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…
Good Morning! Have you ever wondered how much extra you would have to pay on your mortgage each month to shave off five years, or ten years, or more? It’s easy to see on the calculator on our website. Click on it, and check it out… https://www.berkshirelending.com/mortgage-calculator/ Hope you are having a great week! Brett…
Good Morning! Here are some advantages and disadvantages of the USDA loan program… Advantages of USDA: USDA loans are 100% loans. No down payment is required! Low monthly mortgage insurance. At the time of this writing the monthly MI is .35 x the loan amount divided by 12. Flexible credit guidelines. USDA loans allow the…
`Good Morning! Happy Veterans Day! Here’s something you may not have known about Veterans Day… Veterans Day originated as “Armistice Day” on Nov. 11, 1919, the first anniversary of the end of World War I. Congress passed a resolution in 1926 for an annual observance, and Nov. 11 became a national holiday beginning in 1938.…