Can you be too old to apply for a mortgage? …No. Even if you are 90 years old, and you are applying for a 30 year mortgage you are treated the same as a 30 year old. It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older. That’s it…
Hope you had a great Thanksgiving Holiday! Property tax bills are out in Texas. 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 the money,…
Happy Thanksgiving Week! If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program. It can save you time and money – and give you a valuable insight on the impact of paying off or paying down…
There was recently an amendment passed to the Texas Home Equity Laws. (also called A6 loans) Previously once you put a Texas Cash Out Loan on your home any subsequent loan you get on your home would also have to be classified as a Texas Cash Out Loan. …which limits your loan options for refinacing.…
When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check. If…
Did you know when you purchase a home you can ask the seller to help pay your closing costs, prepaid taxes and insurance, and interest? Here are the maximum seller contribution amounts per loan program below… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than…
I am getting more and more calls from clients asking about bank statement loans. Bank statement loans are making a come back. They are designed for people that have income deposits flowing through their checking account, but for what ever reason they don’t show much income on their tax returns. …typically they are self employed.…
If you get bonus income please be aware of how the mortgage company will treat that income when you try to get a mortgage. 1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years. 2) The employer has to indicate that the bonus…
Did you know that for FHA loans if you write your earnest money check for less than 1% of the sales price you don’t have to source the funds for the check? This is a new wrinkle in the FHA guidelines, and it reduces the amount of paperwork you have to come up with for…
If you are getting a divorce, and you have to pay your spouse their share of the equity of your home don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using an Owelty Loan over a Texas…