Know Where This Is Coming From Before You Try To Buy A House...

 I touch on this from time to time, but it’s important so I want to revisit it…

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 minimum down payment on an FHA loan is 3.5%, and Conventional is 5%.

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.

Thanks for reading!

Brett 

Get Pre Approved For A Loan Here
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How Mortgage Companies Treat Bonus Income...

 If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage.

1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.

2) The employer has to indicate that the bonus or overtime income will likely continue.

3) We will use a two year average of bonus and/or overtime income. So, if you got alot this year, but not last year then we will have to use an average of both years.

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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How To Acquire Income Property With No Income Documentation...

 Did you know we have a mortgage program that doesn’t require any income documentation when purchasing an investment property?

We do!  It’s called a Debt Service Coverage Loan.  And, the rent from the property is the only income you need.  No tax returns, or paystubs needed.

Down payment on this program ranges from 10% to 20%.

If you are looking to acquire an investment property – contact our offices and we can get you some numbers on your situation.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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How To Sell An Asset To Use For Your Down Payment On A House...

 When you sell a personal asset such as a car or boat to raise money for a down payment to buy a house here is what you will need to show the underwriter to use the funds…

• The ownership of the asset (proof)

• The transfer of ownership of the asset with its sale, such as a bill of sale or a statement from the

purchaser

• The receipt of the proceeds of the sale, such as a deposit slip, bank statement, or copy of the

purchaser’s check

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Who Can Give You A Gift On A Purchase Transaction...

 Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?

Not just anyone can give you a gift.  Here is the list of acceptable donors that can give you a gift…

Relative, defined as the borrower’s spouse, child cr other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.  Fiancée, or domestic partner – an unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner, and intends to occupy the security property with the primary wage earner.

The donor may not be or have any affiliation with the builder, the developer, the real estate agent, or any other interested party to the transaction.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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How To Buy A House And Never Make A Mortgage Payment...

 If you or someone you know is at least 62 years old you can purchase a house using a Reverse Mortgage.   …and never have a mortgage payment the rest of your life!

Here are some key things to know about purchasing a home with a Reverse Mortgage…

* No monthly mortgage payments. Loan would be due when you move out permanently, sell the home, or pass away.

* Down payment would be between 34% and 55.5% (plus closing costs), depending on your age.

* Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.

* Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.

If you or someone you know is interested in using a reverse mortgage to buy a home – shoot us an email or give us a call!

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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Three Credit Tips For You...

 I wanted to give you a few simple 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!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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We Love Helping Our Clients Buy And Refinance Houses! Here's What Some Of Them Say About Us...

 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

Get Pre Approved For A Loan Here
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