You don’t have to make a lot of money to buy a house! In the mortgage industry we are concerned with your debt to income ratio. …So, if you don’t have alot of monthly debt you can buy a house without making alot of money. Example: I recently closed a loan for a person that…
If you’re rate shopping for a mortgage – here are some guidelines for you to keep in mind… 1) Get a Loan Estimate (LE). There’s always a relationship between fees / points / and rate. …You won’t know what that relationship is unless you look at a LE. (A low rate is great, but if…
Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! You make it part of your offer to purchase. Depending on the circumstances they may or may not say “yes” to your request, but you should at…
One of the most common questions I get is “How much will I have to put down?” 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 qualify…
When it comes to your mortgage payment your credit score can affect your interest rate, and your home owners insurance rate. There is another part of your payment that is also affected by your credit score… Your mortgage insurance payment on Conventional loans. Let me give you some examples of how your mortgage insurance rates…
Are planning on using your bonus income or overtime income to help you get a mortgage? …If so, then there are three important things you need to be aware of: 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…
Speaking as someone who has been through one – I hope you never get divorced. However, if you do get divorced and you have to pay your spouse their share of equity in your home – you’ll need a loan to get this done. Many loan officers will tell you that in the State of…
Did you know there was a federal law in place to protect borrowers who have Conventional loans with private mortgage insurance? The law includes two basic consumer protections: It requires lenders to inform home buyers-both at closing and annually-about their right to request mortgage insurance cancellation and how to do it. It requires lenders to…
Here’s a tip for those of you with deferred student loans trying to get an FHA loan… If your student loans are deferred, and there’s no payment listed on your credit report it’s a good idea to contact your loan servicer and find out what your payments would be if you started making payments today.…
I wanted to briefly go over the minimum credit score you will need to get a conventional loan. You will need a minimum credit score of 620 to get a 97% or a 95% loan up to $417,000. (conforming loan limit in Texas) You will need a minimum credit score of 620 to get a…