Seller Help Numbers For You To Know...

 Remember the good old days when you could actually get the seller to contribute to your closing costs?

Those days are gone for now.

However, the cycle will return eventually to a more normal market.

So, the next time you need to know how much the seller can help you, here is a breakdown of the maximum seller help amounts 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

 

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How A Delayed Financing 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 types 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

 

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Two Quick Credit Tips For You...

 Hello!

Here are two quick credit tips for you…

1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards).

You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep it under 30% of the available balance.

2) 15% of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action.

So, it’s impossible for someone who is new to credit to have a perfect credit score.

A longer credit history provides more information and offers a better picture of long-term financial behavior.

So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain long standing accounts.

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 We Calculate Your Bonus Income...

 Hello!

We want to be able to use your bonus income to help you get a mortgage.

However, here are three big guidelines to be aware of for us to be able to count your bonus income:

1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

 

2) The employer has to indicate that the bonus or overtime income will likely continue.

 

3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.

If you or anyone you know needs help buying or refinancing their home - please reach out to us!  That’s it for today!

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

Brett

 

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Two Most Common Questions We Get On Reverse Mortgages

 Hello!

I wanted to address the two most common

questions that I 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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How You Can Qualify For Down Payment Assistance...

 Hello!

Wanted to make sure you were aware we have Down Payment Assistance grants for FHA loans.

The minimum down payment on an FHA loan is 3.5%.

The grant covers the 3.5% down payment.

Here's some things you should know about qualifying for it...

Credit:  You need at least a 620 credit score.

 

Maximum back end debt to income ratio:  48.99%

 

Not everyone can qualify for this grant.  Here's how you can qualify...

 

1)  Property can be located in an "underserved Census Tract".  We can check this for you.

 

2)  First time home buyer. (can't have owned property in the last 3 years)

 

3)  Any borrower on the loan that is planning to become or is a current, retired, volunteer or non-paid:

 

a)  First responder.

b)  Educator

c)  Medical personnel

d)  Civil servant in a federal, state, or local municipality

e)  Military personnel

 

4)  The borrower's income is equal to or less than 140% of the county median income.

If you or someone you know needs this grant, have them contact our office and we'll see if we can get them qualified.

Thanks for reading!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
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Make Sure Of This Before You Go House Shopping...

 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 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.

Contact me and we can discuss some options for 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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Only 3% Down On This Loan Product...

 Hello!

Did you know there is a 3% down Conventional loan for first time home buyers?

Here are some of the important features of this product…

1) Owner-occupied primary residence only.

2) Minimum 620 FICO score.

3) 3% down payment can be a gift.

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

5) Purchase and rate/term transactions.

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

9) Loan amounts up to conforming limits ($647,200 in Texas).

This is a great product.

If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call us and we can help you with this.

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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