Simple Tip For Less Stress In Your Life...

Good Morning!

I’ve written about this before, but I wanted to touch on it again here because it’s important…

My job as a loan officer allows me to have a unique perspective into people’s lives.

I can see how much money people make, and how much money they have in the bank.

I do loans for people who make less than $20,000 a year, and I do loans for people who make well over $250,000 a year. …It doesn’t matter if you make a lot of money, or very little money – there is a common problem that I see again and again…

…Very little to no savings.

This isn’t true in every case, but I see it very often.

People tend to spend what they make. …even the borrowers I have who make a lot of money don’t tend to save their money.

My advice to you?… Pay yourself first.

Open a savings account, and before you pay any other bills – pay yourself first. …pay it just like it was a car payment or an electric bill. …Make it a percentage (10%) of your total income.

Pay it every month. …it will build up faster than you think.

There is a special comfort that you will gain when you see that you have a comfortable cushion in the bank. …I want that feeling for you.

This feeling of comfort will percolate into other areas of your life – less fights about money – less stress at work – happy mom and dad makes for happy kids, etc.

That’s it for today!

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


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Two Most Important Things About A USDA Loan...

Good morning!

 

If you are considering a USDA loan there are two things you should be aware of…

 

 

1) There are geographic restrictions. Not every area is eligible for USDA financing.

 

The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for USDA financing.

 

Here is the link to check your address: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp

 

2) USDA has household income caps. In other words, it’s possible to make too much to qualify for a USDA loan.

 

You will need to enter your total household income into the link below and see if your family qualifies.

 

Here is the link to check the income for your area… https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

 

USDA is a great program. …100% financing with a low fixed interest rate.

 

If you have any other questions or want to see if you qualify just give me a call or shoot me an email!

 

That’s it for today!

 

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

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Max FHA Loan For Your County...

Good Morning!

Did you know the max FHA loan in the Dallas area is now $395,600?

It's great for all of us, because FHA is a great loan with low rates and a low down payment.

To see what the max loan for your county on an FHA loan here is the web site you would want to check...

https://entp.hud.gov/idapp/html/hicostlook.cfm

That's it for today.  Have a great rest of your week!

Thanks.

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5 Ways To Pay Your Closing Costs When Buying A House...

Good Morning!

When you buy a house there are three sets of funds you have to consider...

1)  Your down payment.

2)  Your closing costs.

3)  Your prepaid taxes and insurance.

When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs...

1) You. …You are the borrower and you can pay these expenses yourself.

2) The seller. You can negotiate with the seller to pay these costs at the time you make your offer.

3) Gift. You can get a gift from a family member to pay your closing costs. The guidelines are different with each program for gift giving – so check with me before you attempt to go this route to make sure it’s appropriate for your loan program.

4) Grant. If you have access to a state or government grant program you can use this to pay these costs.

5) Loan officer and/or realtor. You can get help with paying your closing costs and prepaid expenses from the loan officer, and the realtor can help as well.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
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Max Conventional Loan In Texas...

Good Morning!

I wanted to let you know if you weren't already aware of it...  The max Conventional loan amount in Texas has increased to $484,350.

This is good news for all of us, because Conventional loans come with lower rates and lower down payment requirements.

Keep this in mind if you are looking at homes in this price range.

Minimum down payment on most Conventional loans is 5%.   ...unless you are a first time home buyer, then you can do 3% down.

That's it for today!

Have a great week!
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Can’t Get A Mortgage? …You Need A Plan.

Good Morning!

If you have applied for a mortgage, and been told you don't qualify - don't despair.

Instead take control of your situation, and make a plan to get a mortgage.

1) Isolate the reason you can’t get a mortgage now. Your loan office should be able to tell you this.

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.

If you don't have anyone to help you with this - reach out to my office.

I’ve seen many success stories of borrowers that had a plan to follow and did what ever 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.

That’s it for today!

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

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Buying A House After A Deed In Lieu...

Good Morning!

I get asked about “Deed In Lieu” sometimes.

A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose.

People ask me how a Deed In Lieu would affect their credit.

I tell them that it would be treated the same way a full foreclosure would – from a mortgage perspective anyway.

…in fact, if you have a “Deed In Lieu” show up in the mortgage history on your credit report – it might as well say “Foreclosure”.

You will have to wait a period of time before you would be eligible for a new mortgage.

…here’s what you’re looking at for seasoning on a foreclosure:

Fannie Mae/Freddie Mac: 7 years.  (Sometimes you can get automated approval after 4 years)

VA: 4 years.

FHA: 3 years.

That’s it for today!

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


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