down payment: What is The FHA 203h Loan? For Disaster Victims, find out more - 09/04/17 09:06 AM
HUD(FHA) has a fantastic mortgage program for disaster victims called the FHA 203h. It is for someone who has been affected by a Disaster, such as Hurricane Harvey.  It allows them to buy a new home with 0% down payment.  Here are the specifics to know:
The home must be in a President Declared Disaster Area, to verify this you can check with FEMA to see the affected Counties
The FHA case number must be ordered within one year of the declared disaster. This means that they do not need to rush out to take advantage of this program, but rather … (11 comments)

down payment: The Most Agressive Construction Loan Program in the Universe! - 10/18/16 12:40 AM
We recently released our 95% two time close construction loan. This is an amazing program that many lenders do not offer.  If you are thinking of building your dream home this program is perfect for you.  This is not your normal construction loan program, so let’s go over the highlights:
5% or less down payment- Like the title says, the down payment is only 5% vs many construction loan programs require anywhere between 10-20% down payment.
Equity in the Land in place of your down payment- If you already own the land, you can use the equity in the land in … (3 comments)

down payment: 4 Reasons a 2nd Mortgage Maybe The Best Option When Buying a Home - 05/26/16 12:49 AM
When getting a mortgage you will want to know all your options?  And of course you want to make sure you are choosing the best mortgage for your needs.  Many times I hear that other banks do not offer 2nd mortgages or that they do not exist.  I am here to say they do exist and to explain when getting a 2nd mortgage could be best for you. 
Jumbo Loan                  
A jumbo loan is considered any loan over $417k.  So what do you do if you loan amount is over $417k?  You could get a Jumbo mortgage, but the rate for a … (0 comments)

down payment: I have just been Denied for a Mortgage….. now what?? - 06/16/15 01:08 AM
Getting denied for a mortgage when you want to buy a home is a horrible experience.  It can crush your dreams if you let it.  As a mortgage lender I was thinking of what you can do after you have been denied for a mortgage, so that eventually you will get approved to buy that dream home.  And here are my main points of advice to get you back on track after being denied for a mortgage:
Why was a I denied?- When the lender tells you are denied ask why?  And it better be a thorough answer or keep asking questions.  … (2 comments)

down payment: 10 things that could MURDER your Loan Approval - 11/04/14 03:11 AM
You may have already read all the nice and polite articles about what to do and not to do when getting a mortgage.  And many of them may have had real cute titles.  Well, this article is to get your attention on things that could MURDER your loan approval.  Here is a list of 10 items that could cause your loan to be denied.  These are all things to think of before making an offer on a home, as you could lose your dream home over them.  Here they are
Opening new credit- Once you are pre-approved for a mortgage do … (2 comments)

down payment: 10 Tips to Avoid a Mortgage Nightmare - 01/30/14 01:29 AM
Depending on who you talk with, some people will say that their mortgage process was a nightmare.  Granted the mortgage process is not meant to be an easy one.  But it should not be a nightmare, but rather a dream come true when you move in to your new home.  In order to help you avoid a mortgage nightmare, I have made a list of 10 tips.  Here they are:
Pick the Right Lender- This is without a doubt the most important tip.  Picking the right lender or wrong one can make all the difference.  Some ways to help find … (8 comments)

down payment: The Top 3 Benefits of a 20% Down Payment when Buying a Home - 11/13/13 02:34 AM
Many of us have heard when buying a home that it is best to put down 20% of the home’s price.  While this is not possible for everyone, if you can do it there are huge benefits.  Here are the top 3 benefits to putting down a 20% down payment when buying a home:
1. The Evil Mortgage Insurance- Some of us have heard that Mortgage Insurance is EVIL.  It’s not really evil as it is something that is required when you are putting down less than a 20% down payment when getting a conventional loan.  Mortgage insurance is … (0 comments)

down payment: FHA Loans are not Bad Loans, Here are 10 Reasons to Love FHA loans. - 08/22/13 03:48 AM
Recently FHA mortgages changed the guidelines on when the mortgage insurance(MI) goes away.  Now if you put down the normal FHA down payment of 3.5% the monthly mortgage insurance never goes away.  Vs in the past it did.  This has caused FHA loans to get a bad rap.  Yes this is not good news, but this does not mean FHA loans are bad loans all around.  There are many examples where if there was not a FHA loan option, many home buyers could not buy a home.  Here are 10 reasons to still love the FHA loan:
1.       … (2 comments)

down payment: $100 Down Payment Program on Hud Foreclosures is not what you think. - 10/19/12 12:39 AM
The $100 down payment program when buying a HUD foreclosed home, is not what you think.  A while back HUD changed their rules when purchasing one of their foreclosures.  Now the loan amount can not be higher than HUD’s appraisal value.  Which HUD's appraisal value is determined by a FHA appraisal that HUD has ordered.  Here is how this will affect you buying a HUD foreclosure:
1.  To qualify for the $100 down payment program the home must be bought for the list price or more, the list price is often the appraisal value. But on FHA loans the Upfront Mortgage Insurance fee … (0 comments)

down payment: The Mortgage Guidelines for Gift Money as Your Down Payment - 07/05/12 04:56 AM
Many homebuyers get financial  assistance for their down payment.  While getting your down payment from immediate family is definitely okay there are some rules you will want to know:
1.      FHA Loans:  On FHA loans you can have the whole down payment gifted to you.  FHA loans require a 3.5% down payment.  Keep in mind their maybe additional guidelines depending on your credit score. 
2.      Conventional Loans: You can have your whole down payment gifted to you if you are putting 20% or more down.  If it is less than 20% you will need 5% of the down payment … (6 comments)

down payment: Top 5 Excuses for Putting Off Getting Pre-Approved For A Mortgage - 06/13/12 09:04 AM
For some odd reason, some folks want to put off getting pre-approved for their mortgage until the last minute.  Not only is this super risky but it can also put you in a really bad situation.  Here are the top 5 excuses I have heard and why they are a bad idea:
1.      “I am going to wait until I find the right home”- This is actually causing you to go backwards.  Before looking at a home you need to get pre-approved to find out how much home you can get approved for, how much  money you need to buy … (8 comments)

down payment: $100 Down Payment Program for HUD Foreclosures changed, please read - 04/05/12 05:16 AM
HUD has recently changed their rules when purchasing one of their foreclosures.  Now the loan amount can not be higher than HUD’s appraisal value.  Which HUD's appraisal value is determined by a FHA appraisal that HUD has ordered.  Here is how this will affect you buying a HUD foreclosure:
1.  To qualify for the $100 down payment program the home must be bought for the list price or more,  the list price is often the appraisal value. But on FHA loans the Upfront Mortgage Insurance fee of 1.75% is roll into the loan, increasing the loan amount by 1.75%.  Meaning the buyer would … (4 comments)

down payment: I'll Take HUD Homes For $100, Alex - 03/15/12 11:53 PM
This is an extremely well written article explaining HUD homes.  Do not forget HUD homes also qualify for a $100 down payment.  Please call or email me with any questions. 
What is a HUD Home?  I can hear your thoughts already: 'DUH ... It's a home owned by HUD!'  True enough, but are you confident you know enough about them to make it a daily double?
Yes, HUD Homes are owned by HUD, but who is HUD anyway? And what characteristics make a home eligible to be a HUD Home?

First Things First
HUD is an acronym for the … (0 comments)

down payment: FHA Construction Loans in Texas. You need to Know this Program! - 03/15/12 06:50 AM
Let’s be honest, mortgages in general are not very exciting.  But I am super excited about our FHA Construction  Program.  As we all know FHA loans have the easiest guidelines for a home buyer to qualify.  And now those guidelines can be used for someone to build a home.  This is also a great program for home builders, as it keeps them from having to finance the construction themselves.  Here are the major points and benefits to know:
1.      This is a One Time Close Construction loan.  Meaning you do not need to do a construction loan and then refinance … (3 comments)

down payment: Top 12 Benefits to the FHA Mortgage - 01/26/12 09:30 AM
Whether you are buying or refinancing  your home, the FHA mortgage maybe the best option for you.  Here are the top 12 Benefits of the FHA Loan:
1.      Low Interest Rates- FHA Mortgages tend to have lower rates than Conventional loans.  As an example if the FHA interest rate today is 3.75% than most likely the conventional loan rate is 4% or higher
2.      Lower Credit Scores- FHA Loans will allow lower credit scores than a Conventional Loan.  On a FHA Loan it is possible to get approved with a fico score as low as 580
3.      FHA Loans are … (2 comments)

down payment: 9 Benefits of the VA Mortgage - 01/17/12 08:11 AM
One of the greatest benefits to being a Veteran is the VA Mortgage.  Whether you are buying a home or refinancing that home, you can not beat a VA Loan.  Here are 9 benefits to them:
1.      0% Down Payment- When you purchase a home with your VA loan benefits you can purchase it with No Down Payment.  Unlike a FHA loan or Conventional, that do require a down payment of at least 3.5% or more
2.      No Monthly Mortgage Insurance- VA Loans do not require monthly mortgage insurance.  Giving you a great low payment.
3.      Fess the Seller … (2 comments)

down payment: MAJOR ANNOUCEMENT: Conventional loans now need 7yrs from a Finished Foreclosure to get Approved - 01/11/12 07:37 AM
In a recent move, Fannie Mae and Freddie Mac changed their guidelines in regards to foreclosure history.  Now on all conventional loans no matter the loan to value or down payment amount, the borrower must be 7 years removed from a foreclosure.  This changed from the 4yrs that were needed based on a 20% down payment and longer time periods needed for lower down payments.  This does not affect FHA loans, luckily.  As they only require 3yrs removed from a foreclosure. 
Keep in mind this can affect clients who had a short sale transaction in their past.  As many short … (0 comments)

down payment: HomePath Mortgage vs FHA Loan- Which is best for you? - 01/03/12 08:20 AM
Often I am asked which is a better loan for a homebuyer, A HomePath Mortgage or a FHA Loan?  It is actually not a clean cut answer for everyone.  So I wanted to take the time to go over the benefits of each.  And what you need to think about when making a decision between a HomePath or FHA mortgage.  Keep in mind this is only in regards to buying a Fannie Mae Foreclosure. 
HomePath Mortgage
The HomePath Mortgage Program is a GREAT program if you are looking to only purchase a  Fannie Mae foreclosure.  The benefits are:
No mortgage insurance- … (7 comments)

down payment: Buy a HUD Foreclosed Home with a Down Payment of $100, anywhere in Texas!! - 10/28/11 05:51 AM
After a short hiatus, the $100 down payment when buying a HUD Foreclosure program is back.   This is a great program if you are looking to buy a HUD foreclosure as your primary home.  Here are the general rules that you must know to qualify:
1.     This program is only when buying a HUD Foreclosure.
2.     You must buy the home for the List price or more to qualify for the $100 down payment
3.     You will still have closing costs to pay, but you can negotiate with HUD to pay all or some of them
4.     This is only when … (3 comments)

down payment: 6 Myths that are NOT True about FHA Loans. - 10/24/11 07:39 AM
Even thou FHA loans have become hugely popular in the last 2yrs, I still hear myths about them that are just not true.  Here are the 6 most popular myths I hear and the truth:
1.      “FHA loans are for folks with bad credit”- This is not true.  I do many FHA loans where the client has a 680 score or even higher.  There are many benefits to a FHA loan vs a conventional, low down payment, looser underwriting guidelines and many times the FHA rate is even lower.  Compared to a Conventional loan.
2.      “FHA inspects the Property, … (9 comments)

David Krichmar, ( - Legend Lending) Rainmaker large

David Krichmar

Sugar Land, TX

More about me… - Legend Lending

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

Office: (832) 689-6012

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