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?
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
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.
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
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
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
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.
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
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
