Good Morning!Did you know we have a VOE (Verification of Employment) program that is considered full doc?This program is for borrowers that work for a company.You don't need paystubs, or w-2's, or tax returns. ...we just send a one page form to your employer. They fill it out and that's all the documentation we need for your job / income.Pretty cool!That's it for today!Stay safe!
Brett
Good Morning!The conforming loan limits continue to go up.In Texas the max conforming loan is now $510,400. Not to long ago this used to be a jumbo loan.The advantage of going with a conforming loan is lower rates, and less down payment.And, FHA max loans very by county, but they too are going up. Most counties range from $331,760 to $404,800 for some of the more heavily populated counties in Texas.That's it for today!Thanks for reading!
Brett
Good Morning!It's going to be interesting to see if the mortgage industry makes changes to accommodate the impact of being out of work. ...in terms of getting new mortgages.When you don't have a job - it's hard to pay your bills.When you don't pay your bills this impacts your credit negatively.So, we are about to have a wave of millions of people who's credit is about to take a nose dive.If nothing at all is done from a mortgage perspective - the pool of people that can qualify for a mortgage reduces dramatically. ...this will affect the business / income of all those related to real estate transactions: Realtors, Title Companies, Surveyors, Appraisers, Rehab Companies, Mortgage Companies, etc....Not to mention it will affect the price of homes on the market. If fewer people can afford to buy home prices will go down.In my opinion Real Estate is the straw that stirs the drink of our economy.My feeling is at some point the mortgage industry will institute some kind of exceptions to normal credit guidelines to accommodate these people.We'll see.That's it for today!Thanks for reading!
Brett
