Good Morning! 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:…
Good Morning! Purchase applications are down 19% from last year at this time. Of course, this is due to the Covid-19 outbreak. However, the good news is purchase applications have increased for the third week in a row. I think this will continue to improve as people get back to work. We are coming into…
Good Morning! I touch on this every now and then, because I want you to know it’s possible to purchase a home with a Reverse Mortgage, and how it works. I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down…
Good Morning! Did you know we have a VOE (Verification of Employment) program that is considered full doc? This program is for borrowers that work for a company. You don’t need paystubs, or w-2’s, or tax returns. …we just send a one page form to your employer. They fill it out and that’s all…
Good Morning! The conforming loan limits continue to go up. In Texas the max conforming loan is now $510,400. Not to long ago this used to be a jumbo loan. The advantage of going with a conforming loan is lower rates, and less down payment. And, FHA max loans very by county, but they…
Good Morning! It’s going to be interesting to see if the mortgage industry makes changes to accommodate the impact of being out of work. …in terms of getting new mortgages. When you don’t have a job – it’s hard to pay your bills. When you don’t pay your bills this impacts your credit negatively. So,…
Good Morning! In this money centric world we live in, many people fail to understand one simple thing… Happiness is the true currency of life. I think it’s especially important to remind ourselves of this in this time of Covid-19. Here is a cool short video on the imporance of happiness from Simple Truths…
Good Morning, I have had some people ask me if the current crisis that faces our country has affected my business. The answer is “yes” so far. I lost a loan the other day because the buyer backed out. He was concerned about his job. I also lost a couple of Alt Doc loans last…
Good Morning! If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program. -Up to 100% of the Appraised Value – Total LTV of 102% – -No Down Payment Required -No Cash Reserve Requirement. No cash contribution requirement…
Good Morning! FYI – If you have a loan in process right now appraisals are taking longer due to delays from the Corona Virus. Keep this in mind, and discuss timelines with your loan officer. Fannie Mae is considering the use of Exterior Only Appraisals in situations where going inside the house is impossible for…