Good Morning! Can you believe Christmas is already here? I hope you get to spend time with those you love, and get to put a lot of memories into your memory bank. Reminder – property tax bills are due at the end of January. If you have a non escrowed loan and don’t have the…
Good Morning! If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage. 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that…
Good Morning! 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 its even better if you can keep it under 30%…
Good Morning! Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Below are the max seller help contribution limits per program… Program: Conventional (Fannie/Freddie), owner-occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than…
Good Morning! I try to do a post about this at least once a year because it’s important… My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have in the bank. I do loans for…
Good Morning! I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the marketplace. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you…
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 some sellers are reluctant to pay…
Good Morning! I wanted to let you know that for 2021 the Conforming Loan limits are going up. Max Conforming Loan limit in Texas is currently $510,400, and beginning in 2021 the limit will go up to $548,250. The advantage of using a Conforming Loan over a Jumbo loan is that the rates are lower,…
Good Morning! Happy Thanksgiving! Here’s five things you may not have known about thanksgiving… 1) Historians have no record of turkey being eaten at the first Thanksgiving. 2) Benjamin Franklin wanted the turkey as the national bird. 3) Snoopy has made the most appearances in the Macy’s Thanksgiving Day Parade. 4) The first professional Thanksgiving…
Good Morning! If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Ask the loan officer for a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A…