Super Jumbo At 90%...

Good Morning!

I wanted to tell you about a great Jumbo program that we have.

Here are some of the important elements of this loan...

1) Loan amounts up to $2,000,000.

2) Credit score as low as 661.

3) Mortgage insurance not required.

4) Loan to value ratio up to 90%!

5) First-time home buyers permitted.

6) Non-occupant co-borrowers are allowed.

7) Purchase, rate & term and cash out.

If you are interested in getting a Jumbo loan - give me a call or shoot me an email.

That's it for today!

Have a good day today!

...and thanks for reading.

Ger Preapproved for a Loan Here

 

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How To Get A Mortgage Without Removing Disputes From Your Credit Accounts...

Good Morning!

 

You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan.

 

For Conventional loans, there is really no way around this. You will have to remove them.

 

However, for FHA loans you don’t necessarily have to remove them.

 

This is true for manually underwritten FHA loans.

 

So, if you are getting an FHA loan, and your loan officer wants to remove the disputes. Ask your loan officer to have the file manually underwritten.

 

On a manually underwritten loan, the underwriter can underwrite the loan “around” the disputes. …Ignore them in other words.

 

That's it for today!

 

Thanks for reading!

 

Get Pre Approved For A Loan Here

 

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How Paying Extra Can Shave Years Off Your Mortgage...

Good Morning!

 

I have borrowers ask me if paying extra on their mortgage payment each month will save them money over the life of the loan.

The answer is… Of course!

It can save quite a bit actually.

I created the table below to illustrate the savings.
This is based on a 30 year $100,000 mortgage at 4% interest.

Extra Payment Monthly	Years Saved Off Mortgage
0	0
50	5 Years
100	8.5 Years
150	11.08 Years
200	13.08 Years
250	14.6 Years

If you would like to see how much an extra payment would affect your mortgage just call my team or email me and give me your numbers on your mortgage. …I’ll be happy to help you!

That’s it for today!

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

Get Pre Approved For A Loan Here

 

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Max Seller Contributions On Conventional Loans...

Good Morning!

 

On Conventional loans, the maximum amount that an interested party (such as the seller) can contribute to the buyers closing costs and prepaids can vary depending on the loan to value ratio of the loan.

 

Here is the breakdown on how much the seller can contribute...

 

• 2% of the lesser of the property’s sales price or appraised value for a mortgage secured by an

investment property.

 

• 3% of the lesser of the property’s sales price or appraised value for a mortgage secured by a

principal residence or second home, if the LTV ratio, or if applicable, the CLTV, is greater than

90%.

 

• 6% of the lesser of the property’s sales price or appraised value for a mortgage secured by a

principal residence or second home, if the LTV ratio, or if applicable, the CLTV ratio, is in the

range from 76% to 90%.

 

• 9% of the lesser of the property’s sales price or appraised value for a mortgage secured by a

principal residence or second home, if the LTV ratio, or if applicable, the CLTV ratio, is ≤ 75%.

 

That's it for today!

 

Thanks for reading!

 

Get Pre Approved For A Loan Here

 

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Lower Rates And Mortgage Insurance For This Program...

Good Morning!

 

Home Possible is a Conventional loan program offered by Freddie Mac.  It has income limits, but many Texas counties have no income limits for Home Possible.

 

Some of the benefits of Home Possible are lower rates and lower mortgage insurance.  Loan to value ratios up to 97%.  Credit scores down to 620.

 

It's definitely worth checking out!

 

Have a good day!

 

Thanks for reading.

 

Get Pre Approved For A Loan Here

 

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Use Your Bank Statement Deposits To Get A Loan...

Good Morning!

 

I run into a lot of self-employed people that “maximize their deductions” on their tax returns.

 

They make money, but they don’t show a lot of income on their tax returns due to their deductions.

 

They may have great credit, but they can’t get a mortgage because they don’t show enough income.

 

We have bank statement loans now for people in this category. Your bank deposits over two years become your monthly income. The underwriter will want to see the deposits are from business-related income.

 

The rates will be a bit higher on this type of loan than a conventional mortgage, but they can still be relatively low if your credit is decent.   Down payments range from 10% to 40% down depending on credit.

 

If you are in this category and need a mortgage shoot me an email or give me a call and I’ll see if we can help you out.

 

That’s it for today!

 

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

 

Get Pre Approved For A Loan Here

 

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Who Can Give You A Gift...

Good Morning!

 

Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?

 

Not just anyone can give you a gift.  Here is the list of acceptable donors that can give you a gift...

 

Relative, defined as the borrower’s spouse, child or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.

 

The donor may not be or have any affiliation with the builder, the developer, the real estate agent, or any other interested party to the transaction.

 

Fiancé, fiancée, or domestic partner o Domestic Partner - An unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner, and intends to occupy the security property with the primary wage earner.

 

That's it for today!

 

Thanks for reading!

 

Get Pre Approved For A Loan Here

 

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Tip For Renters Who Want To Buy A House...

Good Morning!

 

If you rent from an individual (no apartment complex or management company) – you must PROVE you paid the rent.

 

That means we will need canceled rent checks. …If you pay your rent with cash – DON’T!

 

Start writing checks for rent!

 

If you pay with money orders then put your paycheck in a bank account, then every month draw out the money for the money order – and keep the money order receipts!

 

…but the best is to write checks for rent!

 

That’s it for today!

 

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

 

Get Pre Approved For A Loan Here

 

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