Good Morning! Good news – FHA loan limits are going up in most counties. For instance, in Dallas county the max FHA loan for 2020 is $404,800. This is great news! More people will be able to qualify for homes, due to FHA being more flexible on credit scores and debt to income ratios. To…
Good Morning! Before you go out house hunting make sure you have enough money available to get your house closed. …I know it sounds simple, but many people don’t realize the amount of funds they will need available to get into a house. Here is a simple breakdown of your out of the out of…
Good Morning! Can you believe it’s already December? Christmas will be here before you know it. I hope you get to spend time with those you love, and get to put alot of memories into your memory bank. Reminder – property tax bills are due at the end of January. If you have a non…
Good Morning! I have good news – Fannie Mae is raising their max loan amounts for most counties in the US to $510,400. The reason this is good news is the rates are lower, and the down payments are lower on Conventional loans than Jumbo loans. Before, if you wanted a 510k loan amount you…
Good Morning! I hope you had a good weekend, and will have a great Thanksgiving week! Since it’s Thanksgiving – I thought I would give you some fun facts acout Thanksgiving… – The first Thanksgiving was celebrated in 1621 over a three day harvest festival. It included 50 Pilgrims, 90 Wampanoag Indians, and lasted three…
Good Morning! I wanted to give you a productivity tip today. It’s an add on to Gmail that I use alot. It’s called Boomerang. You can lean about it here… https://www.boomeranggmail.com/ If you get an email that requires some form of action on your part – but you don’t have time to do it…
Good Morning! What do you do if you are in the process of applying for a loan and you have filed an extension on your taxes? (assuming your loan officer is asking for tax returns for underwriting) Your loan officer asks you for your most recent tax return, but you can’t give it to him…
Good Morning! Mortgage rates have been rising. October was bad, and November hasn’t been great so far. So, if you were considering refinancing – I would act now. The Fed Chair Powell is set to give testimony today – so depending on what he says it could impact the market further. We’ll keep an eye…
Good Morning! FHA gift questions come up often. This is where the buyer would get a gift to help in purchasing a home. I wanted to give you the rules on FHA gift giving. Here ya go… Acceptable gift donors for FHA loans… 1) Borrower’s relative. 2) Borrower’s employer or labor union. 3) A close…
Good Morning! When it comes to bonus income there are three things to be aware of when you are getting 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 has to indicate that the bonus or overtime…