You Will, Too!


May 2019

Getting Qualified for your Home Loan

Getting prequalified for a mortgage sounds easy these days…..just go online. But what are some of the risks of using an online lender?

Scams and
illegal business practices do happen with online mortgage companies. Please make sure you know who you are working with before you send over information that might wipe out your finances.

A few of these companies quote a very low interest rate up front in their online websites…but later, after they have run your credit and gathered your private information give you a new, higher rate. RUN away from this type of company.

If they ask you for money upfront…..RUN away. Lenders do charge an application fee but it is not collected until later in the process…..never upfront.

It’s also easy to get prequalified online and later, after you paid an option fee and for home inspections, you find out you really don’t qualify for the house you just spent a lot of money on.

Your local mortgage loan broker offers superior customer service and often will cost you less in the long run than someone you never meet! If you don’t know a local mortgage loan broker, ask me……or ask your Realtor. Us Realtors know the good ones and can recommend someone who can answer any and all questions you might have.

How to Buy a House without Money

We’ve all heard about different seminars that train you and empower you with the ability to buy houses without any of your own money….but do they offer you information that is worthwhile? I’m not sure…..but my next set of blogs are going to feature different programs that might help you if you fit in the programs guidelines.

The first program I am going to review is the city of San Antonio’s Homeownership Incentive Program known as “HIP”.

Federal funds are used to provide homeowner opportunities for low to moderate income families.

1. Your household income cannot exceed 80% of the areas Median Family Income. In San Antonio that number currently is $46,317 a year…..which means you cant make more than $37,053 a year.

2. The house price can’t exceed $170,000 for a pre-owned home or $228,000 for a new home.

3. It must be your principal residence and a single family home or condo.

4. The house must meet all city building codes and federal standards..a house review will be assessed to determine if anything needs repairs….so pick your new house wisely. Houses built before 1978 will receive a visual lead based paint assessment and may require a lead clearance test. The Property Review may uncover City Code Violations….so again, let me help you pick your new house carefully……as you will have option money, inspection expenses, the appraisal cost and possibly the survey expense at risk before the property is reviewed.

5. You will need to attend a HUD approved certified homebuyer’s class.

6. You have to qualify for the loan…..and qualifying debt to income ratios are 30% housing ratio and 41% total debt…they may go as high as 33%/42%. This is information one of my lenders can help you determine.

7. You might have up to $12,000 of your expense for buying covered with this program…..and 75% forgiven after 10 years. If you are a school teacher, police officer, EMS tech or firefighter it is 100% forgiven after 10 years.

Want more information? Give me a call at 210-273-6161 so we can talk about you and YOUR needs.

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