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…
Interest rate update: The recent trend towards lower rates has come to somewhat of a halt. There’s a couple of factors that has spurred selling pressure in the bond markets. (Remember when bonds are selling off it usually results in higher rates) The French election has alot to do with it. If Macron had been…
I wanted to tell you about a new program we have for helping Community Heroes. The program is a Closing cost credit for firefighters, emergency medical technicians, military and veterans, law enforcement, teachers, church employees and healthcare workers when buying or refinancing a home. I wanted to give you the link on our web site…
Every now and then I close a loan that I think you should know about. I want you to know about it, because it’s a good example of what’s still possible in the mortgage world if you use someone like me that knows what they are doing. I’m closing an FHA loan this week with…