Good Morning! Home Possible is a Conventional loan program offered by Freddie Mac. It has income limits, but many Texas counties have no income limits for Home Possible. Some of the benefits of Home Possible are lower rates and lower mortgage insurance. Loan to value ratios up to 97%. Credit scores down to 620. It’s…
Good Morning! I run into a lot of self-employed people that “maximize their deductions” on their tax returns. They make money, but they don’t show a lot of income on their tax returns due to their deductions. They may have great credit, but they can’t get a mortgage because they don’t show enough income. We…
Good Morning! Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan? Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift… Relative, defined as the borrower’s spouse, child or other dependent, or by any…
Good Morning! If you rent from an individual (no apartment complex or management company) – you must PROVE you paid the rent. That means we will need canceled rent checks. …If you pay your rent with cash – DON’T! Start writing checks for rent! If you pay with money orders then put your paycheck in…
Good Morning! I hope you’re having a good week so far! 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…
Good Morning! A couple of weeks ago mortgage rates surged to 7-year highs. The Bond market rebounded has rebounded a bit – thank goodness. I think it would have rebounded anyway, but the Italian political drama aided in the Bond bounce back. Rates are still relatively low, but time will tell if the recent lows…
Good Morning! Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan? They do! It’s called the Fannie Mae HomeStyle Renovation program. How it works… At closing, all funds for renovation will be escrowed in an…
Good Morning! Did you know you can use a reverse mortgage to buy a house? 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 on the house. However, you don’t really want a mortgage payment. You can put down…
Good morning! We had something happen this week, and I wanted to share it with you as a cautionary tale. I had a borrower that was about to close on their purchase loan. The title company contacted her about where to send the money. …except it wasn’t the real title company. It was a fraudulent…
Good Morning! In the State of Texas we can’t get cash out of owner-occupied homes above 80% of its appraised value. In other words, if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000. This 80% rule is a Texas law for homeowners in Texas.…