Quick Tips On The Mortgage World

Monday, July 27, 2015

90% Jumbo Loans…

Do you need a Jumbo loan?

Did you realize I have Jumbo loans up to 90% loan to value ratio to loan amounts of $1,500,000?

That’s unusual in the mortgage world by the way.

Most loans that large cap out at 80% loan to value ratio.

10% of $1,500,000 is alot of money.

So, if you are in this situation, and you don’t necessarily want to bring an extra $150,000 to closing – give me a call or shoot me an email!

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

Brett

Wednesday, July 22, 2015

USDA Tid Bits You Need To know

There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available.

So, every now and then I like to restate the great aspects of this loan…

If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

Up to 100% of the Appraised Value – Total LTV of 102% -

No Down Payment Required

No Cash Reserve Requirement. No cash contribution requirement

Unlimited seller concessions

Unrestricted gifts, not necessary to document source, no seasoning

First time home buyers allowed, but not limited to first time home buyers

Completed Short Sales are NOT regarded as a foreclosure or negative credit. We will need a clear CAIVRS and an adequate letter of explanation

Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

Non-traditional credit may substitute for lack of credit history

Repair Escrow financed in loan up to $10,000 or 10% of loan

If you have more questions about getting qualified for this program just shoot me an email or give me a call.

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

Brett

Monday, July 20, 2015

Mortgage Rate News, And Other Personal Stuff…

Pricing on mortgage backed securities has improved in the past week, which has lowered rates a bit. Hopefully the trend will continue.

This weeks major economic reports that could influence the mortgage market: Wednesday the Existing Home Sales numbers come out. Thursday the jobless claims come out. …will watch this for you.

BTW – Just got back from vacation today.

When you are a business owner you never feel like there’s a good time to go on vacation. We are all busy aren’t we?

However, often when you are at your busiest that’s the time you need to take a week off.

After all, when you look back on your years you tend to remember the vacations. Not the time in the office. You only have so many opportunities to put memories with family in your memory bank!

Hope you have safe travels this summer!

That’s it for today!

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

Brett

Monday, July 6, 2015

The Other Cash Out Loan In Texas…

Did you realize that in the State of Texas you can’t get cash out of your home above 80% of its appraised value?

In other words if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000.

This 80% rule is a Texas law for homeowners in Texas.

…However, there is one loan that will allow you to get more than 80% of your cash out. It’s called an Owelty loan.

You can get an Owelty loan when you are getting a divorce, and one of the conditions of your divorce is that you have to pay your ex a portion of the equity in your home (even if it exceeds 80%).

I’ve done many Owelty loans. We treat them as a regular rate and term refinance (not cash out rates – which are higher).
So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.

…or, better yet – just give me a call and I can help you!

That’s it for today!

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

Brett