Here is a new product we just got in… Purchase owner occupied, or second home. No income necessary. No employment needs to be listed on the application. No debt to income calculation Loan amounts up to 2 million. Credit down to 660. Up to 80% LTV, or 20% down on this product. If you know…
Did you know we have a VOE (Verification of Employment) only program that is considered full doc? This program is for borrowers that work for a company and get a W-2. You don’t need paystubs, or w-2’s, or tax returns. The VOE is the only thing we need to establish income. …we just send a one…
Part of the fun of being in the mortgage business is that we get to help people. Buying or refinancing houses, we help people, and we create relationships with our clients along the way that we cherish. Many of them use us again and again. Here is what just some of our clients have…
New home construction growth has gone from a fourteen year low to a thirteen month high. This goes for single family home construction, as well as multifamily. This is a good sign for our industry. Both construction and lending. Personal note: I’m in Rosarito Mexico this morning. Not here for vacation. It’s a medical thing. But,…
I had this situation come up again recently… Advice: If you enter into a lease option agreement don’t give cash for the option money. The reason is when you try to buy the house down the road you will have to prove you gave the option money to get credit for it. …it’s hard to…
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…
If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There are just…
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…
Many loan officers don’t know this loan exists. If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an…
I touch on this from time to time, but it’s important so I want to revisit it… 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…