FHA loan limits are going up for case numbers after 1/1/24.
For Texas Metro Areas, the limits are higher:
DFW - $563,500
Austin - $571,550
San Antonio - $557,750
In other good news - rates are continuing to trickle down!
Have a great day today!
Thanks for reading!
Brett
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
I hope you had a great Thanksgiving holiday!
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
Most Down Payment Assistance is tied to your income. If you make too much money you don’t qualify for the Down Payment Assistance.
Not this one.
It doesn’t matter how much you make.
So, if you have at least a 580 credit score, and you have been working for the last two years, you may well be able to qualify for this no money down loan.
Here are some bullet points on this program…
So, if you or someone you know wants to buy a house, reach out to our office and let’s see if we can get you qualified for this program.
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 there 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.
Thanks for reading!
Have a good day
Brett
Your property tax bill usually comes out in late November, or early December.
There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots.
1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to use it in an emergency. …Or any number of other things.
2) Some people have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.
If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.
We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.
Please let us know if you have more questions about how this refinance works.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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
Sometimes a borrower needs a simplified way to prove their income.
Did you know we have a VOE (Verification of Employment) only program that is considered full doc?
This program is for borrowers that work for a company and get a W-2.
You don’t need pay stubs, or w-2’s, or tax returns. The VOE is the only thing we need to establish income.
…we just send a one page form to your employer. They fill it out and that’s all the documentation we need for your job / income.
I wanted to let you know. If you or someone you know is wanting to purchase a home please contact our office or me and we'll help you get what you want!
That’s it for today!
Brett
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
I wanted to highlight an underused program in the mortgage market. …It’s Freddie Mac’s Home Possible.
Here are some highlights of this great program…
– 97% financing!
– Only .25% mortgage insurance rate! …compare to .55% for FHA and over 1% for 95% Conventional.
– No reserves required.
– Allows 3% seller contribution.
– There are income limits unless you purchase a property in an “underserved area”.
If you want a low down and very low mortgage insurance program this is a great one! Give us a call or shoot us an email to see if you qualify.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.
-Up to 100% of the Appraised Value – Total LTV of 102% –
-No Down Payment Required
-No Cash Reserve Requirement. No cash contribution requirement
-Unlimited seller concessions
-Unrestricted gifts, not necessary to document source, no seasoning
-First time home buyers allowed, but not limited to first time home buyers
-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).
-Non-traditional credit may substitute for lack of credit history
-Repair Escrow financed in loan up to $10,000 or 10% of loan
That’s it for today!
Have a good day! …and thanks for reading.
Brett
