Good Morning! People get turned down for loans every day because their debt to income ratio is too high. Some mortgage companies max out their debt to income ratio at 45%. …Some go to 50%. I keep tellin’ ya that I do loans other people can’t do, and it’s true! If I get an automated…
Good Morning! Things are starting to loosen up from the Mortgage Insurance companies. We can now get Mortgage Insurance on conventional loans down to a 620 mid fico score. …and, this is for loan to value ratios up to 95%! You still need a 680 credit score to get MI up to a 97% loan…
Good Morning! One of my clients is currently buying a house. He ran into a complication, and I wanted to tell you about it here – so you can learn from his experience. Bobby got a home inspection for the home he was purchasing. …This is a smart thing to do anytime you purchase a…
Good Morning! I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property. It’s called HomePath. It allows a low down payment and flexible mortgage terms. Here are some of the great features of this loan… 1) Only 3% down payment. …and, this down payment can…
Good Morning! I get asked about “Deed In Lieu” a lot. 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…
Good Morning! If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs – here are some guidelines you need to be aware of… The gift can only be provided by… A relative, defined as the borrower’s spouse, child, or other…
Good Morning! Rates on ARMs are getting amazing right now! I wanted to give you an idea of where these rates are… FHA 5 year arms = Rates in the low 3’s! VA 5 year arms = Rates in the low 3’s! Conventional 7 year arms = Rates in the mid to low 3’s! If…
Good Morning! I’ve talked about this before, but I think it’s worth revisiting… If you are trying to purchase a house with an FHA loan – and you are using part time job income, be aware of this… FHA will want to see that you have a two year stream of this part time income…
Good Morning! If you are a Veteran and you live in Texas – then you have access to the Texas Vet Loan Program. The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%. Here…
Good Morning! Would you like to refinance your house, but you currently owe more than your house is worth? If so, then I have several programs I can use to get you refinanced – depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan. …Some of these…