Good Morning! I’ve written about this before, but I see it every day, and wanted to remind you… Remember, from a loan perspective it’s very difficult to get a loan if you are currently in Forbearance, and the loan is behind. Lenders will insist the loan be brought current, and removed from Forbearance before they…
Good Morning! If you are planning on purchasing a house, and will be putting 5% down or less – this post is for you! I made a short video to show you how to have a lower house payment, and pay off your house quicker… That’s it for today! Have a good day! Get…
Good Morning! 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…
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 can…
Good Morning! There is a little known rule Fannie Mae has regarding self employment income. I see it being enforced more and more, and if you are self employed you should be aware of it. It’s regarding the borrower’s proportionate share of income or loss. Here is the actual guideline… “The Borrowers proportionate share of…
Good Morning! You may not be aware of it, but last week rates increased. This comes from a surprise announcement from conventional mortgage regulators (Fannie and Freddie or, collectively, the “GSEs”) that they will collect a new fee on all refinances. Any loan that’s not already very close to the closing table will be affected.…
Good Morning! There are a few reasons people refinance their homes… – Get cash out. – Lower rate, or lower the number of years remaining on their mortgage. – Debt consolidation. I want to talk about this last one for a moment. When rates are as low as they are now it can make a…
Good Morning! If you are getting a divorce, and you have to pay your spouse their share of the equity of your home 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…
Good Morning! 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… 1) If you are getting transferred from one location to another, but with the same company…
Good Morning! Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate… It’s a conventional 3% down loan product for first time home buyers. Here are some of the important features of this product… 1) Owner-occupied primary residence only, for first time home buyers.…