Two Most Common Questions On Reverse Mortgages...

 Hello!

I wanted to address the two most common questions that we get regarding reverse mortgages…

Question: What happens if I die? Will the lender be taking my house?

Answer:   No. After you pass away, your heirs may pay the loan balance in full with cash or by refinancing the debt and they can keep your home.

Question: What happens if the loan balance becomes greater than the value of my home?

Answer:  No matter how large the loan balance becomes, you have the right to continue to live in the house. The lender cannot take over your home as long as it is your principal residence. Besides, you will NEVER owe the lender more than the value of your home. HUD will pay the shortage for you, If there is any.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Who Can Gift You A Gift For A Down Payment On A House...

 Good Morning!

Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?

Not just anyone can give you a gift.  Here is the list of acceptable donors that can give you a gift…

Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship.  Fiancé, Fiancée, Or Domestic Partner O Domestic Partner – An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner.

The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction.

That’s it for today!

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
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No Money Down For This Mortgage...

 Hello!

There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available.

So, every now and then I like to restate the great aspects of this loan…

If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

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

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

Completed Short Sales are NOT regarded as a foreclosure or negative credit. We will need a clear CAIVRS and an adequate letter of explanation

Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

Non-traditional credit may substitute for lack of credit history

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

If you have more questions about getting qualified for this program just shoot us an email or give us a call.

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

Brett

 

Get Pre Approved For A Loan Here
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What Not To Do For A Lease With Option To Buy...

 Hello!

When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house.

How do you prove it?

If it’s certified funds you need to keep a copy of the certified check.

If it was a personal check – you need to keep a copy of the canceled check (front and back).

Don’t give cash!

It's very difficult to prove that you gave someone cash.  If we can't prove it the underwriter won't give you credit for it.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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What To Do If You Can't Qualify For A Mortgage Today...

 Hello!

If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do…

1) Isolate the reason you can’t get a mortgage now. (We can do this for you).

 

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.

We would like to help you create a plan.

I’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 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.

So, contact us and we’ll help create a plan for you. …and the best part is that we do this as a free service to you!

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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New Limits For Reverse Mortgages...

 Hello!

As of January of 2022 FHA has said that the lending limit for Home Equity Conversion Mortgages (Reverse Mortgages) will be increased from $822,375 to $970,800 in all US counties.

The way property is appreciating in Texas this will allow more seniors to access their equity in their home without having to pay it back.

What Is A Reverse Mortgage?

Reverse Mortgages allow a homeowner to convert a portion of the value in their home into cash.  No repayment is required until the borrower(s) no longer use home as their principal residence.

Some requirements on Reverse Mortgages...

All Borrowers MUST BE 62 years of age, or older.
Must occupy the home as your principal residence.
No credit, income or health requirements to qualify.
Social Security & Medicare benefits are not affected.
No Taxes are paid on Cash from Reverse Mortgages.
Cash may be used for any purpose, no restrictions.
You keep the title and may sell your home at any time.
No repayment for as long as you occupy your home.

If you or someone you know needs a Reverse Mortgage please contact our offices.  We will be delighted to help you!

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Buy An Investment Property With No Income Documentation...

 Hello!

Did you know we have a mortgage program that doesn't require any income documentation when purchasing an investment property?

We do!  It's called a Debt Service Coverage Loan.  And, the rent from the property is the only income you need.  No tax returns, or paystubs needed.

It's still possible to get rates in the 3's on this program.

If you are looking to acquire an investment property - contact our offices and we can get you some numbers on your situation.

 

That's it for today!

 

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
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Options For Paying Your Property Taxes...

 Hello!

Your property tax bill is most likely out by now.

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

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

 

2) Some people 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 us know if you have more questions about how this refinance works.

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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