Good Morning! Fed meeting today at 2pm. Many are expecting the Fed to announce a drop in the Fed lending rate. If this happens it could cause a drop in mortgage rates. Mortgage Rates Texas The Fed rate is different from mortgage rates, but the Fed announcement should effect the bond markets which, in turn…
Good Morning! I had this situation come up again last week, and I wanted to address it again with you… Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment? (As long as it’s a owner occupied residence…
Good Morning! I wanted to give a detailed idea of how a VA loan works… What it takes to qualify for VA: You should be a veteran. You will need a Certificate of Eligibility from the VA. If you don’t have your Certificate of Eligibility you can apply for it at this web site: http://www.vba.va.gov/pubs/homeloanforms.htm. Credit:…
Good Morning! I hope you and your family have a fun and safe July 4th weekend. No mortgage stuff today… How about some 4th of July trivia… 1. The now American-celebrated song, Yankee Doodle, was originally written by officers of the British army to make fun of backwoods Americans. 2. Three United States presidents died…
Good Morning! While rates are still relatively low I wanted to show you how smart it can be to reduce the term on your loan. For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money. …money you could have accumulating in a retirement account, or…
Good Morning! Have you ever wondered how long you have to wait to get a loan after a bankruptcy? I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy… FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances. VA: 2 years from completion date. USDA:…
Good Morning! I wanted to give you a brief summary of some of the Alternate Documentation loans we have… Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs. Option 1: Bank statement loans. Very simply…
Good Morning! Every now and then I like to spotlight unusual loan products we have. This particular product is a loan for investment properties. 1 to 4 family properties. It’s called a Debt Service Coverage loan. It allows you to use the rental income to qualify your purchase. …in other words you don’t need…
Good Morning! Have you been out of work, and now you are working again? …and, you would like to buy a house? I wanted to go over the FHA guidelines with you on a borrower returning to work in case you or someone you know is in this situation… There are just a few main…
Good Morning! When you buy a house there are three sets of funds you generally have to bring to the table… 1) Your down payment. 2) Your closing costs. 3) Your prepaid taxes and insurance. As far as numbers 2 and 3 (closing costs and preaids) there are five ways that you can arrange…