Good Morning! One of the most important things you will have to do when you apply for a loan is to show that you have the money for the down payment. This is called “sourcing down payment funds”. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your…
Good Morning! The Mortgage Bankers Association showed this week marks the sixth consecutive week that home purchase applications moved higher. This is in spite of rates going up for the second straight week. Part of this is because we are moving into buying season. Any way you look at it – it’s pretty good news!…
Good Morning! I get questions like this from borrowers all the time… “If I pay an extra $100 a month on my payment how many years would it take off my mortgage?” The answer is it can shave off alot of years and save you a ton of money! I created the table below…
Good Morning! I want to talk to you about the impact of disputed accounts when you try to get a mortgage. When your credit is pulled the lender will see that your account has been “disputed”. The underwriter will ask that the dispute be removed if it is in fact your account. This can be…
Good Morning! Have you had a bankruptcy or foreclosure in your past, and now you want to get a VA loan? Here is how VA treats bankruptcy and foreclosure… Short Sale Deed-In-Lieu of Foreclosure Foreclosure: 2 years from completion date If extenuating circumstances exist – 12 months from completion date with re-established credit Note: If…
Good Morning! Here’s how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property… The program is called Investor Debt Service Coverage. Here’s how it works… Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to…
Good Morning! I wanted to thank everyone that came out to the first time home buyer’s seminar this weekend. It was a good turn out, and a great crowd. I surprises me every time I do one of these. People don’t realize that it’s just not that hard to buy a house. You don’t have…
Good Morning! I’ve written about this before, but I wanted to touch on it again here 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…
Good morning! If you are considering a USDA loan there are two things you should be aware of… 1) There are geographic restrictions. Not every area is eligible for USDA financing. The best thing to do is enter the address of the home or area you are interested in and see if it’s eligible for…
Good Morning! Did you know the max FHA loan in the Dallas area is now $395,600? It’s great for all of us, because FHA is a great loan with low rates and a low down payment. To see what the max loan for your county on an FHA loan here is the web site you…