I have borrowers ask me every day how much they need to put down to purchase a home. Here are your minimum down payment options on the loan products currently available in the market place. Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can…
If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let me know if you are in this situation. I’ll be…
From a mortgage rate perspective the Brexit vote resulted in lower rates. Generally if the stock market takes a hit the bond market will improve, and if the bond market improves mortgage rates get lower. So, if you think you missed the boat on refinancing – now is a good time to do it. Rates…
I hope you had a good weekend! Mortgage update: FHA has made changes to the way an underwriter calculates payments on deferred student loans. The old way instructed the underwriter to use 2% of the aggregate balance of deferred student loans. This alone killed alot of loans because it ballooned debt to income ratios. The…
For you Doctors out there… We have a loan just for you. The advantage of the doctor loan is that you can get a bigger loan at a higher loan to value ratio than people who aren’t doctors. A normal conventional loan maxes out at 417k in Texas. A doctor loan can go up to…
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 realize that if you are a W-2 employee getting a Conventional mortgage that in almost all cases you won’t need to provide tax returns to get a loan? It’s true! Generally all the underwriter will ask for is 30 days of paystubs, and your last two years of W-2’s. …not tax returns. Sometimes…
I get asked this question a lot by clients who are buying houses… …”Can we just roll closing costs into the loan?” The short answer… No. You can do it with no problem on a refinance, but not a purchase loan. …but there is an indirect way to do it on a purchase loan. The…
People forget about the USDA loan program, but’s a great way to buy a house with no money down. If you are looking for a home in the outter suburbs or in a rural area make sure your realtor knows about this great 100% financing program. Here are some quick bullit points on the USDA…
Note on mortgage rates… The Fed has said that we should expect more rate hikes in 2016. However, they have also said that a June rate hike could be constrained by the Brexit vote on June 23 (British vote on staying in EU). … And, the Fed also said they are unlikely to have…