Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

Down-Payment   I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions. FHA: The minimum down payment is 3.5%. Great rates, has upfront and monthly mortgage insurance. Conventional: 3% down for first-time home buyers, and 5% for non-first-time home buyers. The bottom line: 1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise, FHA is a wonderful loan program – very friendly to the borrower. 2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices. Have a good day today! For more information please visit our site:- Berkshire Lending

  I wanted to give you a brief updated summary of various loan products and the minimum down payment for each… Loan Programs… VA loan: No down payment necessary. No monthly MI. This is the best loan going if you can qualify for it. USDA: No down payment necessary. Low monthly MI. Mainly for rural areas or outlying suburbs. Has geographic and income restrictions. FHA: The minimum down payment is 3.5%. G reat rates have upfront and monthly mortgage insurance. Conventional: 3% down for first-time home buyers, and 5% for non-first-time home buyers. The bottom line: 1) If you have less than 5% to put down VA and USDA are best if you qualify for them. Otherwise, FHA is a wonderful loan program – very friendly to the borrower. 2) If you have 5% or more to put down you can get a Conventional loan, and you will have multiple loan choices. Have a good day today!

  Here’s a USDA tip for you… One of the things to keep in mind is that USDA has family income caps. In other words, if you make too much money you won’t qualify for a USDA loan. Here is the link to check the income for your area… Important: USDA goes by total household income! In other words, if you are getting a USDA loan with you as the only borrower, but you have a partner that also lives in the house. …and, that partner has a job and makes money – then their money would also be included in the total household income calculation for USDA. So, please be aware of this before you apply for a USDA loan. I hope you have a great day! Thanks for reading! For more information please visit our site here:- Berkshire Lending

  I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage. I had a borrower that was recently retired, and now living on a fixed income. They owned their home free and clear and lived in a small town not too far from Dallas. Their home was worth around $150,000. Both husband and wife decided they didn’t want to live their retirement years in their current home. …they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a nearby lake for around $295,000. They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives. Click Here To Know About the Complete information of Reverse Mortage Lenders