In the mortgage world there are rules we have to follow. Such as, rules about how long a person has to work to get a mortgage. Guidelines to get a conventional mortgage say you need at least two years of work history. However, sometimes it’s possible to get a conventional loan with less than two…
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. You can have this money in your checking account or savings account now. You can borrow it from…
Here are two quick credit tips for you… 1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards). You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep…
In Texas we have some unusual rules when it comes to getting cash out of our homes. For owner occupied residences, we are limited to 80% max loan to value ratio. When it comes to a divorce, if one spouse is keeping the house they will often have to pay the departing spouse their share…
Couple of facts about the mortgage market… 1) In 2021 there were fourteen million mortgage loans made in the US. It is estimated that in 2023 there will be 4.3 million loans. That’s a big difference. 2) Many first time home buyers think that they must put down 20% to buy a house. Not true. …
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 type of cash out loans up to…
If you want or need down payment assistance, TSAHC is a good one, and one that we use alot. There are income limits that you cannot exceed as a household however to get this program. However, you can exceed these income limits if you are buying in a Targeted area. The base Targeted Area Income…
I wanted to spotlight one of our Alternative Doc loans. This would be for someone that is self employed, or gets a 1099 at the end of the year. -We use bank statement deposits to prove income on this program. No tax returns needed. -Up to $4 Million Loan Amounts -12 or 24 Month Bank Statements…
I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4 years…
Sometimes we have people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first paycheck at the new job at a minimum, and often…