ABC's Good Morning America at it Again

Well as I have been saying over and over again the media is just in it for the shock factor.... Good Morning America strikes again. This morning they had their "mortgage expert" on the program with some ground breaking news. Problem was everything that was covered was not ground breaking news but rather ground breaking myths and untrue. She started out by stating that you must have a 720 credit score to get a home loan. - UNTRUE Went on with you have to have 20% down to get a home loan - UNTRUE Loans were getting much more difficult to get to the point that the average person can not buy a home - UNTRUE I will give her credit though she got one part correct... It is a great time to purchase a home because the rates are at historic lows and the house prices are very much in the buyer's favor currently. If she was a baseball player I guess that batting .250 isn't bad but this is the real world and only getting 1 out of 4 facts correct to me ranks right up there with not knowing much of anything. That being said there are still programs available for 0 down home loans. Loan programs for people with credit scores all the way down to 600. And the average person CAN get a home loan. The media seems to report what gets ratings and that shock and awe along with doom and gloom these days. Do not get sucked into believing everything that is reported on television as "fact". Hope this will help to show real facts rather than made up media garbage. Visit my website at www.bradcorbin.com for other helpful information.
Brad

Bond Money

I just want to make everyone aware that there is bond money that can go hand in hand with an FHA loan that makes the net result to the buyer a possible $0 down situation. The bond program is for 5% of the sales price which can cover the 3.5% down payment requirement and 1.5% toward the closing costs. How can it be $0 down you ask... Well the seller can cover the rest of the closing costs that the bond is not able to cover as long as it fits in the 6% seller concession limits. If you are looking for an option such as this please let me know and I would be happy to help! The bond program is an exciting tool that can be utilized to purchase a home with little to no money out of pocket. For details on the bond money please send me a message! Have a Great Day!
Brad

FHA Loan Approved

We have received the approval on an FHA loan today with < 620 credit score! This is excellent news because many lenders are requiring a 620 credit score while we are still able to go down to a 580 credit score on our FHA loan products. That means that we can offer assistance to more buyers and help them achieve the homeownership dream. The best part is that we had very few conditions after the initial underwriting and we will be able to make the closing date on time! If you know someone that has been told "no" by another mortgage professional please tell them to not give up and that there could be another option. We would love to help them!
Brad

It's Friday and Our Team Had a Great Week

Here at the Brad Corbin and Kathy Volkman Home Loan Team we had a fantastic week! We closed two loans this week and look forward to the week ahead that will include another closing as well as scheduling some home buyer's seminars. We closed a VA loan which I wrote about in detail and then Wednesday we closed a buyer that was buying a 2nd home in the heart of horse country! The client purchased this home with 10% down and received a fantastic loan that met their financial needs. This customer can now enjoy the rodeo scene in Erath County! If you have loan needs please let me know and we would be happy to help you in any way!
Brad

VA Loans Still A Great Option

If you are a Veteran and have VA eligibility I have a great news for you... Not a lot of change from a year ago!!! We closed a veteran today with a fantastic low fixed interest rate today on a 30 year mortgage. VA does have it's own idiosyncrasies but they are all common sense and can be overcome. First VA requires a termite inspection as well as a septic and well inspection if you have a private water source. On the VA loan that we closed today the buyer chose to put 5% down however VA still allows for $0 down and $0 closing costs if you can get the seller to agree to pay all of your closing costs. Also another nice feature of the VA home loan if you are purchasing a lower priced home is that the seller does not have a maximum amount of seller concession such as the 6% rule on FHA loans! This is a great tool when you are looking for a No Down Payment and No money at closing option for home financing. Or as the program has been billed for years as a VA NONO. The lending landscape has changed immensely however some of the tried and true products that have been around for years are still thriving in the lending climate that we are currently in. Also this home in Erath County was on a private road and has an Ag Exemption which can be a deal breaker on other types of loans. This loan was in Stephenville, TX and made to two teachers. The real estate in Stephenville is still in high demand from the indications that we have seen. The main problems in this area seems to be some sellers are still priced too high but for any homes that are priced appropriately the market seems to be moving at a respectable rate. If you have any questions about home loans don't hesitate to comment and let me know!
Brad