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…
Good Morning! When you buy a house there are three sets of funds you have to consider… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs… 1) You. …You are the…
Good Morning! I’ve covered this before, but I think it’s worth repeating… Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is…
Good Morning! I wanted to let you know if you weren’t already aware of it… The max Conventional loan amount in Texas has increased to $484,350. This is good news for all of us, because Conventional loans come with lower rates and lower down payment requirements. Keep this in mind if you are looking at…
Good Morning! If you have applied for a mortgage, and been told you don’t qualify – don’t despair. Instead take control of your situation, and make a plan to get a mortgage. 1) Isolate the reason you can’t get a mortgage now. Your loan office should be able to tell you this. 2) Make a…