The Fed is supposed to make an announcement today at 2pm. They are expected to announce a rate hike. So, if you haven’t locked your loans you might want to have your loan officer go ahead and lock your loan. That’s it for today! I hope you have a great day! Thanks for reading! Brett…
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 in the mortgage industry. For instance, the down payment on an FHA loan is 3.5%. If the seller is paying your closing…
Have you been out of work, and now you are working again? …and, you would like 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 are just a few main guidelines that…
I hope you had a good weekend! There could be some changes for the mortgage industry coming from Washington DC soon. The House is expected to vote on the Financial Choice Act this next week. The Financial Choice Act, sponsored by FSC Chairman Jeb Hensarling (R-TX) would repeal or modify many of the changes made…
In this market it’s not always easy to get the seller’s to pay your closing costs. However, I want you to know they CAN contribute to your closing costs. Each loan program has a maximum amount of help you can get from the seller’s. Here is a breakdown of the maximum seller help amounts by…
I have to tell people sometimes that it just doesn’t make sense to refinance. The drop in rate isn’t significant enough to warrant the costs of the refinance. You need to do the math (or we can do it for you). If the interest savings isn’t enough to offset the cost, then don’t refinance. …but,…
Did you know if you are a W-2 employee and want to get a mortgage you don’t have to submit tax returns to get approved? If you get a regular paystub (with YTD witholdings) then we don’t need your tax returns. We can get your loan approved without them. Sometimes people have issues with their…
I wanted to give you some info about a lesser used 100% program – USDA. USDA is another 100% loan program. It’s a lending program that is put out by the US Department of Agriculture. The purpose of the program is to promote rural development of housing. What it takes to qualify for USDA: There…
Did you realize that in the State of Texas you can’t get cash out of your home 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…
I’ve written about this before, but it’s important, so I wanted to touch on it again. When you buy a house there are three sets of costs you will incur (other than your down payment)… 1) Closing costs. These are mortgage company fees, title fees, appraisal, survey, recording fees, etc. Typically these fees will add…