Author: mackinhouston

VA Loan Eligibility

VA Loan Eligibility

Hi, Mortgage Mack here.

So, it’s been awhile since I’ve posted on my video blog and I had a couple of inquiries recently specific to VA loan.

VA Loan Eligibility – The Seller can Pay ALL the Closing Costs on Behalf of the Veteran

As many of you know, I’ve been a mortgage banker for a long time and I’ve done quite a few VA loans in my career. And the inquiry, the question was whether or not the seller could pay for the funding fee on a purchase transaction to benefit the VA buyer. And the answer to that question is yes. And actually, the seller could pay all the closing costs and including the funding fee. And so, a veteran could move in for literally zero dollars in that type of scenario.

VA Loan Eligibility

So, you know, veterans administration has a fantastic loan program for veterans that qualify. And to know whether or not you qualify, the veteran can request a certificate of eligibility and I’ll leave a link here to where they would go to request that in the VA portal using their DD 214 or we can do it for you.

VA Loan Eligibility – Veterans Receiving Service Connected Disability maybe exempt from the VA Funding Fee

So, a veteran’s home loan is zero down and it does have what we call a funding fee. And it doesn’t have monthly mortgage insurance like many conventional loans do or FHA loans. And it has a funding fee. For the first time usage, it’s 2.15%. And for subsequent use, it’s 3.3. So, a veteran doesn’t usually pay the funding fee at closing, it is normally added to the loan unless of course the veteran has a certain amount of disability. When I request the certificate of eligibility and it tells me that the veteran is not required to pay the funding fee, then there’s no funding fee.

VA Loan Eligibility

The VA Home Loan is a GREAT Benefit to those Who’ve Served their Country

So, it really is just a great program. If you’re a veteran and you have served your country and you think you might wanna buy a house call, you know, give us a call. Go to mortgagemack.com and apply and let us look at your scenario and see if we can help you.

The loan limit who for 0 down is up to the maximum conforming limit for our area, which is 453,100. And that is the absolute max. So, if you have a funding fee beyond that, the funding fee would have to be paid in cash and/or by the seller. But a lot of people don’t know that you can go up to a million dollars on VA loans as far as the loan amount is concerned. However, to do that, the veteran would put in essence what is 25% down for every dollar of above the 453,100 plus pay the funding fee in cash. So, I’ve actually had a scenario in my career where the amount borrowed was beyond the scope of the loan limit and then veteran did have to pay the funding fee at closing, but that was all. And that was all he had to pay plus whatever closing costs that weren’t paid by the seller.

And you know, there’s a lot of advertising out there that would lead you to believe that that is indeed the case. I mean, the Veterans’ Administration has recently come down pretty hard on some of those lenders that advertise on TV. And one of the things that they say is that they say no appraisal required for a VA we finance. And you know, veterans’ administration doesn’t require an appraisal for an interest rate reduction loan for a veteran. So, that’s kind of misleading and/or what I would term intellectually dishonest.

So, I encourage you that if you’re a vet and interested in inquiring about the opportunities for you as a veteran for a zero down loan or even to refinance your current VA loan, I will encourage you that if your current VA loan and the interest rate is above say— I would say today’s 5%-5.5% and it might be worth it, but just give us a call and we’ll be glad to help.

Thanks a lot. I hope you have a great day. I hope you find this helpful. I’d love to see your comments and/or questions below and I’d be happy to answer them for you.

Have a great day. Take care.

Divorce Mortgage – Owelty Deed

Divorce Mortgage – Owelty Deed

Hey. MortgageMack here!

I think I’ll do a different installment on divorce, which is just for a lot of people are— I guess for some it could be rather liberating. For others, it’s a real challenge and a real challenge financially.

Divorce Mortgage

So, I had a scenario recently where a person was divorced and the divorce decree wasn’t neatly executed properly or what I would consider properly by their attorney.

Divorce Mortgage – Owelty Deed can pay you your equity and relieve you of liability

If you’re married and you have common debt, specifically a mortgage, then the divorce decree alone does not relieve you of the liability associated with that mortgage.

However, there is an instrument called an Owelty deed. It’s a deed that allows the owner of a home to utilize the equity they have in a home to assist in the dividing of their property. So, the Owelty deed is in essence a refinance.

So, I’ve done several of these in my career where I have a couple, who are in the process of getting divorced. The one that’s gonna keep the home applies for the mortgage. We refinance and we in essence cash out and without doing an actual cash out home loan. And remember that. This is not a cash out. It’s an Owelty deed. So, it’s a refinance. It’s a regular refinance. And with the decree, with the amount of equity defined in the decree by all parties as they’ve agreed, we pay the other party who will not occupy the home, who will move on be paid their equity share and no longer be obligated on the loan.

Divorce Decrees should spell out the division of debt as accurately as it does assets

And so, that’s the situation I found myself in with a client who just didn’t get the appropriate counseling. He thought the divorce decree alone would be sufficient to take the loan out of his name. And unfortunately, his ex-spouse made late payments on the mortgage.

So, I would encourage anybody that if you are listening to this podcast or this video blog that if you know anybody that’s getting a divorce or might get a divorce or anything along those lines, they really should give me a shout and let me coach them to how they will create a scenario that would relieve them of the liability associated with a mortgage and/or allow them to refinance the loan, pay the other spouse off, and take their name off the note because, again, the divorce decree does not supersede the original note signed by the original parties.

Revolving Debt and Installment Loans need to be refinanced or closed where both parties share the debt

In essence or in addition to that, you know, when it comes to common debt associated with credit cards, car loans, all of those things, if you’re in the process of getting a divorce, you should include those debts in the decree not only to be assigned to say the other responsible party, but I suggest that you have them closed and/or your name removed and/or have them refinance without your name on them.

If your getting a divorce, apply at www.mortgagemack.com and we’ll help you

I guess the only way to figure that out is to sit down, do a credit report with your attorney, and look at the common debts and itemize those debts in your request for divorce and make it part of the divorce that the other party has to either refinance the house and/or pay you your equity with an Owelty deed or refinance the house and just take your name off of it and along with any other common debt that you might share with the other party just to protect your credit into the future should the other party experienced any financial difficulties.

So, if you have any questions or comments, please leave them below and/or give me a call.

And I’ll be glad to share my experience with you.

I hope you have a great day. Mortgage Mack out. Take care. Bye.

Triathlon for Kids

Triathlon for Kids

Hi, Mortgage Mack here.

You know, I have a video for you that I hope you’ll find very inspiring. My friend, Brandon Adame, is the #1 all blind triathlete in the United States and he’s ranked 26th I believe worldwide. He is just an exciting young man who does not allow his challenges and disabilities to get in the way of being active.

Triathlon for Kids – April 21 & 22 at NRG Stadium – Houston Texans & NFL Play60

Now, I was asked to be a guide and I’ve been a guide for Brandon years ago when I was younger and faster, but I was asked to guide him at a recent NFL Play60 event at River Oaks Baptist School. The event was a rally to encourage kids to participate in this year’s Kids Triathlon at NRG StadiumGet Ready to be Inspired by and Extraordinary Young Man

So, here’s a video. Hope you enjoy. Hope it inspires you. And if you or someone you know would like to be a guide, please contact me or EyeCan Alliance. Or if you think that you might be inspired to become a donor, we, along with myself and EyeCan Alliance, would be just immensely grateful for your donations. Please contact me if you are interested in that aspect of being involved with this organization that not just helps Brandon, but helps many other athletes. And I will include photos of their most recent endeavor at the Houston Chevron Marathon. Have a great day. Thanks.

Get Ready to be Inspired by and Extraordinary Young Man

Announcer:  Brandon Adame worked hard and he amazingly became one of the greatest athletes in today’s Houston area. Welcome the one and only, Brandon!

[Cheering]

Announcer:  The highest ranked totally blind para-triathlete in the United States.

Triathlon for Kids
EyeCan Alliance athletes and their guides at the 2018 Houston Aramco Marathon

Mack:  Brandon, what would you like to tell the boys and the girls here today?

Brandon’s Advice to the Students

Brandon:  I will leave you with 3 points.

Point #1: Listen to your parents, your teachers, and your coaches.

Point #2 is trust your training.

And point #3 is always remember to have fun. Thank you.

Brandon’s Advice to Parents, Faculty and Adults

 Brandon:  I want to leave the adults with 3 points.

Point #1 is I can do all things through Christ who strengthens me (Philippians 4:13).

Point #2 is when you set a goal, you will attract people to you and will help you accomplish your goal.

Point #3 is once you have accomplished the goal that you have set, you will never know who you will inspire to do something greater than they thought they can ever be.

If you or someone you know would be interested in being a corporate donor, guide or just make a donation, EyeCan Alliance and MortgageMack would be very grateful for your support!

Thank you.

Houston Texans Kids Triathlon

EyeCan Alliance

EyeCan Alliance Donation and Sponsors

Texas Home Equity Loan Changes for 2018

Texas Home Equity Loan Changes for 2018

Hi. Mortgage Mack here. And today, I thought we would talk about home equity loans.

Texas Home Equity Loan — Once Unconstitutional in Texas

You know, I’ve been in the mortgage business for 25 years. For a small part of that time-frame, home equity loans were not even allowed in the State of Texas. I think legislation was passed in 1998 (legislation passed on Nov. 1997 ballot 60% to 40%) and took effect on January 1, 1999 and allowed homeowners in Texas to take equity out of their primary residence.  Prior to that, it was unconstitutional.

Homestead Rules within the Texas Constitution Protected Settlers from Creditors Abroad

And the constitution (homestead protections in the Texas Constitution) was written to protect the homestead for a multitude of different reasons and one of those reasons was to protect the homestead of early settlers of the Republic of Texas from creditors.

Texas Home Equity Loan – 20% Equity Must Remain at Closing

And one of the most important aspects of the original amendment to the constitution to allow home equity loans is that it doesn’t allow you to borrow more than 80% of the value. And so, basically, what that means is if your home is valued $100,000 and you owe $80,000 already, well, you can’t borrow the remaining $20,000.

But let’s say the home is valued at 100,000 and you owe $60,00, you can have access to $20,000 for a total of 80% loan to value with 20% equity remaining in that scenario, which would meet the ceiling of 80% of the value.

Texas Home Equity Loan Changes for 2018
Texas State Capitol

Texas Home Equity Loan Changes for 2018

So, one of the recent changes that took effect were specific to closing costs. And previously, we had a limitation of closing costs to 3% of the loan amount. Well, that’s been changed to reduce to 2% of the loan amount. However, what’s happened is the legislators excluded some of the type of charges specific to that calculation, which I’ll include a link below. And I also am including a link here of conversation that I had with a local attorney. It was a conversation specific to the law that you might find helpful as well.

So, what they’ve done is they’ve reduced the limitation of fees to 2% of the loan amount rather than 3% and excluded some type of charges such as the appraisal and survey along with title insurance and title examination.

Proposition 2 also allows home equity loans to be refinanced as a rate and term. Now, the reason that’s important is because previously once you did a first lien home equity loan, your loan always remained a home equity loan and we developed the cliché that “once a home equity always a home equity”.   Well, that’s no longer the case. So, if you’ve had a home equity loan in the past, you can refinance at 80% of the value less what you owe with no cash out and have the lien renewed and extended as a rate and term refinance.

Texas Home Equity Loan and Agricultural Exemptions

So, they also repealed the prohibition on origination of home equity loans that were secured by a homestead with an agricultural exemption. So, this really impacts folks in the rural areas because in the past we couldn’t do a home equity loan for say a couple that owned a home in a rural area where they may have owned 20, 30, 40 acres on which there was an agriculture exemption on the property. The to take equity out of a borrower residence in those days we had to survey out 1 acres of land around the residence.  Have it re-surveyed to exclude the portion of the property on which the agricultural exemption remained. and appraise the property just on that 1 acre and the residents which didn’t allow them to fully utilize the full equity on the property.

Now, there were a couple of other changes that don’t directly impact me and not necessarily the products that I offer. I don’t do the home equity lines of credit. However, I would gladly refer you to organizations that do locally that I’ve had previous experience with. And the legislature also expanded— I think it’s the list of lenders or lenders that are authorized to offer home equities. I don’t know much details about that, but I will include some links here and hope you find this helpful.

If you have any comments, please leave your comments at the bottom. Or if you have any questions, please let me know. And I’ll get with our in-house attorney and find an answer for you. Have a great day.

Links:

Proposition 2 – Home Equity Amendment 2017

Homestead Law – Texas State Historical Association

Constitution of the Republic of Texas (1836)

Proposition 8 – Types of Homestead Liens (1997)

Definition of Voluntary Liens

Tax Reform For Homeowners

Tax Reform For Homeowners

Mack:  Hi, Mortgage Mack here. And I’m here again with Jo Ann Stevens, the National President of Women’s Council of Realtors.  And we thought we’d get together and talk about specifically about the results of the recent tax reform bill and how some of the new regulations are going to impact homeowners both here and throughout the United States.

So, Jo Ann, tell me— Let’s maybe go into some specifics of what the new regulations look like.

Jo Ann:  I’ll be happy to and Happy New Year to everybody. And guess what? We’re gonna have a new tax reform bill.

I do think in some instances the lobbying that Realtors did for some of the issues proved to be successful. I don’t think we got everything that we asked for, but we certainly got a number of concessions.

Mack:  Let’s talk about mortgage interest deduction and what that looks like moving forward for the coming tax year.

Jo Ann:  Okay. First, you have to realize that the standard deductions have just about doubled over what they were in the past. So, for a number of people, they probably will not itemize on their return.

Tax Reform for Homeowners – 2017 Tax Reform Bill increased Standard Deductions to $12,000 for Individuals and $24,000 for Joint Returns

Remove term: Tax Reform For Homeowners Tax Reform For Homeowners
Tax Brackets for Ordinary Income for Individual Taxpayers – See National Association in Show Notes Below for Married Filing Jointly Tax Bracket

Mack:  So, unless you have itemized deductions of 24,000 or more for married filing jointly, it’s not gonna make sense to itemize. Is that what you’re saying?

Jo Ann:  I’m saying that some people may not want to go to that trouble.

Mack:  So, we talked about mortgage interest. So, let’s discuss what’s next, real estate taxes and how is the new reform bill going to impact real estate taxes. What are my limitations now?Tax Reform for Homeowners

Jo Ann:  Well, $10,000 is all they’re going to allow for property taxes as we would call. That would be local and/or state.

Mack:  We also talked about the capital gains. Yes, capital gains and— Tell us how that changed.

Jo Ann:  Well, actually, it didn’t and I think this is one area where the realtors made an impact in that here the capital gains will still be in effect where it’s same as before. You have to live in a property 2 of the last 5 years. And they were considering 5 of the last 8 years, which would have really hurt our relocation people, our military people who move on a more frequent basis than that, but that is one area where I think our lobbying did help along with mortgage interest and property taxes. Those were all concessions that we received as a result of their realtor movement to get to our members of Congress. And if nothing else, this is the first step. Now, I don’t think this is the end result. I think it’s something that we will work toward refining. And I think that the members of Congress have been very good about listening to our reasoning and our rationale. I think they do honestly believe that homeownership is the backbone of our country. We don’t wanna become a country of renters.

Mack:  So, in closing, is there anything else that maybe we didn’t cover that might have changed in the current tax reform bill that maybe you could share with us?

National Association of Realtors Lobby Helps to Preserve Interest Deduction for Second Homes

Jo Ann:  Two things. We were able to preserve interest deduction on second homes because that was something that was about to be totally done away with. We also have seen a change that home equity interest will no longer be deductible. So, that is [0:04:10][Inaudible] unless— Now, I say that— I understand that if the funds are being used to significantly improve the property, then it’s a different situation.

Mack:  Anything else that you feel like moving forward from here? Maybe share with this the timing associated with this new bill and when people can, I guess, begin to see the changes on their tax returns.

Jo Ann:  Well, it will take effect— Well, it’s already taken effect January 1st. However, you really won’t see the difference in filing now for April. There you won’t see any changes. The changes will come this time next year when we’re preparing for the 2018 return.

Mack:  So, in summary, it looks like we’ve tried to or we’ve simplified the tax return. We’ve put some caps on some of the itemized deductions specific to real estate taxes, not necessarily to mortgage interest deductions. You can still take the mortgage interest deductions for whatever the amount you’ve paid if you decide to— Is there a cap on that? Do you recall what the cap is?

Jo Ann:  I have to look at that and refresh my memory, but I do believe there is a cap.

Mack:  I’ll look also too. I will just put a link.

Jo Ann:  I do believe that what it is, if you purchased the property after December 15 of 17, 750,000 loan amount was the max. Anybody prior to that, they would be grandfathered in and they could deduct up to the million dollars.

Mack:  In closing, anything else you might like to add?

Jo Ann:  Just that 2018 has already started off as a year of change and I think it’s very early. So, there’s more to come.

Mack:  I appreciate your time today.

Jo Ann:  My pleasure as always. Thank you.

Mack:  Good to see you. Have a good day.

Women’s Council of Realtors President and Tax Reform Lobby

National Association of Realtors – Complete Summary of the Impact on Homeowners and Prospective Homeowners

**The final bill repealed deductions for interest paid on equity debt through 12/31/2025.  Interest is still deductible on home equity loans or second mortgages if the proceeds are used to substantially improve the residence.

***As of this publication mortgage insurance is not deductible in 2017, but a Bill has been introduced in the House to make mortgage insurance permanently deductible:  H.R. 109

Mortgage For Elderly Parents

Mortgage for Elderly Parents

Hi, it’s Mortgage Mack. And I had another real scenario that I thought was very interesting that I would share with everyone today.

A Mortgage For Elderly Parents can be Treated as a Primary Residence even if the Loan is in the Name of the Children Only

A real estate agent that I’ve done business with for many, many years called me and said he had a couple that wanted to buy a home for an elderly parent. And this parent is elderly and on social security and does not have a full-time job. And his question to me was, what is minimum required down payment. He assumed that in this situation that it would be an investment property for the children to buy a home for their elderly parents and will Mortgage For Elderly Parentstherefore require a much larger down payment than a traditional primary residence. And so, we were thankful to discover that FannieMae makes provisions for children to buy homes for elderly parents as a primary residence and put as little as 5% down as opposed to on an investment property.  The minimum down payments for an investment property is 15%  but the best opportunity for terms on an  investment property require a down payment of 25% down.

So, Fannie allows parents. I’m sorry. Fannie allows children to buy homes as primary residence with as little as 5% percent down for elderly parents or parent.

FannieMae also Allows Parents to Purchase a Home for Children with Disabilities

FannieMae also makes provisions for parents to buy homes for children with disabilities or who maybe physically challenged who cannot qualify on their own. In this scenario, the parents would be purchasing a home as their primary residence. They would indeed be on the Note and the Deed. And they would buy it as a primary residence for as little as 5% down.

So, I think that covers that. But you know, there’s a couple of other scenarios too where parents can buy a home for their children and the children actually be on the loan and we call that a non-occupant co-borrower and parents can also be co-mortgagors on the loan, but maybe not have ownership interest as a co-mortgagor.

And so, I’ll leave some notes and some links specific to co-mortgagors and non-occupant co-borrowers along with maybe some notes specific to our first scenario where we were able to help a couple buy a home for their elderly parents for as little as 5% down.

Hope you have a great day. Happy New Year.

FannieMae Occupancy Types for Primary Residence

See also:  FannieMae HomeReady Low Down Payment

Non-Conforming Loans

Non-Conforming Loans

Hi, it’s Mortgage Mack and Happy New Year. I hope you don’t mind the facial hair today. It is very cold in Houston, Texas. So, it’s helping me keep my face warm.

Non-Conforming Loans or Jumbo Loans – 80/10/10 – Less Money Down for Your Dream Home

You know, I have a scenario that I thought I’d share with you today. I have a young couple who have not sold their home, but they found a home they wanna buy. The home they wanna buy is in the $800,000 price range. So, that makes it what we call a jumbo mortgage loan. Now, a jumbo loan is— Maybe that’s the wrong term. Maybe a better term would be a non-conforming loan.  And what a non-conforming loan means or jumbo loan means is that— First of all, the first parameter is that the amount financed is higher than the limits established by FannieMae and Freddie Mac. And I’ll include links for both of those here in the show notes, but also— But you know, you could buy an 800,000-dollar house and it’d still be conforming or non-jumbo loan if you didn’t finance any more than 453,100.

But, in the instants of my clients, we wanna finance more than that because we have a home that we haven’t sold yet and we wanna put this through as 10% down. Now, I’ll go into that here in just a second, but I wanna make sure that I’m clear about what a jumbo mortgage loan is, is that it’s a loan wherein we finance any more than the conventional loan limit established by Fannie or Freddie, which is $453,100 for the current year of 2018 for the Houston, Texas Metropolitan Area. And once the loan amount exceeds Non-Conforming Loansthat,

then we fall into what is called the jumbo or nonconforming category at which the underwriting requirements are far more rigorous than traditional FannieMae or FreddieMac

You Can Borrower Your Down Payment with a Second Mortgage Loan

So, let’s talk briefly about our scenario and solution that I’m gonna help my clients with today. So, what I have is I have a jumbo loan that allows for as little as 10% down. Now, most jumbo loans require much more than 10% down. The traditional requires at least 20, maybe 25, but I have a special product here for them. And it’s what we call an 80/10/10. So, they can put as little as 10% down. I’m going to borrow another 10$ as what we call a second mortgage for them on their behalf. Now, I can arrange this type of financing for a client to $900,000 as the maximum amount borrowed. It does require 6 months reserves and what that means is that it will $100,000 to close and your payment was 5,000, then you have to have at least $30,000 left in the bank after closing.

Low Down Payment FannieMae HomeReady

Low Down Payment

Low Down Payment Home Loans

Hi, it’s Mack with One Trust Home Loans and thank you for being here today. You know, I’ve talked about the disaster relief mortgage recently and just had a real scenario where we had a young man who did qualify for the disaster relief mortgage, but was unfortunately not able to participate in it just because he was looking for condominiums and we just couldn’t find a condominium project in the areas that he wanted that were approved for FHA loans. As I stated before, the disaster relief mortgage is a FHA 203(h) mortgage.

HomeReady Offers Low Down Payment Home Loans for Houston Home Buyers

So today, I thought I would talk about FannieMae’s HomeReady program. Now, it is a program that is not designed just for first time homebuyers, and the down payment requirement is only 3%.  HomeReady is designed for low to moderate income and does have geographic or income restrictions for the geographic areas in which the home is located.

Low Down Payment Home Loans

You don’t have to be a first time homebuyer, but you can’t currently own a home to participate in this program. What else can I say about it?  HomeReady has a slightly lower than market interest rate. So, the interest rate is very aggressive. Mortgage insurance is cancellable. So, you don’t have to carry the mortgage insurance for the life of the loan like you would if you were to do a disaster relief mortgage. It also has flexibility on income.

FannieMae HomeReady Allows for Boarder Income

I had a young man recently whose father lived with him and helped him pay the bills. And with appropriate documentation, I was able to use a portion of that income, what we call boarder income, to help him qualify for more home.

30-year fixed mortgages and 15-year fixed loans are available for single family dwellings and condominiums as well

HomeReady does require home buyer education with Framework  or an approved HUD Counselor

I hope this information was helpful. Thank you again for attending and this MortgageMack out. Have a great day and happy holidays

Home Loan Approval

Being pre-approved can make your offer more attractive to a seller in a competitive seller’s market.

Home Loan Approval vs. Pre-Qualified Applicant

Hi. It’s Mack with One Trust Home Loans and thanks for being here. My NMLS number is 208691. And today, we’re going to talk briefly about being pre-qualified verses a home loan approval. You know, we find ourselves in a very tight inventory for houses that are for sale. It is very competitive out there. If you’re a first-time home buyer, it can be very challenging to find a home not only in your price range, but when you do, you find that you’re competing with other buyers.

Having a Home Loan Approval gives Buyers an Edge over Other Pre-Qualified Applicants

One thing that I know that will give first-time home buyers an edge in the market and even, you know, move-up buyers is to be pre-approved versus just pre-qualified. Now, in my 25-year career, the process for most home buyers starts with a pre-qualification wherein, you apply online or you apply in person, and we spend some quality time together, and discuss your goals. And we make sure that those goals are achievable based upon the income, the assets and make sure that the goals are achievable even within the framework of what you define for us with regards to your specific goals for down payment, closing costs and monthly payment.Loan Approval Process

Loan Approval Process Documents

Now, the home loan approval process takes the pre-qualification process several steps further. So, not only do we complete the loan the application,

Having A Home Loan Approval vs. Pre-Qualifed Applicantspend some time together and define your goals, but then we also put together the financial documents that are necessary to support the application, which include your W-2s for the most recent 2 years, pay stubs equal to 1 month’s income, 2 years tax returns, 2 months bank statements, appropriate identification, and some other items.  You can find a link with an approval checklist here on my video blog.

Now, what we do with that information is we not only just— Not only do we take and review it, but we submit your financial documents to an underwriter and request that the underwriter give us a pre-approval. And then we issue a pre-approval letter to you. And that letter in and of itself in a competitive situation where you are competing with other buyers can  make a difference in whether you get the property versus another person that didn’t take the process, that extra step to reassure a seller that you are indeed qualified to purchase a home.

I hope this was helpful. Please leave a comment and please tell us if there’s any of the material that you think would be of value to you that you would like to know more about. I’d be glad to share it with you. Thanks a lot.

Loans Disaster Victims

Zero down home loans available for victims in Presidential Declared Disaster Areas…

Home Loans for Disaster Victims

Hi. My name is Mack with One Trust Home Loans and welcome. My NMLS number is 208691 and today, we’re going to talk about home loans for disaster victims also called the Disaster Relief Mortgage, otherwise known as FHA 203h. 

If you or someone you love or know has been displaced as a result of a disaster within a Presidential Declared Disaster Area and whose home has been damaged and/or destroyed, you could be eligible for this special financing. This program does not require a down payment and has very flexible guidelines with regards to income, credit, and assets.  In addition, FHA 203(h) also allows for seller contribution up to 6% of the sales price.

Home Loans for Disaster VictimsHome Loans for Disaster Victims it Could be Zero Down

You could move in for as little as zero or for as little as it might take to rent a new apartment or a new home.  Again, the program is available in Presidential Declared Disaster Area to persons that were renters or homeowners whose homes were destroyed and/or rendered unlivable. The loan program is available for 1 year after the declaration of disaster. And if you think you might be eligible and would like to have more information, please reach out to us at mortgagemack.com or mack.blankenship@rate.com or please leave a comment under this video and I will be glad to respond to your comment.

If you have any suggestions for additional material that you think would be important to you, I would love to hear from you.

Thank you. Have a great day.

Calcon Morggage LLC, dba OneTrust Home Loans is an equal housing lender; NMLS #46375:  3131 Camino Del Rio North Suite 1680, San Diego, CA 92108.  Corporate phone (888) 488-3807.  For more licensing information visit:  https://onetrusthomeloans.com/licensing-information/.  All products are not available in all states.  All options are not available on all programs.  All programs are subject to borrower and property qualifications.  Rates, terms and conditions are subject to change without notice.

Mack F. Blankenship is a Mortgage Loan Officer at Onetrust Home Loans, 1345 Campbell Rd., #222, Houston, TX 77055.  Phone:  (346) 223—0336; NMLS #208691:  https://onetrusthomeloans.com/lo/mblankenship https://www.facebook.com/mortgeagemack/