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…
I hope you had a great Memorial Day weekend! Please be aware of this loan killer if you are applying for a mortgage… Watch out for Insufficient Funds Charges in your bank statement. …this is a potential deal killer for the underwriter. If you have insufficient funds charges in your bank statement it signals to…
I get asked how to make repairs on a property just after the purchase closes. The easiest way is to do a repair escrow as long as the aggregate cost of the repairs isn’t more than 5k or so. Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on…
You’ve always been able to use gift funds for the down payment on an FHA loan. However, did you know you can also use gift funds on a Conventional loan? Here are some of the details on this program… – “All gift” down payment allowed from acceptable gift donor (family usually) – Seller contributions allowed…