FHA, VA, and USDA Highlights!!

FHA HIGHLIGHTS FHA- 580+ FICO for PURCH, RT, C/O including Flips & High Balance! FHA - Repair Escrows OK! FHA - 203k Full & Streamline w/ 580 FICO! FHA - HUD REO $100 Down Homes OK! FHA- MFG HOMES OK - 580+ FICO - 620+ FOR SINGLE WIDE   FHA- No LTV Caps! FHA- NO OVERLAYS!!! FHA - YSP Credit UNLIMITED!!! FHA- No DTI CAP - Follow AUS Findings!!! FHA- NO Minimum Credit History or Trades with AUS Approval! FHA- No VOR Unless Required by DU Findings! FHA- Transfer appraisals from ANY lender/AMC OK! FHA- Borrowers with 1 FICO OK! FHA- Collections - HUD Guides Apply - Medical & Charge Offs Ignored! FHA- Mortgage Late OK if AUS Approved!!! FHA- Non-Occupant co-signers - NO MINIMUM FICO! FHA- ESCROW STATE - Non Purchasing Spouse derog’s ignored - only affects DTI FHA- Borrower w/ Work Permits, Non-Resident Alien OK! FHA- 1 Day off Market for Cashout Refi! - Must be off market before date of loan application! FHA- Rental Income on 2-4 Units OK for FTHB!!! FHA- Streamline - 580 Score for- Conforming & JUMBO! No Appraisal, No Income, No Credit Qualifying!!! FHA- Streamline - Max 1x30 in past 12 mos - Cannot be late within past 90 Days! FHA- Streamline -Investment and 2nd Homes OK! FHA- Streamline NO SCORE - Ignore other property

VA HIGHLIGHTS VA- Min 580 FICO regardless of Loan Amount! VA- MFG HOMES OK - 580+ FICO - 620+ FOR SINGLE WIDE  VA- LP or DU FINDINGS OK!!!  VA- NO OVERLAYS!!! VA - YSP Credit UNLIMITED!!! VA- No DTI CAP - Follow AUS Findings!!! VA- NO Minimum Credit History or Trades with Approved or Refer AUS Findings! VA- No VOR Unless Required by DU Findings! VA- Borrowers with 1 FICO OK! VA- NO COLLECTIONS paid UNLESS required by AUS! VA- Up to 2x30 OK on RT, Cashout, Purchase! VA - IRRRL 580+ W/ Appraisal 100% LTV! VA - IRRRL 620+ W/O Appraisal ANY LTV! VA-IRRRL 620+ W/O Appraisal HIGH BALANCE!  VA- IRRRL Job Listed on 1003 Only VA- IRRRL No Income OK VA - C/O Refi's up to 100%!! VA- Approved/Eligible - Unlimited DTI!   VA- REFER/ELIGIBLE - 43% Max Ratio VA- 580+ - All Purchases and all REFIs!!! VA- No Seller Title Seasoning!!! VA- Seller can pay all closing costs & Prepaids + ADDITIONAL 4% VA- 1 Day Off MLS FOR all Refi's including Cashout!

USDA HIGHLIGHTS USDA- Min 580 FICO USDA- Order your own appraisal through any AMC USDA- 640+ - No Overlays to GUS Findings USDA- 640+ - No Trades/Alt Trades OK - No Collections Paid USDA- 580-639 - Refers OK - Max 29/41 Ratio USDA- 640+ - No Rent Verify No VOR USDA- 640+ - No Tradeline Requirement USDA- No Title Seasoning USDA- Max Loan $417k - 102% LTV Of Appraised Value USDA- .40% Monthly MI, 2% Guarantee Fee USDA- No Asset Verification if No Funds needed to close, No reserves USDA-Gift Funds Allowed - Max 6% Seller Concession USDA-Ratios to 36/48 w/ 640+ and GUS Approval w/ Comp. Factors USDA - File sent to RD within 24 Hours of UW Clear! USDA - No Rent Verif. Required Unless we need Ratio Waiver & GUS Refer USDA - Streamline Refi ok w/ 580+ FICO

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

Frank Marta NMLS# 245813/835196

www.nuhomegroup.com

How Do I Calculate My Monthly Income?

 If you’re a future home buyer, you might have used one of those “How much mortgage can I afford?” calculators online. These calculators typically gather information like your down payment amount, credit score range, monthly or annual income and debts.

Then, they’ll spit out an estimate of what a bank might lend you mortgage-wise.

These calculators work primarily by figuring out your debt-to-income ratio and then how much you can afford to pay for your monthly mortgage payment. This is similar to how banks decide how much to lend you, but first you must know what your monthly gross income is.

Yearly– Take your yearly gross pay and divide it by 12 months.

Monthly– If you are paid monthly, and then your gross pay is your gross monthly income. Pen and calculator

Semi-Monthly – Multiply your gross income by 2.

Bi-Weekly– Multiply your gross income by 26, then divide it by 12

Weekly– Multiply your gross income by 52 (weeks per year) and then divide it by 12 (months per year)

Hourly– Multiply your hourly income by the amount number of hours you work a week.  Then multiply that amount by 52 (weeks per year) and divide it by 12 (months per year)

Gross income: Your gross income is how much you make before taxes, or any other deductions are taken out.

Here is a visual Chart

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

Homebuyers Check List

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345.

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

Basic Steps to Buying A Home

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345.

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

Red Flag Signs for Realtors

 As we all know, the real estate business is always up, going and competitive. It may become over whelming with finding listing, showing houses, dealing with clients, and over all put someone else’s needs before yours. As a Realtor you want to provide your client with top customer service and immediate feedback. Realtors always go out of their way to help clients but, the one thing that is most frustrating is when you spend time and money on a client who can’t qualify for a loan. Here are three ways to determine whether your clients credit will qualify.

1. Foreclosure- the process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments.
          This is a red flag because this shows the ability to pay on a mortgage, the banks frown upon this. That is a property you that you lost, that doesn't help you in any way and you’ll have to explain why you lost the property. The most lenient reason for banks are: loss of spouse, economy reasons, the company you worked for went down and/or business failed.

2. Bankruptcy- (of a person or organization) declared in law unable to pay outstanding debts.
          Bankruptcy is when sign an act stating that you can no longer pay your bills. What the court does is hire an attorney to help you file or send out ceases and desist letters which legally keep collection companies from contacting you.

3. Judgment’s- A collection
          This is when the collection companies take you to court, are awarded the case, and are allowed to be reported on your credit report and public report. The banks do not except any bank judgment’s. They must be paid, because in the state of Texas a judgment can be tied into Real Estate. Since judgment’s are tied into real estate, if you want to sale your home or refinance your home you will be forced to pay from your proceeds of your sale.

          Why does this affect you? You just stated that you can not pay for your bills, that’s a major risk for banks. There are special limitations with bankruptcy.  Depending on what kind bankruptcy you filed it will affect the amount of time you will have to wait before you purchase your next new home.

If your Client does not have any of these, your chances are greater than 50/50!

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345.

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

How do I repair my credit?

Most of us, at some time or another, have done something to affect our credit rating, perhaps without even knowing it. A late or missed credit card or home mortgage payment is just one example. When you buy a home, your real estate agent will encourage you to get pre-approved for your mortgage. It's during the home loan application process when problems often come to light.

For home loan purposes, a score of 650 or higher generally indicates a good credit history and will make it easier for you to secure a mortgage. If your score falls between 620 and 650, your borrowing capability will be examined more closely. And if you rate below 620, you may have a credit crisis. When you’re planning on buying a home, your credit score will have a big impact on your interest rate and loan terms. If your score falls on the lower end of the scale, you’ll pay a higher interest rate. Dip too low, and you may not get approved at all.

Blemished credit is both stressful and costly, but it's not the end. As hopeless as the situation might seem, bad credit won't last forever. There are things you can do right now to begin improve your credit score.

In my 12 years of being a loan officer I am always asked, “What should I do to fix my credit?” I normally recommend 3 things to do.

1. If you have a serious credit problem and/or a lot of collections (anything over 6 collections), I recommend you go to a credit restoration company. If your collections are $500 and under, I suggest you pay them and get them out of the way. As a rule, If your collections exceed $1,000 and are more than 2 years old, you can leave those alone for now. When you are trying to repair your credit with credit restoration companies its best to go with local companies, it would be most convenient for you. In addition to this, you would need to have at least 3 open and current lines of credit.

2. Secondly, if you do not have 3 lines of credit, you should open 3. Understand that if you have bad credit or low credit scores it would be difficult to find someone to give you a loan. Here’s the trick! Upon your first payment, you should go pay off 50% of your loan. For instance, if you get a line of credit for $500 pay off $250 on the first payment, if you get a line of credit for $1,000 pay off $500 etc. This will give you an immediate boost of 10+ points on your credit score. Just be mindful that you have to pay off 50% or more on your first payment.

3. Lastly, the easiest thing you can do is visit your local Credit Union and open 2 secure loans. If you are married open jointly secure credit lines. For the third account, open a secure credit card. You should only charge 10% of the limit and never exceed 10%, this will give you a boost on your credit report.

It's important to note that repairing bad credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. 

If, after all your work, you still score below the 620 mark, it doesn't mean that you won't qualify for a home loan. It may mean, however, that your mortgage will take longer to process and the terms and interest rate may not be as good as you were hoping for. Talk to your real estate agent about referrals to high-risk lenders.

Repairing bad credit can take many months to a year or more. But when you're ready to buy a home, you'll be glad you took the time to improve your score - and your mortgage payment will be lower because of your efforts.

NuHome Group 713-373-0345

1445 North Loop West Suite 105 Houston, TX 77008

Frank Marta NMLS# 245813/835196

FHA Loans: Can you have more than one FHA property?

FHA loans: Can you have more than one FHA property?

Yes with certain exceptions.

FHA loans allow for you to have more than one FHA loan if one of these apply: 

1. If you can prove that your family size has grown you may be eligible for a second FHA loan. 

2. If your job relocates you more than 50 miles from your home. 

3. Divorce.

 For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com or give us a call (713) 373-0345


.NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

FICO Reduced to 580

Have any additional questions? Feel free to leave a comment or email us info@nuhomegroup.com

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008
Frank Marta NMLS# 245813/835196

Do I have to pay off my mortgage to qualify for another property?

Do I have to pay off my mortgage to qualify for another property? 

There are a couple options that you can choose from:

Option one: FHA loan- the guide lines state that you have to be stepping up from one home to a bigger, newer, or closer to work home. In addition to that if you cannot qualify with two mortgages you will need to have 25% equity in the property that you currently own. With this equity you can count rental income based on contingent lease agreement. This will help offset the mortgage associated with that property.

Option two: Conventional loan: the guide lines state that you have to be stepping up from one home to a bigger, newer, or closer to work home. In addition to that if you cannot qualify with two mortgages you will need to have 30% equity in the property that you currently own. With this equity you can count rental income based on contingent lease agreement. This will help offset the mortgage associated with that property.

Option three: You can rent out your property for 12 months then file the rental income on your tax returns. This will be the only exception to the equity rule for mortgages.

For more information about this subject and about loan questions please contact Frank Marta Texas Home Loan Specialist. Info@nuhomegroup.com

NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008

Frank Marta NMLS# 245813/835196

How the sudden increase in property values will help you and your mortgage.

You can wave the mortgage insurance from your current monthly payment. You can have it taken off by:

1. Refinancing your current mortgage: as long as you have 20% equity in your property.

- I.e.: If you would make 20% profit on the sale of your home today, you do have enough equity to qualify.



2. Not refinancing: Call your current mortgage provider if you feel like you would make 20% profit on the sale of your home property, you do have enough equity to qualify. Simply call them and pay for an appraisal and if you have the proper equity we will take it off.



If you don’t know if your home has enough equity then you should call a professional loan officer to help decide what the best option for you is. For more information about this subject and/or about loan questions please contact Frank Marta Texas Home Loan Specialist at Info@nuhomegroup.com


NuHome Group 713-373-0345
1445 North Loop West Suite 105 Houston, TX 77008

Frank Marta NMLS# 245813/835196