"10 Commandments When Applying for a Mortgage" was brought to you by the outstanding agents at Register Real Estate Advisors.

1. Social Security Numbers
2. Driver’s License
3. Employment Info for the past two years, Current Pay Stubs
4. 2 Years Tax Returns
5. If renting, landlord info
6. Addresses for past two years
7. 2 Months Bank Statements
8. Current Loan Information
9. Homeowners Insurance Info
10. Purchase Contract for the Property if it has been chosen
11. Bankruptcy Documentation if applicable
12. Divorce Decree if applicable

For more information, contact your RREA lending professional at 281.288.3500.  We want to help you purchase your next property!

"Document Checklist for a Mortgage" was brought to you by the outstanding agents at Register Real Estate Advisors.

"Mortgage Options for Foreign Nationals" was brought to you by the outstanding agents at Register Real Estate Advisors.

I have seen families rent out their homes and purchase or rent a cheaper house until they catch up financially.  This is a viable option as long as you find a good tenant that pays on time every month and does a good job maintaining the property.  A con is that if the home needs a lot of repairs over the next year it could be costly.  In this situation, your credit has no negative impact unless you slow pay on your mortgage due to slow paying tenants.  Remember that if you cannot find tenants, you still have to continue to pay your mortgage, HOA fees, taxes, and insurance.  If you purchase a smaller home, now you owe two of everything!

If you sell your house for more than you owe on it and you aren’t paying the difference, you are doing a short sale.  This shows slow pay on your credit, but at least you can buy another house in a few years which is a better outcome than having a foreclosure on your credit.

The only good thing about a bank walk away is that you no longer owe on a mortgage.  As for your credit, it’s just like a bankruptcy.  As far as your credit rating is concerned, a deed in lieu and a bank walk away damage your credit equally according to FICO.  Bad credit can damage any security clearance you have.

These are some things to think about when you cannot afford your mortgage.  You should always consult with as many professionals as you can to determine which route is better for you.  If you would like to talk with a Realtor who can help you through a short sale, give RREA a call today to speak to one of our Realtors.

"Take A Look at Your Options" was brought to you by the outstanding agents at Register Real Estate Advisors.

"FHA Changes Begin Today!" was brought to you by the outstanding agents at Register Real Estate Advisors.

"“Price of Business” Talks Mortgages" was brought to you by the outstanding agents at Register Real Estate Advisors.

Conventional Loans Require:

• Chapter 7 BK – 4 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 2 year waiting period from the discharge date or 4 years from the dismissal date
• Multiple Bankruptcies – If there are multiple bankruptcies within a 7 year period, the waiting period is 5 years from the most recent discharge/dismissal date
• Foreclosure – 7 year waiting period from the completion date
• Deed-in-Lieu/Pre-Foreclosure Sale (Short Sale) – Minimum 2 year waiting period

FHA/VA Loans Require:

• Chapter 7 BK – 2 year waiting period from the discharge/dismissal date
• Chapter 13 BK – 1 year of the payout must have elapsed and the borrower’s performance must have been paid as agreed.  Document that the borrower’s current situation is not likely to recur.  The court must grant permission to the borrower to enter into a mortgage transaction.
• Foreclosure/Pre-Foreclosure/Short Sale – 3 year waiting period
• VA Loans ONLY – 2 year waiting period for Foreclosures

"Curious About Waiting Periods for Foreclosures & Short Sales?" was brought to you by the outstanding agents at Register Real Estate Advisors.

There are a variety of mortgage loans available. There are Jumbos for loans over $417K. There are loans for investors that allow homes to be flipped before the 90 day limit. For first time home buyers, there are Down Payment Assistance Loans that help with closing costs. For Foreign Nationals that are non-U.S. Citizens there are loans that allow them to purchase second homes in the U.S. With the 203K Loan people can make improvements before or after closing. The HomePath Program was designed for Foreclosed Fannie Mae owned properties. The REO Extended Lock Program helps homeowners purchase a short sale or REO property by allowing an extended interest rate lock. The credit 580 Program increases the FHA guidelines to include borrowers with credit scores between 580-639. Dissipating Asset Programs provide asset-rich clients the ability to qualify with no income up to a maximum loan amount of $5 Million while the Pledged Asset Mortgage allows borrowers to pledge eligible assets in lieu of a down payment, second mortgage or a home equity loan to cover normal down payment requirements. And you thought there were only FHA, Conventional, and VA Loans! Today’s lender has lots of options for you to take advantage of. Call today to find out more -281-288-3500.

"Mortgages Available in Today’s Market" was brought to you by the outstanding agents at Register Real Estate Advisors.

"Need A Mortgage for Your Aging Parents Next Home?" was brought to you by the outstanding agents at Register Real Estate Advisors.

"Pre-Approve for a Mortgage at Register Real Estate Advisor’s in House Lender" was brought to you by the outstanding agents at Register Real Estate Advisors.