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
My Previous Blog

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
My Previous Blog

No Income Documentation Needed For This Loan...

 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

Get Pre Approved For A Loan Here
My Previous Blog

How To Get Cash Out Of Your Home Without Paying Off Your Low Interest Mortgage…

 Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

We have a solution…   We can use a HELOC.

This is a second mortgage in the form of a line of credit you can draw on as needed.

Very easy to qualify for, and quick to close.  And, no appraisal!

Let us know if you would like to know how this could work for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Conventional Loan With Less Than Two Years Work History...

 

In the mortgage world there are rules we have to follow.

Such as, rules about how long a person has to work to get a mortgage.

Guidelines to get a conventional mortgage say you need at least two years of work history.

However, sometimes it’s possible to get a conventional loan with less than two years of work history.

If we run an application with less than two years work history through the automated underwriting engine, and it takes it – then you are good to go.

I had this happen last week.  Got an automated approval on a woman with about 1.5 years of work history.  Approval.  Now she’s out looking for a house.

So, you never know until you run it.  If you or someone you know is  in the situation, let our office take a look at it.

That’s it for today.

Thanks for reading!

Brett

 

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How Debt Consolidation Can Make Sense For You...

 

If you have credit card debt it’s a good time to consider a consolidation loan.

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

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My Previous Blog

Here's A Cool Calculator That Can Help You Decide If It's The Right Time To Buy A House...

 

If you are thinking about buying a house, but you aren’t really sure if it’s the right move for you – I have something you might be interested in.

MGIC came out with this Buy Vs Wait Calculator.  It helps give you information on whether you should go ahead and buy now or wait.  This is based on your numbers.

Try it out and see how it works for you:  https://host.visualcalc.com/mgiccalcs/buywait.jsp

If any of your friends, family, or coworkers need help with financing – please have them contact our offices.  We love helping people buy and refinance houses!

Thanks for reading!

Brett

 

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My Previous Blog

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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My Previous Blog

Two Ways To Help Pay Your Property Taxes...

 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

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy Rental Property Without Proving Income...

 

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

Get Pre Approved For A Loan Here
My Previous Blog

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

Get Pre Approved For A Loan Here
My Previous Blog

Who Can And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

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 And Can't Give A Gift On FHA Loans...

 FHA gift questions come up often.

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

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

How Delayed Financing 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

Get Pre Approved For A Loan Here
My Previous Blog

Free Grant Money Available For These Professions...

 I wanted to remind you 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
My Previous Blog

How You Can Put No Money Down 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

Get Pre Approved For A Loan Here
My Previous Blog

Get Cash Out Of Your Home Without Paying Off Low Interest Mortgage create delete

 

Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

We have a solution…   We can use a HELOC.

This is a second mortgage in the form of a line of credit you can draw on as needed.

Very easy to qualify for, and quick to close.  And, no appraisal!

Let us know if you would like to know how this could work for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How The "Divorce" Loan Works...

 

Many loan officers don’t know this loan exists.

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

Get Pre Approved For A Loan Here
My Previous Blog

Interested 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

Get Pre Approved For A Loan Here
My Previous Blog

How Delayed Financing 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

Get Pre Approved For A Loan Here
My Previous Blog

No Money Down On This 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!

 

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Know This When Buying A House...

 

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 down payment funds”.

For instance, the down payment on an FHA loan is 3.5%.

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!

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

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Know This When Buying A House...

 

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 down payment funds”.

For instance, the down payment on an FHA loan is 3.5%.

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!

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

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

Free Grant Money Available For Your Down Payment On 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
My Previous Blog

No Appraisal Needed For This Easy Cash Out Loan...

 Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

We have a solution…   We can use a HELOC.

This is a second mortgage in the form of a line of credit you can draw on as needed.

Very easy to qualify for, and quick to close.  And, no appraisal!

Let us know if you would like to know how this could work for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Solution For Zero Down House Buying...

 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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My Previous Blog

Who Can Give A Gift On A Purchase Loan...

 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 or 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

 

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My Previous Blog

How To Pull Cash Out Of Your Investment Property Without Proving 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

 

Get Pre Approved For A Loan Here
My Previous Blog

How To Get Cash Out Of Your Home Without Paying Off Your Low Interest Mortgage...

 

Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

 

We have a solution…   We can use a HELOC.

 

 

This is a second mortgage in the form of a line of credit you can draw on as needed.

 

 

Very easy to qualify for, and quick to close.

 

 

Let us know if you would like to know how this could work for your situation.

 

 

That’s it for today!

 

 

Thanks for reading!

 

 

Brett

 

 

Get Pre Approved For A Loan Here
My Previous Blog

 

 

Free Down Payment Money 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
My Previous Blog

Here Is The Minimum Down Payment On These Four Core Mortgages...

 I wanted to give you a brief updated summary of various loan products and the minimum down payment for each…

Loan Programs…

VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it.

USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions.

FHA: The minimum down payment is 3.5%. Great rates, has upfront and monthly mortgage insurance.

Conventional: 3% down for first time home buyers, and 5% for non first time home buyers.

The bottom line:

1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise FHA is a wonderful loan program – very friendly to the borrower.

2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices.

Have a good day today!

…and thanks for reading.

Brett.

Get Pre Approved For A Loan Here
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Benefit Of Debt Consolidation...

 

There are a few reasons people refinance their homes…

– Get Cash Out.

– Lower Rate, Or Lower The Number Of Years Remaining On Their Mortgage.

– Debt Consolidation.

I want to talk about this last one for a moment. Current market rates are higher than they have been in a while, but it can still make sense to consolidate credit card debt.

Often the interest rates on these types of accounts are in the double digits.

A $20,000 balance on a credit card can have a minimum payment of $400 or higher. If you refinanced this $20,000 into a much lower interest rate mortgage the savings would be around $300 a month. …and some of you have much higher balances than $20,000.

We can all use extra cash at the end of the month, and if this is something you want to take a look at for yourself or someone you know, just shoot us an email or give us a call.

We will take a look at it for you.

That’s it for today!

Have a great day!

Brett

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My Previous Blog

Two Most Common Questions We Get On Reverse Mortgages...

 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

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Spotlight On This 100% Financing Option To Buy Your House...

 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

Get Pre Approved For A Loan Here
My Previous Blog

 

Getting Divorced? This Loan Might Be Able To Help You...

 

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.

Get Pre Approved For A Loan Here
My Previous Blog

Acquire Income Property Without Proving Income...

 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 pay stubs 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
My Previous Blog

How To Pull Cash Out Of An Investment Property With No Income Documentation...

 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

Get Pre Approved For A Loan Here
My Previous Blog

How To Purchase A 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

Get Pre Approved For A Loan Here
My Previous Blog

Does Debt Consolidation Make Sense For You...

 If you have credit card debt it’s a good time to consider a consolidation loan.

 

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

 

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

 

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

 

If you would like to see how your numbers look for a consolidation loan – contact our offices.

 

That’s it for today!

 

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
My Previous Blog

 

 

Benefits Of Buying A Home From A Relative...

 I had this situation come up again last month, and I wanted to address it again with you…

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

That’s it for today!

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

Brett

 

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How Delayed Financing 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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How To 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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A Couple Of Credit Tips For You...

 Here are two quick credit tips for you…

1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards).

You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep it under 30% of the available balance.

2) 15% of your credit score comes from the length of time each account has been open, and the length of time since the account’s most recent action.

So, it’s impossible for someone who is new to credit to have a perfect credit score.

A longer credit history provides more information and offers a better picture of long-term financial behavior.

So, to improve your credit score, individuals without a history should begin using credit, and those with credit should maintain long standing accounts.

That’s it for today!

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

Brett

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How Debt Consolidation Can Be Smart For You...

 If you have credit card debt it’s a good time to consider a consolidation loan.

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

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

 

Get Pre Approved For A Loan Here
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How To Lower Your Monthly Bills With A Debt Consolidation Loan...

 If you have credit card debt it’s a good time to consider a consolidation loan.

If you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

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How To Get More Than 80% Of Your Cash Out To Pay Off Your Spouse...

 In Texas we have some unusual rules when it comes to getting cash out of our homes.

For owner occupied residences, we are limited to 80% max loan to value ratio.

When it comes to a divorce, if one spouse is keeping the house they will often have to pay the departing spouse their share of the equity in the home. A cash out mortgage is often necessary to get this done.

However, the traditional Texas Home Equity loan could make that difficult due to the cap at 80% of the available equity.

Enter the Owelty loan. This is specifically for a divorce where cash is needed to pay the departing spouse. You can get cash out to pay off the departing spouse, even if the loan amount exceeds 80% LTV.

You would simply have the attorney handling the divorce work up an Owelty Agreement as part of the decree.

Not many loan officers know this loan exists, so if you find yourself in this situation – give our office a call. We can help you!

That’s it for today!

Thanks for reading!

Brett

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Mortgage Rate Update...

 Mortgage rates began the week with a modest move back up and over the 7% threshold, but managed to erase some of those losses Tuesday.

The improvement followed Tuesday's Retail Sales data which came out weaker than expected.

Mortgage rates are based on trading levels in the bond market.

Bonds pay attention to multiple cues at any given time.

Retail Sales isn't as big of a report as the Consumer Price Index (CPI) or The Employment Situation (the jobs report), but it's a respectable supporting act.

Sales growth was surprisingly high in the data that came out in March and April.  May's report showed a correction back to 0.0% growth.

Tuesday's report came in just barely positive at 0.1--a far cry from the 0.6 level 2 months ago and below the median forecast of 0.2.

In addition, it included a revision to May's report from 0.0 to -0.2.  All told, it painted a less upbeat picture for the American consumer compared to a few months ago.

A slower economy is less able to sustain higher interest rates for a variety of reasons--not the least of which being the suggestion of slower price growth.

With that, bond traders bought more bonds, thus pushing bond prices higher and yields (aka "rates") lower.

That's it for today!

Thanks for reading!

Brett

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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

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Two Most Common Questions On Reverse Mortgages...

 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 Principal 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.

That’s it for today!

I hope you have a great day!

Thanks for reading!

Brett

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