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.