Greg Ricks NMLS #2075538

Greg Ricks NMLS #2075538 Hey ��� I’m a mortgage broker here in Texas. We help people get the best loan by working with multiple lenders. I’m here for you.

If you have any questions about mortgages and things related such as credit, don’t hesitate to reach out.

09/22/2021

Can I use a lump sum as a down payment to buy a house?

Yes. It’ll have to be sourced and possibly seasoned. What is sourced? We need to know where the money came from. What does it mean to season? Put some salt and pepper on it 😂. Just kidding. Seasoning money simply means keeping money in your established bank account for a specific period of time. It’s lender dependent but you should expect to have the money in your bank account for a minimum of 60 to 90 days for it to qualify as sufficient funds to put towards your mortgage loan.

06/22/2021

Did FHA change their guidelines this week?

Yes. The way they look at student loans was the biggest change. Before you had to calculate monthly payment as 1% of the balance. Now, we can use documented payments if they’re above $0. IBR is allowed. If it is a $0/mo payment, we calculate at .5% just like Freddie Mac.... If you have a pre-approval using a FHA loan, have your lender rerun you through the automated underwriting system just to make sure you still good to go.

How accurate is Credit Karma and Credit Wise?Credit Karma uses vantage scores. Same with Credit Wise. The sites are desi...
06/10/2021

How accurate is Credit Karma and Credit Wise?

Credit Karma uses vantage scores. Same with Credit Wise. The sites are designed to build your confidence and get you to apply for a loan or card. This is how they get paid. These sites are good at looking at what’s on your report but not the best when it comes to scores. In the mortgage industry we don’t use the vantage algorithm. We use the fico algorithm. You can see the scores we use by using MyFico. Yes, it’s not free but it’s worth it, if you plan on buying something soon.

06/07/2021

Did you know.....

Some predatory auto lenders will pull multiple credit scores to find your lowest score, just to give you the highest interest rate. In the mortgage industry, we use your middle score and go off that. So, if you have a 560, 679, and a 678, we will use the 678. We don’t care about your highest score or the lowest score.

05/20/2021

Where can I find the best mortgage lender? What’s the home buying process?

You can find the best lender in my inbox 😂...... You will fill out an application with me. I’ll get you preapproved which is basically you getting approved as a borrower. This will tell you how much you can borrow and how much the home can be. You’ll take that to a realtor, I know ones that can help. The realtor will help you find a home and put in an offer. Once you have your offer accepted you will have a sales contract. You’ll bring that back to me and I’ll get the home approved. Once that’s done, you’ll be clear to close. You’ll have a closing day, sign the papers, and the house will be yours 🎊🎁🎈.

05/17/2021

Mortgage loan guidelines vs overlays. Why do we have them?

Institutions such as Fannie Mae and Freddie Mac have established guidelines for loans. These companies buy your mortgage from the lender and sell them to investors. Your lender might have overlays (their own set of rules on top of the guidelines) to ensure they can sell the loan to these investors. If they can’t sell, it can mess up their budget. This is the reason the underwriter makes sure that they have everything they need and the documents match what the application says. There’s an automated system that says whether or not you’re approved based on the application. This usually happens in the preapproval process. The underwriter’s main job is to make sure they can sell the loan if need be. If they ask for things, it’s mostly to make your file look better to an investor. An example of a guideline is FHA saying you need a 580 credit score but the lender sets an overlay of 620 just to ensure they’ll be able to sell the loan.

05/13/2021

Why is it so hard to get my FHA loan offer accepted?

With FHA loan, the inspection is not as lenient and things have to be fixed before the house is sold. There’s also a amendatory clause. This means that the borrower can back out of the contract and get their earnest money back if the home is more than the appraisal. Even if it’s the day before closing. In this market, most of the homes are selling for more than the appraisal amount. Most FHA buyers don’t have money to pay the appraisal gap as well. This can steer the seller away. Be creative with your offer to make it look competitive.

05/13/2021

What’s some things y’all have done in the past to increase your credit score? I’m no expert with credit scores but here’s some advice:

•Clean up your report by disputing and paying off any accounts under 5 years old.

•Have accounts that have been open with good payment history for 2 years or more.

•Keep your credit utilization under 30% meaning if your limit is $1000 only use $300 and pay on time.

•Be patient and play the game. It can take a couple years to get a great score.

05/13/2021

Make this the year you work on buying some real estate. The average 30yr old has spent $100k in rent. That same $100k could’ve went into equity in your home. With home values going up since the crash, it’s possible to have more than that $100k equity in your home. If you move and sell, that’s $100k in your bank account. If you move out of your rental, you might have to fight with the landlord for your deposit back. It’s easy to fix your credit. There’s down payment assistance and programs available to go zero money down and zero closing cost. Did you know that a person on Section 8 can use their housing voucher to buy a home? Interest rates are low. Start working towards buying.

05/13/2021

Repost:

🚨🚨🚨PSA: When you get your Tax Refund Check, DO NOT start paying things off on your Credit to buy you a Home‼️ DO IT THE RIGHT WAY....I’ve said it before and I’ll say it again if your goal is to buy a Home GO SPEAK TO A LENDER AND GET A SPECIFIC ACTION PLAN FOR YOU‼️You may not even have to pay off the things you think you have to pay🤯

🧐Did you know that if your collections are medical they are ❌NOT❌ required to be paid to purchase a Home❓

🧐Did you know that if your collections are NON-medical but total less than $2,000 they are ❌NOT❌ required to be paid to purchase a Home❓

🧐Did you know if you have a chargeoff or repossession (whether it was voluntary or involuntary) that it is ❌NOT❌ required to be paid to purchase a Home❓PEOPLE PURCHASE HOMES EVERYDAY WITH REPOSSESSIONS🤯

🧐Did you know that if you have a negative over 24 months it may not hurt your chances of purchasing a Home because the past two years are most important in Homebuying so ❌STOP❌ PAYING 4,5,6-year-old accounts off‼️

🧐Did you know that in Texas if a debt is older than 4 years old then you cannot be sued for it and it may not be beneficial to pay it for you to get a Mortgage❓

🧐Did you know building positive credit is wayyyyy more important than getting rid of negatives❓ I.E pay down your credit cards b4 paying a collection or get a credit card if you don’t have one and keep the utilization low or add a positive installment loan.

🧐Did you know being added as an authorized user to someone’s account doesn’t help you get a Mortgage like you think it does and is actually frowned upon🙀

👉🏾👉🏾👉🏾A lot of people are waiting to even start the process because they do not truly know where they stand. 90% of the people I speak to have never even seen their Mortgage Scores, and probably 95% do not even know a Mortgage Score exists. Most are checking their scores and credit on Credit Karma and have no idea about where they really are so they put it off. RIGHT NOW IS THE TIME TO BUY‼️RATES ARE HISTORICALLY LOW AND WE DON’T KNOW FOR HOW LONG IF YOU WAIT YOU MAY BE VERY DISAPPOINTED IF YOU MISS OUT ON A CHANCE TO GET A RATE LOWER THAN 3% WHICH MEANS LOWER MONTHLY PAYMENTS‼️

🏡 If you truly want to know what you need to do to buy a Home speak with a Lender and more importantly don’t be afraid for them to run your Credit because that is the only way to truly know what you need to do. Inquiries ❌DO NOT❌ affect your MORTGAGE scores much (1-9 points at most) and sometimes NOT AT ALL, so get out of the fear of not wanting your Credit ran.

🗣🗣🗣Speak to a Lender 📢 📢 If you need one in Texas....I can help‼️

05/13/2021

What’s a good credit score to buy a house?

Your credit score should be higher than 600. We use your credit score to determine your APR which can include your interest rate and mortgage insurance. The higher your score the lower the rate. This could be a $200/mo difference depending on the price of the home. We don’t approve you for a loan amount, we approve you for a monthly payment amount. So the least you spend on things like interest, mortgage insurance, homeowners insurance, taxes, homeowners association, the more you can get approved for based on your income. As far as credit, it’s a process to get your credit score over a 700. A 640 will get you any loan product (FHA, Conventional, USDA, etc...) or DPA out there. Waiting to get to a 700 could cost you one hundred thousand in today’s market.

05/13/2021

What’s my price range when thinking about buying a house?

Take your yearly gross income and multiply it by 3.7 and then 4.5. This will give you an idea of the price range you might get approved for. Monthly payments shouldn’t be more than a third of monthly gross income. Most people in Texas get discouraged when looking at homes that are less than $200k to be honest. Just remember, your first home doesn’t have to be your forever home. Live there for 3-7 years and build equity then sell to buy another home using the equity. With home values going up, you can buy a $200k home and it might be worth $250k in a few years. You get to pocket the $50k when you decide to sell it. Rent for 3 years, I can guarantee you, your landlord won’t give you $50k when you move out.

Example 3.7x50,000 then 4.5x50,000 would give you a price range of 185-225k.

Address

Dallas North Tlwy
Dallas, TX
75219

Telephone

+12148925660

Website

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