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Good Morning! If you have an FHA loan that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property – it’s a good time to refinance into a Conventional loan to get rid of your FHA MI.…
If you are thinking about buying a house, but you aren’t really sure if it’s the right move for you – I have something you might be interested in. MGIC came out with this Buy Vs Wait Calculator. It helps give you information on whether you should go ahead and buy now or wait. This…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution. 3) Less than 10% down payment = 3% allowed seller…
Your property tax bill usually comes out in late November, or early December. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might…
If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use… It’s called a Debt Service Coverage loan. We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relatives. 2) Borrower’s employer or labor union. 3) A close friend with a clearly defined and documented interest in the borrower. 4) A charitable organization. 5) A…
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…
I wanted to remind you 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,…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily 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,…