Good Morning! When you buy a house there are three sets of funds you generally have to bring to the table… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. As far as numbers 2 and 3 (closing costs and preaids) there are five ways that you can arrange…
Good Morning! I don’t see Contract for Deed’s as much as I used to, but here’s how to refinance out of one if you are in one… The Contract For Deed doesn’t need to be recorded. …but it’s best if you record it at the court house when you first enter into the agreement. We…
Good morning! 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…
Good Morning! When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified…
Good Morning! I got asked this week… “Am I too old to get a mortgage?” The answer is even if you are 90 years old, and you are applying for a 30 year mortgage you are treated the same as a 30 year old. It’s against the law for mortgage companies to discriminate against a…
Good Morning! I wanted to give you a quick break down of how your credit score is calculated by the credit bureaus… 35% – Payment history The credit bureaus look at your payment history on all your accounts; the length of your positive credit history and how long you have gone without a negative item;…
Good Morning! You may have been told by your loan officer that you have to remove the disputes from your credit before they can underwrite your loan. For Conventional loans there is really no way around this. You will have to remove them. However, for FHA loans you don’t necessarily have to remove them. This…
Good Morning! This is an example of how one of my borrower’s purchased a home using a Reverse Mortgage… The borrowers were recently retired, and now living on a fixed income. They owned their home free and clear, and lived in a small town not too far from Dallas. Their home was worth around $150,000.…
Good Morning! Did you know we have the ability to run a soft pull credit report on you? This is a report that doesn’t show an inquiry on your credit report, and won’t impact the score at all. …yet, it allows us to see your mortgage credit scores. So, if you are interested in seeing…
Good Morning! I hope you are having a good week so far! Every now and then I like to spotlight unusual products we carry. Today, I want to tell you how Asset Depletion loans work. If you have no income to speak of, or at least you can’t prove your income via traditional means, or…