This is a good time of the year to refinance because your taxes are getting paid about now. …We don’t have to pre-fund your escrow account with a lot of taxes. I wanted to take a minute and tell you exactly how a no cost refinance works. There are two pools of funds you have…
The new administration is talking about getting rid of the Dodd Frank act. All in all I think this would be a good thing. …at least from a mortgage perspective. Almost all of the actions resulting from Frank Dodd that were intended to help the consumer ended up hurting the consumer. …for instance, an appraisal…
Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? …You ask them! (In a tight market some seller’s are reluctant to offer alot of help, but you can always ask.) You make it part of your offer to purchase.…
If you are self employed and can’t use your tax returns to prove income there are loan options for you. You can use your bank statement deposits to prove income. We have 10% down bank statement loans for purchase and refinance with good credit. Let me know if you are in this situation. I’ll be…
I wanted to give you some news related to a post I made a couple of weeks ago that FHA’s monthly MI was going down. The Trump Administration has indefinitely suspended a scheduled reduction in the annual premium for Federal Housing Administration (FHA) insurance. A 25-basis point reduction in that premium was announced by then…
Did you know the max FHA loan amount for the Dallas / Fort Worth area is now $362,250? That’s the highest limit in the state of Texas! …even higher than the Austin area at $361,100. The advantages of FHA are… 1) More flexible credit guidelines. (You can get a loan with credit scores in the…
I hope you had a great weekend! 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.…
FHA just announced they lowered their monthly MIP effective on closing/disbursement dates on or after January 27, 2017. The FHA MIP dropped 25bps in most cases and even more in some other situations. This is good news! Not only will you save money, but more people will be able to qualify for FHA loans now.…
Property taxes are considered late if not paid by the end of January. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but…
So, my office flooded yesterday. Pipe burst in wall next to my office. Entire first floor of my building – ankle deep water. (My office is on the first floor) Surprisingly, I’m not that upset about it. …I’ve decided to look on the bright side. I get to work from home for a week while…