usda: USDA is Lowering Their Fees 10/1/16 - 09/27/16 01:14 AM
USDA has announced some fantastic news for their loans. On all loans that USDA issues commitments on or after October 1st, 2016 they are lowering their fees. USDA commitments are when USDA officially issues an approval. When doing a USDA loan your mortgage lender issues an approval and then it goes to USDA for them to issue their approval. Here is a break down of the new fees:
 
Upfront Guarantee Fee- This fee is currently 2.75% of the loan amount and on October 1st, 2016 will be 1%. This fee is rolled into your loan amount and this is a huge … (1 comments)

usda: The Truth about how Student Loans can affect you getting a Mortgage - 06/24/16 02:12 AM
When getting a mortgage many items are taken into account. These items includes your income, credit scores, assets, expenses, etc. One major expense can be if you have student loans. How mortgages address student loans is different than how we think of them. Such as, if your payments are deferred we take that as we do not have student loan payments. But for a mortgage they consider what the future student loan payment will be. And they address what that payment would be from a worse case stand point. Here is how your student loans are addressed when getting one of … (7 comments)

usda: What is an Escrow Account? Find out - 01/05/15 02:52 AM
 
Many times during the home buying process certain words or topics will come up that you are not familiar with.  One of most common topics I see come up is an Escrow Account.  The short definition is that your Escrow Account is an account your mortgage company has to hold your taxes and insurance in.  If you are “Escrowing” then in each of your mortgage payments will be 1/12th of your yearly real estate taxes and home insurance bills.  So that when those bills come due, the mortgage pays them. 
 
With an escrow account can come other questions, … (4 comments)

usda: Dave Your Mortgage Guy.com Testimonial- Theresa Raulz - 08/24/14 11:49 PM
 
First and foremost let me say THANK YOU! To say you made our dreams come true would be a complete understatement, and literally the words feel completely cheap considering the miracles you worked for us. For years we struggled, paying off debt, building credit, and as you know only to be told not once, but twice that no one could help us. Imagine the heaviness in our hearts knowing that we had done literally everything possible to make a dream come true for ourselves, but also our children and still to be told no. Then by the grace of fate … (0 comments)

usda: 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)

usda: 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)

usda: Your List of Abbreviations Used in the Mortgage Industry - 07/09/12 07:50 AM
Like all good industries, the mortgage business uses a lot of abbreviations.  And many times they can be confusing.  So I wanted to give a list and explanation of abbreviations used.  Here they are:
1.      UW- this means Underwriting.  Underwriting is the process of your loan being reviewed by an underwriter
2.      GFE- Good Faith Estimate.  This is the form that will have your fees and rate on it. 
3.      APR- Annual Percentage Rate- This is not your Interest Rate.  This is actually a calculation of the rate, fees and mortgage insurance
4.      TIL- Truth in Lending.  This is the … (2 comments)

usda: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 2/1/12 - 02/01/12 02:17 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.25%
FHA 30 year:3.75%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.85%
Conventional 15 year:3.125%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:3.5%
 
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

(0 comments)

usda: 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)

usda: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 1/18/12 - 01/18/12 02:52 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.25%
FHA 30 year:3.75%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.85%
Conventional 15 year:3.25%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:3.70%
 
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

(0 comments)

usda: Dave Your Mortgage Guy.com Testimonial- Joanne Gusey - 12/19/11 05:19 AM
“It is I who will thank you.  1 and a 1/2 years and I still walk around saying "I love my house."  You made it possible.  You're the greatest and I will try to vote every day(for Best Mortgage Co in Houston) but with 92% of the vote already, if I miss one day you are covered” 
 
Again, many thanks,
Joanne
 
(0 comments)

usda: Please Vote DaveYourMortgageGuy.com Best Mortgage Company in Houston 2011!! I’ve been nominated - 12/16/11 03:07 AM
 
Last Year I won The Award for “Best Mortgage Co in Houston”, by Tops In Texas.  I have been nominated again this year.    In the past, winners have appeared in magazines such as Time and Newsweek.  I would greatly appreciate your vote.  And please vote as often as you would like.  Once you have voted please email me, so that I can personally thank you.  The voting ends Dec 31st.
 
Click Here to Vote 
 
Thank you for your Support!!!!
 
 
 
(0 comments)

usda: When Thinking about Refinancing Your Mortgage, make sure you know the Cost vs Savings! - 09/29/11 03:09 AM
 
Over time, I have heard many explanations on what someone thinks is the benefit of refinancing their mortgage.   Some examples are “it doesn’t make sense unless i get a rate 2% lower”, “I don’t care as long as the payment is less”, etc.  The real key to a successful refinancing is actually knowing the cost vs the savings of your new loan. 
 
When going from a 30yr mortgage to a new 30yr mortgage(15yr to 15yr, etc) you want to divide the cost of the new  loan by your monthly savings.  So let’s say on your $200k loan you have … (4 comments)

usda: Do You Need a Loan Officer for Your Buyers? Texas– Dave Your Mortgage Guy - 08/29/11 04:33 AM
Of course you need a loan officer.  And maybe at this time you are looking for a new mortgage professional to work with.  You have a lot of choices to choose from for a loan officer to work with, but here are 10 reasons that separates Dave Your Mortgage Guy from my competition:
 
1.      I go to all my closings- This makes a possible nerve wracking time for your buyer, into a smooth closing.  I am there to answer questions.
2.      You will be include in all emails with your Buyer- That way you are updated during the whole process.  From … (0 comments)

usda: Know the Exact Guidelines for Disputed Accounts and Your Mortgage. - 07/08/11 05:47 AM
In the past I have written how Disputing your Credit Accounts can get your mortgage denied.  Since that time the lenders and government have come out with specific rules on Disputed accounts.  You still do not want to dispute your accounts.  The reason why disputed accounts is a problem, is because when you dispute an account it takes it out of you credit score.  So you could dispute a bunch of bad accounts and your credit score would increase.  But mortgage underwriters know this is a just a form of "cheating" to get a higher credit score.  And this is why … (2 comments)

usda: Your FHA, VA, USDA, HomePath Mortgage Lender for All Houston Area Zip Codes. www.DaveYourMortgageGuy.com - 07/06/11 11:03 AM
When getting a mortgage you want to make sure you in good hands.  You want to make sure you are getting a great deal and the best mortgage for you.  No Matter what Zip Code you live in I can help you with your Mortgage.  Here are just some of the Benefits of using Dave Your Mortgage Guy for your mortgage:
I'm Local- I am here in the Houston Area.  Whether you live in The Woodlands, Sugar Land or any part of the Area, I am close by. Documents- Since I am local I will go thru the mortgage documents with … (0 comments)

usda: That Mortgage Pre-Approval Letter Ain’t Tellin You Nothin! 5 questions to ask the Lender - 06/23/11 06:28 AM
All realtors know that the "pre-approval" letter is what tells you that a buyer is pre-approved for a mortgage.  No two letters look the same, but you can bet they will have the buyers name, sales price, loan to value, owner occupied, etc.  Some letters may tell you more or less.  A buyer being pre-approved is only half the battle.  Here are 5 questions you should ask their lender:
1.       What type of Loan?- Is it FHA, VA, Conventional, HomePath, USDA, etc.  Some homes won't qualify for certain loans, is the home approved for USDA, is the Condo FHA approved, is … (4 comments)

usda: How Much Can the Seller Pay of my Closing Costs?? - 04/27/11 10:43 AM
Many times I am asked by Buyers and Realtors "how much can the seller pay in closing costs"?  It is good to know when negotiating on a home how much the seller can pay of your closing costs.  This would make it easier for you to get into a home with less money needed.  Here are the allowable amount that a seller can pay in closing costs per the different loan types.  The % is based on the sales price.  So if the seller can pay 3% in closing costs of a $100k sales price it would be, $3000 that the … (0 comments)

usda: USDA Financing available for homes in the Tara Sub-division of Richmond, Texas - 04/20/11 01:28 PM

Once Again Patrick Lim has provided great info.  USDA loans are an awesome mortgage program.  0% Down Payment and NO Monthly Mortgage Insurance!! Call me today for more info on USDA loans. 
 
www.DaveYourMortgageGuy.com 
If you are looking to buy a home in the Tara sub-division of Richmond Texas, you want to know that homes in that area are eligible for USDA loan financing of up to 103.5%. This means that NO DOWN PAYMENT is needed and the upfront funding fees of 3.5% of the sales amount could also be rolled into the loan.
Let me know if you are looking … (1 comments)

usda: 0% Down Payment for Tara Sub-division of Richmond, Texas 77469, USDA Loans - 04/20/11 01:14 PM
USDA Loans are mortgages for Homes that are found in Rural areas.  Oddly enough, some homes in Richmond are considered Rural.  The Tara Sub Division is one of these areas.  Here are the highlights of a USDA loanfor:
You will not need a down payment.  That's right 0%!!!  FHA loans require a down payment of 3.5% and a conventional can require 5% or more.  And the seller can pay all or some of your closing costs.  This would allow you to get in the home with the least amount of money possible. You will NOT have any monthly mortgage insurance.  This … (1 comments)

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

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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