Max Conventional Loan In Texas...

Good Morning!

I wanted to let you know if you weren't already aware of it...  The max Conventional loan amount in Texas has increased to $484,350.

This is good news for all of us, because Conventional loans come with lower rates and lower down payment requirements.

Keep this in mind if you are looking at homes in this price range.

Minimum down payment on most Conventional loans is 5%.   ...unless you are a first time home buyer, then you can do 3% down.

That's it for today!

Have a great week!
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Can’t Get A Mortgage? …You Need A Plan.

Good Morning!

If you have applied for a mortgage, and been told you don't qualify - don't despair.

Instead take control of your situation, and make a plan to get a mortgage.

1) Isolate the reason you can’t get a mortgage now. Your loan office should be able to tell you this.

2) Make a plan to solve this problem.

If credit is the reason you can’t get a loan now – you need to know exactly where you are now.

…and, you need to know where you need to be for a loan.

If you don't have anyone to help you with this - reach out to my office.

I’ve seen many success stories of borrowers that had a plan to follow and did what ever it took to execute that plan. In a matter of a couple of months to six months they are usually ready for a loan.

…not only that. It gives a person confidence and purpose when you have a clear goal, and a plan to achieve that goal.

That’s it for today!

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

Get Pre Approved For A Loan Here
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Buying A House After A Deed In Lieu...

Good Morning!

I get asked about “Deed In Lieu” sometimes.

A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose.

People ask me how a Deed In Lieu would affect their credit.

I tell them that it would be treated the same way a full foreclosure would – from a mortgage perspective anyway.

…in fact, if you have a “Deed In Lieu” show up in the mortgage history on your credit report – it might as well say “Foreclosure”.

You will have to wait a period of time before you would be eligible for a new mortgage.

…here’s what you’re looking at for seasoning on a foreclosure:

Fannie Mae/Freddie Mac: 7 years.  (Sometimes you can get automated approval after 4 years)

VA: 4 years.

FHA: 3 years.

That’s it for today!

I hope you have a great day! Thanks for reading!


Get Pre Approved For A Loan Here
My Previous Blog