If you are considering a Lease With An Option To Buy please consider this… 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…
Here are two quick credit tips for you… 1) 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards). You don’t want to charge these accounts over 50% of the available balance, and its even better if you can keep…
I get asked this question allot by borrowers… “My spouse doesn’t have very good credit, but can I use her income on my loan application?” Answer: “No.” If we ad the spouses income, then we have to take his/her credit too. In fact, they would become an equal borrower on the loan. If you are…
Yes, it is possible to refinance at no cost. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have to address when you refinance… 1) Closing costs. 2) Pre paids. (taxes, interest, and insurance) A no cost refinance will cover your…
Mortgage rates have been trending down the past few weeks. Today at 2pm eastern time the Fed has it’s meeting. Depending on what the Fed says their policy is for the next quarter one thing is for sure – it will affect the bond markets. I don’t look for a dramatic change in their current…
FHA is going to try out a pilot program called HAWK this fall. The borrower will have to complete a counselling course to be eligible for the program. The benefit will be lower mortgage insurance. FHA proposes that Homeowners who complete housing counseling before signing a contract to purchase a home, and who complete additional…
I wanted to let you know that Rural Development has made modifications to their eligibility maps in some areas. These changes were released as part of the Farm Bill and the Consolidated Appropriations Act 2014, and were released on May 6, 2014. In Texas, eligible rural areas for USDA housing programs have been adjusted in…
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 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…
Before you go house hunting make sure you have enough money available to get your loan approved and your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need to get into a house. Here is a simple breakdown of your out of the out of…