How To Get A VA Loan If You Have Had A Foreclosure, Or Bankruptcy…

Good Morning!

I hope you're having a good week so far!

I want to go over the VA guidelines for Foreclosure, and Bankruptcy.

Here ya go…

VA
Short Sale Deed-In-Lieu of Foreclosure Foreclosure	2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If the occurrence was on a VA loan, the veteran may not have full entitlement available for the new loan Jumbo: 7 years from completion date
Bankruptcy: Chapter 7 or 11	2 years from discharge or dismissal date Note: If bankruptcy was result of a business failure, provide evidence that; Applicant obtained permanent position after business failure No derogatory credit prior to self employment No derogatory credit subsequent to bankruptcy Jumbo: 7 years from dismissal or discharge date If extenuating circumstances exist – 12 months from discharge or dismissal date with re-established credit
Bankruptcy: Chapter 13	2 years from discharge or dismissal date A minimum of 12 months of payments have been made, all payments have been paid satisfactorily and Trustee or Bankruptcy Judge has approved Jumbo: 7 years from dismissal or discharge date

That’s it for today.
Thanks for reading!

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Current Mortgage Rate Market...

Good Morning!

A couple of weeks ago mortgage rates surged to 7-year highs.

 

The Bond market rebounded has rebounded a bit - thank goodness.

 

I think it would have rebounded anyway, but the Italian political drama aided in the Bond bounce back.

 

Rates are still relatively low, but time will tell if the recent lows persist.

 

Thanks for reading!

 

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You Can Renovate With A Conventional Loan...

Good Morning!


Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan?

They do! It’s called the Fannie Mae HomeStyle Renovation program.

How it works…

At closing, all funds for renovation will be escrowed in an interest-earning account.

After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage.

Soft costs such as architectural services, engineering, and permit fees may be financed.

Max loan to value ratio for owner occpuied = 95%.

If you want to purchase a home, but want to make some changes right away this loan might be a good vehicle for you!

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

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Buying A House With A Reverse Mortgage...

Good Morning!

 

Did you know you can use a reverse mortgage to buy a house?

I’ll give you an example.

Let’s say you are 65 years old. You want to buy a $200,000 house.

You have $110,000 to put down on the house. However, you don’t really want a mortgage payment.

You can put down your $110,000.

Get a reverse mortgage for $90,000.
…and, you will never have a mortgage payment for the remainder of your life (as long as you stay in this house).

With reverse mortgages the older you get the more loan you can get.

Here is a chart of the age of the youngest borrower vs the percentage of loan to value ratio you can borrow.

Youngest Age	Principal Limit
90+	0.75
89	0.739
88	0.729
87	0.719
86	0.709
85	0.699
84	0.69
83	0.682
82	0.674
81	0.665
80	0.657
79	0.648
78	0.64
77	0.631
76	0.622
75	0.614
74	0.606
73	0.599
72	0.591
71	0.583
70	0.576
69	0.569
68	0.562
67	0.556
66	0.549
65	0.542
64	0.536
63	0.53
62	0.524

Of course, you can also get a reverse mortgage to get cash out of your existing home.

If you or someone you know needs a reverse mortgage give me a call! We are reverse mortgage experts!

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here

 

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Don't Let This Happen To You...

Good morning!

 

We had something happen this week, and I wanted to share it with you as a cautionary tale.

 

I had a borrower that was about to close on their purchase loan.

 

The title company contacted her about where to send the money.

 

...except it wasn't the real title company.  It was a fraudulent crook acting like the title company.

 

She ended up wiring the crook $24,000.

 

The FBI is involved and it's a big thing...

 

This sort of thing is a problem in our industry right now.  If you are going to wire money make double sure it's going to the right place.  ...Or, you might just want to bring a cashier's check instead of a wire.

 

That's it for today!

 

Thanks for reading!

 

Brett

 

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When You Keep Your Home In The Divorce And Have To Pay Your EX Their Equity...

Good Morning!

In the State of Texas we can't get cash out of owner-occupied homes 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.

 

That’s it for today!

 

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

 

Brett

 

Get Pre Approved For A Loan Here

 

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If You Don't Qualify For A Mortgage Now - Do this...

Good Morning!

 

I’ve written about this before, but I think it’s worth touching on again.

 

If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do…

 

1) Isolate the reason you can’t get a mortgage now. (We can do this for you).

 

2) Make a plan to solve this problem.

 

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

 

…and, you need to know where you need to be for a loan.

 

I’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of months to six months, they are usually ready for a loan.

 

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

 

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

 

Brett

 

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