Wednesday, August 8, 2018

Is Owner Financing The Way to Go?

Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage. #289635
806-290-1920


Is Owner Financing The Way To Go?

When I hear someone say they want owner financing, I always ask myself the question---Why?

Pamela Madore Mortgage



The obvious answer is that they don't think that they can qualify for a mortgage.

Let me tell you a little bit about owner financing and how it works.  

First, you have to find a seller that is willing to owner finance.  As time goes on it is harder and harder to find these properties because of current laws.  

 You also must be very careful to know the difference between "owner financing" and "rent to own".  


Pamela Madore Mortgage
They are two totally different things.  On an owner financing you give the owner a down payment, you get the deed at closing and you own the property subject to making your mortgage payments to the owner.  The only way you lose the property is if you stop making payments and then the owner must foreclosure on you.

On a rent to own, you typically give the owner a down payment but you don't get the deed at closing. The owner has it set up so that you don't actually own the property until you pay it off.  Therefore, you are actually nothing more than a tenant subject to eviction and loss of all money paid to the owner.
Pamela Madore Mortgage

Which sounds better?  The owner financing, of course.

But what about a third option.  I go back to the original question---why.  Why do you need owner financing?

The most common answer I get is "credit".  Credit is something that can be fixed.  I help people do it all the time.  Sometimes even people think they have bad credit when really they don't.  You really won't know what you need for credit until you talk to a mortgage professional, like myself, and get the real answer about what a lender with accept.  

What is you are self-employed and don't show any income?  I have a program for that.

Don't have papers?  I can work with an ITIN.
Pamela Madore Mortgage


Owner financing can be appealing if you think you can't qualify for a mortgage.  However, if you are only looking for owner financing houses you will have few choices.

Give me a call or text or email today and let's talk about your options because you make a decision!

Pamela Madore
Keller Williams Realty, Realtor
Pamela Madore Mortgage, #289635
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
pamelamadoremortgage@gmail.com



Tuesday, August 7, 2018

When I Say Complicated, I Mean Complicated--Mortgage, This Is

Pamela Madore
Keller Williams Realty
Pamela Madore Mortgage
#289635

Complicated Mortgage?  That might be you.  Please be nice to your Mortgage Broker.

I am doing a mortgage right now that the buyers could pay cash for about 6 of the price house we are buying.  But the interest rates are low so they decided to get a mortgage instead.  Sounds easy, right?  Wrong.

These people have about 9 sets of tax returns for multiple business and rental properties and bank statements from an equal amount of accounts.  Are you beginning to get the picture?  

Everything has to match up.  Payments out must match something.  Income must come from somewhere.  The better accountant you have the harder it is to match anything to anything!

Government loans have guidelines.  Some are stricter than others.  When their guidelines are a book too heavy for one person to carry, you can anticipate having to provide reams of paperwork and explanations.  

So......when I ask you for the stupidest most personal and private thing---don't shoot the messenger.  Remember that book that is too heavy to carry?  Those stupid, personal, and private things are in there.

Pamela Madore Mortgage
I recall the days 10 or so years ago when if you could fog a mirror you could get a mortgage.  Then we went to the exact opposite other extreme and you had to know how to build a mirror to get a mortgage.

Currently, we are somewhere in the middle.  There are lots of new mortgages available for those that can't provide reams of paperwork or don't fit the "mold" in other ways.  You have to usually pay a premium in a slightly higher interest rate or more down.  The paperwork is usually lighter, though.

Pamela Madore Mortgage
Getting back to the subject matter at hand, when you apply for a government backed loan you can expect to be taking papers out of storage to provide.  The more pieces to the puzzle, the more complicated.

Underwriter
My suggestion?  Please tell me everything you can think of that could even remotely be a problem or just misunderstood at the very beginning.  It shortens our time in process and sets the expectations.

I try to anticipate what an underwriter is going to ask for but I will admit that I have not read the Heavy Book so I can't always anticipate.

All I ask is that you have patience and DON'T KILL THE MESSENGER!!
Pamela Madore Mortgage

Call or text today for a pre-qualification.   806-290-1920


Pamela Madore
Keller Williams Realty, Realtor
Pamela Madore Mortgage, Mortgage Broker
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
pamelamadoremortgage@gmail.com

Pamela Madore Mortgage




Monday, August 6, 2018

Borrow Up to $294,515 FHA in Potter/Randall Counties in Texas

Pamela Madore
Pamela Madore Mortgage
#289635
806-290-1920


Borrow Up to $294,515 FHA in Potter/Randall Counties in Texas





Many people think that an FHA loan is for low income people.  NOT TRUE.   FHA does not discriminate in income limits.   You can be a a quazillionaire and still get an FHA loan.

It is not only for first-time homebuyers either.  You can own other properties, too.  It does require that it be your primary residence, however.

Here are some pretty great things about FHA loans:


  • Maximum loan amounts allow you to buy in some of the more expensive neighborhoods
  • Low down payment.....3.5% of the purchase price
  • Seller can help with up to 6% of closing costs
  • Easier to qualify for based on income/credit
  • Comparable rates to conventional loans
  • No pre-payment penalty or balloon

If you are looking for a loan for your new home and have limited cash, this is for you.

Easy pre-qualificaiton to see if you are ready.  Credit scores down to 580 and debt-to-income as high as 56%.

Call, text or emails for more information and qualification.   If you have a Realtor you are working with that is great!  If you don't have one, I am a Realtor and can help you with that too.


Pamela Madore
Pamela Madore Mortgage
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
#289635.  #573760


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