You Have To Know Where This Is Coming From When You Buy A House...

 I touch on this from time to time, but it’s important so I want to revisit it…

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 in the mortgage industry.

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

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Reason For Mortgage Rate Optimism...

 Did you know 10 of the last 11 non-farm payroll reports have been revised lower?

Why is this important?...because it points to greater weakness in the economy…which leads to reduced inflation…which leads to Fed rate cuts…which leads to traditionally higher MBS/bond purchases…which leads to lower rates.

This is why mortgage rates are forecast to lower in the next two years.

 

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