Mortgage Companies Dallas Texas | Dallas Mortgage Lenders - Berkshire Lending

We do loans for Foreign Nationals? A Foreign National is someone who is neither a US Citizen, or a permanent resident. Here are some aspects of the Foreign National program… 80% LTV for Second homes & Investment Properties Purchases ( 1 year full doc or asset depletion) If no US credit, minimum credit score is waived Max loan amount is 5 million 65% LTV for our Investor No ratio, rental income not required Eligible properties: SFR, 1-6 unit, warrantable/non-warrantable condos, & mixed use 5 yr, 7 yr, and 30 yr fixed terms with 10 year interest only payment option That’s it for today! For more information please contact us here | Berkshire Lending |

Tax season is coming up, and I wanted to make you aware of a deduction that can be problematic if you are trying to get a mortgage. If you have a W-2 job, and you are considering getting a mortgage here’s something to keep in mind as tax season approaches… The deductions you take on Schedule A for “unreimbursed job expenses” will come out of your adjusted gross income as a direct deduction off your income. This deduction would be things like job travel expenses, union dues, job education, etc. I’ve seen some rather large deductions in this category over the years – and sometimes it’s meant the difference between loan approval and denial. So, if you know you will be applying for a loan in the next couple of years – be aware of how this “unreimbursed job expenses” deduction will impact your overall income. For more information please visit our site blog :- Berksbire lending

If you have a conventional loan, and your loan to value ratio is over 80% – you will be paying monthly mortgage insurance to the lender. No one likes paying monthly mortgage insurance. It’s extra money added to your payment every month, and it doesn’t help pay down the balance of the loan. If you want a conventional loan and your LTV is over 80%, but don’t want to pay monthly mortgage insurance there are two ways to avoid this… 1) One would be Lender Paid Mortgage Insurance. We pay the MI for you. The rate generally is .25 to .375 higher, but there is no monthly mortgage insurance. 2) Get a piggyback loan. This is where we make two loans for you. …A first mortgage at 80%, and a second mortgage at 15%. This way you just put down 5%, and there is no monthly mortgage insurance payment. Thanks for reading!

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