Texas renters are spending more than 30% of their incomes on rent. It can be difficult to save for a down payment when you are paying so much of your income on rent. We have multiple no down payment options for both first time home buyers, and buyers that have previously owned homes. Down to…
Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation? We do. They are called Debt Service Coverage Loans. As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need. This…
When you buy a house there are three sets of funds you have to consider… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. When it comes to closing costs and prepaid taxes and insurance there are five ways to pay these costs… 1) You. …You are the borrower and…
I’m seeing more and more sellers are starting to give concessions again on purchase transactions. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up to 10% down payment…
Next week, we will be rolling out a new 4% Down Payment Assistance bond product which will have lower interest rates than the regular non-bond DPA. This is great news considering how tight a lot of consumer’s debt to income ratios are out there. BTW… did you know there’s NO PAYMENT for the TSAHC/TDHCA 2nd…
Goldman Sachs just upgraded their forecast for the 2024 housing market… “US home prices are projected to increase 5% this year, up from the previous forecast of 1.9%.” So, this is a good time to purchase before the prices start to go up again. If you or someone you know would like to be pre…
If you haven’t owned a home in the last three years and you want to purchase a home you should consider the MCC tax credit. How MCC works in a nutshell… You take 20% of the mortgage interest you pay each year – and you are allowed to claim that 20% as a dollar for…
Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller and buyer.) …this is because the guidelines allow the seller to “gift” equity to the buyer. So,…
If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use… It’s called a Debt Service Coverage loan. We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise.…
If you are getting a divorce, and you have to pay your spouse their share of the equity, 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 Home Equity loan…