Jimmy Smith's (jvsmithii) Blog

Should I accept a higher rate to pay my closing costs? It depends. Before we get into the details, let's review some terminology.   1. The Note Rate is the rate that it is used along with the term or amortization to determine your monthly principal and interest payment. 2. The Annual Percentage R...

I had a short sale, can I buy a home? Yes, but there are waiting periods for different types of financing. The terms “short sale”, "Deed-in-Lieu of Foreclosure", and “Preforeclosure Sale” are used interchangeably in this post and have the same meaning. This post will discuss the guidelines for Co...

Most people say cold calling is dead, but if you could double your results, would you? At my home, I receive 2-3 postcards a week from realtors asking for a listing. I wonder if they have read the 2014 National Association of Realtors Homebuyer and Seller Generational Trends when creating their m...

Do you know how buyers find you? Then that's your marketing plan. My favorite questions to ask at networking events are, "what's your marketing strategy? or How do you find your customers?" Most of the time the answer is, "Anything I can get!" Next time, I will most definitely refer them to the 2...

Conventional financing allows a 15% down payment for investment properties. Did you hear that? An investor can purchase a single family residence with one unit at a loan to value of 85%. Some quick details: Minimum credit score of 680 is required. 6-12 months of reserves which are determined by c...

What is the waiting period to buy a home with a past foreclosure? The truth please! It depends. It’s probably not what you wanted to hear; however, it’s the truth. Assuming you are seeking a conventional loan that will be underwritten according to the Fannie Mae rules, you’ll have to wait seven y...

Do you need reserves if your current primary home hasn’t sold? Yes, most likely. It is the top trending question on the Fannie Mae Website.   An underwriter will ask for additional reserves If the borrower's current primary home is pending  sale or is being converted to a second home or investmen...

Zero down payment for a home in the country in Texas, really? Well, maybe. The USDA (United States Department of Agriculture and Rural Development program offers 100% financing including financing your closing costs for a home located in a rural area. Below, are many program guidelines and links ...

Can your pre-owned home compete with the homes built in 2013? If you are buying or selling a pre-owned home, you must review the HUD and Census Bureau Annual Report on the Characteristics of U.S. Homes Built in 2013 released on June 3, 2014. Each year, HUD and Census conduct a national constructi...

Will the mortgage company count the payment I co-signed for my sister’s new car? It depends. Generally, your total debt obligations plus housing expense cannot be more than 43% of your gross income (this is called a debt to income ratio). Make sure you ask your trusted mortgage loan consultant, w...