Frank Marta | Texas Home Loan Specialist

Beat the Rush!!!!!!!

I am excited to announce that we have a new loan product for low credit scores and ITIN buyers.

What if I told you that I have a loan available for ITIN buyers and Low FICO scores down to 550 middle score? I haven't even mentioned the best part we are only requesting 5% down. So if you have someone or know of someone that was declined recently or were asked for more than 20% down then this might be the loan for you.

I am working with a local Builder offering this to new buyers starting today June 7, 2010. We are working with 4 communities and planning to expand to 7 by the end of the year.

We have limited lots available and they will sell fast. If you are interested please call or email me for more details.

These properties are New Homes in the Houston Area.

Reserve your lot early because lots are selling fast!

Call Frank for more details:

Frank Marta (Texas Home Loan Specialist)

Email: loans@goldquestfinancial.com

Ph: 713-373-0345

I recently helped a couple purchase there home and they were very surprised to see that the cost of the loan or closing costs nothng add up to what the Real Estate Agent had stated to them. I told them why the agent was quoting them the closing costs at all? I asked them if the Agent was a Loan Officer? They told me that no the Agent was not a Loan Officer so I asked a couple of questions and I see why!

I went on to tell the buyers the following. "I think that there is a small error in that calculation" I told the client. The Agent quoted them that they would need 6.5% for closing! I told them that how did she know that? They said that that is how your supposed to calculate the closing costs. The price of the property is $55,000 and 6.5% is $3,575 for Down Payment and Closing Costs! With the 3% Closing costs paid by seller that the Agent negotiated! I was so surprised that someone would quote for someone else! I calculated for the client and it was much more than that for closing.

So here is the secret for these type of deals. No, the closing costs can't be calculated that easily. Some of the closing costs are charged as percentages but others are a certain cost no matter the price of the house. So if the house is over $100,000 it might be in the area but first consult with a Licensed Loan Officer before you start quoting numbers. Everyones fees are a bit different but try not to quote if your not sure. In my experiance clients remember 3 things always, interest rate, total money for closing needed, monthly payment. We must be as accurate as we possibly can so that the client is sufficiently prepared for closing. I make a point to be conservative with my numbers so as not to under quote. I noticed that if I over quote and lower the closing costs at the end everyone is happy but if I under quote and have to raise the money for closing that never goes well for anybody.

I hope that this helps someone in the future.

Frank Marta

We are all hopeful to see some good news after all the tough news in the past couple of weeks. I know that doesn't mean much to you but let me explain the program and maybe it can change your mind!

Here are the requirements:

1. No Minimum Loan Score (Great start)
2. 105 LTV (Loan amount compared to value)
3. No MI
4. No Ratio Requirements
5. Stated Income/ Stated Assets
6. No Reserves required
7. 0X30 (No 30 day lates in past 12 months
8. Possible Appraisal waiver

Sounds good right... I know that there are some other requirements. I only know of one bank that is doing these already. I hope that others are soon to follow...

Best wishes,

Frank Marta (Texas Home Loan Specialist)

I have many Realtors and Clients alike ask me to give them the reqirements for applying for Down Payment Assistance. Now remember that not all Down Payment Assistance Programs require the same things. That being said I will give you a short check list for you to go off of.

1. ____ Most recent 3 months of Pay Stubs
2. ____ Most Recent 6 months of Bank Statements
3. ____ Last 3 years Income Tax Returns

These are the most important documents that you need to qualify for a Down Payment Assistance Program here in the Houston Texas Area. Make sure that you work with a local Loan Officer who has knowledge of the program because there are many small things to look out for and you can save yourself much time and effort if you work with a professional that has some experiance.

Feel free to contact me if you have specific questions: loans@goldquestfinancial.com

Frank Marta (Texas Home Loan Specialist)

What should I do first?

I am not sure which road to chose from? Do you ask yourself this question? It may seem that the Purchase of a Home is getting more and more difficult now that FHA is making some major changes to its required funds for closing it's even more important than ever to know what is available to you. Here is the biggest change; SELLER CONTRIBUTION IS HALF OF WHAT IT ONCE WAS (now 3% and before was 6%) but the other part of that You don't have to give that money! With the Down Payment Assistance here in Houston there are so many Down Payment Assistance Programs for all areas. So there is no reason for you to not be checking into a Down Payment Assistance Program FIRST. There are a lot of programs to look at so I always suggest that you have a knowledgeable Loan Officer that specialises in your area of town to help you with the search of your County or City.... It can be confusing if your not completely up to speed on the programs.

Each Grant Program has there Guidelines, you must meet them and the property has its own Guidelines to as well. Some times you the client will qualify but the home may not so it is very, very important that your working with someone who has "done these before" so you can avoid some major set backs.

Below you will find some of the Guidelines for Properties in Pasadena, City of Galveston, Galveston County, Baytown, and others:

Down Payment Assistance Amount: $7,500 for Existing home, $14,500 for New Home, $19,000 for Sunrise Meadows Subdivision.

1. A Conventional (conforming or non-conforming), Portfolio, FHA, VA or Rural Development (RHS) mortgage loan.

2. A Fixed Interest Rate Mortgage for the life of the loan is preferred, unless written approval is given.

3. Buyer's Front Ratio cannot exceed 33%, (based on Seth's Income calculations) unless written approval is given.

4. Buyer's Back End Ratio cannot exceed 45%, unless written approval is given.

5. No Prepayment Penalties will be allowed.

6. All Buyers must contribute at least $500 of their own funds toward the transaction.

7. Loan Terms must be between 10 - 30 years.

8. Assets listed on 1003 Loan Application may be counted as Assets of buyer and calculated as Income calculation.

9. Buyers may not have Liquid Assets that exceed two times the amount of assistance applied for. This includes gifts listed as Assets on 1003. Any such gift will be counted as Assets and in income calculations.

10. Gift Programs used in combination with our funds are allowed, but must be approved.

11. If Buyer is requesting more than one assistance program, written approval is required.

12. Seller contribution can be up to 6%, but buyer cannot receive any money back at closing.

13. The same person to act as both Real Estate Agent and Lender in same transaction.

Every loan is different and not every case is the same so there may be other conditions during the loan process. There are income limitations and there are property limitations as well. Feel free to contact me for more details or scenarios at: loans@goldquestfinancial.com

This was created by Frank Marta (Texas Home Loan Specialist).