Spotlight On A 3% Down Product Up To A 548K Loan Amount...

 Good Morning!

I wanted to spotlight a program you or someone you know may be interested in.

It's a 3% down first time home buyer program up to a $548,250 loan amount.

Here are some of the important features of this product…

1) Owner-occupied primary residence only (can't have owned a home in 3 years).

2) Minimum 620 FICO score.

3) 3% down payment.

4) 1-unit attached and detached single family residence, attached and detached PUDs.

5) Purchase and rate/term transactions.

6) 15, 20, 25, and 30-year loan terms.

7) No up front MI (like you would have on FHA).

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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P.S. If you would like to check out my novel Density - here is the Amazon link for it.

Max Seller Help With Closing Costs By Loan Program...

 Good Morning!

If you are buying a house and wanted to know how much the sellers can help you with closing costs, below is a list of maximum seller contributions by loan program...

Program: Conventional (fannie/freddie), owner occupied…

1) 25% or more down payment = 9% allowed seller contribution.

2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.

3) Less than 10% down payment = 3% allowed seller contribution.

4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.

Program: FHA

1) 6% maximum seller contribution.

Program: VA

1) 4% closing cost contribution.

Program: USDA

1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.

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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Non QM Loan Product Spotlight...

 Good Morning!

Hope you guys are having a great week!

Note:  If you need to close quickly on a purchase - we are getting 10 day loan submissions to clear to close.  Not on every file of course, but if your credit is good, and you can easily prove your income - we can get those in and out.

Non QM Product Options Spotlight...

ITIN- Up to 90% LTV
ITIN 24 month Bank statement available now
DSCR 80% LTV 600 Min Fico (no proof of income needed)
SUPER JUMBO up to 5 Million!
24 Months Bank Statement NO P&L with 100% Deposits
2 Months Bank Statement 90% LTV
1 Day out of Forbearance/ Foreclosure/ Bankruptcy/ 90+ Day Late
580 Min Fico

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

If You Can't Qualify For A Mortgage Right Now - Here's What You Need...

 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 our office.

We’ve seen many success stories of borrowers that had a plan to follow and did whatever it took to execute that plan. In a matter of a couple of weeks 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.

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

No Money Down On This Loan Program...

 Good Morning!

Want to buy a nice home in the country or outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Up to 100% of the Appraised Value – Total LTV of 102% –

-Difference of sales price and appraised value can be used for closing cost

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-First time home buyers allowed, but not limited to first time home buyers

-Non-traditional credit may substitute for lack of credit history

-Repair Escrow financed in loan up to $10,000 or 10% of loan

That’s it!

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

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Make Sure Of This Before You Go House Hunting...

 Good Morning!

I’ve covered this before, but I think it’s worth repeating…

Before you go out house hunting make sure you have enough money available to get your house closed.

…I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house.

Here is a simple breakdown of your out of the out of pocket costs you could expect by loan program.

1) VA: 100% loan. No down payment.

2) USDA: 100% loan. No down payment

3) FHA: Minimum 3.5% down payment.

4) Conventional: 5% minimum down payment. (I also have a 3% down Conventional for first time home buyers)

…but you can expect more out of pocket than just the down payment. There are two other costs you can expect to pay when you purchase a home…

1) One, is prepaids. This is pre paid interest, taxes, and insurance. Typically your prepaids will run 1% to 2.5% of a sales price.

2) Then there’s your closing costs… Typically closing costs (from all entities – title, appraisal, mortgage, survey, etc.) will add another 1% to 2% to a sales price.

Be prepared for these additional costs. However, there are a couple of ways to help you lower the closing costs and prepaid expenses.

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

Product Spotlight For You...

 Good Morning!

I wanted to spotlight a couple of product options...

1)  You can still get rates in the twos on Texas Home Equity Cash Out loans.  So, if you have been thinking about consolidating some debt, or adding on to your home - it's still a great time to do this.

2)  We are doing FHA loans with scores as low as 580 right now.  So, if you thought your credit was too low - you might let our office take a look at your situation.

That's it for today!

Thanks for reading!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Example Of How To Purchase A Home With A Reverse Mortgage...

 Good Morning!

I hope you guys had a good weekend!

I wanted to give you a real life example of how to purchase a house with a Reverse Mortgage.

These borrowers were recently retired, and now living on a fixed income.

They owned their home free and clear, and lived in a small town not too far from Dallas.

Their home was worth around $150,000.

Both husband and wife decided they didn’t want to live their retirement years in their current home.

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a nearby lake for around $295,000.

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

Please shoot us an email or give me a call if you would like to explore how to use a Reverse Mortgage for you or someone you know.

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