The big news of the day is that FHA is reducing the MIP by 30bps for all case numbers endorsed on or after 3/20/23. Instead of .85 monthly it will now be .55. This will lower your monthly payment. Why is this so important?…because by then, everyone will be pricing the new FHFA LLPA’s for…
If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you…
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…
We have many 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…
I wanted to spotlight some options for ITIN workers. An ITIN number is issued by the Internal Revenue Service (IRS) to non-resident aliens who are not eligible to receive a Social Security Number. However, if you are working you can still get a mortgage to purchase a home with an ITIN number. Here are some…
If you haven’t owned a home in the last three years and you want to purchase a home you should consider the MCC tax credit. How MCC works in a nutshell… You take 20% of the mortgage interest you pay each year – and you are allowed to claim that 20% as a dollar for…
I wanted to spotlight this program for certain members of the medical community… Loan offers: 3% down payment on loan amounts up to $850,000. 5% down payment on loan amounts up to $1,000,000. 10% down payment on loan amounts up to $1,500,000 The rates on this program are very competitive. Note: These are…
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 Owelty Loan over a Texas Home Equity loan…
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…
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…