How To Get An FHA Loan If You've Been Out Of Work...

 Here's what to do if you have been out of work and want to get an FHA mortgage.

I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation…

There are just a few main guidelines that FHA likes to see for the borrower in this situation to be eligible for financing…

1) Current employment of at least six months.

2) Documentation of two years of employment prior to the absence. Acceptable documentation includes w-2’s, paystubs, or a written verification of employment.

3) Acceptable scenarios include an individual who took several years off to raise children, but has now returned to work.

If you know someone in this situation and they want to purchase a home, have them give us a call and we’ll try to help!

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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Free Down Payment Assistance On This Program...

 I wanted to let you know that beginning on 2/1/23, TSAHC will offer a 4% Down Payment Assistance program at 5.75% interest rate.

This DPA product has limited availability and is offered first come first served.

·     5.75% interest rate on the first lien mortgage

·     DPA structured as a 4% 3-year deferred forgivable second lien

·     Available on all government (FHA/VA/USDA) loan types

·     No first-time home buyer requirement in Targeted Areas

Note:  This program is only available in these targeted areas:  https://www.tsahc.org/homebuyers-renters/targeted-areas-resources

So, if you or someone you know may be in need of this program, please contact our offices.

That's it for today!

Thanks for reading.

Brett

Get Pre Approved For A Loan Here
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Advantage of Texas MCC On Your Loan

 Wanted to let you know that we have the TSAHC MCC (mortgage credit certificate). Example: A $250k loan with MCC at 6% is $2,983 in year. Plus it give the borrowers an effective rate of 4.8% Here's a great calculator to use when determining how much of a tax savings you will get with our TSAHC MCC: https://www.tsahc.org/homebuyers-renters/mortgage-credit-certificates

If you want to know if you qualify for this program please contact our offices.

That's it for today. Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Cool Calculator For Buy Now vs Wait...

 If you are thinking about buying a house, but you aren't really sure if it's the right move for you - I have something you might be interested in.

MGIC came out with this Buy Vs Wait Calculator.  It helps give you information on whether you should go ahead and buy now or wait.  This is based on your numbers.

Try it out and see how it works for you:  https://host.visualcalc.com/mgiccalcs/buywait.jsp

If any of your friends, family, or coworkers need help with financing - please have them contact our offices.  We love helping people buy and refinance houses!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Price Hits On These Loans Starting Next Month...

 I wanted to let you know that next month starts an extra loan level price hit on Conventional loans if the debt to income ratio is over 40%, which many loans are.  This is coming from the Fannie Mae / Freddie Mac level.

As a consequence, I would say we are going to be seeing more FHA loans being done.

FHA does give you more flexibility on credit scores (3.5% down to a 580 credit score), debt to income ratio, and credit underwriting.

So, if you need to be prequalified for a loan contact our offices and we can see which loan fits you best.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Get A Loan If You Receive Foster Care Income...

 If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

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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We Can Just Use Your 1099's For Income On This Loan...

 Did you know we have 1099 loans?

In other words if you get a 1099 at the end of the year we can just use your 1099’s to prove income.

No tax returns or pay stubs needed.

Some details on this mortgage:

Loan Amounts: $100k Minimum To $5 Million Maximum.

Credit Requirements: 600 FICO Minimum.  Must Be Current And Not Currently In Bankruptcy Proceedings.

Loan To Value Ratio Up To 90% (680 Score Required For 90%)

If you or someone you know needs a loan like this please contact our offices to get ready to go.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Get An ITIN Loan With Only 10% Down...

 Hope you had a great weekend!

Did you know we can do ITIN loans up to 90% loan to value ratio?

An ITIN number is issued by the IRS to non-resident aliens who are not eligible to receive a social security number.

If you or someone you know are interested in how to qualify for a 10% down loan as an ITIN borrower - just give our offices a call or shoot us an email.

That's it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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Jumbo Product Spotlight...

 Let's make 2023 an awesome year!

I wanted to spotlight this Jumbo loan product.  It's a bit unusual because of the maximum loan amount, loan to value ratio, and credit score requirements.

Important things for you to know...

- Up to four million dollars

 

- Full doc up to 90%!  (Just 10% down) (W-2 & tax returns)

 

- Alternative doc up to 85% (Bank statements or 1099's, 12 or 24 months deposits for income)

 

- 660 Minimum credit score

 

- Purchase, Rate and Term Refi, or Cash Out.

 

- Primary, Second Home, and Investment property

If you or someone you know may need this program please let us know.  We would love to help you!

That's it for today!

Have a great day!

Brett

 

Get Pre Approved For A Loan Here
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2023...

 Mortgage rates have inched down over the last quarter of 2022.

Hopefully this trend will continue in 2023.

The average 30 year fixed rate is 6.54% now.  Earlier this year it was almost a point higher than that.

2022 was a bit of a challenging year for me in several ways.

I've found that if you just continue to keep working, stay focused, and treat people with kindness and respect things usually have a way of working out.

Hopefully 2023 will be a great year for all of us!

That's it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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