Who Can Give A Gift On An FHA Loan?...

Good Morning!

 

FHA gift questions come up often.

 

I wanted to give you the rules on FHA gift giving. Here ya go…

 

Acceptable gift donors for FHA loans…

 

1) Borrower’s relative.

 

2) Borrower’s employer or labor union.

 

3) A close friend with a clearly defined and documented interest in the borrower.

 

4) A charitable organization.

 

5) A governmental agency or public entity that has a program providing home ownership assistance.

 

Unacceptable gift donors for FHA loans…

 

1) The seller.

 

2) The real estate agent or broker.

 

3) The builder or an associated entity.

 

Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

 

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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Who Can Give A Gift On An FHA Loan?...

Good Morning!

 

FHA gift questions come up often.

 

I wanted to give you the rules on FHA gift giving. Here ya go…

 

Acceptable gift donors for FHA loans…

 

1) Borrower’s relative.

 

2) Borrower’s employer or labor union.

 

3) A close friend with a clearly defined and documented interest in the borrower.

 

4) A charitable organization.

 

5) A governmental agency or public entity that has a program providing home ownership assistance.

 

Unacceptable gift donors for FHA loans…

 

1) The seller.

 

2) The real estate agent or broker.

 

3) The builder or an associated entity.

 

Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

 

That’s it for today!

 

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

 

Brett

Get Pre Approved For A Loan Here

My Previous Blog

How To Get A 97% Loan Without Paying Mortgage Insurance...

Good Morning!

 

Did you know that we do piggy back loans up to 97% loan to value ratio?

 

We do!

 

A piggy back loan is where we do two loans – one at 80%, and a second up to 17% simultaneously.

 

You would put down 3% in this scenario, and we would finance 97%.

 

The advantage to a piggy back loan over a single loan is that you don’t have to pay the private mortgage insurance that comes with conventional loans over 80% LTV.

 

You will be surprised how much money you can save by using piggy back financing compared to single loans with MI.

 

Give us a call or shoot us and email and we'll show you how much money you can save!

 

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

 

Brett

 

Get Pre Approved For A Loan Here

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Thanksgiving Fun

Good Morning!

I hope you had a great weekend!

Considering this is Thanksgiving week, I thought we would have some fun with Thanksgiving trivia…

1)  Did you know the first Thanksgiving lasted 3 days?  It was celebrated much earlier than our current celebration, possibly in late September.

There were about 50 European settlers and around 90 native Americans who attended the 3-day feast.

2)  Which president was the first to give a turkey a presidential pardon?   …Ronald Reagan

John F. Kennedy was the first president on record for unofficially sparing a Turkey in 1963.

But it wasn’t until the Reagan administration in 1987 that a turkey was given an official presidential pardon as a joke.

Despite it being a joke, the turkey was spared and put into a petting zoo. In 1989 George H.

Bush made it an annual tradition and each president following him has carried on the tradition.

3)  What meat did the native Americans bring to the first Thanksgiving?   Deer (venison)  After they arrived, some of the Native Americans went out hunting and brought back five deer to give to the governor, the captain, and others.

That’s it for today!  Thanks for reading.

Have a great Thanksgiving!

Brett

Get Pre Approved For A Loan Here

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Low Credit Score Cash Out Loans...

Good Morning!

In Texas the cut off for Cash Out loans, or Texas Home Equity loans is 620.    ...for most lenders.

We can do Texas Cash Out loans down into the low 500's for a credit score.

So, if you have lower credit, but need a cash out loan - give us a call or shoot us an email.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here

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How You Can Buy A House With A Reverse Mortgage...

Good Morning!
I touch on this every now and then, because I want you to know it's possible to purchase a home with a Reverse Mortgage, and how it works.
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.
Brett

Get Pre Approved For A Loan Here

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Creative Way To Come Up With Down Payment On A House...

Good Morning!

 

If you want to buy a house, but you’re short on cash in the bank here’s an idea.

 

You can sell an asset to generate cash for a down payment. …such as a boat, car, etc.

 

Here’s how to structure it for a mortgage…

 

You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price.

 

The buyer’s and seller’s signatures are required on the bill of sale.

 

Copies of all checks, and deposit slips are also needed.

 

A picture of the item sold is also helpful.

That’s it for today!

 

Have a good day! …and thanks for reading.

 

Brett

 

Get Pre Approved For A Loan Here

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Getting A VA Loan After Bankruptcy Or Foreclosure...

Good Morning!

 

 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.

 

 

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

 

 

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

 

That's it for today,

 

Thanks for reading!

 

Get Pre Approved For A Loan Here

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