No Money Down Home Buying - How...

 

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

Get Pre Approved For A Loan Here
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This Loan Is Just For Divorces...

 

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

Get Pre Approved For A Loan Here
My Previous Blog

If You Paid Cash For A House, And Now You Want Your Cash Back

 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 type 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

How To Buy A House From A Family Member...

 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 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).

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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No Income Documentation Needed For This Investor 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

 

Get Pre Approved For A Loan Here
My Previous Blog

Another Way To Get Cash Out Of Your Home...

 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