Do you need a fast Pre-Qual?

In today’s competitive market we understand the urgency of your pre-qualification. We acknowledge that in Today’s housing market it is very HOT and new listings go under contract just before you can make an offer. Before you begin your home search have a solid team to help you out. Meaning, you should have a Realtor who is very knowledgeable, a Broker with experience, and a Loan Officer who doesn’t take more than one day to give you a pre-qualification letter, working for you.

If your Loan Officer takes more than one day to provide you with a Pre-Qualification letter, than you could lose out on the opportunity to make an offer on a new listing.

 Have you been Pre- approved for a home? If you have started your pre-qualification process, it is imperative that you get a fast and accurate response within 24 hours after submitting all your loan requirements to the loan officer. Your prequalification is very important, this will determine how much you can afford! Your loan Officer should be able to talk to you about Loan options, rates, monthly payments and other pertaining information regarding your purchase.

This Pre-Approval letter will let your Realtor know that you are a Pre-Approved buyer. Keep in mind, without a Pre-Approval Realtors will not want to show a listing or will take you seriously.

Now, if you are needing a fast, 24 hour Pre-Qualification letter, then come test the waters with NuHome Group. We provide fast responses and give you a through presentation of home buying. Don’t hesitate to call us or get more information.

What Items do I need to get Pre-Qualified?

-Last 2 pay stubs (a month’s worth)

-Last 2 recent months of bank statements

-Last 2 Years of Tax Returns along with the W2’s or 1099’s

-Copy of Id and Social

Ready to get your letter? Call us before you send your documents. We can be reached at the Headquarters’ office of NuHome Group 713-373-0345 or emailed at info@nuhomegroup.com

All consultations are free and we will be more than pleased to answer any questions you may have. What are you waiting for? The time is ticking, let us earn your business!

Frank Marta

Broker/Loan Officer

NMLS: 835196/245813

Now is the time to give!

Wow! Look how the year of 2014 just came and left! Now we are at the end of this beautiful blessed year and are right around the corner of our best holidays.

Come on now… Everyone loves: Veteran’s day, Thanksgiving, the Black Friday deals, Christmas and the fabulous celebration of the New Years! Aren’t we so blessed to enjoy these festivities with family, friends and food? Yes we are! Don’t neglect it.

Aside from our fortune, there are those who are less fortunate. That don’t have money, family, nor food, for not only in these holidays, but in their everyday lives. Is there anything we can do? Of course!

We at NuHome Group are gladly to announce our join with the Houston Food Bank! We will have our doors open for those who want to donate canned goods to the less fortunate. Let’s come together as a family and help put on smiles on people’s faces.  

Not only are we going to donate loads of canned goods but we are also going to give back to those who give! NuHome is going to be sponsoring a raffle for FREE GIFT CARDS! Yeah, that’s right, FREE!!! There will be 7 lucky winners that’s will win gifts cards of their choice. 5 will win a $10.00 gift card and 2 will win a $25.00 gift card.

Rules:

10+ Canned Food will enter you in the raffle for the $10.00 Gift Cards

20+ Canned Food will enter you in the raffle for the $25.00 Gift Cards

NOTICE:  You may only enter in one of the raffles. You can choice either the $10.00 gift card raffle or the $25.00 raffle. If you want your name to go in the raffle bin more than once then you can bring double! Example: If you want to enter the $10.00 raffle and you bring 30 canned goods then that will enter your name in the raffle 3x. If you to enter the $25.00 gift card and you bring 40 canned goods then that will enter your name in the raffle 2x.

Location, Dates & Time:

Address: 1445 North Loop West Suite #105 Houston, TX 77008

                                (Near the Lowes and next to the Chase)

Dates: November 10^th- November 19^th

Hours- 8:30AM-6PM (Walk-in’s are welcomed)

So what are you waiting for? Tell your friends, co-workers, bosses, family, and neighbors to come out and give! Who doesn’t like FREE PRIZES??

Don’t forget to follow us on twitter to get more info @FrankMarta6 and Instagram @NuHomeGroupLLC . We’d love to hear from you!

For more information about this even please call us at 713-373-0345 or email us at info@nuhomegroup.

How to Avoid Delays in your Closing on a Home Loan, The Series Series Three: Income

How to Avoid Delays in your Closing on a Home Loan, The Series

Series Three: Income

In the previous two series, we mentioned how Credit and Assets could cause a delay in the closing of your Home Loan.  If you haven’t read those two blogs I would highly recommend you do so, for they are very educational. In this series, we will be covering, income and how it could affect your loan. Please keep in mind that every scenario is different and I highly recommend that you speak to a professional Loan Officer about your specific scenario.

Top 8 things that could delay your loan process:

1. Not filing your Tax Returns.

2. Not having 2 years of Tax Returns.

3. Not providing all pages to your Tax Returns. (Both Years)

4. Not having the w2’s/1099s for each Tax Return.

5. Having too many write offs in which lowers your income.

6. When you transition from 1099’s to w2’s.

7. Having 2106 expenses that do not favor you.

Q. & A.

Q1. What if I transition from ITIN Tax Returns to a social security number?

A1.Your Tax Returns would have to be amended for the past two years. This would take time and delay your loan process from 8-16 weeks depending on how fast you could get your taxes amended and if they become verifiable with the IRS.

Q2. What happens if I owe the IRS?

A2. You would either have pay in full or establish a payment plan with the IRS. You must be able to prove that you have paid the IRS in full or that you have arranged a payment plan. Depending on how you pay, this particular situation could slow down you loan process anywhere from 2-4 weeks.

Q3. What if I filed my Tax Returns late?

A3. If you filed your Tax Returns late, your transcripts are not verifiable yet. This could delay your loan anywhere from 4-6 weeks.

What Is NOT Allowed:

1. Not having a two year work history is unacceptable to the lenders. A gap of employment is acceptable for up to 6 months only when there is a good excuse. Please keep in mind that if you have not had two years of employment but you have been a full time student for those years that is acceptable. All we would need is your transcripts and proof that you are currently employed in the field in which you graduated on. Please be aware that you may have more than one employer for the past two years but your employment must be in the same line of work.

2. The rule of thumb is, if you go from W2 to 1099. You must have two years of Tax Returns as a 1099, if you just transition, you must wait until you have two years filing Tax Returns.

3.  If you are self-employed, receive commission and bonuses as an income, we can only account for that income if you have been receiving this additional income for more than 24 months.

If you would like to be informed about more reasons on how to overcome any delays please email us or contact us by phone. You should always call to consult with a professional loan officer for your personal scenario.

Frank Marta

CEO/President

NMLS: 835196|245813

Office: (713) 373-0345

Email: info@nuhomegroup.com

How to Avoid delays in your closing on a Home Loan, The Series Series Two: Assets

Earlier in Series, On of How to Avoid delays in your closing on a Home Loan, we mentioned just how important your credit is for when you’re applying for a home loan. Aside from your FICO score, your assets are a huge part to your loan approval. You must prove that you have the funds to close and all funds must be sourced prior to issuing out a loan approval.

 For Residential home loans you need 2 months of recent bank statements and for Commercial loans we would need 3 months of recent bank statements.

For Example… If you apply in the month of October 2014 NuHome would need August 2014 - September 2014 bank statements for a Residential Home Loan. Now, if you’re getting a Commercial Loan then you would need the bank statements for July 2014 – September 2014.

Once we have received your bank statements we will look through them thoroughly. Please be aware that any cash deposits over $100.00 MUST be sourced.

Gifted Funds                                                                           

A “gift” is allowed only when it is given by an immediate family member.  It must be considered a gift and NOT a loan which will be requested to be paid back. If you received a gift from a family member you must have a gift letter stating: who gave you the gift, when it came to your account, and the donor must be willing to provide their bank statement. The Donors bank statement will prove that the donor is in a good financial position to gift you those funds. This is what we call the “Gift Test”. You may scratch your head and say... ”Hmm. well why is their bank statement relevant?”

The Gift Test

Here’s why… Let’s say Uncle Sam gives you a gift of $7,000.00 for closing cost but he only has $7,300 in his account. There is no way he is any position to give you that gift. Based on the ability to give a “Gift Test”, which is listed below, would fail because this bank statement shows that he would be left with no money for himself.

Bank of America

10/01/14 Cash Deposit	$700.00
10/05/14 Company Check Deposit	$3,000.00
10/15/14 Company Check Deposit	$4,000.00
10/16/14 Company Check Bonus Check	$300.00
10/17/14 Cash Withdrawal	$7,000.00

                        Current Balance                                                            $300.00

Now let’s talk about Cash Deposits… If you or your donor has bank statements that have cash deposits of $100.00 or more they must be sourced. If any cash deposits over $100.00 cannot be sourced that amount will be backed out of total funds to close. Cash deposits may be sourced by invoices or other donor’s gift letter.

For instance... If Uncle Sam provides us with a bank statement, like the one that is listed below, and says that a family member gave him that cash to deposit on October 1, 2014, then we would need a gift letter from that family member along with a Gift Test. Everything must add up and must be sourced.

Bank of America

10/01/14 Cash Deposit	$700.00
10/05/14 Company Check Deposit	$3,000.00
10/15/14 Company Check Deposit	$4,000.00
10/16/14 Company Check Bonus Check	$300.00
10/17/14 Cash Withdrawal	$7,000.00

                        Current Balance                                                            $300.00

            After we have received all gift letters and source all cash, we will be able to issue your loan approval. This final bank statement will need to be an original copy or print out and signed copy from a bank representative. By us addressing these issues ahead of time, we will make the loan process a lot faster once it goes to underwriting. Keep in mind that if we do not receive the assets and gift letters, then there will definitely be a delay in your loan process.

For more information on this subject please contact us by phone 713-373-0345. Frank Marta NMLS# 245813 | 835196

How to avoid delays in your closing on a Home Loan, The Series

Series One: Credit Score

                                                                                      

            Like all buyers, you see a home, want it, and then you go pursue it. You go set up an appointment with a Mortgage Broker and expect to get a smooth closing. Right? Of Course! But not all prospect buyers know exactly what documents they need or what credit score they need in order to get the closing done in 30 days or less. Keep reading and keep scrolling down to unlock your full potential on a fast and easy home loan process.

Credit Score

            Although we at NuHome Group go down to 580 FICO, the higher credit scores the better rates you get. One thing lenders are really looking at is your credit report blemishes. This includes any: judgments, foreclosures, bankruptcies, late payments, broken leases, and disputes. The guidelines ask that you remove any disputed accounts, pay any judgments, and any broken leases prior to application. For home buyers who want to buy a home but have had a foreclosure or filed for bankruptcy don’t be discouraged just yet, we have special loan programs just for you!

Why should I remove my disputes before applying for a loan?  Won’t the lender help me?

            Once you have applied for a loan, gotten approved, and your loan goes to underwriting, the underwriting department will send back a list of conditions in which the borrower would have to comply to and bring forth the required documentation need for closing. If you have a dispute that normally doesn’t go away in a day or two, it takes time.  The longer the borrower takes to bring the listed documentation, the longer it takes to the keys to the house. If you do have disputes and don’t clear them right away then your loan goes into suspension which delays your loan even longer! We understand your need to close fast and get into the home in which you desire, so we prevent any delays that will cause headaches and heartaches; therefore we do not issue approvals on clients whom haven’t removed their disputes. If you go to another company and they accept disputes please BEWARE, and be prepared to deal with a lot of problems.

For more information about how to avoid any delays in your closing on a home feel free to give us a call (713) 373-0345. Brought to you by NuHome Group LLC. Frank Marta, President, NMLS# 245813 | 835196

How to choose between an FHA, VA or Conventional Home Loan?

How to choose between an FHA, VA or conventional home loan?

People who work with home loans every day can forget just how confusing their jargon can be to outsiders. Here is a quick overview of the three main types of mortgage from which both first-time buyers and old hands may choose. In America, the money borrowed by home buyers is almost invariably provided by commercial lenders, but the federal government guarantees at least part of the debt for Federal Housing Administration (FHA) loans and Veterans Administration (VA) mortgages.

FHA loans

FHA loans are currently the most popular form of borrowing among home buyers. That federal guarantee reduces the risk that lenders take on when providing these mortgages, which allows them to require smaller down payments (as low as 3.5 percent of the appraiser's valuation of the home) and less perfect credit (sometimes a score of 580 or so is sufficient) than they do from other borrowers. Closing costs can also be lower too, according to the FHA's website.

VA mortgages

VA mortgages are designed to give special privileges to those who served their country in the military and the surviving spouses of those who died on active service or as a result of their service. The loans are only available to those who meet strict eligibility rules.

Perhaps the two key advantages of VA mortgages are:

1.            They require zero down payment -- providing the price paid doesn't exceed the appraiser's valuation of the property.

2.            Credit score requirements are low -- maybe as low as 620.

VA mortgages may also be less expensive than comparable FHA loans, because private mortgage insurance premiums are not payable. Closing costs are limited, and you can also pay off your loan early without penalty.

Conventional mortgages

Just to make life difficult, different people define "conventional mortgage" in different ways. Some say it's synonymous with "conforming loan," which means one that conforms to Freddie Mac's and Fannie Mae's standards.

However, others say a conventional mortgage is any home loan that isn't guaranteed by the government under programs such as those managed by the FHA and VA -- and that seems a more helpful definition.

Mortgage lenders view each application in the round. Someone with a high credit score but a low down payment (or vice versa) may or may not meet an individual company's criteria. Currently, most in theory require a minimum 5 percent down payment, although in practice more may be required.

Anyone who can qualify, may well find the overall cost of a conventional loan to be lower than those from government-backed programs, so people who are borderline cases might wish first to explore the conventional route.

For more information about this subject or about loans please contact us at 713-373-0345 or email us info@nuhomegroup.com

Frank Marta

Mortgage Broker/ Owner

NMLS: 245813|835796

Office: 713-373-0345

How Do Lenders Know The Maximum Loan Amount Buyers can Afford?

If you are new to the real estate market, the cost of a home may appear daunting. You may feel that you cannot qualify for any home loans, based on your income. However, lenders have a logical and clever way to formulate the best loan amount for you. It is possible to own a home, even with a limited budget. Lenders take your unique income and financial background to create a loan package perfect for your monthly budget.

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The Debt-To-Income Ratio

The main financial formula that lenders use to determine your maximum home loan amount is a ratio of debt-to-income, or DTI. Your household’s gross, pre-tax income is added up. It is then compared to your non-housing and housing expenses to find a manageable budget for a home loan. In general, a high income or low debt allows you to finance a larger loan amount, but each situation is entirely unique in the real estate world.

What Qualifies As Non-Housing Expenses?

Lenders understand that you have other financial commitments that require a monthly payment. Non-housing expenses typically include child support, student loans, alimony and car loans. These monthly debts are usually fixed amounts, giving the lender an idea of your financial limits. If you only have a few of these non-housing expenses, your chances of a larger home loan amount increases. You have more available monthly cash flow to dedicate to the home loan in these cases.

Federal Housing Administration’s Guidelines

Lenders do have monetary lending limits as set forth by the FHA, or Federal Housing Administration. Prospective homeowners still need ample funds outside of the mortgage payment for everyday needs, from groceries to paying the electricity bill. To avoid predatory lending practices within the mortgage industry, the FHA regulates that home loan payments cannot exceed 29 percent of a household’s gross income.

To fine-tune this law, the FHA also took non-housing expenses into consideration. If you add your monthly home loan payment and non-housing expenses together, the total amount should not exceed 41 percent of your gross income. This law protects homeowners from taking on too much debt at any one time, especially if a lender is questionable.

Additional Decision Factors

Lenders can alter the home loan’s amount and interest rate slightly if you have a large down payment saved up or an extremely high credit score. Good credit histories still play a large role in determining loan amounts and corresponding low interest rates. Overall, lenders must look at your entire financial picture to make a fair and well-informed decision on a final loan amount.

For more information about this subject or about our loan programs please contact us at 713-373-0345 or by email info@nuhomegroup.com

NMLS# 245813/835196