Hello!

We have many people apply for mortgages that have recently changed jobs.

Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage…

The underwriter will want to see your first paycheck at the new job at a minimum, and often they will want to see your first 30 days of paychecks.  Sometimes it's possible for us to do a Verification of Employment in lieu of.

The underwriter isn’t trying to make your life difficult by asking for your new paychecks. …This is a common guideline in the mortgage industry.

There is one circumstance where you can change jobs and not have to supply your new paycheck prior to approval…

If you continue to work for the same company, but you are just changing jobs within that company then you won’t have to produce a new paycheck.

If you have more questions on this – don’t hesitate to give us a call or shoot us an email!

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

Brett

 

Get Pre Approved For A Loan Here
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Credit Tips For You...

 Hello!

A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle.

Here are a few easy ways to improve your credit scores…

1) Did you know a single credit card late payment can ding your score by as much as 60 points?

a) Helpful strategy – set your payments up on autopay.

2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.

a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)

 

b) Another strategy is to ask for a higher limit to get your ratio more in line.

3) You can gain credit score points by paying off the credit card whose balance is closest to its limit. However, don’t cancel the account after you’ve paid it down.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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You Have To Know This About Your Down Payment...

 Hello!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called sourcing in the mortgage industry.

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
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Use This Loan If You Are Getting Divorced...

Hello!

Product Spotlight: Owelty Loan

In Texas we have some unusual rules when it comes to getting cash out of our homes.

For owner occupied residences, we are limited to 80% max loan to value ratio.

When it comes to a divorce, if one spouse is keeping the house they will often have to pay the departing spouse their share of the equity in the home. A cash out mortgage is often necessary to get this done.

However, the traditional Texas Home Equity loan could make that difficult due to the cap at 80% of the available equity.

Enter the Owelty loan. This is specifically for a divorce where cash is needed to pay the departing spouse. You can get cash out to pay off the departing spouse, even if the loan amount exceeds 80% LTV.

You would simply have the attorney handling the divorce work up an Owelty Agreement as part of the decree.

Not many loan officers know this loan exists, so if you find yourself in this situation - give our office a call. We can help you!

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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No Proof Of Income Needed For This Loan...

 Hello!

 

Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation?

We do.  They are called Debt Service Coverage Loans.

As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need.

This means there is never any kind of debt to income issues on these loans, and there is no limit to the number you can do.

You should be aware of two things however...

1)  You will have to put down anywhere from 25% to 15% depending on your credit score.

 

2)  Rates will be a bit higher than the conforming rate, but they are still reasonable.

So, if you want to purchase investment property, but can't really provide income documentation this loan may be for you.

You can contact our office to get rates and an estimate for your situation.

That's it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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You Have To Prove This Regarding Your Down Payment...

 Hello!

One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment.

This is called “sourcing down payment funds”.

For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.

You can have this money in your checking account or savings account now. You can borrow it from your retirement account. …You can even get the down payment as a gift.

…but, it’s crucial that we are able to show where it’s coming from.

I can tell you that cash is a problem when it comes to sourcing your down payment. You will need to put it in the bank and leave it for 60 days before we can use it.

If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.

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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Clearing Up A Popular Misconception On Reverse Mortgages...

 Hello!

I wanted to clear up a common misconception about Reverse Mortgages.

Please watch this very short video I just made explaining how Reverse Mortgages are more flexible than you might think...  http://somup.com/c3f1lJO67W

That's it for today!

Have a great day!

Brett

Get Pre Approved For A Loan Here
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We Do Loans For Foreign Nationals...

 Hello!

Did you know we have a loan program for Foreign Nationals?

 

A Foreign National is someone who is neither a US Citizen, or a permanent resident.

 

Here are some aspects of the Foreign National program…

70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion)

65% LTV Cash out transactions

If no US credit, minimum credit score is waived

Max loan amount is 5 million

Cash out okay for reserves

65%  LTV for our Investor No ratio, rental income not required

Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use

5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option

 

That’s it for today!

Have a great day, and thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
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