Hello! If you get 1099’s instead of W-2’s at the end of the year from your employer – that means you are self-employed. At least that’s how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self…
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 know we do Reverse Mortgages? I wanted to address the two most common questions that I get regarding reverse mortgages… Question: What happens if I die? Will the lender be taking my house? Answer: No. After you pass away, your heirs may pay the loan balance in full with cash…
Hello! For foreigners that aren’t eligible for a social security number, but want to work in the US the IRS issues ITIN numbers. We can do loans for borrowers with ITIN numbers. Here are some bullet points on this program… 1) Borrowers can be W2 or Self-Employed. 2) Loan amounts up to $1.5MM …
Hello! If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If…
Hello! With the appreciation we have seen in Texas if you have credit card debt it’s a good time to consider a consolidation loan. For instance, if you have $20,000 in credit card debt your monthly payment on that could be between $400 and $800, depending on the minimum payment your credit card company requires.…
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! If you have a 1099 job (they don’t take taxes out of your check), and for some reason you can’t submit tax returns to get a mortgage – there is hope. We have a 1099 program. You just submit your last two years of 1099s, and we can do a loan from this…
Good Morning! If you are getting a divorce, and you have to pay your spouse their share of the equity of your home 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 an Owelty Loan over…
Good Morning! If you are considering buying a house from a family member I have something for you. I just put up a video on my Youtube channel of how to structure a purchase / sale transaction with a family member. It’s a unique transaction, and this video shows you how to take advantage of…