va: 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)

va: 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)

va: What are the non-allowable fees for a Veteran on a VA loan? - 07/16/15 03:35 AM
 
As you may know VA loans are fantastic loans.  They offer 0% down payment and no monthly mortgage insurance for veterans getting a loan.  Another great benefit is that when buying a home or refinancing a home there are certain fees that can not be paid by the Veteran.  These fees are called “non allowable fees” and would have to be paid by a 3rd party such as the seller, realtor or mortgage lender.  When buying a home they are usually paid by the seller and when refinancing their mortgage the fees are usually paid by the lender.  Many times I … (2 comments)

va: 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)

va: Don’t Forget You are also Marrying Their Credit Report - 10/16/14 11:48 PM
 
Getting married to the one you love is a great experience.  And living together you learn all the great things about them such as: their snoring, not putting down the lid, having to repeat yourself a million times and this beautiful list goes on……  I am kidding with that this comment.  But when it comes to wanting to get a mortgage in the future, your new spouse’s credit situation can help or hurt you.  I am not saying do not marry someone over their credit, but I did want to go over some major points where their credit report can … (28 comments)

va: 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)

va: The QM changes for Mortgages are not Evil. Here is why..... - 01/21/14 01:13 AM
 
Recently I have  heard a lot of concerns from Realtors, Buyers and Publications about the QM (Qualified Mortgages) changes to mortgages.  Not to mention I have read a lot of national articles on the changes, that seemed to be written to scare everyone that mortgages are now harder to get.  And many of them had errors and information that was not true.  So I wanted to set the record straight and explain the QM changes.  And at the end of this article you will see that the changes to mortgages are not Evil and are not making mortgages harder to … (15 comments)

va: 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)

va: 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)

va: Dave Your Mortgage Guy Testimonial- Jeff Fringer - 05/05/12 12:30 AM
David Krichmar walked me through my home refi step-by-step. He laid out all options available for me. He gave suggestions as to which would most likely work. David kept me informed on a regular basis as to how things were progressing, and what the numbers were. He was proactive and determined to work the best deal for my situation. Any obstacles or challenges along the way were quickly overcome, and he was patient and available for all manner and quantity of questions I threw at him. Finally, on signing day, he was there to walk me through the closing, and answer … (0 comments)

va: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 05/2/12 - 05/02/12 12:49 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 3.875%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.3%
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:3.65%
 
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

(0 comments)

va: Deferred Student Loans and Your Mortgage, what you need to know! FHA, VA, Conventional Loans - 05/01/12 02:34 AM
When getting pre-approved for a mortgage it is important to know how deferred student loans are addressed.  Of course student loans are not a bad thing.  And if you are making payments on your student loans, that payment amount is taken into account.  But this article is about deferred student loans.  Here is how the 3 major mortgage loan types address deferred student loans:
 
1.      FHA Loan- If you have a deferred student loan, it must be deferred for 12mths or the future payment will be taken into account as a bill.  This means that the future payment is counted … (2 comments)

va: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 04/25/12 - 04/25/12 01:17 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.3%
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:3.65%
 
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

(0 comments)

va: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 04/4/12 - 04/04/12 01:03 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4.125%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.415%
FHA 30 year:3.75%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.85%
Conventional 15 year:3.375%
Credit score:740
LTV:80%
Loan Amount:$200k
APR:3.75%
 
Call me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.

(0 comments)

va: Congratulations, You May Now Check The Bride's Credit. - 03/20/12 07:25 AM
Getting married is an amazing time for a couple.  But in regards to getting married it can affect your ability to get a mortgage.  I am about to go over how your spouse’s credit can affect your FHA mortgage.   Here are the top 4 ways it will affect you getting a mortgage:
1.      Credit Score- When applying for a FHA mortgage your lender will pull both of your credit scores.  And if it does not meet the min credit score needed than that person can not be on the loan.  This will affect your ability to buy a home since we can also … (4 comments)

va: 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)

va: 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)

va: Your Weekly Mortgage Rate Update For Sugar Land, Katy, Houston, Pearland, The Woodlands, Conroe or anywhere in Texas. 1/25/2012 - 01/25/12 02:10 AM
Here is your weekly interest rate update:
Conventional 30 year Mortgage: 4%
Credit score:740
LTV:80%
Loan Amount:$200k
APR: 4.375%
FHA 30 year:3.75%
Credit Score:640
LTV:96.5%
loan amount:$200k
APR:4.85%
Conventional 15 year:3.375%
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)

va: 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)

va: 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)

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

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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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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