How To Get A Loan With 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

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How To Get A Loan With 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

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How To Pull Cash Out Of Your Rental Property With No Proof Of Income...

 Do you have investment property, and would like to pull cash out of your property?

However, for some reason you can’t provide income documentation to your lender to get a cash out loan.

We have solutions!

We have loan programs that will allow you to pull cash out of rental property with no income documentation at all.

If this applies to you or someone you know, reach out to us and let’s see how we can help you.

That’s it for today!

Thanks for reading!

Brett

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How To Buy Rental Property Without Proving Income...

 I wanted you to know about a mortgage program that doesn’t require any income documentation when purchasing an investment property.

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

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No Down Payment? No Problem...

 The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll ever own a home, up from 27% a year ago.

35% of renters noted the ability to save for a down payment as a major hurdle preventing homeownership.

The good news is that we have a solution.  We have many no down payment options down to a 600 credit score for you!

If you or someone you know needs help with a down payment, reach out to our office and let's see if we can help you.

 

That's it for today!

 

Thanks for reading.

 

Brett

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Free Down Payment Money Available For These Professions...

 I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

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Free Down Payment Money Available For These Professions...

 I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

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Fix And Flip Financing Is Available For You...

 Wanted to let you know we have fix and flip financing available to you.

Here are some bullet points..

Lending Term: 12-18 Months. Extension options available
Property Types: SFR, 2-4 Unit and Multifamily up to 30-Units
Loan to Cost: Up to 80%
Rehab/Reno Financing: Up to 100%
Closing Time: As Fast as Two Business Days With Clear Title & Appraisal
No income check, tax returns or work history required
Foreign Nationals Accepted

If you or someone you know needs quick financing please reach out to our offices to see if we can help you.

That's it for today!

Brett

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How A Delayed Financing Loan Works...

 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

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Here's One Way To Reduce Your Stress Levels...

 If you are carrying credit card debt the payments can be overwhelming.

On average, for every $10,000 of credit card debt your payment would be around $300 a month.

Something to consider…

Get cash out of your house to pay off all your credit card debt.

The payment on adding $10,000 to a thirty year mortgage at a 6.5% face rate would be $63, saving you $237 a month for every $10,000 of credit card debt you have.

This would alleviate stress in your life.  Less stress = happier life.

If a debt consolidation loan makes sense for you, or someone you know – please reach out to our office and see what we can do for you.

That’s it for today!

Thanks for reading!

Brett

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How You Can Save Thousands Of Dollars When You Buy A House...

 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

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No Money Down On This Program When you Buy A House...

 We are helping alot of people with this no money down program…

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 600 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…

Minimum 600 FICO

Standard 30-year fixed rate FHA first lien

No First-Time Home Buyer requirement

No Income Limits

Easy Underwrite!

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.

That’s it for today!

Thanks for reading!

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No Down Payment, Even With Challenged Credit...

 Did you know even if you have “challenged” credit you can still get a low down payment loan to buy a house with FHA?

 

We can do down payments as low as 3.5% down to a 580 credit score!

And, we have several down payment assistance programs to help you too.

So, if you or someone you know is wanting to buy a house, but they aren’t sure about their credit – let us take a look.  We can possibly help them right now.

Thanks for reading!

Brett

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How To Buy A House With No Down Payment...

 According the NAR 2023 Profile of Homebuyers and Sellers, the median length of time buyers waited to buy a home while saving for the down payment was four years!

The buyers were asked what expenses made saving for a down payment difficult:

52% reported high rent or a current mortgage payment

 

42% said student loans

 

36% cited a car payment

 

31% cited credit card debt

It’s hard to save money in the current economy. But a family that can responsibly manage their cashflow is far better off owning versus renting.

Fortunately, you don't need to wait four years to save for a down payment if you want to buy a house today - we have multiple no down payment options for buyers.

Contact our offices and see what we can do for you.

That's it for today.

Thanks for reading.

Brett

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Some Veterans Don't Know They Are Entitled To 100% Financing...

 According to USA Today, only 30% of veterans know they can buy a home with no money down.

That number just seems crazy,but apparently there’s a lot of heroes out there that are unaware they are entitled to 100% financing as a benefit when buying a house!

BTW, the TX Vet rate is the same down to a 620 fico score for FHA, VA, and Conventional loans!

Today’s rate for Veterans with a 30% disability rating is 5.9% (face rate).

That's it for today!

Thanks for reading!

Brett

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How A Bank Statement Loan Works...

 These loans are designed for self employed people that have trouble proving their income through traditional means.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

If you or someone you know may benefit from this loan to purchase or refinance a house, please reach out to our offices.

Thanks for reading!

Have a great day!

Brett

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No Money Down On This Loan...

 Would you like to buy a nice home in the country or an outlying suburb with no money down?

Here’s a program that might work for you…

It’s called USDA, and here are some details on this program…

-Up to 100% of the Appraised Value – Total LTV of 102% –

-Difference of sales price and appraised value can be used for closing cost

-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

-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!

If you or someone you know needs this program, have them give our offices a call.

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

Brett

 

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Surprising Facts About FHA Loans...

 We help alot of borrowers with FHA loans.

 

Here are some interesting facts about FHA loans, and why they are so popular...

 

• FHA loans make up over 80% of 1st time buyer mortgage
• 73% of 1st time buyers over 95% LTV and under 680 fico use FHA
• The average credit score in TX is a 681
• By the numbers…a $289K FHA loan with a 680 fico will save a borrower $111 per month vs a conventional loan with PMI
• Over 80% of TSAHC DPA loans are FHA thanks to flexible terms!

 

If you or someone you know wants to purchase a house contact our office to see how we can help you.

 

That's it for today.

 

Thanks for reading!

 

Brett

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As Low As 10% Down On ITIN Loans...

 

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

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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

 

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No Down Payment Even For Lower Credit Scores...

 

Did you know even if you have “challenged” credit you can still get a low down payment loan to buy a house with FHA?

 

We can do down payments as low as 3.5% down to a 580 credit score!

And, we have several down payment assistance programs to help you too.

So, if you or someone you know is wanting to buy a house, but they aren’t sure about their credit – let us take a look.  We can possibly help them right now.

Thanks for reading!

Brett

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Best Practice For Rate Shopping...

 If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind…

1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great, but if you are paying points to get it – it may not be so great after all.)

2) When looking at the LE – focus on the mortgage fees. These are the only fees the loan officer really knows at the time he/she is creating the LE. They will just be estimating the title fees, insurance, and taxes.

3) Pay attention to the date on the LE – or rate quote. The rate market changes daily. You have to compare apples to apples. …To compare two rates generated 1 week apart is a waste of time. The rate that appears higher may actually be priced more competitively than the lower rate – depending on when the quote was generated.

That’s it for today!

Have a great day! …and thanks for reading.

Brett

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How To Buy A House Without A Down Payment...

 Texas renters are spending more than 30% of their incomes on rent.

It can be difficult to save for a down payment when you are paying so much of your income on rent.

We have multiple no down payment options for both first time home buyers, and buyers that have previously owned homes.  Down to a 580 credit score!  ...and, with no income limits on some of them.

If you or someone you know needs down payment assistance, please reach out to our offices.

That's it for today!

Thanks for reading!

Brett

 

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No Income Verification Needed For This Loan...

 Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation?

We do.  They are called Debt Service Coverage Loans.

As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need.

This means there is never any kind of debt to income issues on these loans, and there is no limit to the number you can do.

You should be aware of two things however…

1)  You Will Have To Put Down Anywhere From 10% to 25% Depending On Your Credit Score.

 

2)  Rates Will Be A Bit Higher Than The Conforming Rate, But They Are Still Reasonable.

So, if you want to purchase investment property, but can’t really provide income documentation this loan may be for you.
You can contact our office to get rates and an estimate for your situation.

That’s it for today!

Thanks for reading!

Brett

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Different Ways To Pay Your Closing Costs...

 When you buy a house there are three sets of funds you have to consider…

1)  Your down payment.

2)  Your closing costs.

3)  Your prepaid taxes and insurance.

When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs…

1) You. …You are the borrower and you can pay these expenses yourself.

2) The seller. You can negotiate with the seller to pay these costs at the time you make your offer.

3) Gift. You can get a gift from a family member to pay your closing costs. The guidelines are different with each program for gift giving – so check with me before you attempt to go this route to make sure it’s appropriate for your loan program.

4) Grant. If you have access to a state or government grant program you can use this to pay these costs.

5) Loan officer and/or realtor. You can get help with paying your closing costs and prepaid expenses from the loan officer, and the realtor can help as well.

That’s it for today!

Have a good day! …and thanks for reading.

Brett

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Maximum Amount Of Seller Concessions On Each Loan Program...

 I’m seeing more and more sellers are starting to give concessions again on purchase transactions.

Here is a breakdown of the maximum seller help amounts by loan program…

Program: Conventional (fannie/freddie), owner occupied…

1) 25% or more down payment = 9% allowed seller contribution.

2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution.

3) Less than 10% down payment = 3% allowed seller contribution.

4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions.

Program: FHA

1) 6% maximum seller contribution.

Program: VA

1) 4% closing cost contribution.

Program: USDA

1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.

That’s it for today!

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

Brett

 

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A New 4% Down Payment Assistance Program Coming Next Week...

 Next week, we will be rolling out a new 4% Down Payment Assistance bond product which will have lower interest rates than the regular non-bond DPA.

This is great news considering how tight a lot of consumer's debt to income ratios are out there.

BTW… did you know there’s NO PAYMENT for the TSAHC/TDHCA 2nd liens?

Please contact our offices if you or someone you know needs 100% financing for your purchase.

That's it for today!

Thanks for reading!

Brett

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Housing Prices Expected To Go Up 5% This Year...

 Goldman Sachs just upgraded their forecast for the 2024 housing market...  “US home prices are projected to increase 5% this year, up from the previous forecast of 1.9%."

So, this is a good time to purchase before the prices start to go up again.

If you or someone you know would like to be pre approved for financing please contact our office.

 

That's it for today!

 

Brett

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This Tax Credit Can Save You Thousands...

 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

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When Buying A House From A Family Member...

 Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily have to come out of pocket for a down payment? (As long as it’s an 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 buyer’s closing costs, and prepaid expenses (taxes and insurance).

Reach out to us if you have any questions on how this works.

That’s it for today!

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

Brett

 

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Use This Loan To Acquire Rental Properties...

 If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use…

It’s called a Debt Service Coverage loan.

We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.  (No more income docs needed)

Down payments average around 20% on these types of loans – credit score depending.

If you think this might be a useful tool for you to acquire rental property – please let us know!  We are happy to help!

Thanks for reading!

Have a great day!

Brett

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Use This Loan To Pay Off Spouse If You Are Getting A Divorce...

 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.

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You Have To Know Where This Is Coming From When You 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

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Reason For Mortgage Rate Optimism...

 Did you know 10 of the last 11 non-farm payroll reports have been revised lower?

Why is this important?...because it points to greater weakness in the economy…which leads to reduced inflation…which leads to Fed rate cuts…which leads to traditionally higher MBS/bond purchases…which leads to lower rates.

This is why mortgage rates are forecast to lower in the next two years.

 

That's it for today!

 

Thanks for reading!

 

Brett

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Free Grant Money Available For These Professions...

 I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

 

Get Pre Approved For A Loan Here
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