FHA Standard 203(k) Rehabilitation Mortgage

FHA Standard 203(k) Rehabilitation Mortgage Among the Most Popular and Well Known of The Renovation Loans Available In The Market

Today’s buyers may love the idea of a renovating a distressed property – this does not mean they want to live in a construction zone for the next five years. So how can the FHA Standard 203(k) Rehabilitation Mortgage help both you and your customers? This specialty FHA program allows buyers to finance either the Purchase or Refinance of their home and the cost of repairs in one mortgage loan.

Program Highlights ·     Structural changes are allowed ·     Improvements to outdated homes, kitchens, bathrooms and structural deficiencies ·     Can be combined with the FHA Good Neighbor Next Door (GNND) program ·     Additions and expansions – IMPROVE Instead of Move!

One-Time Close, Construction-to-Permanent Loan

No Re-Qualification. No Second Appraisal. The One-Time Close, Construction-to-Permanent loan is designed for Manufactured, Modular, and Stick Built housing. This program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

Program Highlights ·     No payments due from borrower during construction ·     No re-qualification once construction is complete ·     Single closing reduces total costs ·     Available through FHA, VA, and USDA delivery channels

See How Your Borrower Can Qualify

Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

HUD REO 100 Down Mortgage

The Federal Housing Administration (FHA) offer a program called the $100 Down Payment Incentive that’s designed to help the Department of Housing and Urban Development (HUD) get rid of unsold HUD homes.
In other words, no matter how much the house costs, you only have to put down $100, whether you’re a buyer or an investor.
Of course, that isn’t the sum total of the cash you’ll need. There are closing costs, although FHA will kick in as much as 3 percent of the sales price toward those closing costs. Plus, it will finance the transaction for those who plan to live in the house as a primary residence.
So, what is the catch to the HUD REO 100 Down Mortgage?  The only catch is the property must be a HUD owned home.  Basically, a HUD home is a home that was foreclosed on and had an FHA-insured mortgage.  HUD pays off the losses of the bank or lender and takes the home back to sell,  thus recouping their losses.  It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, and the market value in its current condition. If you find a HUD home you like, a HUD registered realtor is needed to help set up a showing and to make a bid.  HUD homes are listed for sale by management companies under contract by HUD.

FHA & HUD $100 Down Mortgage Program

Many buyers are not aware that FHA & HUD have a special $100 down mortgage program, mainly because this is a specialty program. In fact very few lenders and banks specialize in and offer the HUD 100 down program.
The property must be a HUD owned home. Basically a HUD home is a home that was foreclosed on and had a FHA-insured mortgage. HUD pays off the losses of the lender and takes the home back to sell and recoup their losses. It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, and the market value in its current condition. If you find a HUD home you like, a HUD registered realtor is needed to help set up a showing and to make a bid. Also, the buyer will still need to pay earnest money(deposit) for the home as well.
The benefits of the HUD $100 down home loan.

• Only $100 down payment is required to purchase one of these homes (some closing cost may still apply.)
• Offers the Lowest Down Payment requirement (very close to 100% financing.)
• Generally easier to qualify for than conventional loans.
• Generally offers lower interest rates than conventional loans.
• Total loan amount cannot exceed FHA maximum county loan limits.

Why Wright Mortgage?

Why choose Wright Mortgage for your client’s mortgage needs? Wright Mortgage have access to multiple mortgage programs and we can close on time. We receive wholesale rates from the lenders, so our interest rates are always superior than the retail interest rates from the big banks. We support first-time Homebuyer with a variety of resources, as we provide them with one-on-one service, the ability to walk in the office and talk to somebody in person not a online person that is located in New York. The difference between Wright Mortgage and a big bank is we are more experienced and educated. As a mortgage broker, we take continue educational mortgage classes every year and have over 15 years of experience in the mortgage industry to help your client to find the best mortgage program, the best interest rates, help with closing cost and closing the mortgage loan on time. We will not charge your client a broker fee or a loan origination fee to their closing cost to the mortgage loan. Also, we provide lender credit to help pay for some of the closing cost for your clients. It does not matter if its a Conventional or Government Loans(FHA, VA,USDA) we will always have the best interest rates in the country. ….guaranteed. With over 15 years of experience in the mortgage industry we usually can close loans while other loan officers say no. I have access to multiple underwriter across the country who I speak to on a daily basis concerning loan scenarios

Key Features About Our Company • Conventional, FHA, VA, USDA and Jumbo Programs • 580 Minimum FICO for Government Loans • Non occupant co-borrower allowed • Borrowers with One Score OK • W-2’s only program (no tax returns needed for wage earners) • The Home Ready program (3% down on Conventional Loans) • FHA Manual Underwriting • TBD Approvals (Lender Approval without the Contract) • 1 year tax returns allowed on self-employed borrower

TBD Approvals

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.

What are Wright Mortgage's Portfolio Lending products?

Wright Mortgage offers portfolio lending and welcomes interested consumers looking for options to make their dream of owning a home a reality. These products are another option for someone who could not qualify for a traditional Fannie Mae or Freddie Mac loan. Products offered by Wright Mortgage include:


Jumbo Alternative – This lending option offers alternatives for buyers looking for loan amounts up to $2 million with flexible guidelines. A 90%  loan to value (LTV) ratio, debt to income (DTI) ratio up to 50 percent and an interest-only option are offered. Types of acceptable income documentation include restricted stock units, asset depletion and additional solutions for self-employed buyers.

Homeowners Access – This solution was designed to assist buyers achieve or re-establish homeownership. Maximum DTI accepted is 60 percent, and there are special considerations for late mortgage payments within the last year or a housing or credit incident greater than 24 months. Buyers may be eligible for financing that was not previously available to them through alternative lending means.

Fresh Start – This lending option is for buyers that have not been able to receive financing because of a short sale, bankruptcy, foreclosure or a deed in lieu within the past 24 months.

Investor – This financing option provides a maximum loan amount up to $2 million. There are unlimited financed properties for qualified investment buyers and FICO scores as low as 620 are considered.

Foreign National – This option helps make buying a second home in the United States easier for qualified non-citizens who visit the country regularly for business or vacation. There are both fixed- and adjustable-rate options available, along with flexible guidelines to help qualified Foreign National buyers obtain home financing

Fresh Start Program

                       
             

Wright Mortgage's Fresh Start Program is a specialized mortgage solution designed specifically for self-employed business owners and borrowers who have experienced a recent life or credit event, or investors that are currently unable to find a program in the marketplace that meets their needs as they work to re-establish a strong credit history. Under the guidelines of the expanded program, more credit-worthy borrowers who have experienced a credit or life event, as recently as within the past year, may now meet the requirements to receive a loan.

Over the past few years, many hard-working people who lost their homes or were forced into bankruptcy due to a layoff or reduced income have since rebuilt their credit and are able to demonstrate their ability to repay. For these borrowers who may be unable to obtain mortgage financing due to seasoning or other requirements, Fresh Start may be the lending solution they have been looking for.

Loan Features:

• LTV up to 85% with no MI l
• No seasoning requirement on derogatory housing events including: Bankruptcy, Foreclosure, Deed-in-Lieu, Mortgage Charge-off, or Short Sale
• No mortgage or rental pay history required
• Minimum credit score 580
• DTI ratios greater than 50% considered with compensating factors
• Loan amounts from $100,000 to $1,000,000
• Non-warrantable condominiums

Fresh Start Program

Fresh Start Program                              
              

Wright Mortgage's Fresh Start Program is a specialized mortgage solution designed specifically for self-employed business owners and borrowers who have experienced a recent life or credit event, or investors that are currently unable to find a program in the marketplace that meets their needs as they work to re-establish a strong credit history. Under the guidelines of the expanded program, more credit-worthy borrowers who have experienced a credit or life event, as recently as within the past year, may now meet the requirements to receive a loan.

Over the past few years, many hard-working people who lost their homes or were forced into bankruptcy due to a layoff or reduced income have since rebuilt their credit and are able to demonstrate their ability to repay. For these borrowers who may be unable to obtain mortgage financing due to seasoning or other requirements, Fresh Start may be the lending solution they have been looking for.

Loan Features:

• LTV up to 85% with no MI l
• No seasoning requirement on derogatory housing events including: Bankruptcy, Foreclosure, Deed-in-Lieu, Mortgage Charge-off, or Short Sale
• No mortgage or rental pay history required
• Minimum credit score 580
• DTI ratios greater than 50% considered with compensating factors
• Loan amounts from $100,000 to $1,000,000
• Non-warrantable condominiums

Fresh Start Program

Fresh Start Program              


Wright Mortgage's Fresh Start Program is a specialized mortgage solution designed specifically for self-employed business owners and borrowers who have experienced a recent life or credit event, or investors that are currently unable to find a program in the marketplace that meets their needs as they work to re-establish a strong credit history. Under the guidelines of the expanded program, more credit-worthy borrowers who have experienced a credit or life event, as recently as within the past year, may now meet the requirements to receive a loan.

Over the past few years, many hard-working people who lost their homes or were forced into bankruptcy due to a layoff or reduced income have since rebuilt their credit and are able to demonstrate their ability to repay. For these borrowers who may be unable to obtain mortgage financing due to seasoning or other requirements, Fresh Start may be the lending solution they have been looking for.

Loan Features:

• LTV up to 85% with no MI l
• No seasoning requirement on derogatory housing events including: Bankruptcy, Foreclosure, Deed-in-Lieu, Mortgage Charge-off, or Short Sale
• No mortgage or rental pay history required
• Minimum credit score 580
• DTI ratios greater than 50% considered with compensating factors
• Loan amounts from $100,000 to $1,000,000
• Non-warrantable condominiums

New Program!!

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.

VA Loan

A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans. 

Benefits of VA Loans

Far and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing. 

VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount. 

VA loans offer a few other bells and whistles:

• Competitive interest rates that are routinely lower than conventional rates
• No prepayment penalties
• Higher allowable debt-to-income ratios than for many other loans
• Streamlined refinancing loans that require no additional underwriting

Debt?

How to figure debt-to-income ratio

There are two types of debt-to-income ratios that lenders look at when you apply for a mortgage:

• The front-end ratio, also called the housing ratio, shows what percentage of your income would go toward your housing expenses, including your monthly mortgage payment, real estate taxes, homeowner's insurance and association dues.
• The back-end ratio shows what portion of your income is needed to cover all of your monthly debt obligations. This includes credit card bills, car loans, child support, student loans and any other debt that shows on your credit report that requires monthly payments, plus your mortgage payments and other housing expenses.

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What is Debt Forgiveness?

To make a long story short, debt forgiveness is when some or all of a debtor’s outstanding debt is written off.  This might happen because a lender wants to minimize the loss after a default.  When this unpaid debt is cancelled, this is considered borrower income and is taxable, unless there are any exemptions such as the Mortgage Debt Relief Act of 2007. 

What Do I Need To Know About the Mortgage Debt Relief Act?

First of all, you need to know that your tax credit can be claimed with the IRS Form 982.  You also need to know that you can only qualify if you have restructured your mortgage or gone through a foreclosure.  Talk to your lender about specific tax exemption rules and qualifications.  To qualify for the Mortgage Debt Relief Act, you must have had debt cancelled between the years of 2007 and 2013.

If you do have any cancelled debt that took place in between 2007 and 2013, talk to your lender and/or tax professional for sound advice regarding how to make the best financial decision.  If you think you're at risk for default or foreclosure in 2014, also have a conversation with your lender to see what he or she can do for you to stop that possibility.

Renting or Buying in 2016

Traditionally, part of the American dream was home ownership, and many adults worked towards that goal. Following the recent housing bubble, many people began to question whether buying a home was actually smarter than renting, with some advocating that home ownership came with lots of risks and few real rewards. That couldn’t be further from the truth, though! There are many advantages to buying your own home, and we’ve gathered up several of them below!

1.       Tax breaks. It’s been said that the only guarantees in life are death and taxes – so why not get a break on how much you owe each year?! One of the major benefits of home ownership is the tax deductions you will be eligible to take. There are tax advantage and tax breaks whether you are a home owner with juts a primary residence where you live, or whether you also own investment properties that you rent out. Home owners are eligible for tax deductions on the mortgage interest they pay, which can really add up! These tax deductions reduce your total taxable income, as long as you itemize your deductions. Lower taxable income results in a lower tax owed to the government and more money back in your pocket come April.
2.       Homes are valuable assets. When you own your own home, every month you’re be making a payment directly towards a tangible, valuable asset: real estate. When you rent, you hand your money over to someone else, who in 15, 20 or 30 years will then own land and a building that has no mortgage on it. They could choose to live there, “rent free” (save for taxes and other normal living expenses), or they could continue to earn income on it, perhaps allowing for an earlier retirement. Although real estate values can certainly ebb and flow in the short-term, in the long-term real estate is nearly always a solid move. There’s also something nice about the idea of owning a home where you know you’ll stay, where your kids will grow and where your grandkids will come and visit. That home will be a built-in part of your families’ memories. 

3.      Home ownership gives you freedom. With most rentals, you’ll be subject to a lease and all the rules, terms and conditions of that lease. You likely won’t be able to paint your home any colors you wish, replace carpet with hardwood, or get new kitchen appliances. You may not be able to own pets, or you might be limited in the type and number of pets you can own. You may even be restricted on throwing larger birthday parties for your children, having a pool to play and splash in in summer, or in planting your favorite flowers out front. But with home ownership, the freedom to make a house your home is 100% yours!

Mortgage After a Bankruptcy?

 According to the Federal Housing Administration, "A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction." So, as long as you filed for bankruptcy more than 1 year ago, and within that time you have made all required payments under your bankruptcy settlement, you will likely be eligible for an FHA mortgage.

Additionally, the federal government has a program which may be available for homeowners who are in the middle of a bankruptcy: the Home Affordable Modification Program (or, HAMP). HAMP-modifications to mortgage loans can take place during an active Chapter 13 bankruptcy case, and require that you and your bankruptcy attorney submit a HAMP-modification require to the mortgage lender or servicer.

Traditionally, conventional mortgage lenders will often require a period of 2 years to have passed since the discharge of a bankruptcy, or 4 years since the dismissal of a bankruptcy. However, once that period of time has elapsed, you will likely be able to obtain a mortgage without many roadblocks, assuming that your credit score and any down payment are sufficient – just the same as any prospective borrower.

Although a bankruptcy, whatever the reason, will likely put you on a slower path to home ownership, there is no reason why you cannot recover from a bankruptcy and move forward with your plans to own a home. Today, lenders understand that people can get in over their heads financially, many times for reasons outside of their control. Given a bit of time, and proof that you are on the road to financial recovery, you’ll find that there are many lenders willing to give prospective borrowers with a bankruptcy on their record a mortgage at competitive interest rates

6 Easy Ways to Mess Up a Home Purchase

If you’ve never purchased a home before, you might not know how easy it is to mess up a home purchase.  There are many factors that first time home buyers especially fail to remember when looking for a home for various financial and emotional reasons.  Here are the seven ways you can easily mess up your first home purchase:

Be Emotional.

One of the biggest mistakes first time home buyers make is to get emotional about the house they are purchasing.  The reason why this can be bad is it often leads to home purchases that are out of the buyer’s price range.  Figure out what features you love about that house, and look for those features in another house that’s in your price range.

Buy a Home that Needs Improvements.

Right now, it’s a buyer’s market, meaning there are a plethora of homes that are available.  Don’t get stuck with a home that needs major improvements, because you will be able to find another home that is perfectly suitable.  Repairs will cost you a lot of money, which will lead to you having a decreased savings.

Forego the Home Inspection.

You already saw the home and you think it looks great, so you decide to forego the home inspection so you can move in sooner.  Good decision, right?  Wrong.  You need to have a professional assess the state of the home and tell you whether or not any repairs will be needed now or in the immediate future.

Forget about Maintenance Costs.

Remember to factor in maintenance costs when you are planning your home budget.  You should plan to spend a few thousand dollars every year you own your home on routine maintenance.

Forget about Property Taxes.

Many first time home buyers forget to factor in property taxes, which can be extremely high in certain areas that have a higher cost of living.  Ask your lender what property taxes you’ll owe on your home before you sign any contract.  If you don’t, you could find your savings dwindling quickly.

Spending Too Much Money.

This is a no-brainer.  Don’t spend too much money on your first home.  You need to remember that you’ll most likely be making these payments for 30 years, and you’ll still need to save for other expenses such as college, medical bills, and retirement.  Buy a home within your price range, and you’ll be much happier in the long run.

Top 5 Tips for First-Time Homebuyers

Buying your first home should be an exciting time – but it can also be a stressful time, especially if you are not prepared to purchase a home when you find one that you love and want to put an offer in on. In order to try to make the home buying process as smooth and stress-free as possible, we’ve compiled a list of Top 5 Tips for First-Time Homebuyers:

1.  Determine what you can comfortably afford.

Mortgage lenders will determine how much they are willing to lend to you, based on your income, your assets and liabilities and your credit score. However, they may not take into account monthly expenses you have that don’t report to your credit bureau, such as daycare or private school tuition, and they don’t take into account savings goals you may have each month. Therefore, it’s important for you to figure out how much you are comfortable paying each month, taking into account all of your expenses and any planned savings or retirement goals.

2.  Determine how much you have to use as a down payment, and where that money will come from.

How much will you put down, and where will your down payment be coming from? If a parent or other family member will be gifting you some or all of your down payment, they may be required to sign a form stating that the money they are giving is a gift, and not a loan, so you’ll want to know ahead of time so you can inform your lender and find out what their requirements are for gifted money.

3.  Is your credit ready for a home purchase? Can you work on your credit?

Borrowers with higher credit scores, generally 720 and above, will have the easiest time working with lenders. If your credit score could use a little work, talk to your lender. They may have suggestions on how to clean up your credit, or ways to boost your credit score before you apply for a mortgage loan.

4.  Determine your wants vs. needs in a home.

This one is a fun one. Going into the home buying process with some parameters will make it easier for you, and your real estate agent, to find you your perfect home. Are you only interested in certain neighborhoods? Do you need 2, 3 or more bedrooms? What about lot size, square footage? Determining a few “needs” as well as a few “wants” will narrow the scope of homes you look at to only those that will truly interest you and be the right fit for you and your family.

5.  Look, look, look – and get pre-approved so you are ready to move!

The more homes you see, the more you’ll be able to narrow down exactly what works, and doesn’t work, for you and your family. Don’t be afraid to go to open houses, or to ask to see homes that are for sale. Getting pre-approved for a home loan by a lender is also another quasi-requirement of home buying these days. Many sellers will not accept offers on their homes where the prospective buyer hasn’t already been pre-approved for the mortgage, so it’s in your best interest to know you’ll be approved for a home loan before looking for the home of your dreams

THE FED’S NEW RATE INCREASE – WHAT DOES IT MEAN FOR HOMEBUYERS?

 

This month the federal government, via the Federal Reserve, increased its benchmark interest rate for the first time in nearly a decade. After years of historically low mortgage loan interest rates, what does this rate increase mean for future homebuyers? The good news is that this increase may not mean that you’ll see mortgage loan interest rates go up immediately – and certainly not at rates that correspond directly with the federal increase.

This interest rate hike was widely expected – both in terms of its timing and its amount. As with any market change, there will be some initial volatility as people react to the change and start to prepare for the future. However, because mortgage interest rates have been so low for so long, many people are likely to want to purchase quickly, in order to seal in the lower rates before they have a chance to rise.

John Wake from Real Estate Decoded explains that “the real estate economy is more sensitive to interest rates than most of the economy.” Because of this sensitivity, he explains, the expectations of higher interest rates can have a bigger impact on the real estate market than on other financial sectors.

Many financial experts see more of a tie between mortgage rates and the 10-year Treasury yield, rather than between mortgage rates and the Federal Reserve benchmark rate. Still, it is likely that some prospective homebuyers who were previously on the fence about purchasing may feel the push to go forward and close on a new home.

For the market, this could result in higher average home prices next year compared to last and demand increases, at least in the short term. For most people, their home will be the largest financial purchase they make, and so understandably, people want to shop around for the absolute lower interest rates and best terms that they can find.

No matter what happens to the average mortgage interest rate over the next year, you can take steps today to get yourself ready to qualify for the best mortgage rates available on the market. If you are not sure what your credit score is or what your credit report reflects, take advantage of your yearly right to request one free copy of your credit report. Review it to make sure that there are no errors on your report which could impact your ability to qualify for a mortgage. You can also work on building a down payment, unless you plan to utilize a low or no down payment options, like those available through FHA and VA loan options.

prices next year compared to last and demand increases, at least in the short term. For most people, their home will be the largest financial purchase they make, and so understandably, people want to shop around for the absolute lower interest rates and best terms that they can find.

No matter what happens to the average mortgage interest rate over the next year, you can take steps today to get yourself ready to qualify for the best mortgage rates available on the market. If you are not sure what your credit score is or what your credit report reflects, take advantage of your yearly right to request one free copy of your credit report. Review it to make sure that there are no errors on your report which could impact your ability to qualify for a mortgage. You can also work on building a down payment, unless you plan to utilize a low or no down payment options, like those available through FHA and VA loan options.

Finding the Wright Way to Buy a Home

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.
Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.
Choose Wright Mortgage. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage is fair, transparent, reputable, and a responsible mortgage broker who helps you with the mortgage process.
Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

5 Wright Ways To Buy A Home

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Call Wright Mortgage! Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

How Long Does it Take To Get Approved For a Mortgage?

Congratulations, you're about to buy your first home!  The big question remains, though: how long does it take to get approved for a mortgage?  Here are some ways you can determine that:

Shopping For Loans: 14 Days

Before you commit to a mortgage, you are going to need to do a significant amount of research to determine what type of loan you want and ensure you're receiving the best deal possible.  To do this, start by looking at price quotes online for different factors (higher/lower down payment, variable time-length) and determine which is the best option for you.
After you do this, you will want to schedule meetings with several lenders in your area to confirm their lowest available rates.  You are able to pull your credit score several times within a two-week period without having it affect your credit score, so don't worry about that.

Get Pre-Qualified: 3 Days

Once you've decided on a lender, it's time to get pre-qualified!  The lender will look into your financial situation and give you their best estimate of how much of a home you can afford.  This process can take anywhere from one to three days, depending on how much paperwork you have to process.

Get Pre-Approved: 7 Days to 60 Days

Getting a pre-approval is one step further than a pre-qualification, because your lender needs to verify all of the financial information you gave them in order to become pre-qualified.  This process can drastically vary in length depending on if you're self-employed, have other investment properties, have gone through a divorce or filed for bankruptcy, etc.

Loan Approval: 4 Days to 21 Days

Once you have a pre-approval letter, you are now officially allowed to make an offer on a home!  Once you have done this, your lender will need to do an appraisal of the home.  This is done to make sure that you're purchasing the home at market value in order to protect both you and the lender.  The appraisal scheduling process could take up to two weeks, and the approval will follow within a few days.
Once you've been approved, you're in the clear!  As you can see, there are a lot of variable factors that affect how quickly you're approved for a loan.  In order to expedite the process, you'll want to have your files and documents well-organized and ready for the loan approval process.

Pearland Mortgage

Pearland Mortgage

Short Sale

Deed in Lieu of Foreclosure Explained

You may have heard the term, "Deed in Lieu of Foreclosure."  Essentially, a "deed in lieu of foreclosure" is when a borrower gives all of the property to a lender in an effort to avoid a foreclosure on a defaulted loan.  While this seems fairly drastic, this can help the borrowers avoid the financially and emotionally taxing efforts associated with foreclosure.
Many borrowers choose this option because they are immediately released from the debt associated with their defaulted mortgage.  In addition, a borrower's credit score will be less damaged by a deed in lieu of foreclosure as oppose to going through a foreclosure.
Many lenders prefer this option, because it allows them to reduce the financial burden and time associated with repossessing a home and usually prevents the borrower retaliation that is common with foreclosure proceedings.  However, if there are any liens associated with the home, the lender will much prefer to foreclose upon the home as it would make the title clearing process much easier.
When proceeding with a deed in lieu of foreclosure, both the borrower and the lender must enter into the agreement in good faith and voluntarily.  During this process, the fair market value of the home is considered when reaching the agreement; the lender will often ask the borrower to write a letter expressing their voluntary participation in the agreement.

Purchasing a Home

Purchase a Home

Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site, you will find information that will help you with the purchase of your new home.

Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

How much “house” can I afford?

The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.

Some up front costs include:

Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.

Closing Costs: Typically range from 2-6% of the loan amount depending on your area.

On-going Costs: Your housing costs can include the following:

• Monthly mortgage payment
• Homeowners insurance
• Mortgage Insurance
• If applicable - Flood Insurance
• If applicable - Property taxes
• Utilities
• Maintenance

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

It's a Piece of Cake!

Why choose Wright Mortgage for your client's mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process.    Wright Mortgage is a locally owned and operated mortgage company.  We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage is a excellent mortgage company for realtors searching for dependable mortgage professional in the Houston area. With 15 years of experience in the mortgage business, we can help find solutions to your client's financing issues.       Why FHA?

The main advantage of FHA home mortgage is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA will allow the borrower who has had a few "credit problems" or those without a credit history to acquire a home. Borrowers will now be required to have a minimum FICO of 580 to qualify for FHA's 3.5% down payment program. Borrowers with less than a 580 FICO will be required to put down at least 10%. FHA also provides:

Better Interest Rates: FHA loan rates are generally very competitive, typically always lower than conventional rates. Liberal Credit History: Borrowers can be approved with little or no credit history, Lower Down payment: Traditional loans require a minimum of between 5 and 10 percent down, while FHA requires as little as 3.5 percent down. The monthly Mortgage Insurance has change from 1.35% to .85%

Why Wright Mortgage? Today’s lending environment can be challenging with many guidelines to follow, some of which can change fairly often. Aside from offering a wide array of products and services, a major part of Wright Mortgage’s task is being a problem solver. We know how to navigate the waters, ensure the least stressful process as possible and ultimately getting your client's mortgage approved.   It's a Piece of Cake!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Wright Mortgage Services‏

Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process.  Website

Most Trusted Mortgage Company

Wright Mortgage Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage specializes in acquiring low interest rates and closing costs possible for each client. The biggest advantage of using Wright Mortgage is that we give your clients more options; we will review your client’s financial situation (credit rating, income, debt) and will quickly find the best interest rate and loan term for your client. Wright Mortgage has regular contacts with a wide variety of lenders. We pride ourselves to give your clients the best interest rates and providing them with credit to help play for some of your client’s closing cost.

Wright Mortgage and Realtors

Relationships Relationships are at the core of our business. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process. Wright Mortgage is a professional and dependable company who takes getting your clients Approved and on time closing a priority. Communication is always the foundation to any relationship. Communication is key to preparing your customer of possible delays or issues that may arise during the loan process. Properly informing real estate agents and clients throughout the loan process should allow all parties to properly prepare for unexpected issues that may arise.

Pros of Working with Wright Mortgage Wright Mortgage can provide Lender Credit to help with your Client’s Closing Cost We will promise to give your client the same market interest rate or better. Your client gets more loan options because Wright Mortgage works with numerous banks and lenders. Wright Mortgage can finance tricky deals because of their knowledge and various lending partners various lending partners. Your clients will not pay Wright Mortgage the Lender pay our fee. Typically easier to get in contact with Wright Mortgage, less bureaucratic