If You Want To Buy A House Now, Not Later, Consider This...

 It's true that mortgage rates are higher than they were a year ago.

However, the real estate market has also changed over the past year.

Consider this trend for buying a house a year ago vs today...

1 Year Ago...

 

Listing price:  $450,000

 

Sales price:    $500,000

 

10% Down

 

4.5% Rate

 

Payment $3,028

 

Today...

 

Listing price:  $450,000

 

Sales price:    $425,000

 

10% Down

 

6.5% Rate

 

Payment $3,053

If you are ready to go find the house you want, do it now.  It's no longer a seller's market.

Give us a call or shoot us an email and we will be happy to help you!

Thanks for reading!

Brett

 

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Rules For Gift Giving On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

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

Brett

 

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Alternative Documentation Loan Products Available...

 Hello!

We are a full service mortgage lender.  This means we provide a broad spectrum of loan options to help you get what you want.

We have the lowest rates on Conventional, Jumbo, and Government loan products, but we also have other products to help you if you don't "fit" into the box of a normal loan.

Here is just a small sample of some of the alternative loan products we offer...

Multi Family             We can do residential properties 5-24 units up to 7 m loan amount.

Fix and Flip               Cash available for purchase and restoration.

Foreign Nationals    No income required, 70% LTV,DSCR approval.

ITIN        Bank statement for the self-employed or W-2 .

P/L          Alternative to bank statements for just one spouse.  2 year P/L needed. 80% LTV.

1099       80% LTV

VOE        When tips, cash earning needed.

If you or someone you know wants to buy or refinance a house call our office and let's see if we can help you out!

Happy Thanksgiving!

Brett

 

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What To Expect If You Change Jobs During The Mortgage Process...

 Hello!

I 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.

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 pay check 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 me a call or shoot me an email!

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

Brett

 

Get Pre Approved For A Loan Here
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What To Expect If You Change Jobs During The Mortgage Process...

 Hello!

I 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.

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 pay check 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 me a call or shoot me an email!

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

Brett

 

Get Pre Approved For A Loan Here
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Five Things You Probably Didn't Know About Thanksgiving...

 Hello!

Thanksgiving is next week.  Thought I would get a head start on the Thanksgiving talk...

Here’s five things you may not have known about thanksgiving:

1)  Historians have no record of turkey being eaten at the first Thanksgiving.

 

2)  Benjamin Franklin wanted the turkey as the national bird.

 

3)  Snoopy has made the most appearances in the Macy’s Thanksgiving Day Parade.

 

4)  The first professional Thanksgiving Day football game was played 1920.

 

5)  Each year, about 46 million turkeys are cooked.

Have a great Thanksgiving next week!

Thanks for reading!

Brett

 

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How To Buy A House With A Reverse Mortgage...

 Hello!

I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage.

I had a borrower that was 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 near by 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 us 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

 

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How Alternative Documentation Loans Work...

 Hello!

The Alternative Doc mortgage market continues to grow.

These are loans for people that can’t prove their income via the normal Tax Returns or pay stubs.

Here is a brief summary of how some of these loans work…

Option 1: 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.

Option 2: Asset Depletion

If you have no income to speak of, or at least you can’t prove your income via traditional means, or bank statements, then Asset Depletion may be an option for you.

If you have sufficient assets then we can use your assets in liu of income documentation.

We have down payments as low as 15% on Asset Depletion loans.

Option 3: Investor Debt Service Coverage (DSCR)

This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

Option 4:  No Ratio and Stated Income loans

No Ratio is stated income and verification of assets to close the transaction.  This is a non owner occupied investor loan only.

Stated Income and Stated Assets is also non owner occupied investor loans only.

We are experts at getting these loans closed and funded.

If you are needing an Alt Doc loan feel free to reach out to us with your questions, or apply now to get pre qualfiied.

That’s it for today!

Thanks for reading!

Brett

 

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Here's A Low Down Payment Loan With "challenged" Credit...

 Hello!

Did you know even if you have "challenged" credit you can still get a low down payment loan to buy a house with FHA?

We can do down payments as low as 3.5% down to a 580 credit score!

And, we have several down payment assistance programs to help you too.

So, if you or someone you is wanting to buy a house, but they aren't sure about their credit - let us take a look.  We can possibly help them right now.

Thanks for reading!

Brett

 

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Loan You Can Use To Acquire Rental Properties....

 Hello!

If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use…

It’s called a Debt Service Coverage loan.

We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.  (No more income docs needed)

Down payments average around 20% on these type of loans – credit score depending.

If you think this might be a useful tool for you to acquire rental property – please let us know!  We are happy to help!

Thanks for reading!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
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