income: Form 2106 Expenses now may not count against your Income - 07/09/15 04:05 AM
Fannie Mae recently came out with a fantastic change to the mortgage guidelines for Conventional loans.  The guideline change has to do with The Unreimbursed Business Expenses on the Form 2106 on your Tax Returns.  This is the area used for “write-off’s” in regards to your job such as clothing, car mileage, technology costs, etc.  In the past these expenses were deducted from your income when qualifying for a mortgage.  As of immediately, this is no longer the case for anyone that has “commission income that is 25% of their total income of less”.  Of course that last statement is confusing, … (3 comments)

income: When applying for a USDA loan make sure you know the Requirements - 05/20/14 02:20 AM
USDA loans are a fantastic loan option when buying a “rural home”.  It allows a 0% down payment, which is a huge benefit.  But it is important to keep in mind that USDA loans also have additional requirements to qualify for their mortgage vs conventional, FHA or VA loans.  Here is the list of the major requirements to know when applying for a USDA mortgage:
You can not own any other real estate
There are income limits based on your family size and county.  Here is the website to verify if your family makes too much money to qualify … (2 comments)

income: You can get Approved for a Mortgage while on Maternity Leave - 09/16/13 04:23 AM
There was a major lawsuit where a lender originally denied a client’s mortgage, since they were on maternity leave.  Unfortunately these type of situations happened a lot due to mortgage guidelines that required you to be working and not on maternity leave to get approved.  Well, the Government finally realized how unfair this was and has changed the rules.  You can now get a mortgage while you are on maternity leave.  Here are the guidelines for being on Maternity leave and qualifying for a mortgage:
You may not need to be making income to qualify if you are … (2 comments)

income: The Anatomy of a Mortgage by Dave Your Mortgage Guy - 01/17/13 04:12 AM
I was thinking the other day, about how a mortgage has many parts.  Like the anatomy of the human body.  And I thought it was important to go over them.   Here is the list of the major parts of your mortgage and an explanation of them: 
1.      Credit- Every type of mortgage requires a minimum credit score.  As an example, many lenders require a credit score of 640 for FHA loans.    But I can actually do FHA loans with credit scores as low as 580.  But there is more to the credit part than just score.  The underwriter will also review … (3 comments)

income: DO NOT FORGET: Mortgage Insurance is Tax Deductible on Your 2011 Tax Returns - 01/31/12 03:05 AM
Well, it is that time of year.  TAX TIME!!!  And we are all looking for the most write off’s we can.  And owning a home has many.  One special deduction for the year 2011 is that you can write off Mortgage Insurance.  This was not true in the past and at this point it does not look like you will be able to write it off in 2012.  But, who knows what will happen in the future.  Here are the exact rules for being able to write off your Mortgage Insurance on your 2011 Tax Returns:
1.     Your purchase or refinance … (4 comments)

income: Foreign National Mortgage Program In Texas. - 09/06/11 09:27 AM
We now offer a Mortgage Program for Foreign Nationals.  A Foreign National would be someone who is not a citizen, does not have a green card and/or does not have an approved Immigration Visa.  Click Here: For a list of the Immigration Visa’s Approved to do a Mortgage.  For our Foreign National Program here are the guidelines you will want to keep in mind:
1.      Max Loan to Value is 50%
2.      Min loan amount is $300k
3.      Jumbo Mortgages are available
4.      No Fico Score needed, will accept alternative foreign credit.
5.      Interest Only is available
6.      Must Document Income
7.      Must … (2 comments)

income: I Am New To The United States, How Do I Eventually Get A Mortgage?? - 07/14/11 08:55 AM
When coming over to the US, you have a couple items to pay attention to so you can eventually get a Mortgage.   I will go over the specific things to address when you move to the United States and how to be better prepared for eventually getting a Mortgage.  Here they are: 
Your Visa- Most likely you will be here on a Visa.  You want to make sure that Visa is an approved Visa to get a mortgage.  For the list of Visa's: Immigration Visa.  If Your Mortgage Lender denied you for a mortggage because of your Visa, but it appears on this list, … (1 comments)

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David Krichmar

Sugar Land, TX

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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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