J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

J. Scott Harris – MortgageXperts.com - Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!  We close loans every day that Banks would not, or could not approve. NMLS # 375517  – Mobile 214-435-8825

Ask me about 100% Financing on Homes right outside DFW


YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

The KEYS to your new home are within reach!

Click Here to start your quick FREE Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

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885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Your Tax Refund = Your Down Payment on a New Home

This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question – “What do you plan on doing with your tax refund?” The results of the survey were interesting. Here is what they plan to do with their money:

  • 41% – Put it into savings
  • 38% – Pay off debt
  • 11% – Go on a vacation
  • 5% – Make a major purchase (car, home, etc.)
  • 5% – Splurge on a purchase

Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment. In a recent post in NAR’s Economists’ Outlook Blog, they explained:

“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

They went on to add:

“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

In other words, putting that money toward purchasing a home is a form of savings.

Bottom Line

When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your refund?

 

 
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Saving For Your Mortgage Down Payment: Giving Up Lattes Only Goes So Far


Gina Pogol – The Mortgage Reports 2/28/2017

You Don’t Have To Give Up Your Coffee To Buy A House

Personal finance writers have been taking aim at lattes for years. Consumers trying to save a down payment, advisers note, waste $1,000 a year on their daily $4 shot. Give that up, they say. You’ll hasten the day when you have amassed your mortgage down payment and closing costs, and are ready to buy a house.

Many Ways To Buy A Home, Right Now

Okay. But is that really relevant? If you save $1,000 a year toward the standard 20 percent mortgage down payment, it would take you 40 years to buy a $200,000 house!

There are better, faster ways to buy your first home. They include:

  • Low down payment mortgages
  • Lender covering loan costs
  • Seller concessions
  • Community Seconds
  • Down payment assistance

Any of these alternatives may help you buy your first house faster.

Low Mortgage Down Payment Options

Many popular low-to-no down payment mortgages are government-backed. They include:

  • USDA Rural Housing Loans (zero down, for income-eligible borrowers in rural areas)
  • VA home loans (zero down, for eligible active-duty servicemembers and veterans)
  • FHA mortgages (3.5 percent down, no restrictions on income or status)

In addition, private lenders offer home loans requiring just three percent down to income-eligible buyers. The Home Possible and HomeReady programs come with discounted mortgage insurance. They require you to complete homebuyer education.

Lenders Covering Closing Costs

Every mortgage program offers several pricing choices. You can pay more and get a lower interest rate, or you can pay less and get a higher rate.

By choosing a loan with a higher interest rate, you obtain “rebate” pricing. The lender refunds money to you, and you use that to cover closing costs.

You cannot use rebate pricing to meet your down payment requirement.

Seller Concessions

Seller concessions can make your home and mortgage more affordable. Instead of negotiating, for instance, a three percent discount on the asking price, ask for a credit for closing costs.

The seller can cover your lender fees, discount points (to get a lower mortgage rate), prepaid expenses (for property taxes and homeowners insurance), FHA upfront mortgage insurance or VA funding fees.

 

Full Example:

30 Year Conventional Loan (20% Down Payment)
Sales Price: $500,000
Loan Amount: $400,000
Loan Term: 30 Years
FICO: 740
Interest Rate: 4.00%
A
nnual Percentage Rate: 4.29%
Monthly Principal and Interest Payments: $1,796
Down Payment (including closing costs): $140,000

AmCap Mortgage, Ltd., NMLS#129122 | Equal Housing Lender |885 E Collins Blvd Ste 110 Richardson, TX 75081 | 214-435-8825 | Based on available rates as of 03/07/2017 | Program figures shown are representative and actual amounts may vary. | Terms, conditions and restrictions may apply. | Loan products are subject to availability and credit approval. | Not a commitment to extend credit. | Some loan products not available in all states in which the company operates. | Not licensed in all states. | Amount disclosed exclude taxes and insurance premiums actual payment obligation will be greater. | Figures here are based on a fixed-rate loan; annual percentage rate (“APR”) will not increase after consummation.

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Q&A – Is it possible to get a va home loan with a 617 mid score in Oklahoma

You bet, we approve VA loans starting at 580.  I have noticed many of the local banks and lenders require a score of 640 or more.
I would be excited for the chance to help another Veteran become a homeowner!

 

 

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

scott-circle
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

A Zero-Down Mortgage still possible in most areas of the US

Yahoo Finance – Michele Lerner

The zero-down mortgage is still alive in the form of the USDA home loan.

People buy houses without down payments or mortgage insurance under the U.S. Department of Agriculture’s rural development housing program. The catch? The property must be in a designated rural area. The surprise? Some eligible properties are in places that most people would not consider rural.

Eligibility for a USDA home loan

“The terms of eligibility for a USDA loan are twofold, because not only does the borrower need to qualify, but so does the property,” says Tommy Xintaris, formerly a senior mortgage banker with Envoy Mortgage in Houston, which lends throughout Texas. “It’s a small box that borrowers have to fit into, but it’s a great program if they do.”

First, the property must be eligible by being in a designated rural area. The USDA site lists counties designated rural. But some properties are eligible for USDA loans in counties that are not designated rural, Xintaris says. Eligible homes can be found on the outskirts of Austin, for example.

“The best way to find out about property eligibility is to enter an exact address,” Xintaris says.

After the home’s location is deemed eligible, the borrower must meet income and credit standards.

“Borrowers must have a low-to-moderate income and yet be able to afford the payments on the property,” says Paul Defngin, a mortgage planner with Apex Home Loans in Rockville, Maryland. “USDA has established income limits. Borrowers can enter their ZIP code, income and number of members of the household and will know immediately if they qualify for the program.”

To check on income limitations by county, go to the USDA income eligibility site.

Defngin says borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income. In special cases for borrowers with higher credit scores, those debt-to-income ratios can be exceeded.

Additional USDA loan rules

The borrower pays an upfront guarantee fee of 1 percent of the loan amount, which most opt to roll into the loan. There is an annual fee, paid in equal monthly installments, of 0.35 percent of the loan amount. Under some first-time buyer programs, borrowers can have their closing costs paid.

USDA loans are not available to investors. The home must be the borrowers’ primary residence. Most construction types are eligible, including manufactured and modular homes, as long as they meet condition standards.

Nick Serrano, sales manager for Greater Nevada Mortgage Services in Carson City, says the program is for people who do not currently own homes.

“The program isn’t limited to first-time buyers, but if someone owns a house and wants to buy another with this loan they have to sell it first and pay off the mortgage in full,” Serrano says.

Unlike most low or no-down-payment loans, Defngin points out, USDA loans do not require mortgage insurance.

Lenders qualify borrowers based on their credit score and their debt-to-income ratios. USDA does not set a minimum credit score, and lender minimums vary. Xintaris says Envoy Mortgage requires a minimum score of 600, while Serrano says Greater Nevada Mortgage Services requires 620 and Defngin says Apex Home Loans requires a 640 credit score.

Advantages of USDA program

USDA home loans are not subprime. Serrano says, “A lot of people are frightened by the idea of zero percent financing, but this loan is very different from subprime loans. First, the loans are guaranteed by the government. Also, the loans are stable, 30-year fixed-rate products and borrowers must fully document everything and qualify for the loan.”

Serrano also says, “USDA loans used to be the best-kept secret, but now this loan program has momentum.”

 

 

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

scott-circle

J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
www.MortgageXperts.com
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

 

Myths About Mortgages That May Be Holding Back Buyers

chain

Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required. Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%. Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

chain1-600

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify. Many Americans believe a ‘good’ credit score is 780 or higher. To help debunk this myth, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.

chain2-600

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

KCM Blog Original Article
YOU CAN BUY A HOME,
YOU JUST NEED TO CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

scott-circle

J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
www.MortgageXperts.com
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

nmp-top-50-logo

 

Great News from USDA! Upfront and Annual Fees are going down for Rural Home loans

usda

USDA’s Upfront and Annual Fees are SIGNIFICANTLY Smaller…

On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease.

We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%.

In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase.

 

To be eligible for the program, properties must be outside the major metropolitan areas and income requirements b

Click here to go to the USDA Income & Property Eligibility site

USDA Income Limit Chart (Example – A family of 4 can make no more than $82,450 for eligible homes outside the DFW area)

These sites are confusing, please call me at 214 435 8825 to walk you through the site and your eligibility.

 

 FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”

If you have already started in our Credit & Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

scott-circle

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

Memorial Day Special for All Our HEROES

GoldHeroLoan_JSH

 

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

scott-circle

J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  www.goldfinancial.com  |  Apply Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

Common VA loan misconceptions – It is actually the BEST loan available!

1 in 3 Veterans don’t know about their Home Loan benefit or don’t understand it.

 

Myth: I do not have a full 2 years of service, therefore I am not qualified.

This isn’t necessarily the truth across the board. As a general rule of thumb for eligibility, the Veteran handbook reports that a veteran is qualified for VA housing loan benefits if she or he served on active duty within the Coast Guard, Marine Corps, Air Force, Navy, or Army was discharged underneath conditions other than dishonorable following either:

  • 90 days or more, any portion of which happened within wartime.

-OR-

  • 181 continual days or above (peacetime).

Two-Year Requirement: A longer length of service requirement has to be met by veterans who:

  • Enlisted (then service began) following September 7th, 1980

-OR-

  • Was an officer, plus service started following October 16th, 1981

Those veterans have to have either completed:

  • Twenty-four continual months or beyond

-OR-

  • The complete span for which ordered to active duty, yet not less than ninety days (any portion within wartime) or 181 continual days (peacetime).

Non-Active Military Members can still be eligible if:

  • You have more than 6 years of service in the National Guard or Reserves,

-OR-

  • You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

 

Myth : VA is not the best loan product.

Fact: VA is one of the best loan options on the market.

Qualified buyers can purchase up to $417,000 in most locations before needing to make a down payment. FHA loans require a 3.5-percent down payment, and many conventional lenders want at least 5 percent.

Having no mortgage insurance–a fixture of FHA loans and required for conventional loans without a 20 percent down payment–can save Veterans more than $200 every month.

It’s the same story with interest rates, which actually tend to run lower on government-backed loans. The average fixed-note rate on a 30-year VA Loan in March was 3.82 percent, compared to 3.99 percent for FHA loans and 4.11 for conventional, according to mortgage software firm Ellie Mae.

VA also limits what lenders can charge in closing costs. In addition, sellers can pay all of a buyer’s mortgage-related closing costs and up to 4 percent in concessions, which can cover things like prepaid expenses or even paying off collections and judgments at closing.

Myth: VA Loans require great credit.

Fact: You don’t even need “good” credit.

VA Loans are more lenient than conventional when it comes to your credit history. In fact, VA has no credit limit, though it is true that Gold Financial generally looks for a 580 FICO score, which, in layman’s terms means “Fair” credit (followed by “Good” and then Excellent”). Conventional loans often require a 660 minimum credit score, although you may need more like a 740 to have a shot at the best rates and terms.

VA Loans also allow Veterans and active military to bounce back faster after a bankruptcy, foreclosure or short sale. You can be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure. Some lenders have no required waiting period following a short sale.

With conventional loans, you’re usually talking about a four- to seven-year wait before being able to buy again.

Myth: VA Loans take forever to close.

Fact: They close as fast as the others, and they’re also more likely to close than both conventional and FHA loans.

There’s a lingering misconception that VA buyers are weighed down by bureaucracy and paperwork. The reality is greater automation and efficiency, and other improvements in recent years have helped the VA Loan Guaranty Program more than keep pace.

In March, the average conventional and VA purchase loans each closed in 44 days, according to Ellie Mae. What’s more impressive is that VA Loans are actually more likely to close than their conventional counterparts, which is great news for buyers and sellers alike.

The same Ellie Mae data show that 70 percent of the VA purchase applications made over the previous 90 days went on to close. That’s compared to 67 percent of conventional purchase applications and just 61 percent of FHA applications.

Myth: No down payment makes these risky loans.

Fact: VA Loans have been the safest on the market since the housing crash.

Despite the $0 down benefit, VA Loans have had the lowest foreclosure rate of any mortgage type for most of the last seven years.

VA’s sound appraisal process and common-sense requirement for discretionary income (known as residual income) are key factors in the program’s safety. But the single biggest reason is the Loan Guaranty Service’s dedication to helping Veterans keep their homes.

The program tracks every VA Loan in the country. Loan Guaranty employees get notified anytime a Veteran is more than 60 days behind on their mortgage. These foreclosure avoidance specialists contact the homeowner and intervene directly with lenders and servicers to find alternatives to foreclosure.

Since 2008, the Loan Guaranty Service has helped more than 320,000 Veterans and service members avoid foreclosure. That commitment has saved taxpayers more than $11 billion in foreclosure claim payments.

Myth: The VA loan is a one-time benefit.

Fact: Once you earn this, it’s yours for life.

This is not a one-and-done benefit. Qualified Veterans can use the VA Loan Guaranty Program over and over again. In fact, it’s possible to have more than one active VA Loan at the same time. Maybe you lost your home in a divorce, or have rented out your first home, you may still be eligible for another VA home loan.  Even losing a VA Loan to foreclosure doesn’t mean you’re no longer eligible.

Myth: Maximum loan amount is $144,000.

Fact: Loans from $417,000 to Over $1 Million are possible

Originally the VA loan amount maximum was $144,000.  Now, loan amounts up to $417,000 are available with 100% financing.  VA Jumbo Loans are available to $1,0000,000 or more.  The Veteran makes a 25% down payment for the difference in $417,000 loan
amount and the Sales Price.

So here is an Example:
$650,000 Sales Price minus $147,000 = $233,000
$233,000 X 25% = $58,250 Down Payment
VA Loan = $591,750 which is 91% LTV

The BEST part is there is no Monthly PMI, just the VA Funding Fee, which is reduced due to the larger down payment.

 

Any one of these myths can keep Veterans and service members from exploring their hard-earned home loan benefits. 

Please contact me with Questions. If you do not have your VA Certificate of Eligibility, we can help get it for you.

Buying a home is now easier than it has been in years.

Click Here to start your quick loan app Now!

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

We close loans every day that Banks would not, or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122


Buying a home in the country just got easier! USDA relaxes credit requirements

USDA

February 12, 2016

Credit Validation Requirement – Important Update

Effective immediately, an applicant’s credit score may be validated with at least two eligible trade lines instead of three trade lines as previously required.  Such trade lines consist of credit accounts (revolving, installment, etc.) with at least twelve months of repayment history reported on the credit report.  Corresponding revisions to the 3555 Handbook will be posted on the USDA Rural Development’s Regulation and Guidance website on March 9, 2016.

 

At least one applicant whose income or assets are used for qualification must have a valid credit report score or have at least two historical trade line references that have existed for at least 12 months to establish a credit reputation.

 

For applicants without an established credit history and unable to establish the required number of eligible trade lines to validate the credit score, alternative methods may be used to evidence an applicant’s willingness to pay, such as a non-traditional mortgage credit report or multiple independent verifications of trade references per 7 CFR 3555, Section 3555.151 (i)(6).

Buying a home is now easier than it has been in years.

USDA provides 100% financing for homes outside the major cities.

Click Here to start your quick loan app Now!

We close loans every day that Banks would not, or could not approve.

Mortgage Expert
J. Scott Harris
Vice President – Mortgage Miracle Working – NMLS #375517
GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122