Jimmy Smith's (jvsmithii) Blog

Conventional financing allows a 15% down payment for investment properties. Did you hear that? An investor can purchase a single family residence with one unit at a loan to value of 85%. Some quick details: Minimum credit score of 680 is required. 6-12 months of reserves which are determined by c...

What is the waiting period to buy a home with a past foreclosure? The truth please! It depends. It’s probably not what you wanted to hear; however, it’s the truth. Assuming you are seeking a conventional loan that will be underwritten according to the Fannie Mae rules, you’ll have to wait seven y...

Do you need reserves if your current primary home hasn’t sold? Yes, most likely. It is the top trending question on the Fannie Mae Website.   An underwriter will ask for additional reserves If the borrower's current primary home is pending  sale or is being converted to a second home or investmen...

Zero down payment for a home in the country in Texas, really? Well, maybe. The USDA (United States Department of Agriculture and Rural Development program offers 100% financing including financing your closing costs for a home located in a rural area. Below, are many program guidelines and links ...

Can your pre-owned home compete with the homes built in 2013? If you are buying or selling a pre-owned home, you must review the HUD and Census Bureau Annual Report on the Characteristics of U.S. Homes Built in 2013 released on June 3, 2014. Each year, HUD and Census conduct a national constructi...