXAR	TX	$332,500
BLANCO	TX	$271,050
BORDEN	TX	$271,050
BOSQUE	TX	$271,050
BOWIE	TX	$271,050
BRAZORIA	TX	$271,050
BRAZOS	TX	$271,050
BREWSTER	TX	$271,050
BRISCOE	TX	$271,050
BROOKS	TX	$271,050
BROWN	TX	$271,050
BURLESON	TX	$271,050
BURNET	TX	$271,050
CALDWELL	TX	$288,750
CALHOUN	TX	$271,050
CALLAHAN	TX	$271,050
CAMERON	TX	$271,050
CAMP	TX	$271,050
CARSON	TX	$271,050
CASS	TX	$271,050
CASTRO	TX	$271,050
CHAMBERS	TX	$271,050
CHEROKEE	TX	$271,050
CHILDRESS	TX	$271,050
CLAY	TX	$271,050
COCHRAN	TX	$271,050
COKE	TX	$271,050
COLEMAN	TX	$271,050
COLLIN	TX	$271,050
COLLINGSWORTH	TX	$271,050
COLORADO	TX	$271,050
COMAL	TX	$332,500
COMANCHE	TX	$271,050
CONCHO	TX	$271,050
COOKE	TX	$271,050
CORYELL	TX	$271,050

 

 

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

  

Make Sure You Do This On A Lease Option...

When you give someone option money at the onset of a lease option agreement - you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it's certified funds you need to keep a copy of the certified check.

If it was a personal check - you need to keep a copy of the cancelled check (front and back).

Don't give cash!

Anything less than this - the underwriter will not give you credit for giving that money.

 

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

  

 

How To Get 97% Financing Without Paying Mortgage Insurance...

Did you know that we do piggy back loans up to 97% loan to value ratio?

We do!

A piggy back loan is where we do two loans - one at 80%, and a second up to 17% simultaneously.

You would put down 3% in this scenario, and we would finance 97%.

The advantage to a piggy back loan over a single loan is that you don't have to pay the private mortgage insurance that comes with conventional loans over 80% LTV.

You will be surprised how much money you can save by using piggy back financing compared to single loans with MI.

Give me a call or shoot me and email and I'll show you how much money you can save!

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

 
To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

FHA Is Proposing These Two Changes (Not Good News)...

Good Morning!   In a recent press release HUD is proposing two changes to the FHA mortgage program... 1) They are proposing the monthly mortgage insurance on a 30 year FHA mortgage will last for the life of the loan. Right now if 5 years have passed and your LTV is 78% or lower you can eliminate monthly MI payments to FHA. ...this may very well go away. 2) They are proposing a 10 basis point increase to the annual insurance premium. Currently these are just proposals, but I would expect them both to happen at some point in the not too distant future. Suggested action: If you were considering getting an FHA mortgage do it now - not later.   Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.

HOW TO USE INCOME FROM AN ASSET SALE FOR DOWN PAYMENT…

Happy Thanksgiving Week! 

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Quick Tip: If you were considering selling an asset to raise money for a down payment on a house – you can! 

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Here’s how… 

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You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price. 

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The buyer’s and seller’s signatures are required on the bill of sale. 

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Copies of all checks, and deposit slips are also needed. 

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A picture of the item sold is also helpful.

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

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Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

How To Qualify For A FHA Streamline Refinance...

Keeping on the theme of ways to refinance if you owe more on your house than it's worth...

If you currently have an FHA mortgage you can do a Streamline Refinance.

Some key aspects of this loan are... the mortgage approval process for an FHA Streamline Refinance says :

1) Employment verification is not required with an FHA Streamline Refinance.

2) Income verification is not required with an FHA Streamline Refinance.

3) Credit score verification is not required with an FHA Streamline Refinance.

4) The kicker: No appraisal is needed!

Here are some basic guidelines to see if you are eligible for an FHA streamline...

1) Perfect, 12-Month Payment History Is Required.

2) Loans must be current at the time of closing.

3) The FHA requires that borrowers make 6 mortgage payments on their current FHA-insured loan, and that 210 days pass from the most recent closing date, in order to be eligible for a Streamline Refinance.

4) Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance; a legitimate reason for refinancing. A Net Tangible Benefit is defined as reducing the (principal + interest + mortgage insurance) component of the mortgage payment by 5 percent or more. Another allowable Net Tangible Benefit is to refinance from an adjusting ARM into a fixed rate loan. Taking "cash out" to pay bills is not an allowable Net Tangible Benefit.

5) Loan Balances May Not Increase To Cover Loan Costs. The new loan balance is limited by the math formula of (Current Principal Balance + Upfront Mortgage Insurance Premium). All other costs -- origination charges, title charges, escrow population -- must be either (1) Paid by the borrower as cash at closing, or (2) Credited by the loan officer in full. The latter is called a "zero-cost FHA Streamline".

If you have an FHA loan and would like to see if you qualify for a Streamline Refinance - just give me a call, shoot me an email, or apply on my web site!  

 

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

 
  

 

How To Refi If You Owe More Than Your House Is Worth...

If you owe more than your house is worth and you want to refinance there are three main options for you depending on if your loan is conventional, FHA, or VA.

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Conventional: The main refi product for upside down mortgages is HARP 2.

FHA: We can use a streamline refinance.

VA: We can use the VA IRRRL loan program.

In coming blog posts I’ll be going into detail on each one of these programs. …how they work. …how you qualify for them, etc.

If you are upside down and are looking to refinance you don’t have to wait for my next blog post.

…You can just give me a call or email me and ask me about your situation.

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

If You Have These It Could Kill Your Loan...

Good Morning! 

Many people are unaware of this, but NSF charges on your bank statement can derail your loan.

It's true! NSF charges are a potential deal killer for the underwriter. 

If you have insufficient funds charges in your bank statement it signals to the underwriter that you are having a hard time managing your money.

The solution is to ask your lender (hopefully me!) to replace your statements with a verification of deposit.  

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Here's A 10% Down Payment Loan For Real Estate Investors...

Good Morning! 

Most loan programs for real estate investors require a minimum of 20% down.

However, there is one program that only requires a 10% down payment.

Fannie Mae foreclosures that are listed as qualifying for the Homepath program have more favorable financing for investors.

The benefits to investors are...

1) Up to 90% LTV financing.

2) 660 FICO score minimum.

3) No MI.

4) No appraisal.

5) Up to 2% sellers concession from Fannie Mae.

6) 75% LTV with a 620 FICO score for over 4 financed properties.

7) Up to 10 financed properties total.

Just ask your Realtor to do a search for Homepath properties. ...then call or email me, and I will get you the loan.

 

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

What To Do When Your Spouse Has No Credit Scores...

If you are trying to buy a house - but your spouse has no credit scores you have a problem.

The problem is that you can't use your spouse's income for your loan, because they won't be allowed to be on the loan.

     ...but, not if you use me as your loan officer!

As long as the other aspects of your loan are strong - I can add the spouse with no scores to your loan - AND USE THEIR INCOME!

So, if you know of someone in this situation - let them know about me. ...I can probably help them.  

 

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

HOW TO BUY A HOUSE THAT NEEDS MINOR REPAIRS – AND, A SHORT VIDEO…

Two things today…

1) Tip on how to buy a house that needs minor repairs.

2) Short cool video: 7 steps for how to keep a positive attitude.

Problem: You are in the process of buying a house that needs minor repairs – but the seller refuses to do them – what do you do? 

This situation happens a lot, especially on bank owned homes. 

The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money that is held out of the seller’s proceeds from the sale to make the repairs. 

You have to write the escrow hold back right into the contract – under special provisions. To avoid having to rewrite this clause – be specific. Your realtor will need to write – “An escrow hold back in the amount of $______ will be used for (specific) repairs.” 

One key with the escrow hold back is the repairs need to be minor – and they can’t take that long to finish. …an average amount of an escrow hold back is $1,500 to $5,000. 

Knowing how to solve minor repair problems on an offer – can sometimes make the difference between getting a great deal on a house, or not buying it at all. 

If this situation comes up with your deal – just give me a call – I can help you out.

Here’s the video I promised you…    

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Here's A Tip For USDA Loans That Few Know About...

Good Morning!

Here's a USDA tip for you...

First, you should know that USDA family income caps.

...In other words if you make too much money you won't qualify for a USDA loan.

Here is the link to check the income for your area... http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do

Important: USDA goes by total household income!

In other words if you are getting a USDA loan with you as the only borrower, but you have a live in boyfriend/girlfriend that also lives in the house.

...and, that boyfriend/girlfriend has a job and makes money - then their money would also be included in the total household income calculation for USDA.

So, please be aware of this before you apply for a USDA loan.


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

 
To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.
 

Only 3% Down Payment On This Conventional Loan...

I wanted to make sure you were aware of this loan program.

It's Fannie Mae's 3% down loan. ...and, it competes very well with FHA.

Here are some of the important features of this product...

1) Owner-occupied primary residence only.

2) Minimum 720 FICO score.

3) 3% down payment must come from the borrower's own funds.

4) 1-unit attached and detached single family residence, attached and detached PUDs.

5) Purchase and rate/term transactions.

6) Maximum DTI 41%.

7) 15, 20, 25, and 30-year loan terms.

8) No up front MI (like you would have on FHA).

9) Loan amounts exceed 271k (which is the FHA limit in most of Texas).

If you meet the credit criteria listed above, and you only want to put 3% down on a house - then call me and I can help you with this.  

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

Make Sure Of This Before You Go House Shopping...

Good Morning! 

  

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

...I know it sounds simple, but many people don't realize the amount of funds they will need 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, or 3% down if your score is over 680.

...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 are 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.

Please review this recent blog post on the max seller contributions by loan program:http://loansdonequickly.com/best-way-to-get-the-seller-to-pay-your-closing-costs/

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

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

FHA Mortgage Insurance Could Be Going Up Again...

Good Morning! 

  

Don't look now, but FHA could be increasing it's mortgage insurance premiums again.

The Federal Housing Administration Fiscal Solvency Act of 2012 has overwhelmingly passed the House and will make its way to the Senate.

Among other powers, the bill grants the FHA authority to raises its mortgage insurance premiums to as high as 2.05% annually. This is nearly twice the 1.20% rate most FHA-insured homeowners pay today.

FHA has been steadily increasing it's mortgage insurance premiums since 2009 in an attempt to maintain solvency.

Here is a recent history of changes FHA has made...

In 2009, the FHA charged 0.55 percent

In 2010, the FHA charged 0.90 percent

In 2011, the FHA charged 1.10 percent

In 2012, the FHA charged 1.25 percent (or 1.50 percent in high-cost areas)

If you are considering an FHA loan go ahead and get one now before these increases may go into effect.  

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

I Don't Care What Your Credit Score Is For This Loan Program...

Good Morning! 

  

I wanted to remind you that I'm one of the few lenders in the country that has a no score FHA Streamline loan.

Most lenders will not do an FHA streamline loan for you if your credit score is below 640.

...Not me.

In fact, my only real requirement is that you have been current on your mortgage for the last 12 months.

So, if you have an FHA loan now and want to refinance, but you didn't think your scores were high enough - have me take a look at refinancing you!  

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Only 3% Down Payment On This Program Up To $417,000!...

One of the reasons people use FHA to buy a home is that it has a small 3.5% down payment.

Conventional has a small down payment program too, and in some ways it's better than FHA...

1) 3% down (97% financing).

2) Max loan amount is $417,000 (much higher than FHA).

3) Debt to income ratio, and reserves determined by automated underwriting.

4) Standard MI coverage of 35% is a MI factor of 1.15% (CHEAPER THAN FHA)

5) No up front MI!

This program does require a minimum credit score of 680.

If you want to purchase a home and have a low down payment - this program is an option for you!

That's it for today!

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Why It's Smart To Go To A 15 Year FHA Loan Right Now...

Good Morning!     If you have a 30 year fixed FHA loan I would recommend you consider refinancing into a 15 year FHA mortgage. There are two reason's I'm recommending this... 1) You can get a 15 year FHA fixed rate as low as 2.75% (face rate). 2) The mortgage insurance rates are lower for 15 yr FHA loans... 15-year loan terms with loan-to-value over 90% : 0.60 percent annual MIP 15-year loan terms with loan-to-value under 90% : 0.35 percent annual MIP As an example: If your current rate is 5% on a 30 year fixed FHA loan - you could lower your rate to a 2.75% 15 yr FHA loan, and your payment would only go up by around $35 to $40 per 100k on the loan. If your rate is higher than 5% then the difference would be even lower. It just makes sense to do this right now.   That's it for today!     Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.

Best Way To Get The Seller To Pay Your Closing Costs...

Good Morning!     Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? ...You ask them! You make it part of your offer to purchase. Here is a breakdown of the maximum seller help amounts by loan program... Program: Conventional (fannie/freddie), owner occupied... 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution. 3) Less than 10% down payment = 3% allowed seller contribution. 4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions. Program: FHA 1) 6% maximum seller contribution. Program: VA 1) 4% closing cost contribution. Program: USDA 1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.   That's it for today!     Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.

Mortgage Insurance Rates Are About To Go Up On This Program...

Good Morning! 

  

Some news and little known facts on the USDA Home Loan program...

The annual MI is going up on USDA loans. ...On October 1, 2012 (the first day of Fiscal Year 2013) the annual fee for new loans, both purchase and refinance, will increase from .3% to .4%.

Things you should know about the USDA streamlined refinance program...

1) No appraisal required.

2) No property inspections.

3) Credit report required for pricing, not eligibility!

4) No ratio requirements.

5) New term of loan must be 30 years.  

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

How To Refinance When You Are Upside Down In Your House...

Good Morning! 

  

Did you realize that if you are upside down in your house and your current mortgage is owned by Fannie Mae or Freddie Mac you may still be able to refinance?

It's true!

As long as you would otherwise qualify for a mortgage I can refinance you up to 125% of the value of your home!

If you are unsure if your mortgage is owned by Fannie or Freddie here are some helpful web sites for you...

Check if your mortgage is with Fannie here.

Check if your mortgage is with Freddie here.  

If you are in this situation - give me a call or shoot me an email!  ...I just might be able to help you out!

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

  

FHA MORTGAGE INSURANCE RATES COULD BE GOING UP AGAIN SOON…

Good Morning! 

Don’t look now, but FHA mortgage insurance rates could be going up again soon.

The house recently passed the Federal Housing Administration Fiscal Solvency Act of 2012. Now the bill makes it’s way to the Senate.

The bill gives FHA the authority to raise it’s mortgage insurance premiums to as high as 2.05% annually. …That’s almost twice the 1.20% rate FHA charges today.

If this bill becomes law – (and it probably will) it will reduce the pool of borrowers that can qualify for an FHA mortgage. 

This is unfortunate because these likely changes will hurt the very people that need the FHA program to purchase a home.  

That’s it for today! 

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Keys To Getting A VA Mortgage With Low Credit Scores...

You may have been told you need a 620 minimum credit score to get a VA loan.

Not true!

That’s a rule for that mortgage company – not the VA.

I don’t have a minimum score to get a VA loan!

Here are the keys to get a VA loan with less than a 620 score…

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. …Apply online now or give me a call!

Special note: Use the search feature in the title bar of this web site to learn about any subject related to mortgages. It’s quite a resource!

That’s it for today!

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

Brett

To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.
To sign up for my weekly mortgage quick tips – CLICK HERE.

Why Conventional Rates Are About To Go Up...

Rates on Conventional loans are about to go up.

The Federal Housing Finance Agency (FHFA) announced recently that it has directed Fannie Mae and Freddie Mac to raise guarantee fees (g-fees) on single family mortgages by an average of 10 basis points.

The changes to g-fee pricing represent a step toward encouraging greater participation in the mortgage market by private firms, a goal set forth in FHFA's Strategic Plan for Enterprise Conservatorships.

...So, if you were considering refinancing a Conventional mortgage I would recommend you go ahead and get it done before these changes go into effect.  

That's it for today! 

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

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

How To Get A Mortgage When You Owe Back Taxes...

Good Morning! 

  

One of the things I can see on the back end of my web site is the number of people that look at each page.

I guess there are alot of people that owe back taxes to the IRS.

     ...because this page on how to get a loan when you owe back taxes remains consistently one of the most popular pages.

I'll repost a link to this page here:http://loansdonequickly.com/how-to-get-a-mortgage-when-you-owe-the-irs-back-taxes/

If you know someone that owes back taxes and wants a loan - have them take a look at this page.

I just might be able to help them out!  

That's it for today! 

  

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

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

 
  

Little Known Way To Get A Second FHA Mortgage...

Good Morning!
 
Generally speaking HUD likes a borrower to only have one FHA loan at a time.

However, there are certain circumstances where it's possible to obtain a 2nd FHA loan.

One of these situations is if the number of dependents has increased to the point that the current house no longer meets the families needs.

We would of course need to prove your dependents have increased.

The other caveat to getting a second FHA loan in this situation is that we would have to prove you have a 75% or lower loan to value ratio in your current home. An appraisal on your current home is the only way to show this.

If you are in this situation let me know and I'll see if we can help you out!

That's it for today!
 
Have a good day today!  ...and thanks for reading.
 
Brett

 
To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.