DEAR JENNY: Should I talk to a mortgage loan officer before I go house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?

When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum.

Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount. When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through. More importantly, to a home seller, they won't have to wonder if they're wasting their time if you don't qualify for a mortgage to finance the amount you're offering for the home.

read more


Questions? Contact me today!

JENNY PHUNG
BlueSky Mortgage LC
Office: 972-731-0165
Email: jenny@jennyloans.com
Website: http://www.jennyloans.com/

FOLLOW ME:
Blog: http://jennyloans.blogspot.com/
Twitter: http://twitter.com/jennyloans
Facebook: http://www.facebook.com/jennyloans
Linked-In: http://www.linkedin.com/in/jennyloans

DEAR JENNY: What documents are required from me to submit a mortgage loan application?

Here is a list of the information required to consider your loan application.

For all loans

• Social Security Number, for borrower and co-borrower if any


• Employment History: For the last two years, employment dates, addresses, and salary. Current pay stubs or W-2 forms.


• Check and Savings Accounts and Certificates of Deposit: Location of bank accounts, account numbers, and balances; address of bank if out of town; last 3 months' statements.


• Stocks, Bonds, and Investment Accounts: Broker's name and address, description of stocks, bonds, etc. Last 3 months' statements or copies of stock certificates.


• Life Insurance Policies: Insurance company, policy number, face amount, cash value, if any.


• Retirement Plan: Approximate vested interest value. Copy of latest statement.


• Automobiles:Make and model of automobiles, their resale value.


• Other Assets: Market value of personal and household property.


• Liabilities and Other Non-Mortgage Debt: Creditors names, addresses, account numbers. Monthly payments and balances.

Other income information we may need

• If you're self-employed: Two years tax returns, profit and loss statements, both company and personal, if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.


• If you have income from: Commission, Overtime, Bonus, Partnership, Rental Property, Trust, Notes Receivable, Interest/Dividends, you'll need two years' personal federal tax returns.


• If employed in family business: Personal federal income tax returns and all schedules for the past two years.


• If divorced or separated: Complete executed divorce decree and settlement agreement. Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If you own real estate

• Name and address of all mortgage lenders for the past 24 months, including account numbers, monthly payments, and balances.


• If you've sold your home but not closed: A copy of the sales contract.


• If you've sold your home, closed, and you will use the proceeds for your new down payment: A copy of the HUD-1 Uniform Settlement Statement.

If you rent

• Name, address and phone number of landlords for the past 24 months.

If you're buying a home

• Purchase sales contract or offer to purchase and all addenda. Furnish contract with original signatures of buyer and seller.


• If a source of your down payment is a gift: Name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. Note: Not all loan programs allow gifts to be part of your down payment.


• For Construction/Perm Loan: Signed construction with cost breakdown, builder plan and specifications.

Senate votes to renew tax credit for first-time home buyers

The Senate voted Wednesday to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.

The measure was attached to a bill that would provide 20 weeks of unemployment benefits in more than two dozen states with jobless rates above 8.5 percent and up to 14 weeks elsewhere. Another provision in the bill would allow businesses that had operating losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years. read more

My FREE Foreclosure List: Find a great deal posted every week!

ANNA TX FORECLOSURE: 3/2.5, 1965sf, 2 story, built 2002, $100 down w/FHA, $8000 tax credit for first buyer http://bit.ly/1OOuf7

DALLAS TX FORECLOSURE: Plano schools, 3/2.5, 2142sf, built 2004, $100 down w/FHA, $8000 tax credit for first buyer http://bit.ly/2yup8i

WYLIE TX FORECLOSURE: 4/2.5, 1900sf, 2 story, built 1998, $100 down w/FHA, $8000 tax credit for first time buyer http://bit.ly/4AtCqY

WYLIE TX FORECLOSURE: $91,000, 3/2.5, 1412sf, 2 story, built 2003, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/l5Isn

LITTLE ELM TX FORECLOSURE: 3/2.5, 2188sf, large lot, built 1999, $100 down w/FHA, $8000 tax credit for first time buyer http://bit.ly/48yhC9

LITTLE ELM TX FORECLOSURE: Frisco schools, 3/2, 1874sf, built 2001, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/2XGpP

LITTLE ELM TX FORECLOSURE: Frisco schools, 5/2.5, 3499sf, built 2005, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/2Tjn62

Questions? Contact me today!

JENNY PHUNG
Starwood Mortgage
Office: 972-731-0165
Email: jenny@jennyloans.com
Website: http://www.jennyloans.com/

FOLLOW ME:
Blog: http://jennyloans.blogspot.com/
Twitter: http://twitter.com/jennyloans

Senate Close to Deal Replacing Homebuyer Tax Credit

U.S. Senate leaders moved closer to an agreement replacing an expiring $8,000 tax credit for first- time homebuyers with a smaller one that would expand access to so-called step-up purchasers, two people familiar with the matter said.

The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30. read more

My FREE Foreclosure List: Find a great deal posted every week!

LITTLE ELM TX FORECLOSURE: GAMEROOM, 4/2.5, 2317sf, built 1999, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/1IfOtm

LITTLE ELM TX FORECLOSURE: INGROUND POOL, 3/2, 1854sf, built 2002, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/3VFp8J

LITTLE ELM TX FORECLOSURE: 3/2, 1870sf, built 2002, near shopping, $100 down w/FHA, $8000 tax credit for 1st time buyer http://bit.ly/3ujkKv

LITTLE ELM TX FORECLOSURE: 3/2, 1868sf, built 2002, garden tub, $100 down w/ FHA, $8000 tax credit for 1st time buyer http://bit.ly/1vyAEY

LITTLE ELM TX FORECLOSURE: FRISCO ISD, 3/2, 1783sf, built 2001, $100 down w/ FHA, $8000 tax credit for 1st time buyer http://bit.ly/3tM4US

McKINNEY TX FORECLOSURE: HUGE 5/2.5, 2 story, 2748sf, built 1998, $100 down w/ FHA, $8000 tax credit for 1st time buyer http://bit.ly/WxwFi33 minutes ago

McKINNEY TX FORECLOSURE: ONLY $83,000! 3/2, 1408sf, built 2005, $100 down w/ FHA, $8000 tax credit for 1st time buyer http://bit.ly/23NaBU

Questions? Contact me today!

JENNY PHUNG
Starwood Mortgage
Office: 972-731-0165
Email: jenny@jennyloans.com
Website: http://www.jennyloans.com/

FOLLOW ME:
Blog: http://jennyloans.blogspot.com/
Twitter: http://twitter.com/jennyloans

My FREE Foreclosure List: Find a great deal posted every week!

McKINNEY TX FORCLOSURE: JUST REDUCED $176,400, 3/2, 1817sf, $100 down w/FHA, $8000 tax credit for 1st time buyer http://tinyurl.com/yk978ay

McKINNEY TX FORECLOSURE: 4/3.5, 2 story, 3179sf, 2005, $100 down w/FHA finance, $8000 tax credit-1st-time buyer, http://tinyurl.com/ylcfasy

FRISCO TX FORECLOSURE: 3/2.5 Townhome, 1922sf, 2005, $100 down w/FHA finance, $8000 tax credit for 1st-time buyer http://tinyurl.com/ygja6gk

McKINNEY TX FORECLOSURE: 3/2, 2121sf, built 2002, $100 down w/ FHA financing, $8000 tax credit for 1st-time buyer http://tinyurl.com/yffmbny

FRISCO TX FORECLOSURE: 3/2, 1896sf, built 2001, $100 down FHA financing, $8000 tax credit for first-time buyers, http://tinyurl.com/ygs5lsl

Questions? Contact me today!

JENNY PHUNG
Starwood Mortgage
Office: 972-731-0165
Email: jenny@jennyloans.com
Website: http://www.jennyloans.com/

FOLLOW ME:
Blog: http://jennyloans.blogspot.com/
Twitter: http://twitter.com/jennyloans