One Way To Buy A House With No Money Down…

Attention Texas Residents…

If you live in Dallas / Ft. Worth, Houston, Austin, or San Antonio, and you want to buy a house for no money down here’s a way to do it!…

There is a little known program from the department of Rural Development that allows for 100% financing.

We use this program often in my office. …In fact, we closed one just last week.

This Rural Development home loan program is easy to qualify for, and has very low rates.

There are two catches you should be aware of…

1) There are geographic restrictions. If the house is too close to a big city it won’t qualify for this program.

…but you would be surprised you can still live very close (suburbs) to these cities and be eligible for this program.

Take a look at the maps of your city and see how far out you have to go to be geographically eligible for this program. …Click here to see the maps.

2) There are income restrictions. You can make too much money for this program.

If you want to know if you qualify income wise for this program there are two things you can do… …You can let me check for you, or you can check yourself.

If you want to check yourself you can click this link and follow the prompts: Click here…

Real estate has started appreciating again and is projected to continue. However, there are still good deals out there.

If you have been thinking about buying a house – now is the time to do it! …and, this is a good program to use to purchase one!

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.

Your Loss Of Buying Power Is Happening Now…

If you have been considering purchasing a home now is the time to do it.

With rates rising your buying power is diminishing daily.

In fact, on average for every 1% rise in rates your borrowing power will go down by about 10k per every 100k you borrow.

Mortgage rates got higher last week.

There are several financial reports out this week that will likely effect rates, starting with May’s Durable Goods Orders on Tuesday. This report tracks orders for big ticket items.

A decline in orders would actually be the best scenario for the bond market, which helps lower mortgage rates.

I’ll keep you posted on these reports…

So, if you are worried you might not be able to qualify for that special house – give me a call or shoot me an email. I’ll let you know if you would qualify 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 Loan To Use In The Country…

If you need financing to purchase a home in the country I would use either USDA, FHA, or VA.

The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable sales used in the appraisal. Specifically conventional loans have a conservative limit on how far they will allow the comparable sales used in the appraisal to be away from the subject property.

For this reason you often run into a Catch-22 using conventional loans in a rural environment. …Yes you can use a conventional loan, but the comps are too far away from the subject property so you can’t use a conventional loan, etc…

Generally speaking FHA, USDA, and VA will accept comparable sales that are “common for the area”. So, in other words if the comparable sales are all 5 miles away and that’s what is common for the area – then generally they will accept this.

If you are unsure what type of financing is best to use for your next purchase – shoot me an email or give me a call and tell me about your situation. Even if your in a state I’m not licensed in I’ll at least point you in the right direction.

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.

What To Do If You Have Repairs As Part Of Your Contract To Buy Or Sell…

When you are buying or selling a house, and there are notes written into the contract regarding repairs – keep this in mind…

The buyers loan underwriter will see the repair notes in the contract and he or she will make these repairs a condition of the loan.

The underwriter will request that the appraiser go back out to the property to verify the repairs are complete.

This can cause delays in closing.

If you do have repairs written into the contract try to make sure they get done as soon as possible.

This way there will be time to send the appraiser back out to verify the work has been done. …and still close on time!

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.

New FHA Changes To MIP Effective June 3rd…

With it’s Mortgagee Letter 2013-04 HUD has made changes to their Mortgage Insurance Premium (MIP) that went into effect June 3rd, 2013.

It’s not good news, but here is the news…

HUD has removed the MIP exemption for loans with terms of 15 years or less and less than or equal to 78% loan to value ratio at origination.

So, in other words if you were getting a 15 year FHA mortgage with less than 78% your MIP used to be zero, and now it’s .45% of the loan amount annually.

The other change from this mortgagee letter is that HUD has revised the period for assessing their annual MIP.

The chart below shows these changes…

	LOAN TERMS > 15 YEARS
LTV	Previous	New
< 78 %	5 years	11 Years
> 78 ? 90%	Cancelled at 78% LTV or 5 Years	11 Years
> 90%	Cancelled at 78% LTV or 5 Years	Loan Term

These changes will reduce the appeal of FHA loans for many people. …rightfully so.

Call me or email me if you have questions about this.

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.

Where Is Your Down Payment Money Coming From?…

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

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.