loan: 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)

loan: USDA is lowering their Fees October 1st , 2016 - 05/02/16 03:01 AM
USDA is lowering their fees for mortgages on October 1st, 2016. Currently USDA’s fees are 2.75%(of the loan amount) for their upfront fee which is financed into the loan. And .5% to their annual fee, this is treated the same as monthly mortgage insurance. Making it part of the total monthly payment. For all loans started after October 1st 2016, the upfront fee will go down to 1% and the annual(monthly) fee will go down to .35%. This is fantastic news for those buyers looking to buy a home in a “rural” area. Keep in mind when wanting a USDA loan … (2 comments)

loan: Are You Looking for a FHA 203k Rehab Loan in Texas? - 03/26/15 01:19 AM
 
If you are looking for a FHA 203k mortgage in Texas, you have come to the right place.  The FHA 203k is a mortgage aimed at financing in the improvements to the property into your loan.   This is perfect for homes that otherwise would not get financed due to work that needs to be done.  Or possibly for a home that is undervalued due to it needing upgrades or improvements.  To give a better idea on what repairs you can finance, here is a list of items that can be financed into our FHA 203k loan:
 
Repair or Replace … (2 comments)

loan: New Max FHA Loan Amount in Houston Area is $326,600 starting 1/1/15 - 12/10/14 02:24 AM
 
Great news, the new max FHA loan amount for the Houston, Texas area is now $326,600.  This is for 1 unit properties, so regular homes.  The Houston Area consists of Harris, Fort Bend, Montgomery, Galveston, Brazoria, Waller, Liberty and Chambers County.  This is a large increase from the previous max FHA loan amount of $295,550.  This change goes into effect Jan 1st and is for all loans that have a new FHA case number of Jan 1st or later.    So all loans started after that date are able to get the new max loan amount.  For a while it just … (2 comments)

loan: What to know about your Same Sex Marriage and getting a VA Mortgage - 05/20/14 12:56 AM
 
As more states approve same sex a marriages, it is important to know how a same sex marriage can impact your VA mortgage process.  For FHA and Conventional loans, being in a same sex marriage is acceptable.  But keep in mind on FHA mortgages the debts of the spouse are taken into account even if that spouse is not on the loan.  For VA loans only the spouse can be with the borrower on the loan.  And recently the government came out and addressed the procedure for accepting mortgage applicants who are in a same sex marriage.  Once your lender … (0 comments)

loan: What to Know about Your Short Sale and Getting a Conventional Loan - 12/03/13 11:23 PM
 
If you have had a short sale with your home in the past, it is important to know your options when getting a new mortgage.  For a conventional loan the minimum time line from when your Short Sale was finalized is 2yrs.  But here are the specifics to know:
 
1.      If your down payment is 20% or more, you must be 2yrs removed from your short sale.
 
2.      If your down payment is 19%-10%, you must be 4yrs removed from your short sale
 
3.      For less than a 10% down payment, you must be 7yrs removed from … (0 comments)

loan: It Does Matter Where Your Down Payment Comes From - 06/30/13 11:42 PM
 
When buying a home one of the biggest items to think about is your down payment.  Having your down payment is #1.  And you will want to make sure you have your down payment before making an offer.  It is too risky to take the chance that you will get it by the time you go to closing.  And part of the mortgage process is documenting your down payment.  So getting it right before your closing date will delay or could possibly deny your loan.  Make sure to tell your Loan Officer where your down payment is coming from in … (2 comments)

loan: What is a CAIVRS Report and Can It Cause My FHA Loan to be Denied? - 07/16/12 06:40 AM
In short a CAIVRS Report is a report to see if you ever defaulted on any previous government loans.  CAIVRS stands for Credit Alert Verification Report System.  You must have a clear CAIVRS Report to get a new government loan, such as a FHA, VA  or USDA Loan.  This report will show if you have defaulted on any past Government Mortgages or even Government Student loans such as Sallie Mae Student loans.  This report is pulled when you loan is getting ready for or in underwriting. 
If you do not pass the CAIVRS Report you must address the account that … (0 comments)

loan: FHA Loans with Credit Scores under 640 in Texas. 620, 580 - 02/24/12 04:23 AM
Many lenders require a min fico credit score of 640 to do a FHA loan.  But, I am actually able to do them down to 580.  And I wanted to give you the guidelines for FHA loans under 640.  Here they are:
620-629
·         Follows the same guidelines for credit scores over 640
·         Interest rate is higher due to Credit Score
 
                                                                   600-619                       
·         Need 5% down payment(vs 3.5%)
·         Max seller contribution toward closing costs is 6%
·         Must be a Citizen or Non Resident Alien(Green Card), no Immigration Visas. Immigration Visas are allowed for credit … (12 comments)

loan: Can I get a 2nd VA Loan? Yes, you can and here is how. - 10/04/11 07:50 AM
If you are a veteran you can actually have 2 VA loans.  You may want a 2nd VA Mortgage if you are moving and not selling your current home, etc.  The calculation to find out if you can have two VA loans can be a little confusing.  So, Here are the steps to follow when figuring out if you can have 2 VA loans:
 
1.      Order your Certificate of Eligibility- Your Mortgage Lender can do this for you.  It requires you to provide your DD-214 form.  If you do not have the DD-214 form, you will want to find it.
2.      Your Entitlement- … (4 comments)

loan: 7 GREAT Benefits EVERY BUYER Needs To Know About FHA LOANS in Texas - 08/26/11 05:06 AM
7 Great Benefits to FHA loans  #3 is a huge benefit.  Your parents can cosign for you!!  And the FHA Appraisals are NOT more difficult.  www.DaveYourMortgageGuy.com   
FHA mortgages are the best thing out there. Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers. What does FHA give you as a homebuyer?
The loan is assumable. If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers. If rates climb to … (2 comments)

loan: Get to Know The Steps of Your Mortgage Process. - 06/17/11 07:11 AM
When getting a mortgage there are steps you will go thru.  This article will go over the Steps of your Mortgage process and what you need to know.  Here it is:
  
1.Applying for Your Loan- At this point you have decided to apply for your Loan.  You will contact your Mortgage Professional(ME!) and do a loan application.  It maybe online or you may give your information over the phone.  Before applying do your research:
         Ask for a Referral from a Realtor or a close friend          Read their Testimonials          Google Your choice, do some research before making a … (4 comments)

loan: Which Mortgage is Best for Me? FHA, VA, Conventional - 04/30/11 03:52 AM
When getting a mortgage it is important to know all your options.  And then decide which mortgage is best for you.  I can help you with this decision, but I also want to give you a short explanation of each of the major 3 mortgage programs: FHA, VA and Conventional.  Here they are:
FHA LOANS
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on … (3 comments)

loan: How to find out if a House Qualifies for a USDA loan. Rural Homes - 01/24/11 04:02 AM
USDA loans are amazing mortgages.  You can qualify for 0% down payment and no mortgage insurance.  When applying for a USDA loan you must be approved for the mortgage.  And the home you are interested in must qualify for the program, also.  The home must be in a Rural area and approved by the United States Dept of Agriculture- Rural Development.  To find out if the home qualifies go to USDA.  Click on "single family housing".  Then input the address and the website will tell you if it does or does not qualify for the program.  When applying for a mortgage … (9 comments)

loan: 3% down payment For Conventional loans up to $417k - 12/28/10 06:04 AM
You can now get a conventional loan with a minimum down payment of 3%.   This program is called FLEX 97%.  This is a great program for a couple reasons:
You only need a down payment of 3% vs 3.5% required by a FHA loan The max loan is $417k vs a max loan amount of $271k with a FHA loan  This program does not require the spouse's credit report.  Unlike a FHA loan that requires the spouse's debts be included in the total debts for calculating purposes.  If you currently have a FHA mortgage you can qualify for this loan.  While … (5 comments)

loan: Is Your Mortgage Black or Red? - 12/20/10 08:22 AM
Businesses call themselves in the "Black" if they are profitable and in the "Red" if they are not.  The origin of the term "Black Friday" is from the day most retailers finally get in the black, or profitable.  You need to look at your mortgage the same way.  When choosing a mortgage you will want to know the Break-Even point of your mortgage.  Of course everyone wants the lowest rate.  But, what if that low rate is not worth the cost. 
 
Purchasing
Let's use an example.  Your loan amount is $150,000 and your options are a rate of 4.25% … (3 comments)

loan: Do you need a Fairy to help fix your Credit? - 10/20/10 03:23 AM
I was watching TV lately and this commercial came up(see below).  Like any great commercial it did it's job and got my attention, it is very funny.  So I went and checked out www.CreditFairy.org.  As we all know having, having great credit will save you money.  It allows you to have a lower interest rate and get approved for a mortgage.  And the same goes for getting a car loan.  If you do not have great credit, don't worry.  The great thing about credit is you can always improve it.  And this website is a GREAT place to start.  Here are … (0 comments)

loan: Super Low Jumbo Mortgage Rates are Helping the High End Home Market - 08/25/10 11:23 AM
By now you have heard that conforming rates are at all time lows.  But, Jumbo mortgage rates are also super low right now.  Jumbo Loans are considered any loan over $417k.  Recently CNBC did a great article on how the lower Jumbo Rates are helping higher priced homes sell.   CNBC points out this great fact, "Sales volume for homes worth more than $1 million across the country are up more than 35 percent from last year at this time," says Walter Maloney, spokesman for the National Association of Realtors (NAR). "Homes between $700,000 and a million are also on the rise … (1 comments)

loan: FHA Mortgage Insurance is Changing. A MUST READ - 08/07/10 04:32 AM
As of August 5, 2010 Congress passed bill H.R. 5981, this bill effectively changes the upfront mortgage insurance premium (MIP) and monthly mortgage insurance for FHA loans.  The good news is the upfront mortgage Insurance is being reduced to 1.00%.  This is down from a high of 2.25%.  This mortgage insurance was usually rolled into the mortgage, not affecting the clients all that much.  This is good news, thou.
 
Now the bad news.  The monthly mortgage insurance is going from .55% to .85%-.90%.  This change is for 30year mortgages only.  If the loan to value(LTV)  is over 95%(max 96.5%) the … (0 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending)

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

More about me…

www.DaveYourMortgageGuy.com - 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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