Hello! When you give someone option money at the onset of a lease option agreement – you are going to have to prove you gave that money when you get a loan to buy that house. How do you prove it? If it’s certified funds you need to keep a copy of the certified check.…
Hello! Most loan officers don’t know this loan exists. If you are getting a divorce, and you have to pay your spouse their share of the equity, don’t use a traditional Texas Home Equity loan to do it. Use an Owelty loan to get the cash out of your home instead. The advantage of using…
Hello! If you are wanting to purchase a home, but you aren’t able to qualify now – here’s what you need to do… 1) Isolate the reason you can’t get a mortgage now. (We can do this for you). 2) Make a plan to solve this problem. If credit is the reason you can’t…
Hello! As of January of 2022 FHA has said that the lending limit for Home Equity Conversion Mortgages (Reverse Mortgages) will be increased from $822,375 to $970,800 in all US counties. The way property is appreciating in Texas this will allow more seniors to access their equity in their home without having to pay it…
Hello! Did you know we have a mortgage program that doesn’t require any income documentation when purchasing an investment property? We do! It’s called a Debt Service Coverage Loan. And, the rent from the property is the only income you need. No tax returns, or paystubs needed. It’s still possible to get rates in the 3’s…
Hello! Your property tax bill is most likely out by now. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people who have non escrowed loans just don’t have the money saved up to pay their property taxes. …They might have had…
Hello! Here is something to consider if you were thinking about refinancing from a 30 year mortgage to a 15 year mortgage… It takes 19 years and 4 months to pay your principal down by half on a 30 year amortization. Recommended action… If you can handle a slightly higher mortgage payment it’s a smart…
Hello! Since Thanksgiving is tomorrow I wanted to give you a fun fact that perhaps you didn’t know about Thanksgiving… The first Thanksgiving was actually a three-day affair. Today, Thanksgiving takes place over one decadent day — maybe two if you count Black Friday history. But the original Pilgrims went all out. In November 1621,…
Hello! 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: 3 years from discharge date. Fannie Mae: 4 years from discharge date, or dismissal date. Freddie Mac: 4…
Hello! Did you realize that 30% of your score is made up of the ratio between your available credit vs your actual balances on revolving credit accounts (like credit cards)? You don’t want to charge these accounts over 50% of the available balance, and it’s even better if you can keep it under 30% of…