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,…
Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and detached PUDs.…
Would you like to buy a nice home in the country or an outlying suburb with no money down? Here’s a program that might work for you… It’s called USDA, and here are some details on this program… -Zero down payment. -No Cash Reserve Requirement. No cash contribution requirement -Unlimited seller concessions -Unrestricted gifts, not…
I wanted to address the two most common questions that I 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…
I wanted to let you know that we are seeing one day underwriting approvals on Conventional, VA, and FHA loans. So, if you currently are in need of a purchase loan, or just want to get fully pre approved before you go house shopping (smart idea), then contact our office, and let us take a…
USDA is a 100% government insured loan. Low rates, and no down payment. However, there are geographic limitations on this program. To see if the area you are interested in is eligible for a USDA loan – please go to this map and check it out. Let us know if you have other questions regarding this program.…
Reminding you that if you are in these professions we have special down payment assistance options for you. Professional educators, which includes the following full time positions in a public school district: school teachers, teacher aides, school librarians, school counselors and school nurses Police officers and public security officers Firefighters and EMS personnel Veterans or…
I wanted to let you know 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…
I wanted to give you a snapshot of where real mortgage rates are right now. I’m quoting these numbers based on the assumption the borrower has good credit. I’m also quoting a par rate – meaning the lowest rate you can get before you start paying discount points. Conventional Rates: Assuming loan to value ratio…
FHA gift questions come up often. This is where the buyer would get a gift to help in purchasing a home. I wanted to give you the rules on FHA gift giving. 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…