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
If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.
-Up to 100% of the Appraised Value – Total LTV of 102% –
-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
-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).
-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 for today!
Have a good day! …and thanks for reading.
Brett
If you have credit card debt it’s smart 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
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
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
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
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
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
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!
Brett
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
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
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
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
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?
