If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use… It’s called a Debt Service Coverage loan. We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.…
If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To prove this…
FHA gift questions come up often. I wanted to give you the rules on FHA gift giving. Here ya go… 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 and documented interest in the borrower. 4) A charitable organization. 5) A…
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…
I wanted to remind you 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 aides,…
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,…
Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home? We have a solution… We can use a HELOC. This is a second mortgage in the form of a line of credit you can draw on as needed. Very easy…
Do you have investment property, and would like to pull cash out of your property? However, for some reason you can’t provide income documentation to your lender to get a cash out loan. We have solutions! We have loan programs that will allow you to pull cash out of rental property with no income documentation…
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…
We help alot of borrowers with FHA loans. -Here are some interesting facts about FHA loans, and why they are so popular… -FHA loans make up over 80% of 1st time buyer mortgage -73% of 1st time buyers over 95% LTV and under 680 fico use FHA -The average credit score in TX is a…