Hello! Product Spotlight: Owelty Loan 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…
Hello! Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation? We do. They are called Debt Service Coverage Loans. As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need.…
Hello! 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 down payment funds”. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing…
Hello! I wanted to clear up a common misconception about Reverse Mortgages. Please watch this very short video I just made explaining how Reverse Mortgages are more flexible than you might think… http://somup.com/c3f1lJO67W That’s it for today! Have a great day! Brett Get Pre Approved For A Loan Here My Previous Blog
Hello! Did you know we have a loan program for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 70% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) 65%…
Good Morning! 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…
Hello! 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…
Hello! We want to be able to use your bonus income to help you get a mortgage. However, here are three big guidelines to be aware of for us to be able to count your bonus income: 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this…
Hello! 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…
Good Morning! There are five different possibilities as far as who can pay your closing costs on a purchase loan. I’ll go through each one here… 1) You. …You are the borrower and you can pay these expenses yourself. 2) The seller. It’s a seller’s market right now, so you most likely won’t get the…