Mortgage Broker

What is the least amount of money down required to get a residential mortgage with a mortgage broker?

 

As a mortgage broker with multiple lenders, we have extremely flexible down payment requirements. There are a range of programs that allow customers to become homeowners with little or no money out of pocket. A home is a great investment for you and your family, even if you do not have a 5% or 10% down payment available right now. Contact us to discuss your situation and let us make your home ownership dream a reality. 

 

What is the lowest credit score a person can have to purchase a new home from a mortgage broker?

 

There is hope for pretty much anyone in the 500s. From the 580’s, we can access some low-down-payment options, and conventional programs usually start in the 620s.

 

The most popular program for people with low credit scores are FHA home loans. It is indicative that this program treats 580 as a cutoff for their low down payment program, not for a loan itself. While the average credit score for an FHA loan is in the 600s, and the average beacon score for a conventional mortgage is 700, customers can be encouraged by programs specifically targeting the below-580-FICO applicant. As a mortgage broker, we are going to connect you with the optimal program for your needs.

 

We fight for every loan, so our customers can know they have an advocate in their corner. Whatever your credit score, there will be things we can use to argue for your home loan. Your employment history, income, and down payment are all factors that can help to balance a low credit score. 

 

Can a mortgage broker help me if I have already taken out a VA mortgage with a mortage broker? 

 

If you are a military service member or veteran, and you have already used your VA loan, we can help restore your VA loan privileges. VA Form 26-1880 can be used to restore your ability to qualify for a preferential VA mortgage. We can also help surviving spouses to take advantage of VA mortgage benefits. In some cases, veterans with open VA loans can take out additional loans. Message us for help with a VA mortgage. 

 

How much equity do I have to have to take out a home equity loan? 

 

Texas has complicated rules about taking out HELOCs. Most homeowners are familiar with Texas’ “80% Rule,” which makes caps total home loan debt to 80% of the value of the home, including the primary and second mortgages. Additional rules, peculiar to Texas, include the “One Loan at a Time” rule, which means only one second mortgage loan can be open on a property at one time, and the “One Year, One Loan” rule, which means you can only initiate one second mortgage on a given property any given calendar year. This means it is very important to get the money you need - at the best possible rate - the first time you go for a home equity loan.

 

Are you a mortgage broker which handles mortgages for self-employed people? 

 

So-called “Stated-Income Mortgages” ceased to exist after the mortgage meltdown in 2009. They were effectively banned by the legislation that passed in the wake of crisis that started the Great Recession. For several years, it became extremely difficult for self-employed people to arrange home mortgages at all, even with great credit or large down payments, and even with an aggressive mortgage broker. Fortunately, we have solutions that work for self-employed people. In fact, these loans are easier than ever because of the low-interest-rate environment customers are enjoying. 

 

“Bank Statement Mortgages” (BSMs) allow self-employed people to prove their income using proof of deposits into their checking accounts. Often, entrepreneurs and small business owners with considerable enterprises - often with sales over $200k per year - do not have a lot of income reflected on their tax returns. Depreciation, tax credits, and shareholder notes bring down the business owner’s taxable income in a way that makes them look like poor risks for mortgage lenders. BSMs solve this problem, because it allows customers to “prove” their income with their bank statements. The amount of home you qualify for can potentially be dramatically higher using this method, while the rate you pay may be much lower than the old stated-income loans used to carry.

 

Do I have to have a cosigner to buy a house with a mortgage broker if I have no credit? 

 

Most customers who have no credit score - but who have good employment and decent income - can qualify for a home loan without a cosigner. The obvious first choice for these loans is an FHA loan, since they are open to using non-traditional methods to establish credit worthiness. It might not be the only choice though a mortgage broker. Call for a quick discussion of what you’re looking to do, and we’ll find a way to make it work. 

 

How much credit history do I have to have to secure a new home mortgage from a mortgage broker? 

 

In terms of a credit report, none is actually required. When we discuss your situation as your mortgage broker, we will ask you a few questions to figure out the best way to help you. We might ask about your rental history or even utility payments to find a way to establish your creditworthiness in the eyes of a lender. Remember, we fight for every deal, so you can expect us to find a way to make things work, even if you have no credit history.

 

How long do I have to keep a mortgage open before I sell the house I buy? 

 

A loan can be paid off at any time, but if you are investor looking to move in and out of real estate on short time-lines, consider a Hard Money Loan from a mortgage broker like us. These are fast-closing, low-paperwork loans that let you close on real estate deals fast. We typically close loans much faster than the 45-day average for home loans in the US, but Hard Money Loans are the fastest way to buy and sell real estate for investors. We can help you with these loans, and help you profit from this great economic climate.

 

What is the down payment required for a Hard Money Loan? 

 

Zero.  The Texas 80% does not apply to purchase loans, and it does not apply to Hard Money Loans. We can arrange 100% financing on properties for you, up to a 70% ARV (After-Repair Value). We have investors ready to close quickly on these loans. Call and let’s talk about working together to grow your portfolio. 

 

What credit score required to get the very lowest interest rates available? 

 

While there is typically a 760+ tier on a rate card, anyone with a 700 or higher credit score can expect a historically low interest rate utilizing us as your mortgage broker. In fact, the difference in mortgage rate between a 700 score and an 850 score is nominal. Competition for customers is fierce, and you can expect us to find lenders eager to fight for your business, whatever your credit score. This is truly a buyers’ market.

 

Can I take out a loan through a mortgage broker if am still waiting to sell my last house?

 

The real estate market is hot, and the home you are looking at might not be available by the time you sell your existing home, especially if that house is in a market less hot than the Houston housing market. Don’t wait to buy. We can provide you with home loan that will get you into the house you want. Once your old house sells, we can roll your equity in a new loan on the home you’re buying, or simply refinance the mortgage if terms have improved because of your better ratios.