Here Is The Max FHA Loan In Your County…
FHA has come out with their new maximum loan amount list for the year of 2011. Unfortunately in Texas all county loan limits remain the same.
Here is an updated list of the maximum FHA loan for your county…
This Is The Biggest Key To Getting Any Loan…
Good Morning!
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 down payment on an FHA loan is 3.5%. If the seller is paying your closing costs – you will still have to pay your 3.5% down payment.
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.
If you aren’t sure where your down payment is coming from – find out now. …before you apply for a loan.
Thanks for reading! …and, have a great week!
Brett
Neat Fact On Turkeys – And A Credit Video…
Did you know a Turkey’s field of vision is 270 degrees? …no wonder they are notoriously elusive animals to hunt.
I hope you and your family have a safe and happy Thanksgiving!
By the way – If you know someone that needs to improve their credit before they can buy a house have them watch this quick video I made on this topic…
Don’t Give Cash In This Situation…
Good Morning!
I sent this email out about 1 year ago – but I’m continuing to run into this situation, so I thought it was a good idea to revisit it here…
When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house.
How do you prove it?
If it’s certified funds you need to keep a copy of the certified check.
If it was a personal check – you need to keep a copy of the cancelled check (front and back).
Don’t give cash!
Anything less than this – the underwriter will not give you credit for giving that money.
That’s it for today. …Have a good week!
Brett
Here’s The Maximum FHA Loan For Your County…
Good Morning!
If you have ever wondered what the maximum FHA loan limit for your county was – I have some good news for you.
…I just added a chart to my web site that will show the maximum FHA loan limit for your county.
Just click on this link…
http://loansdonequickly.com/?page_id=625
Thanks for reading – and have a safe weekend!
Brett
Mortgage Rates Are Going Higher…
Good Morning!
If you were on the fence before about refinancing with these historical low rates – I would suggest you might want to go ahead refinance now.
Rates got worse last Friday, and they were worse again on Monday due to the Fed’s quantitative easing program on the mortgage backed securities markets.
When the rates go up – they do seem to go up fast, so take advantage of these rates while their still low.
Thanks for reading – and have a great day!
Brett
Here’s How To Close A Loan In 7 Days…
I’m generally not one to toot my own horn, but I wanted to tell you how quickly my team and I can get a loan ready for closing…
I had a borrower contact me recently. She said that she was purchasing a house – and she wanted to close quickly.
How To Pay No Closing Costs When You Buy…
Good Morning!
I originally sent this email out to you about 1 year ago.
However, I get asked about this so often, I wanted to re-print the email here for you now…
I get asked this question a lot by clients who are buying houses…
…”Can we just roll closing costs into the loan?”
The short answer… No.
These Kind Of Collections Won’t Hurt You From A Mortgage Perspective…
Good Morning!
I have customers call me every day – worried that their Medical Collections will keep them from getting a loan.
From a mortgage underwriting perspective – if you have Medical Collections that are over 12 months old – they will be ignored for the most part by the government insured loan programs. …such as VA and FHA.
Be Aware Of This Rule After A Bankruptcy…
Good Morning!
There’s a general rule in the mortgage industry about getting a mortgage after a bankruptcy.
…The rule is that the underwriter will want to see at least 3 trade lines that were established after the bankruptcy – each with at least 12 months of history. …and, good history – no lates.
However, with every rule there is an exception…