Good Morning! A couple of weeks ago mortgage rates surged to 7-year highs. The Bond market rebounded has rebounded a bit – thank goodness. I think it would have rebounded anyway, but the Italian political drama aided in the Bond bounce back. Rates are still relatively low, but time will tell if the recent lows…
Good Morning! Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan? They do! It’s called the Fannie Mae HomeStyle Renovation program. How it works… At closing, all funds for renovation will be escrowed in an…
Good Morning! Did you know you can use a reverse mortgage to buy a house? I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down on the house. However, you don’t really want a mortgage payment. You can put down…
Good morning! We had something happen this week, and I wanted to share it with you as a cautionary tale. I had a borrower that was about to close on their purchase loan. The title company contacted her about where to send the money. …except it wasn’t the real title company. It was a fraudulent…
Good Morning! In the State of Texas we can’t get cash out of owner-occupied homes above 80% of its appraised value. In other words, if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000. This 80% rule is a Texas law for homeowners in Texas.…
Good Morning! I’ve written about this before, but I think it’s worth touching on again. 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…
Good Morning! Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high? In other words, you either need more income or fewer bills. Here is one possible solution to that… A non-occupying co-borrower. …This would be someone that goes on the loan…
Good Morning! I have many people apply for mortgages that have recently changed jobs. Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage… The underwriter will want to see your first pay check at the new job at a…
Good Morning! Have you ever thought about adding a pool or outdoor kitchen/grill/patio? Did you know we have programs that would allow you to put in a pool / outdoor kitchen/ grill/patio? We do! This can be done either as a purchase/add-on, or as a refinance of your existing home. This program requires a 620…
Good Morning! You can get a gift to help with the down payment or closing costs on a Conventional loan. There are restrictions on who can give you a gift. Here is the acceptable list of who can give you a gift… Relative, defined as the borrower’s spouse, child or another dependent, or by any…