Best Loan Programs To Use For Rural Purchases...

 Good Morning!

If you need financing to purchase a home in the country I would use either USDA, FHA, or VA.

The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable sales used in the appraisal.

Specifically conventional loans have a conservative limit on how far they will allow the comparable sales used in the appraisal to be away from the subject property.

For this reason you often run into a Catch-22 using conventional loans in a rural environment.

…Yes you can use a conventional loan, but the comps are too far away from the subject property so you can’t use a conventional loan, etc…

Generally speaking FHA, USDA, and VA will accept comparable sales that are “common for the area”. …So, in other words if the comparable sales are all 5 miles away and that’s what is common for the area – then generally they will accept this.

If you are unsure what type of financing is best to use for your next purchase – shoot us an email or give us a call and tell us about your situation.

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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Can't Prove Your Income, But Want To Buy A House...

 Good Morning!

If you want to purchase or refinance a house, but you have a hard time proving traditional income, here are some options for you...

Alternative Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.

Option 1: Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income

Variables of Bank Statement loans

24 Months of bank statements

12 Months of bank statements

2 Months of bank statements

1 Month bank statement

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

Option 2: Asset Depletion

If you have no income to speak of, or at least you can’t prove your income via traditional means, or bank statements, then Asset Depletion may be an option for you.

If you have sufficient assets then we can use your assets in lieu of income documentation.

We have down payments as low as 15% on Asset Depletion loans.

Option 3: Investor Debt Service Coverage.

This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

Option 4:  No Ratio and Stated Income loans

No Ratio is stated income and verification of assets to close the transaction. 

This is a non owner occupied investor loan only.

Stated Income and Stated Assets is also non owner occupied investor loans only.

We are experts at getting these loans closed and funded.

If you are needing an Alt Doc loan feel free to reach out to us with your questions, or apply now to get pre qualified.

If this sounds like a loan you can use to accomplish your goals then click the link below and apply.

We can usually close this loan in 2 to 4 weeks.

That's it for today!

Thanks.

Brett

 

Get Pre Approved For A Loan Here
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Max FHA Loan Amounts For Different Areas In Texas...

 Good Morning!

I wanted to update you on the current max FHA loan limits for some of the larger metro areas in Texas.

Keep in mind this number is the maximum amount an FHA loan can be for that area.  The sales price can be higher, you would just have to put down the difference between the price and the loan amount.

Here are the max FHA loan limits...

Austin area:  $416,300
Dallas / Fort Worth area:  $411,700
San Antonio area:  $403,650
Houston Metro area:  $356,362

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How A Delayed Financing Cash Out Loan Works...

 Good Morning!

If you purchased a home using your own cash, and now would like to pull your cash back out - we can do that.

This type of loan is called 'delayed financing'.  ...and, you can get your cash back out of the house.

In fact, we do these type of cash out loans up to three million dollars.  Many companies won't lend cash out over 500k, but we do!

...so, if you are in need of a loan like this - shoot us an email or give us a call.  We can help!

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Structure 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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How To Manage Repairs In A Contract...

Good Morning!

When you are buying or selling a house, and there are notes written into the contract regarding repairs – keep this in mind…

The buyer's loan underwriter will see the repair notes in the contract, and he or she will make these repairs a condition of the loan.

The underwriter will request that the appraiser go back out to the property to verify the repairs are complete.

This can cause delays in closing.

If you do have repairs written into the contract try to make sure they get done as soon as possible.

This way there will be time to send the appraiser back out to verify the work has been done. …and still close on time!

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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Good Time Of Year For This...

 Good Morning!

This is the time of year property tax bills are being paid.

There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.

1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it on an emergency. …or any number of other things.

2) Some people that have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let me know if you have more questions about how this refinance works.

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

Brett

 

Get Pre Approved For A Loan Here
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