Five Ways To Pay Your Closing Costs When Buying A House...

 Hello!

When you buy a house there are three sets of funds you have to consider…

1)  Your down payment.

2)  Your closing costs.

3)  Your prepaid taxes and insurance.

When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs…

1) You. …You are the borrower and you can pay these expenses yourself.

2) The seller. You can negotiate with the seller to pay these costs at the time you make your offer.

3) Gift. You can get a gift from a family member to pay your closing costs. The guidelines are different with each program for gift giving – so check with me before you attempt to go this route to make sure it’s appropriate for your loan program.

4) Grant. If you have access to a state or government grant program you can use this to pay these costs.

5) Loan officer and/or realtor. You can get help with paying your closing costs and prepaid expenses from the loan officer, and the realtor can help as well.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

 

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When You Don't Have To Remove Disputes From Your Credit To Get A Loan...

 You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan.

For Conventional loans there is really no way around this. You will have to remove them.

However, for FHA loans you don’t necessarily have to remove them.

This is true for manually underwritten FHA loans.

So, if you are getting an FHA loan, and your loan office wants to remove the disputes. Ask your loan officer to have the file manually underwritten.

On a manually underwritten loan the underwriter can underwrite the loan “around” the disputes. …Ignore them in other words.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

 

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How To Get Credit For Your Option Money When Doing 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!

Anything less than this – the underwriter will not give you credit for giving that money.

That’s it for today!

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

Brett

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Your Minimum Down Payment On Various Loan Programs...

 I have borrowers ask me every day how much they need to put down to purchase a home.

Here are your minimum down payment options on the loan products currently available in the marketplace.

Loan Programs…

VA Loan: No Down Payment Necessary. No Monthly MI. This Is The Best Loan Going If You Can Qualify For It.

USDA: No Down Payment Necessary. Low Monthly MI. Mainly For Rural Areas Or Outlying Suburbs. Has Geographic And Income Restrictions.

FHA: The Minimum Down Payment Is 3.5%. Great Rates, Has Upfront And Monthly Mortgage Insurance. (Credit scores down to 580)

Conventional: There Are 3% Down And 5% Down Loan Options On Conventional. No Up Front MI.

The bottom line:

1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.

2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

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You Can Get An FHA Loan Down To 580 Credit Scores...

 Did you know we can do FHA loans down to credit scores of 580?

FHA requires a 3.5% down payment, and it's the most forgiving program for challenged credit.

If you or someone you know wants to buy a house, but don't think your credit is good enough - you might be surprised.

Let us take a look at your situation and see if we can help you get your house.

That's it for today.

Thanks for reading!

Brett

 

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You Can Still Get A Rate In the Mid 5's On this Loan...

 Hello!

In a normal rate market I don't know that I would write a post telling you about this particular loan product, but in this market I want you to know about it.

As I write this the average national 30 year fixed interest rate is 7.14% (face rate).

If you have good credit we have a loan product that can get you in the mid 5's on an interest rate.

However, there are three things you should know about this product...

1) It's an ARM. This one would be a 5 year ARM (Rate is fixed for 5 years).

2) It's only for members of the medical community. Below is a list of eligible borrowers...

 

• Medical Resident (Educational License)

• Medical Doctor (MD)

• Doctor of Dental Surgery (DDS)

• Doctor of Dental Medicine (DMD)

• Doctor of Optometry (OD)

• Doctor of Ophthalmology (MD)

• Doctor of Podiatric Medicine (DPM)

• Doctor of Osteopathy (DO)

• Doctor of Veterinary Medicine (DVM)

• Physician’s Assistant

• Registered Nurse

• Nurse Anesthetist

• Nurse Practitioner

• Clinical Nurse Specialist

3) You should be aware of this particular guideline: On purchase transactions all occupying borrowers must be first time homebuyers (cannot own a home

within the past three years) with the exception of the following scenarios: a) Employment Relocation- professional borrower has accepted a new employment contract, or is

newly employed by a business, beyond a reasonable distance from their current residence. b) Divorce- In the event of a divorce in which the borrower has been legally displaced from their

current residence and has no ownership interest in any additional real estate.

So, if you or someone you know are in the medical community and you are wanting to purchase or refinance a home this might be a great option for you.

Give a call or email us. We are here to help you.

Thanks for reading!

Brett

 

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What Some Of Our Clients Say About Us...

 Hello!

Part of the fun of being in the mortgage business is that we get to help people.

Buying or refinancing houses, we help people, and we create relationships with our clients along the way that we cherish.

Many of them use us again and again.

Here is what just some of our clients have to say about us...

C. Martin

Brett was able to get this title officer to travel all the way to Waco from Plano so that I could close. I would highly recommend working with Brett Sampson and would do it again!

M. Hancock

Thanks for all your help! I really appreciated you and Leslie’s patience and help Thru the process.

G. Montoya

 

I appreciate it also Brett, Thank you very much !!! Thanks again. 

G. Sanchez

Thank you for everything that you and Rosi did for this to happen. Thanks.

H. King

Thank you for all the help and be sure that I will use you in the future and recommend you up anyone that can use you.

H. Soto

It was great working with you. I appreciate everything you did to help make this a success.

J. Burnside

Joey and I will both highly recommend you to anyone we know who is looking to buy a home! I also know that Nancy was very pleased with your service so I wouldn’t be surprised if you get some referrals from her as well 

M. Lampe

Special thanks to your staff who really put in the extra hours to get this done in a short time frame.

 

I have already recommended you to several friends who were helping during the move.

B. Pitts

Thank you for you’re help getting this done and doing a good job for us.

M. Southern

I want to thank you for all your help with the refinance. You really work hard with me to make sure this refinance got done. Thank you so much again! I will send referrals your way!

B. Scherry

Thank you! Everything went smooth at closing. I will recommend you to others. Have a great weekend.

T. Trung

Thank you for your time and effort.  We are very pleased. Have a happy holiday.

J. Grass

Brett, thank you for making our dreams come true!

K. Savay

Thank you so much for your help in getting our loan approved. You really went the extra mile and Tom and I appreciate it so much.

L. Glen

We truly appreciate the professionalism with which you managed our loan process. Your calm demeanor in crunch times was unusual and refreshing.

 

Thank you again. If we ever have the opportunity to suggest your service to someone, we most certainly will.

That's it for today!

If you or someone you know needs to buy or refinance a home, please send them our way.  We would love to help you out.

Thanks for reading!

Brett

 

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How A Bank Statement Loan Works...

 Good Morning!

If you are self-employed, and need to get a mortgage to purchase a house, but don’t show a lot of income on your tax returns – here’s an option for you…

I wanted to spotlight one of our Alt Doc programs:  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.

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.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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