Two Most Common Questions On Reverse Mortgages...

 Hello!

I wanted to address the two most common questions that we 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 principal 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.

That’s it for today!

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

Brett

 

Get Pre Approved For A Loan Here
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Who Can Gift You A Gift For A Down Payment On A House...

 Good Morning!

Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?

Not just anyone can give you a gift.  Here is the list of acceptable donors that can give you a gift…

Relative, Defined As The Borrower’s Spouse, Child Or Other Dependent, Or By Any Other Individual Who Is Related To The Borrower By Blood, Marriage, Adoption, Or Legal Guardianship.  Fiancé, Fiancée, Or Domestic Partner O Domestic Partner – An Unrelated Individual Who Shares A Committed Relationship With The Primary Wage Earner, Currently Resides In The Same Household As The Primary Wage Earner, And Intends To Occupy The Security Property With The Primary Wage Earner.

The Donor May Not Be Or Have Any Affiliation With The Builder, The Developer, The Real Estate Agent, Or Any Other Interested Party To The Transaction.

That’s it for today!

Thanks for reading!

 

Brett

 

Get Pre Approved For A Loan Here
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No Money Down For This Mortgage...

 Hello!

There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available.

So, every now and then I like to restate the great aspects of this loan…

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

Completed Short Sales are NOT regarded as a foreclosure or negative credit. We will need a clear CAIVRS and an adequate letter of explanation

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

If you have more questions about getting qualified for this program just shoot us an email or give us a call.

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

Brett

 

Get Pre Approved For A Loan Here
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