Good Morning! I’ve written about this before, but it’s been a while and thought I would touch on it again. Here are the waiting periods required for FHA and Conv. loans on Bankruptcy, Foreclosure, and Short Sale… Waiting periods for FHA: Bankruptcies: 2 years. …Note, if there was a mortgage included in the BK, you…
Good Morning! I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for…
Good Morning! I have people ask me about no-cost refinances. 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 closing…
Good Morning! You may not be aware of this be we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let…
Good Morning! The Alternative Doc mortgage market continues to grow. These are loans for people that can’t prove their income via the normal Tax Returns or pay stubs. Here is a brief summary of how some of these loans work… Option 1: Bank statement loans. Very simply we take the aggregate deposits of your bank…
Good Morning! Did you know there is zero down payment for USDA loans? As you may or may not know, the USDA loan program has geographic restrictions. It’s designed for outer suburbs and rural areas. Using the Dallas / Fort Worth area as an example – If you wanted a home in Dallas you…
Good Morning! If you want to buy a home with no money down you can always use the USDA program. Here’s some great reasons to use our USDA program… No Down Payment Required. No Cash Reserve Requirement. No cash contribution requirement. Unlimited seller concessions. Unrestricted gifts. First time home buyers allowed, but not limited to…
Good Morning! FHA loan maximums have gone up in most Texas counties recently. To see where your county loan limit is you can click this link and put in your county name, or just select Texas and see the limits for every county… https://entp.hud.gov/idapp/html/hicost1.cfm Just thought you might want to know… That’s it for today!…
Good morning! Mortgage tip: If you are about to get into the loan process to buy or refinance a house – don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself…
Good Morning! A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle. Here are a few easy ways to improve your credit scores… 1) Did you know a single credit card late payment can ding your score by as much as 60 points? a) Helpful…