Our VOE Program...

Good Morning!

Did you know we have a VOE (Verification of Employment) program that is considered full doc?

This program is for borrowers that work for a company.

You don't need paystubs, or w-2's, or tax returns.  

...we just send a one page form to your employer.  They fill it out and that's all the documentation we need for your job / income.

Pretty cool!

That's it for today!

Stay safe!

Brett

Get Pre Approved For A Loan Here
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Max Loan Amounts Continue To Rise...

Good Morning!

The conforming loan limits continue to go up.

In Texas the max conforming loan is now $510,400.   Not to long ago this used to be a jumbo loan.

The advantage of going with a conforming loan is lower rates, and less down payment.

And, FHA max loans very by county, but they too are going up.  

Most counties range from $331,760 to $404,800 for some of the more heavily populated counties in Texas.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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What Will Mortgage Industry Do?...

Good Morning!

It's going to be interesting to see if the mortgage industry makes changes to accommodate the impact of being out of work.  ...in terms of getting new mortgages.

When you don't have a job - it's hard to pay your bills.

When you don't pay your bills this impacts your credit negatively.

So, we are about to have a wave of millions of people who's credit is about to take a nose dive.

If nothing at all is done from a mortgage perspective - the pool of people that can qualify for a mortgage reduces dramatically.   ...this will affect the business / income of all those related to real estate transactions:  Realtors, Title Companies, Surveyors, Appraisers, Rehab Companies, Mortgage Companies, etc.

...Not to mention it will affect the price of homes on the market.  If fewer people can afford to buy home prices will go down.

In my opinion Real Estate is the straw that stirs the drink of our economy.

My feeling is at some point the mortgage industry will institute some kind of exceptions to normal credit guidelines to accommodate these people.

We'll see.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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A Word About Forbearance…

Good Morning!

A word about forbearance…

If you have a job and things are still good for you and your family please don’t request a forbearance.  

Not only will this also contribute to the crippling of the mortgage market, but you may be doing unintentional harm to yourself.

The credit bureau will report the forbearance on your report.  This will impact your ability to get credit in the future.

If you’re on a fence as to whether you legitimately need forbearance, find out your servicer’s policies so you can make an informed decision
with all the pros and cons.  

That’s it for today!

Thanks for reading.

Brett

Get Pre Approved For A Loan Here
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What's Up Is Down...

Good Morning!

Here's another example of how the mortgage world is kind of upside down right now.

On many programs 30 year loans are priced lower than 15 year loans.  (Typically 15yr loans are lower)

I think there's two main reasons for this:

1)  There are much more 30 years loans in the market right now, and they are much easier to sell to the Fed.  More demand equals lower rates.

2)  The other is the Covid virus.  15yr payments are higher, thus potentially at more risk of financial stress than 30yr payments.  This in turn hurts the servicing valuation of the loan, which plays a role in the loan rates.

Hopefully this liquidity for the 15 year mortgages will improve in the coming weeks, and things will get back to where they should be.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Simple Key To A Better Life...

Good Morning!

In this money centric world we live in, many people fail to understand one simple thing...   Happiness is the true currency of life.

I think it's especially important to remind ourselves of this in this time of Covid-19.

Here is a cool short video on the imporance of happiness from Simple Truths I wanted to share with you...   https://vimeo.com/99075852

That's it for today!

Have a great day!

Brett

Get Pre Approved For A Loan Here
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Mortgage Market Update

Good Morning!

 

Guidelines are tightening up.  (what some could qualify for yesterday - they can't today).  

Some companies have just stopped funding loans for the time being.  The reason is these companies are dealing with a shortage of short term cash.  This is contributing to rates being much higher than the market movement would suggest.

I don't think this even begins to move in the right direction until people start going back to work.  

Hopefully that happens in weeks, and not months.

Until then we all just have to keep trying to help each other where we can, and stay positive.

 

That's it for today.

 

Thanks for reading!

 

Brett

Get Pre Approved For A Loan Here
My Previous Blog