Midland Texas First Time Home Buyer Loans
If you are a first time home buyer, you may be unsure of what your loan options are. However, there are multiple loan products out there that can help you finalize your first home purchase. When it comes to a mortgage loan, you want to have all the facts to ensure that you are getting the best possible mortgage terms.
Using an FHA Loan Makes Buying…
Midland Texas Home Loans
Conforming/Conventional Loans:
The criteria for these Midland home loans are established by Freddy Mac (FHLMC) and Fannie Mae (FNMA) every year in October according to mean home prices as well as income to debt ratio. The system of these loans is slightly complicated. Firstly, lending institutions or banks lend the money to the buyers provided the buyer meets t…
Odessa TX Mortgage Loans
If you are looking to purchase a home in Odessa you will first need to get pre-approved for a mortgage loan. Life is much easier if you get pre-approval before you start your search, as it will provide you with the opportunity to know you buying budget and have peace of mind. Obtaining an Odessa home loan is not as complicated as you would think. At Venta Mortgage w…
What is an FHA Loan?
There are many different types of home mortgage loans available to choose from, however FHA loans have greatly increased in popularity over the years, due to its easier qualification requirements, low down payment options and backing by the Federal Housing Administration.
FHA mortgage loans were designed to make home ownership easier to obtain for the general population.
What is a VA Mortgage Loan?
A VA mortgage loan is a home loan that is insured by the U.S. Department of Veterans Affairs, and funded by private lenders such as Banks and Mortgage Companies. VA loans are available to Veterans and active duty military members and was included in the GI Bill of Rights signed into law by Franklin D. Roosevelt in 1944 to provide Veterans and military the ability to…
FHA a division of the U.S. Department of Housing and Urban Development or HUD has increased their mortgage insurance premiums for FHA insured mortgage loans. Effective April 9th, 2012 an FHA loan with a term of 30 years and a down payment of 3.5% requires a 1.75% Upfront Mortgage Insurance Premium and a monthly mortgage premium of 1.25%. For a $100,000 mortgage the FHA fee would be $1750 dollars…
Thou shall not change jobs or become self-employed.
Thou shall not buy a car, truck or van unless you plan to live in it.
Thou shall not use your credit cards or let your payments fall behind.
Thou shall not spend the money you have saved for your downpayment.
Thou shall not buy furniture before you buy your house.
Thou shall not originate any new inquiries on your credit…
What do lenders look at when they are analyzing the income of a self employed borrower? The first rule of thumb is that you need to have at least 2 years of self employment history and income in order to use that income for mortgage qualifying purposes. You can get away with having less than two years if you have a larger down payment such as 20%.
Lenders will first review your Schedule – C…
Mortgage insurance is an insurance policy that protects a mortgage lender in the event that the borrower defaults on their mortgage payments. It is sometimes referred to as (PMI) or (MI). Mortgage insurance is usually paid if you are putting down less than 20% on a new home purchase or if you have less than 20% of equity in your mortgage. It’s usually a pay as you go payment that can b…
Which would you rather have? Lately I’ve been having people come to me who want to qualify to buy a new home but are hit with a huge surprise that they don’t qualify because they just bought a brand new truck. This is a common mistake many people make before they try to buy a new house. It isn’t always a truck or car but just a big ticket purchase that comes with a high monthly payment and…