TEXAS Mortgage MOMMA

05/20/2016

Texas Homes Owners: Property Values are climbing, so will your property taxes! On top of that, the cost of Home Owners Insurance is likely to increase, even if you have made a recent claim. If you escrow your taxes and insurance, there's a good chance your monthly payment will increase due to increased property taxes and HOI premiums. On the upside, you may be able to refinance to a lower payment and catch up any escrow shortage at the same time. If you have questions you can text me at 469-816-6391!

02/09/2016

http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx

Because of low down payment requirements and relaxed lending standards, FHA loans are on today's mortgage borrowers radar. Here are 7 facts about FHA loans.

10/30/2015

http://fortune.com/2014/07/18/housing-recovery-us/

If you're waiting to sell your house because you think prices will continue to rise, don't.

04/21/2015

Did you know there are Down Payment Grants available to help qualified people to purchase a home?

10/14/2014

If you are thinking about buying a home but you arent sure if you have enough $ saved up....Grants and Down Payments and Closing Costs assistance is available for credit qualified borrowers . There are income caps but for most counties in TX any income below $53k and some are as high as $79,500 for one person. If you make too much to qualify for a grant or Down payment assistance, there are loans that require $0 down in usda areas or FHA, which can be done wherever and typically only requires 3.5% down. Most people get income tax refunds at the beginning of the year that would more than cover the costs for a down payment on a house. Invest in your future!

07/02/2014

NOW is the time to REFINANCE! Rates are back down! If you have an FHA loan, then now would be a good time to consider refinancing. Property values are rising very rapidly, which means your equity in your home is growing beneath you. There is a very good chance you might have enough equity now to avoid MORTGAGE INSURANCE, when you refinance! Depending on your loan size and the term, you could be throwing away $100's/month on Mortgage Insurance that doesnt benefit you in any way. Mortgage Insurance is expensive and it only benefits your lender! If you have enough equity to refinance then you will likely be able to roll any costs associated w the refinance, except the appraisal, into the loan. If you have a Conventional loan or a 1st and 2nd, it's still worth looking into! I am in the middle of consolidating 3 loans for a client, that have 28yrs left on their terms. We are able to reduce his term to a 15yr and still save him money bc we are paying off debt w the loan. NOW is the time to REFINANCE!

01/15/2014

Soooo EXCITED!!! I just closed a PURCHASE LOAN for a FIRST TIME HOMEBUYER w NO MONEY OUT-of-POCKET...Thats right, she(buyer/borrower) even GOT a $500 CHECK at closing to REFUND the $500 EARNEST MONEY she paid!!! We were able to get a GRANT for 5%, that can go towards Down PAYMENT MONEY or CLOSING COSTS! The best part was she was of retirement age and living in a tiny apartment and being kept up by the noisy neighbors above her! Sooo happy for this sweet lady!

12/13/2013

What is the best type of home loan... FHA... Conventional...VA...USDA? It depends on your individual circumstances. If the one option was better for EVERYONE, then the other options would cease to exist. More to come soon on generally comparing these options! However, if you have a specific question, I am happy to answer now.

11/13/2013

Credit in general…Most people know length of trade-line history, credit card utilization, payment history and collections are the biggest determining factors in credit score. But there are probably things you don’t know that can be done to improve each aspect. There are never any guarantees w credit but if you know where you are weak, then I may be able to point you in the right direction. If you don’t know where you are weak, then there are questions that I can ask you to help determine which area you may need to work on.
For a home loan… Do you know which of the credit score is used in qualifying you for a mortgage and what can determine that number??? Here's a short breakdown and info about credit qualifying:
-Lenders pull Experian, Equifax and TransUnion. However, these scores can be different than the scores you pull yourself bc the credit bureaus have a little different formula they use for a mortgage inquiry.
-The score to qualify you is NOT an AVERAGE of the three bureaus. It is a PURE MIDDLE SCORE. You drop the highest and the lowest score and whatever that middle score is, that's the score used for qualifying.
-If you need a spouse or co-borrower on the loan to help you income qualify, then whoever’s middle score is the lowest is the score used to qualify the whole application. This means you cant use a spouse or co-borrower’s income, unless they also credit qualify.
-If you are credit qualified and your spouse isn’t, then you can qualify for the mortgage without them as long is your income is enough to support the mortgage without theirs. They will be considered a non-purchasing spouse and they will go on the title but not on the mortgage loan.
-It is typically best to have at least 3 trade-lines or lines of credit that are reporting to the credit bureaus. Ideally you want a credit card and some type of installment loan(like a car loan, signature loan w a bank, loan on furniture or appliances)

11/08/2013

FYI...If you are thinking buying a home anytime in the near future, i would do it now asap! Even though it is a "sellers market", here are the reasons i suggest purchasing right now:
- Rates are still historically low.
- Home values have risen, but not as much as they are expected to over the next year(assuming our stupid over-reaching government doesn’t knee cap us again)
- Now you can qualify w credit scores as low as 600(if you’re not there, I can probably help point you in the right direction).
- Always a good idea to buy during the “off months”…everyone tries to move during the summer for kids and school purposes. This means, if you make an offer when it’s cold and seller’s have less foot traffic , then theyre feeling more negotiable and you will likely to get a better deal!
- Regulations on your debt ratio will severely be restricted come Jan1st. Right now a lender can essentially make a judgment call on a higher debt ratio based off whether or not they feel there are other compensating factors. In 2014, that’s off the table regulations have set a percentage that you cant exceed under any circumstances. Unfortunately, it’s estimated that about 30% of prospective buyers could be eliminated bc of this new regulation.
- There is a great Down Payment Assistance Grant that can give you 3-5% towards downpayment and closing funds and it doesn’t have any pay back clause. Most most ppl, w average income, that are credit qualified and not purchasing a home much over $250k can typically get approved. So you may not need any money to close and you will start out w some Equity in your house.
- If you are a teacher, firefight, police or peace officer, veteran, EMS personnel, county jailer, correctional officer etc. then you can still qualify for the grant w incomes sometimes as high as $120K yr.

11/08/2013

Thank you so much to those of you that have already liked my page! Just so everyone knows, the purpose of this page isnt to sell you (not that i wouldnt be happy to help any of you purchase or refinance)! However, I often get calls from friends, family members or people that know someone I know asking about how to purchase or what the requirements are to purchase or refinance. With purchases it is usually about "what credit score and minimum down payment, do i have to have. (FYI, theres a program, where it is possible and fairly easy for a credit qualified person w average income to qualify for a grant for their entire down payment). I also get alot generic questions about CREDIT, since it is near impossible to have a grasp on how the credit bureaus score unless you work w it everyday. Most frequently I am ask what CREDIT SCORE is required or how they can improve, repair, or re-establish after BK or foreclsoure.