I have some news for you on USDA loans… The Agricultural Act of 2014 (Farm Bill) changed the standard by which communities are to be considered “rural” for the purposes of USDA Housing Programs. Certain areas deemed ineligible for the USDA Section 502 Guaranteed Rural Housing Program (main USDA loan everyone uses) have become…
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…
When you buy a house you will have closing costs and prepaid taxes, insurance, and interest. These costs are in addition to your down payment. I want you to know there are other ways to pay closing costs and prepaids. In fact, there are five different ways these costs can be paid. I’ll go through…
Did you know we do build out loans? …We do! We can finance the acquizition of land, and the building of a home for you. The max loan to value ratio is 80%, so you will either need 20% down, or you would need to own the land that would represent 20% of the overall…
Real quick tip for you on Bonus Income… Here are three things you need to be aware of for us to use your bonus income to get a mortgage… 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…
I wanted to point out a unique loan that we have that may benefit you or someone you know… Believe it or not many people buy homes with cash. …No loans. However, sometimes after doing so they realize the need that cash for something else. One way to pull the cash out is a Texas…
I get this question sometimes: “Can I sell a car to come up with a down payment?” The answer is “yes”. …It’s possible to sell a personal asset (car, boat, jewelry, baseball card collection, etc.) to raise the money for your down payment. Here is what you would need to provide the mortgage company if…
If you owe more than your home is worth, and your in a loan you would like to refinance – this may be an option for you. HARP 2 Here are the main criteria for the HARP program… 1) The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. 2) The mortgage…
When you buy a house there are three sets of costs you will incur (other than your down payment)… 1) Closing costs. These are mortgage company fees, title fees, appraisal, survey, recording fees, etc. Typically these fees will add up to around 1% to 2% of a loan. 2) Prepaid taxes. For a purchase loan…
I’m going to show you an easy way to buy the home of your dreams with no money out of pocket on a little used low interest government insured loan. …and, it’s not hard to qualify! This Post is about our SELECT RD loan. It’s a government sponsored loan that many people just don’t know…