If you have an FHA loan that means your mortgage insurance is permanent. It will always be part of your payment. If you feel you have a 20% equity position or better in your property - it's a good time to refinance into a Conventional loan to get rid of your FHA MI. If you get 1099's instead of W-2's at the end of the year from your employer - that means you are self-employed.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
At least that's how we perceive it in the mortgage world. The traditional means of income documentation for self employed people is two years of tax returns. Some people that are self. I wanted to let you know how the major mortgage programs treat Chapter 7 bankruptcy. FHA: 2 years from discharge date, but not less than 12 months w/extenuating circumstances.
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FHA Mortgage Rates in Texas
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At the time of this report, most lenders will go down to a 620 middle credit score for FHA. There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score. We can do FHA down to a 500 credit score! Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available.
VA Loans
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VA Loans: VA purchase loans allow a qualified borrower to buy a house with no down payment. This is one of the very best loan programs in the mortgage market today. If you are a veteran you should definitely try to take advantage of this program. You should be a veteran. You will need a Certificate of Eligibility from the VA.
Conventional Conforming Loans
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Conventional loans, also known as "conforming loans, " are insured by Fannie Mae and Freddie Mac, and have varying loan amount limits based on the property's location. In Texas, for example, the conforming loan limit is $510,400. In San Francisco, where the median home prices are considerably higher, the loan limit is $729,750.
USDA Home Loans in Texas
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There are two fundamental components to the USDA loan. It has geo-graphic and income limits. So, the first thing you need to do is to make sure the house or area you are interested in is an approved USDA lending area. You will also need to take the in-come survey on the website to see if your family is under the threshold for total annual income.
Alternate Documentation Loan
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Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2's and Pay stubs. Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
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