If you have recently been out of work, and now you are working again – here’s what you need to know to buy a house… I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation. There are just…
Good Morning! There are many people that just don’t know the USDA loan program exists. …and, next to VA it’s probably the best loan available. So, every now and then I like to restate the great aspects of this loan… If you are looking for a home in the outter suburbs or in a rural…
Good Morning! When congress passed the Covid-19 help plan one of the things they did was that they eliminated the burden to prove a hardship in order to file a Forbearance on your Mortgage. Some people that filed for Forbearance were truly in a hardship and needed it. Others weren’t in a hardship, and just…
Good Morning! When congress enacted the help for Covid-19 aide, one of the things they did was to waive the “proof of hardship” to apply for forbearance on a mortgage. This was a giant mistake. While many have real hardships others don’t, and still apply for the forbearance. Case in point this survey result from…
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,…