Hello! Did you know we have a mortgage program that doesn’t require any income documentation when purchasing an investment property? We do! It’s called a Debt Service Coverage Loan. And, the rent from the property is the only income you need. No tax returns, or paystubs needed. It’s still possible to get rates in the 3’s…
Hello! Your property tax bill is most likely out by now. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might have had…
Hello! Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage… It takes 19 years and 4 months to pay your principal down by half on a 30 year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart…
Hello! Since Thanksgiving is tomorrow I wanted to give you a fun fact that perhaps you didn’t know about Thanksgiving… The first Thanksgiving was actually a three-day affair. Today, Thanksgiving takes place over one decadent day — maybe two if you count Black Friday history. But the original Pilgrims went all out. In November 1621,…
Hello! 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…
Hello! Did you realize that 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 it’s even better if you can keep it under 30% of…
Hello! Just wanted to let you know we are working on increased maximum Conventional loan amounts of $625,000 in Texas now. This is significant, because you can now use a Conventional loan to purchase a home that would have required a Jumbo loan previously. This means less down payment and lower rates. If you would…
Hello! For those of you that could afford a higher monthly mortgage payment I recommend you consider reducing the term on your loan. For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money. …money you could have accumulated in a retirement account, or sending your…
Hello! This is the time of year counties are sending their property tax bills out. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the…
Hello! If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let us know if you are in this situation. We’ll…