Quick Tips On The Mortgage World

How To Buy A House Without A Down Payment...

2025-05-01T07:22:00.000-07:00

Texas renters are spending more than 30% of their incomes on rent.

It can be difficult to save for a down payment when you are paying so much of your income on rent.

We have multiple no down payment options for both first time home buyers, and buyers that have previously owned homes. Down to a 580 credit score! …and, with no income limits on some of them.

If you or someone you know needs down payment assistance, please reach out to our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

100% Financing On This Home Loan Program...

2025-04-28T08:06:00.000-07:00

If you are looking for a home in the outer suburbs or in a rural area make sure your realtor knows about this great USDA 100% financing program.

-Up to 100% of the Appraised Value – Total LTV of 102% –

-No Down Payment Required

-No Cash Reserve Requirement. No cash contribution requirement

-Unlimited seller concessions

-Unrestricted gifts, not necessary to document source, no seasoning

-First time home buyers allowed, but not limited to first time home buyers

-Collections over 1 year may not need to be paid (cannot be a pattern and depends upon credit score).

-Non-traditional credit may substitute for lack of credit history

-Repair Escrow financed in loan up to $10,000 or 10% of loan

That’s it for today!

Have a good day! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Why It Might Be Smart For You To Consider Debt Consolidation...

2025-04-23T06:50:00.000-07:00

If you have credit card debt it’s smart to consider a consolidation loan.

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.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Free Grant Money Available For These Professions...

2025-04-21T07:39:00.000-07:00

I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Pull Cash Out Of Investment Property Without Income Documentation...

2025-04-16T07:33:00.000-07:00

Do you have investment property, and would like to pull cash out of your property?

However, for some reason you can’t provide income documentation to your lender to get a cash out loan.

We have solutions!

We have loan programs that will allow you to pull cash out of rental property with no income documentation at all.

If this applies to you or someone you know, reach out to us and let’s see how we can help you.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy A House With No Money Down...

2025-04-14T07:46:00.000-07:00

Texas renters are spending more than 30% of their incomes on rent.

It can be difficult to save for a down payment when you are paying so much of your income on rent.

We have multiple no down payment options for both first time home buyers, and buyers that have previously owned homes. Down to a 580 credit score! …and, with no income limits on some of them.

If you or someone you know needs down payment assistance, please reach out to our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Two Most Common Reverse Mortgage Questions...

2025-03-31T08:05:00.000-07:00

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 Or By Refinancing The Debt And They Can Keep Your Home.

Question: What happens if the loan balance becomes greater than the value of my home?

Answer: No Matter How Large The Loan Balance Becomes, You Have The Right To Continue To Live In The House. The Lender Cannot Take Over Your Home As Long As It Is Your Principle Residence. Besides, You Will Never Owe The Lender More Than The Value Of Your Home. HUD Will Pay The Shortage For You If There Is Any.

If you or someone you know has questions about reverse mortgages please have them reach out to our office. We’ll be happy to help them!

That’s it for today!

I hope you have a great day! Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

You Paid Cash For Your House, But Now You Need Your Cash Out...

2025-03-25T07:53:00.000-07:00

If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.

This type of loan is called ‘delayed financing’. …and, you can get your cash back out of the house.

In fact, we do these types of cash out loans up to three million dollars. Many companies won’t lend cash out over 500k, but we do!

…so, if you are in need of a loan like this – shoot us an email or give us a call. We can help!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

No Money Down Home Buying - How...

2025-02-17T06:44:00.000-08:00

The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll ever own a home, up from 27% a year ago.

35% of renters noted the ability to save for a down payment as a major hurdle preventing homeownership.

The good news is that we have a solution. We have many no down payment options down to a 600 credit score for you!

If you or someone you know needs help with a down payment, reach out to our office and let’s see if we can help you.

That’s it for today!

Thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

This Loan Is Just For Divorces...

2025-02-05T06:39:00.001-08:00

In Texas we have some unusual rules when it comes to getting cash out of our homes.

For owner occupied residences, we are limited to 80% max loan to value ratio.

When it comes to a divorce, if one spouse is keeping the house they will often have to pay the departing spouse their share of the equity in the home. A cash out mortgage is often necessary to get this done.

However, the traditional Texas Home Equity loan could make that difficult due to the cap at 80% of the available equity.

Enter the Owelty loan. This is specifically for a divorce where cash is needed to pay the departing spouse. You can get cash out to pay off the departing spouse, even if the loan amount exceeds 80% LTV.

You would simply have the attorney handling the divorce work up an Owelty Agreement as part of the decree.

Not many loan officers know this loan exists, so if you find yourself in this situation – give our office a call. We can help you!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

If You Paid Cash For A House, And Now You Want Your Cash Back

2025-01-31T07:04:00.000-08:00

If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.

This type of loan is called ‘delayed financing’. …and, you can get your cash back out of the house.

In fact, we do these type of cash out loans up to three million dollars. Many companies won’t lend cash out over 500k, but we do!

…so, if you are in need of a loan like this – shoot us an email or give us a call. We can help!

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy A House From A Family Member...

2025-01-29T06:48:00.000-08:00

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 an owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyer's closing costs, and prepaid expenses (taxes and insurance).

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

No Income Documentation Needed For This Investor Loan...

2025-01-28T07:09:00.000-08:00

Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation?

We do. They are called Debt Service Coverage Loans.

As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need.

This means there is never any kind of debt to income issues on these loans, and there is no limit to the number you can do.

You should be aware of two things however…

1) You Will Have To Put Down Anywhere From 10% to 25% Depending On Your Credit Score.

2) Rates Will Be A Bit Higher Than The Conforming Rate, But They Are Still Reasonable.

So, if you want to purchase investment property, but can’t really provide income documentation this loan may be for you.
You can contact our office to get rates and an estimate for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Another Way To Get Cash Out Of Your Home...

2025-01-22T07:07:00.000-08:00

Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

We have a solution… We can use a HELOC.

This is a second mortgage in the form of a line of credit you can draw on as needed.

Very easy to qualify for, and quick to close.

Let us know if you would like to know how this could work for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Free Grant Money Available For These Professions...

2024-12-18T08:18:00.000-08:00

I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Free Grant Money Available For These Professions...

2024-12-16T06:58:00.000-08:00

I wanted to let you know we have a 2% to 5% downpayment and closing cost assistance program called “Homes for Texas Heroes”.

If you are in one of the following professions you may qualify for this purchase program:

Professional Educators, Which Includes The Following Full-Time Positions In A Public School District: School Teachers, Teacher Aides, School Librarians, School Counselors, And School Nurses
Police Officers And Public Security Officers
Firefighters And EMS Personnel
Veterans Or Active Military
Correction Officers And Juvenile Corrections Officers
Nursing Faculty And Allied Health Faculty

If you or someone you know may need this program, just reach out to our office and we’ll see if we can help.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

No Income Documentation Needed For This Loan...

2024-12-11T07:46:00.000-08:00

If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use…

It’s called a Debt Service Coverage loan.

We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise. (No more income docs needed)

Down payments average around 20% on these types of loans – credit score depending.

If you think this might be a useful tool for you to acquire rental property – please let us know! We are happy to help!

Thanks for reading!

Have a great day!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get Cash Out Of Your Home Without Paying Off Your Low Interest Mortgage…

2024-12-10T07:10:00.002-08:00

Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?

We have a solution… We can use a HELOC.

This is a second mortgage in the form of a line of credit you can draw on as needed.

Very easy to qualify for, and quick to close. And, no appraisal!

Let us know if you would like to know how this could work for your situation.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Conventional Loan With Less Than Two Years Work History...

2024-12-02T06:49:00.000-08:00

In the mortgage world there are rules we have to follow.

Such as, rules about how long a person has to work to get a mortgage.

Guidelines to get a conventional mortgage say you need at least two years of work history.

However, sometimes it’s possible to get a conventional loan with less than two years of work history.

If we run an application with less than two years work history through the automated underwriting engine, and it takes it – then you are good to go.

I had this happen last week. Got an automated approval on a woman with about 1.5 years of work history. Approval. Now she’s out looking for a house.

So, you never know until you run it. If you or someone you know is in the situation, let our office take a look at it.

That’s it for today.

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How Debt Consolidation Can Make Sense For You...

2024-11-25T07:16:00.002-08:00

If you have credit card debt it’s a good time to consider a consolidation loan.

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.

That same $20,000 as part of a mortgage payment would only cost around $82 a month.

This can free up alot of monthly cash for you and your family, which you can then use to pay off debt or whatever you want.

If you would like to see how your numbers look for a consolidation loan – contact our offices.

That’s it for today!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Here's A Cool Calculator That Can Help You Decide If It's The Right Time To Buy A House...

2024-11-20T06:47:00.003-08:00

If you are thinking about buying a house, but you aren’t really sure if it’s the right move for you – I have something you might be interested in.

MGIC came out with this Buy Vs Wait Calculator. It helps give you information on whether you should go ahead and buy now or wait. This is based on your numbers.

Try it out and see how it works for you: https://host.visualcalc.com/mgiccalcs/buywait.jsp

If any of your friends, family, or coworkers need help with financing – please have them contact our offices. We love helping people buy and refinance houses!

Thanks for reading!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Loan With Foster Care Income...

2024-11-18T06:43:00.003-08:00

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

Two Ways To Help Pay Your Property Taxes...

2024-11-13T06:50:00.000-08:00

Your property tax bill usually comes out in late November, or early December.

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 the money, but had to use it in an emergency. …Or any number of other things.

2) Some people have an escrow account on their mortgage – but their mortgage company didn’t collect properly. This often results in an arrearage… Which means your payments go way up until the escrow is caught up.

If you are in either one of these situations – there’s usually an easy fix for it. …Refinancing.

We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that, but usually at a lower rate and payment than they have now.

Please let us know if you have more questions about how this refinance works.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy Rental Property Without Proving Income...

2024-11-11T07:50:00.002-08:00

If you want to acquire rental properties, but you are having issues proving your income – here’s one tool you can use…

It’s called a Debt Service Coverage loan.

We take the estimated amount the property would rent for, and as long as that number covers the mortgage payment – you are ok income wise. (No more income docs needed)

Down payments average around 20% on these types of loans – credit score depending.

If you think this might be a useful tool for you to acquire rental property – please let us know! We are happy to help!

Thanks for reading!

Have a great day!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Get A Loan With Foster Care Income...

2024-11-06T06:58:00.003-08:00

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here
My Previous Blog