Working on improving your credit score but don’t want to wait any longer to buy a house?
With an FHA loan, you can get a great mortgage rate even without perfect credit.
Call us today and let’s explore your options.
Tuesday, February 28, 2023
YES WAY, FHA!
Monday, February 27, 2023
Only 3% Down On This Loan Product...
Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate…
It’s a conventional 3% down loan product for first time home buyers.
Here are some of the important features of this product…
1) Owner-occupied primary residence only, for first time home buyers.
2) Minimum 620 FICO score.
3) Seller contributions up to 3% of sales price.
4) 1-unit attached and detached single family residence, attached and detached PUDs.
5) Purchase and rate/term transactions.
6) Maximum DTI determined by Automated Underwriting.
7) 15, 20, 25, and 30-year loan terms.
8) No up front MI (like you would have on FHA).
9) Loan amounts up to conforming limits (510,400k 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.
Thanks for reading!
Have a good day!
Brett
Thursday, February 23, 2023
Big Changes To FHA Loans In March...
The big news of the day is that FHA is reducing the MIP by 30bps for all case numbers endorsed on or after 3/20/23. Instead of .85 monthly it will now be .55. This will lower your monthly payment.
Why is this so important?...because by then, everyone will be pricing the new FHFA LLPA’s for conventional loans (price increase on Conventional loans coming from Fannie / Freddie)…which means that FHA will become a much more attractive option for a lot of consumers.
We also have many down payment assistance programs for FHA. So, if you or someone you know needs a low interest loan with a low down payment - give our offices a call!
That's it for today!
Have a great day!
Brett
Wednesday, February 22, 2023
Two Ways To Avoid Paying Mortgage Insurance...
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender.
No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan.
If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance, here are two ways to avoid this…
1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance.
2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
Tuesday, February 21, 2023
What A Delayed Financing Loan Is...
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
Monday, February 20, 2023
How To Get A Loan If You Are In The Middle Of Changing Jobs...
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.
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 us a call or shoot us an email!
Have a good day today! …and thanks for reading.
Brett
Friday, February 17, 2023
Only 10% Down For ITIN Workers On This Program...
I wanted to spotlight some options for ITIN workers.
An ITIN number is issued by the Internal Revenue Service (IRS) to non-resident aliens who are not eligible to receive a Social Security Number.
However, if you are working you can still get a mortgage to purchase a home with an ITIN number.
Here are some loan programs available to you with an ITIN...
- ITIN Full DOC- Only 10% down
- ITIN 24 month Bank statement 20% down
- ITIN DSCR Available!! (This is for non owner occupied purchases. We can use the rent from the property as the sole income needed to qualify.)
- DSCR 80% LTV 660 Min Fico
So, if you or someone you know is an ITIN borrower and you want to buy a house, please give our office a call. Would love to help you.
That's it for today!
Have a great weekend!
Brett
Thursday, February 16, 2023
Take Advantage Of This Tax Credit That Could Save You Thousands Of Dollars...
If you haven't owned a home in the last three years and you want to purchase a home you should consider the MCC tax credit.
How MCC works in a nutshell...
You take 20% of the mortgage interest you pay each year - and you are allowed to claim that 20% as a dollar for dollar tax credit against whatever income taxes you pay that year.
The cool part is you can do this every year you are in the house.
The net savings to you would be thousands of dollars over that time frame.
Very few people use this, but it's available to all first time home buyers that qualify.
If you or someone you know might benefit from the MCC tax credit - contact our offices and see if you qualify for it.
That's it for today!
Thanks for reading!
Brett
Wednesday, February 15, 2023
3% Down Payment On Jumbo Loans...
I wanted to spotlight this program for certain members of the medical community...
Loan offers:
3% down payment on loan amounts up to $850,000.
5% down payment on loan amounts up to $1,000,000.
10% down payment on loan amounts up to $1,500,000
The rates on this program are very competitive.
Note: These are all Jumbo loan amounts in Texas, and you can't touch these loan to value ratios with a normal Jumbo loan. Only this program can go down to 3% on loans like this.
To qualify you must be in one of the following medical licenses, and be in practice less than 10 years.
ELIGIBLE BORROWERS
At least one borrower must hold one of, and supply, the following valid license types:
• 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 Pharmacy (PharmD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)
• Physician Assistant
• Registered Nurse
• Nurse Anesthetist
• Nurse Practitioner
• Clinical Nurse Specialist
So, if you or someone you know falls into this group and you are wanting to purchase a home, have them contact our offices.
Thanks for reading!
Have a great day!
Brett
Monday, February 13, 2023
Loan Just For Divorce Cases...
If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it.
Use an Owelty loan to get the cash out of your home instead.
The advantage of using an Owelty Loan over a Texas Home Equity loan is that we treat them as a regular rate and term refinance (not cash out rates – which are higher).
You can also get above 80% of the value of your home with an Owelty Loan, and you can’t go above 80% with a Texas Home Equity loan.
So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.
…or, better yet – just give us a call and we can help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett.
Friday, February 10, 2023
Two Common Reverse Mortgage Questions...
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 principle 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.
If you or someone you know has questions about reverse mortgages please have them reach out to our office. We'll be happy to help them!
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, February 8, 2023
How To Use Foster Care Income To Get A Mortgage...
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
Tuesday, February 7, 2023
Minimum Down Payment On Different Loan Programs...
I wanted to give you a brief updated summary of various loan products and the minimum down payment for each…
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.
Conventional: 3% down for first time home buyers, and 5% for non first time home buyers.
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.
Have a good day today!
…and thanks for reading.
Brett.
Monday, February 6, 2023
Advantages Of Buying House From Relative...
I had this situation come up again last week, and I wanted to address it again with you…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment? (As long as it’s a owner occupied residence for seller and buyer.)
…this is because the guidelines allow the seller to “gift” equity to the buyer.
So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Wednesday, February 1, 2023
Other Options For Getting Cash Out Of Your Home...
For the longest time we have been limited in our options if you wanted cash out on your owner occupied home in Texas.
If you wanted a fixed cash out loan it had to be a conventional loan and you needed at least a 620 credit score.
We are getting some products that give more choices if you want to get cash out of your home.
We now can do Texas Home Cash Out Loans using alternative documentation to prove your income. Such as bank statement deposits.
We can even go down to scores as low as 600, and you can have a Bankruptcy, Foreclosure, etc as long as they are greater than 12 months old.
So, if you or someone you know needs cash out of their home, have them give our offices a call. We will be happy to help you.
Thanks for reading!
Have a great day!
Brett
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