Good Morning! In Texas the cut off for Cash Out loans, or Texas Home Equity loans is 620. …for most lenders. We can do Texas Cash Out loans down into the low 500’s for a credit score. So, if you have lower credit, but need a cash out loan – give us a call…
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! If you want to buy a house, but you’re short on cash in the bank here’s an idea. You can sell an asset to generate cash for a down payment. …such as a boat, car, etc. Here’s how to structure it for a mortgage… You must create a bill of sale reflecting the…
Good Morning! I want to go over the VA guidelines for Foreclosure, and Bankruptcy. Here ya go… VA 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 the occurrence was on a VA loan, the veteran may not…
Good Morning! Since today is Halloween I’ll dispense with mortgage stuff for today. …Instead, here is the history of the Jack-‘o-lantern. According to the History Channel… The legend is of a man named Jack. Jack invited the devil for a drink. Jack did not want to pay for his drink, so he made a deal…
Good Morning! This is the time of year counties are sending their property tax bills out. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had…
Good Morning! Sometimes I like to spotlight a particular product we offer. Today it’s a high loan to value Jumbo Loan. We have a 95% loan to value Jumbo loan up to $1,500,000! It’s unusual to find such a low down payment on such a high loan amount. This product requires a 720 credit score.…
Good Morning! If you are a renter how do you pay your rent? Would you like to purchase a home someday? If so, please keep this in mind… How you pay your rent is IMPORTANT! When you apply for a mortgage the underwriter will most likely want you to be able to prove you paid…
Good Morning! I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well. Here’s who can’t give you a gift on an FHA loan… The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate…
Good Morning! Did you know we do Jumbo Cash Out loans for Texas owner occupied homes with credit scores down to 660? …And, at 80% loan to value ratio! When you need a Jumbo Cash Out loan most lenders will cut you off if you have less than a 700 credit score. Not us. We…