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
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
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
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
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
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
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
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
