Mortgage Facts For You...

 Couple of facts about the mortgage market...

1)  In 2021 there were fourteen million mortgage loans made in the US.  It is estimated that in 2023 there will be 4.3 million loans.  That's a big difference.

2)  Many first time home buyers think that they must put down 20% to buy a house.  Not true.  There are down payment options such as: zero down, three percent down, five percent down.

If you or someone you know is looking to get qualified to purchase a home, give our office a call or shoot us an email.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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If You Paid Cash For A House, And Now You Want Your Cash Out...

 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 type 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

Get Pre Approved For A Loan Here
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Is Your Income Eligible For Down Payment Assistance...

 If you want or need down payment assistance, TSAHC is a good one, and one that we use alot.

 

There are income limits that you cannot exceed as a household however to get this program.  However, you can exceed these income limits if you are buying in a Targeted area.

The base Targeted Area Income Limits are:

Most of Texas - $126,140

Dallas MSA - $144,340

Houston MSA - $130,480

San Antonio MSA - $134,355

Austin MSA - $163,520

Find “Targeted Areas” here!

If you or someone you know needs down payment assistance please have them shoot us an email or give our office a call.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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Product Spotlight: Bank Statement Loan...

 I wanted to spotlight one of our Alternative Doc loans.

This would be for someone that is self employed, or gets a 1099 at the end of the year.

-We use bank statement deposits to prove income on this program.  No tax returns needed.

-Up to $4 Million Loan Amounts

-12 or 24 Month Bank Statements (Personal or Business)

-Primary, 2nd Home & Investment

-Up to 90% LTV (Select Markets)

-Prime, Prime Plus & Second Chance

-Interest Only and Fixed Terms

-Cash-Out Up to $1 Million

If you or someone you know needs a loan like this, please give our office a call or shoot me an email.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
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How Long To Wait After Bankruptcy To Get A Mortgage...

 I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy…

FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.

VA: 2 years from completion date.

USDA:  3 years from discharge date.

Fannie Mae: 4 years from discharge date, or dismissal date.

Freddie Mac: 4 years from discharge date or dismissal date.

With Fannie and Freddie – if you get an automated approval in the underwriting engine with less than 4 years out on a BK, then we can do the loan.

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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Be Aware Of This If You Change Jobs During The Loan Process...

 Sometimes we have 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 paycheck 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

Get Pre Approved For A Loan Here
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