Getting a cosigner for your FHA mortgage is a great way to get help if you can’t qualify for an FHA Mortgage on your own.  No, it won’t absolve you of your credit sins (you can go to http://www.improvemycreditusa.com for that) but it can help you qualify for the home that you want to purchase.

For example, lets say that you are the parent of a college age student.  Rather than parking your scholar in campus college housing or an apartment for four years, you can help them purchase a home in their college town.  Yes, I know that they will be studying hard and have no income, but you can use the rent that you were going to pay at the dorm to pay the mortgage for them, and they will graduate with an additional asset.  Heck, they can probably get a couple room mates to defray their mortgage expenses!

For more information on the FHA Cosigner mortgage program, feel free to call me at 281.841.1723.

Use a short term immediate annuity to create a verifiable income.  The term must over three years (most life insurance companies require a five year term.)  The payment must be enough (when combined with your other income) to decrease your debt to income level to an acceptable level.

If you have a few months to qualify, you can set up a trust that makes monthly payments to you for a period in excess of 3 years after your first mortgage payment.  The trustee must write a letter guaranteeing those payments.  You must have received some of the trust payments prior to submitting your loan to underwriting.

For more information, please feel free to call Rich Bonn at 281.841.1723 or comment below.

I planned on doing a black Friday blog special about how people could stay home for Thanksgiving, eat a lot of turkey, watch football and still save thousands of dollars by getting their family a home, which would serve them for years, rather than some semi-disposable consumer goods.  I went out on Wednesday Evening at 11 PM and interviewed about 9 people standing in line.  I asked questions about how long they were going to be there for, what they were buying… it was all pretty good stuff.  That is, until I got home and started doing the post production.  You see, I have a pretty sophisticated post production set up.  Youtube editor, Windows Movie Maker and my laptop.  Unfortunately, the sound levels on the video were not that great and I could not amp them up with the above software, I even sent it to a couple geek friends, but they couldn’t help.  So, I shot my own video this morning.  Its not quite as effective, and I was hoping to give you some better scenery… because, lets face it… sometimes my face can get boring!

So, take a look at the video, tell me what you think… if I’m off base, call me on it.. otherwise, why are you sitting around on your donkey… lets go buy a house!!!

So, how does one buy a home for the holidays… in your wish list, or Christmas letter let people know what you are doing.  Open an account with a financial planner or at a local bank (you can find a link to a great financial planner on the right.)  Contact me for a pre approval, this way you know how much it will take to complete the purchase of your new home, including knowing what are the closing costs when buying a home in Houston.  If you have bad credit we have experts that can assist you in getting the credit cleaned up so that you can still buy your home, it may just take a little longer.

I am certain that you have presents that you reflect back on, thinking how amazing they are.  I have a couple blankets that were made for me that I will treasure forever.. but think about how much you will treasure the gift of a home that your family has granted you!

For more information, or to get your approval, please feel free to contact me OR if you know someone who may like to take advantage of this idea, please forward this to them!

This loan does take longer than the average purchase to close (prepare for 60 or more days–depending on the scope of work and how long it takes to get the contractors, budget, etc. completed) but you have the benefit of using the acquisition cost as the property tax base, remodeling the house to be your dream home, and still making a low down payment!  The FHA home improvement loan will even pay for up to 6 months of mortgage payments if you cannot stay in the home while the work is being completed (like if you are adding a second story.)

One of my favorite things to do with the FHA Home Improvement loan in Houston is to improve the home’s energy efficiency.  The FHA 203k can be used to finance the purchase of radiant barriers, insulation, solar attic fans (my friend Michael Warren at Kool-attics.com does a great job with these) and even new appliances.

For more information about the FHA Home Improvement Loan, feel free to contact me, or comment below!

My Rant

Steve Jobs Stanford Commencement Address (2005)

1984 Apple Macintosh Commercial

The Greatest Speech I have ever seen. Jimmy V’s 1993 Espy Speech. I cant watch this without tearing up

Whether you are buying a home or looking at FHA Refinancing, FHA Loans have come to dominate the mortgage market.  FHA Loans have low down payments, 3.5% in most cases, give you the ability to finance repairs, like a home improvement loan, while still getting a low mortgage rate.  FHA Loans can be more forgiving than Fannie Mae or Freddie Mac loans, allow for lower credit scores, and compensating factors to shore up the weaknesses in a file.  You don’t even need to be a first-time buyer to qualify for a FHA Loan.

If you are looking to buy a foreclosure or buy a short sale (you can find them at Houston Associations of Realtors) and the home needs work, the FHA 203k is the way to go!  This program will give you the funds to repair not only cosmetic issues with a home, but even structural items like the foundation, or add a second floor.  A great use for the 203k is to finance energy efficient items such as new windows, insulation, radiant barriers or even new appliances.

For more information on what is a FHA Loan feel free to call me at 281.841.1723 or apply online at http://www.richbonn.com/apply-online/

VA Financing in Texas is becoming a much more popular subject as our troops return home from overseas and their enlistments with the military end.  It is important for the returning troops to understand not only their VA Financing benefits, but also how to take advantage of them to buy a home in Texas.  Yes, selecting the right Realtor is important, and there are great resources like HAR.com, but that is really putting the cart before the horse.  In order to get the best result from your VA Financing benefits, you need to plan your mortgage application ahead.Here are some tips to make sure that your VA Financing request goes smoothly:

• Have at least 30 days (one months) worth of paystubs to present at your loan application.
• Have your previous two years Tax Returns and W-2s
• Have your previous two months bank statemens, all pages for all accounts
• Have a copy of your military ID (if currently active) or your DD214
• Have a copy of your drivers license and social security card

By having these documents together, it will make the process easier.  I also mentioned less expensive… didn’t I?

The VA Funding Fee has fallen for all VA Loans funded on or after October 1st, 2011.  This means extra money stays in your pocket.  Additionally, making a down payment will now be awarded by a larger decrease in the VA Funding Fee.  

Finally, if the Veterans Administration has determined that you have a disability, it may result in a decrease of yourVA Funding Fee for your VA Financing.

If you have any additional questions about getting VA Loans in Texas, or you would like to get your VA Financing Approval, please feel free to contact Rich Bonn at 281.841.1723.