The Guillory Group Is Growing!

We're well into the new year, but new things are still happening at The Guillory Group. For us, it was time for a new LOOK! And everyone here at The Guillory Group is super excited. Our new look will be rolling out this week, appearing first on our yard signs.

The Guillory Group has targeted marketing efforts in Katy and Cypress, so that's where you're most likely to see our signs.

So, what do ya think? We love it!

Some Basics About VA Home Loans

  Since 1944, when home loan guarantees were part of the original GI Bill, the VA has guaranteed more than 18 million home loans worth over $911 billion. In 2008, 180,000 veterans, active duty service members, and survivors of veterans received VA home loan valued at about $36 billion. More than 90 percent of those VA loans were no-down payment loans.

    The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated when the sale price of the home is set.

      If 100% financing isn't enough, there are even more benefits to applying for your VA Home Loans for veterans who are ready to purchase a home:

• VA Home Loans are assumable, provided the person assuming the loan is qualified.
• Veterans' closing costs are limited by VA, making sure you won't be asked to pay more than a fair price for closing costs.
• You have the VA behind you offering additional assistance if you ever find you are having problems making your home loan payments, at any time in the future.
• Veterans can prepay their VA Home Loans without a penalty.

Check these facts about the purchase of your next home with a VA Home Loan:

• VA does not have a maximum VA Home Loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to $417,000 ($625,500 in Hawaii, Guam, Alaska and U.S. Virgin Islands) with no down payment. With a down payment, your VA Home Loan may even exceed these amounts.
• The veteran does have to qualify income and credit wise.
• The veteran does have to occupy the home as their primary residence.
• The veteran does not have to be a first time home buyer and may reuse his/her benefit.
• The lender, not VA, sets the interest rate and discount points, so they may vary from lender to lender - shop around for the best rates as always.
• There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception would be if a veteran is in receipt of VA service disability payments each month; then, he or she does not have to pay a VA funding fee.
• With a VA Home Loan, the seller can pay your closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession including payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, and funds for temporary buydowns (not discount points).
• The veteran is not allowed to pay for a termite inspection report; it is paid for by the seller.
• VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.

Source: www.MilitaryHub.com

What You'll Need to Apply for an FHA Loan

When you apply or pre-qualify for an FHA home loan, there are several important pieces of information required. These are designed to give the lender the information needed to start the approval process. It’s true that a home loan application or even an online pre-qualification form can be a bit time consuming, but you are basically providing all the relevant details needed to get started.

If you've never applied or pre-qualified for an FHA loan before, The list of requirements can be daunting. The application is designed to help the lender obtain a range of details including:

• general mortgage “credit analysis” documents
• evidence of Social Security Number
• verification of deposit
• verification of employment
• federal income tax returns
• appraisal documentation

That list is reprinted from the FHA loan rulebook for lenders, HUD 4155.1, which also says, “Lenders must obtain the most recent documents required to perform the mortgage credit analysis. 

“Most recent” refers to the most recent document available at the time the loan application is made.” If your most current paperwork (tax forms, for example) are from one year ago, include those since they are the most recent. If you have a collection of pay stubs or similar paperwork, use the one most recently issued.

“General mortgage credit analysis documents” can include credit reports, which must be obtained directly from the reporting agency. This paperwork cannot come from the borrower, even if you have access to them. 

Social Security number evidence may be as simple as providing a copy of your Social Security card or filling out the number on the credit application form. Your lender will tell you what is needed in this case if it isn't listed on the application itself.

“Verification of deposit” may include bank statements or other documents or you may be required to provide an account number for the loan officer to check. 

“Verification of employment” may include both pay stubs or other proof of employment, but the lender may also call your employer to verify you are still working at the company--a standard practice. 

This is not an exhaustive list of the paperwork and other data needed to process an FHA mortgage loan application, but it does give you an idea of how the loan application process works. If you don’t have all of this information ready before pre-qualifying or applying, take the time to get it all together in one place before getting started--you’ll save a great deal o

f time.

Source: www.FHA.com