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The latest posts from Global Lending Solutions, a Flower Mound, TX Mortgage Company
Flower Mound, TX Mortgage Company Blog
Peace Officers, Firefighters, Correctional Officers
Do you meet these qualifications? • A full time paid fire fighter in Texas? • A peace officer? • An adult or juvenile corrections officer? • A county jailer, EMS Personnel? • A public security officer? Texas has a grant money program with funds set aside to help you purchase a house as a first time home buyer. See details below about this program for you – First Come First Served. This grant money is available to qualified fire, peace or correctional personnel as listed above. Grant Mony requirements: • Income and home purchase price limits apply • You must meet standard mortgage underwriting requirements as credit worthy • The house you are buying must be your primary residence • FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions, Inc. is here to help you with a mortgage for your dream home and show you how to use this Homes for Heroes program to your... read moreFannie Mae creates HomePath to sell homes
Fannie Mae’s goal is to sell in a timely manner the properties that it now owns due to foreclosures. They have created a database, called HomePath, that includes only these properties. There is a wide selection from single-family homes, condominiums, and town homes. These are located in a variety of locations, many of them are relatively new and some are older homes. Some homes may require repairs. Benefits of HomePath program: • 5% down payment for primary residents • 15% down for investors • No mortgage insurance • No appraisal fees Down payment can be funded by your own savings, a gift, a grant, or a loan from a nonprofit organization, state or local government, or an employer. Fannie Mae may have made some repairs but the houses are sold “as is” so buyer should be aware that other repairs may be needed. Fannie Mae does not warrant or guarantee any work that may have been done on the property. Where a home warranty is available, you may wish to buy one at your own expense. Fannie Mae requires a lender’s prequalification Fannie Mae wants to be sure the prospective buyer will be able to complete the sales transaction and obtain financing when needed. Prequalification does not mean one is approved for a loan. Buyer will have to apply for a loan separately. We, at Global Lending Solutions, are ready to help you take advantage of this program. We are an approved HUD Lender and Certified for the HomePath program. No mortgage insurance will be a big savings for your cash flow. Call us today for your prequalification, so... read moreThinking about Refinancing? Items to Consider.
Mortgage rates continue to fluctuate. Here are some tips on what information you should have to help you determine if this is the right time for you to refinance. What percentage difference? A current rule of thumb is if your current mortgage rate is a full one percent or higher than the current quoted rates, it is a good time to consider refinancing. FICO Score This term comes from the acronym for Fair Isaac Corporation, the company that created the best-known and most widely used credit score model in the United States. Currently a score of 740 or higher is required to get the best rates in today’s market. Various Options for Paying Fees Each market varies in this area. Situations vary from the buyer paying the fees out of pocket, rolling the fees into the loan with maybe a higher rate. Or, having the fees added to the principal. Experience Counts We are here to help you navigate the current refinancing course. Experience can be a big factor in getting the correct loan for each customer. That is why our experienced staff is such an asset. Give us a call to let us help you evaluate your unique situation. (817)... read more