Our Market here in Houston Texas is so hot, just like the weather.

I know that you may think how would a Loan Officer know how our Real Estate market be? The reason I know is that I work with Realtors from all over town.

From Katy, Richmond, Sugar land, Tomball, Woodlands, Channel view, and Pasadena. I am able to work with clients from all over Houston and surrounding areas.

I have many clients that have put offers on properties and it is not accepted because of the house having other offers.

Foreclosures are selling at a alarming rate. I see that offers are going over asking price in many cases due to the commpetitive nature of the market.

If you are a First Time Home Buyer there are several different options created to help and make things affordable for you.

These are a couple of options:

1. Down Payment Assistance: Where the Government is giving out money to cover your down payment and most or all of your closing costs. This is a loan for 5 years minimum and if you stay in the home for 5 years then it is forgiven and you don't have to pay any of it back. Note: this program has several limitations (Income, Property & Location.

2. $100 Down Payment:This a little used program it is for First Time Home Buyers and if your interested in buying a Foreclosure property. There are limitations (Type of Foreclosure)

3. $8,000 Tax Credit money from Obama: The stimulas package is funding a credit for your tax return money for $8,000. This money is soon to be approved to be used for purchase money down payment. (Limitations do apply: Income)

If you want to know more about these programs you can contact me for any questions.

Written by Frank Marta Texas Home Loan Specialist

Here is a loan check list that is needed to begin the Home Loan process:

___ Most Recent 30 days of pay check stubs

___ Last 2 years Tax Returns (1040's) with 1099's and/or W-2's (2007 & 2008)

___ Most recent 2 months Bank Statements

___ 401 K, Stocks and bonds documentation

___ Id and Social Security Card (Copy)

___ Resident Alien (Green Card) or work permit (Front and back copies)

___ Child support documentation (receiving or paying)

___ Other income documentation (Alimony, Military pay, SSI, etc...)

___ Lease agreement (If keeping a property)

___ Divorce decreed (If applicable)

Up front costs needed:

___ Appraisal Money ($275-$450)

___ Earnest Money ($500-$1,500)

___ Inspection Money ($275- $400)

___ Option Money ($50-$150)

List created by Frank Marta(Texas Home Loan Specialist)

Branch Manager

Gold Quest Group LLC

Ph: 713-373-0345

Then Prospective buyer is a FIRST TIME HOME BUYER, they will have many questions and concerns. One of the main concern is finding an experienced, honest, and professional individual (Loan Officer) to assist them with their Loan process. Another big concern is obtaining a LOW INTEREST RATE and an affordable monthly payment. I just recently learned about an awful situation a First time Home-buyer had to experience......

A Sales Agent calls me to see if I can assist her buyer in securing a HOME LOAN. This FIRST TIME HOME BUYER had applied with another Lender and 3 days before closing the Lender denied the loan. This FIRST TIME HOME BUYER had done the final walk through on this house, and made arrangements for the move and to her surprise, she had no loan! The news was discouraging and upsetting to this buyer, because this buyer had never been informed of any issues or problems the lender was experiencing with the loan. This unfortunate event, could of been avoided all together if the Lender had been up front with her from the very begining. This FIRST TIME HOME BUYER was put in a bad position where she almost lost her Earnest Money ($4 K). I was able to meet with the Buyer and found the solution to her problem. The reason the other Lender decline the loan because of the credit score being low. This Lender had been working on this loan for nearly 3 months while the prospectives home was being built, and never mentioned that with the score she had they could not close. This lender provided a Loan Approval Letter and assure the builder that they would close the loan, but didn't deliver. I was able to coach through the process that needed to be done for her credit to qualify. We were able to achieve those great results and I was able to approve the HOME LOAN. This scenario has motivated me to write this article and educate those prospective buyers that don't have an idea where to begin or what to expect when looking for a HOME LOAN.

Here is a brief description of the documentation that has to be gathered and have ready to take to your first appointment with a LOAN OFFICER.

1. Previous 2 years Tax returns with attached W-2's or 1099's. Why? In order to qualify you must have two years Employment History to qualify for the HOME LOAN. Lenders or LOAN OFFICERS are looking for any major gaps in employment which may disqualify a buyer. Another common thing to look for is Switching from a Wage Earner (W-2'd Employee) to Self Employed. A Self Employed buyer must have reported two years with Self Employed income. Oddly enough you can go from Self Employed within the past two years and still qualify...

2. Two months bank statements to prove current assets. This includes the following types of accounts. Exp: checking accounts, savings accounts, 401k, Ira's, Stocks, Bonds, and etc... Why? You need to show the lender that you have the money for the downpayment seasoned in any of those accounts. Also, the lender verifies that you also have the funds to close if the money is not being gifted. FHA allows for the closing costs to be gifted by a family member or to be contributed by the seller.

3. The most recent 30 days of Pay Check Stubs. This is to establish consistancy and Over Time, if you earn it. We want to see that the potential buyer works full time and don't have short pay periods. Consistancy is what we are looking for.

4. Valid ID, Valid Resident Alien card (if applicable), valid work permit ( if applicable) and social security card.

5. Other income is requested. if received Exp: Child Support, disability, social security, pension), etc.

6. Spouses Identity and Credit Report will be requested if married. Why? This is for FHA Loans only, even if they are not on the HOME LOAN with Spouse. This is because the lender will not loan to anyone with a Mortgage or Federally funded loan that is in default (ie... Student loans). FYI: your spouses liabilities will be counted even if they are not co-borrowers on your Home Loan. Your spouses can not be a Co-Borrower if their FICO score is low. Howerver, keep in mind that the Lender will include their liabilities.

7. Divorce Decreed (if applicable) and for those prospective buyers that have to pay child support a Child Support Court Order has to be provided.

Every scenario is different, and additional documentation may be requested.

NOT DONE YET............WE ARE HALF WAY THRU.

Once the Prospective Buyer provides the LOAN OFFICER with the above mentioned documentation, the Loan Officer will begin the Qualification process. This process will required to verify all documentation and also pull the prospective buyer and spouses credit. Once this is done, your Loan Officer should be able to determined whether you qualify for a HOME LOAN or not. If the prospective buyer is approved, the Loan Officer will discuss with the Approved Buyer their monthly payments, interest rate, disclose a Good Faith Estimate and Truth In Lending and give the Qualified Buyer a Loan Approval Letter, at this point the Qualified buyer is ready to begin your home search. If the prospective buyer does not qualify due to the FICO score being low, the Loan Officer can advise how to improve their credit scores. I personally coach my clients if they need less than 40 points, if they need more points than that I recommend a different strategy for their Credit Scores.

I hope that with this information, you the Prospective Buyer, have learned that the process of your home loan should be stress free and it can be made easy if you seek the guidance of an experienced Loan Officer. I wish you the best luck in obtaining a HOME LOAN.

look up also Down Payment Assistance loans that I wrote previously. Don't forget this is the time to buy if you are a FIRST TIME HOME BUYER, you can qualify for up to $8K in tax credit........Ask me how!

Frank Marta TEXAS HOME LOAN EXPERT

IF you have any specific questions I can be reached at frank_marta@goldquestfinancial.com

Ph: 713-373-0345

Attention Buyers, Realtors, Builders!!!!!!!!!

I know that buying a home in our market can be really challenging. The credit crunch has been tough. I wanted to announce that not all banks are tightening up.

New loan program just became available!!!!!!!!!

Take advantage now!!!!!!! Do you have under a 620 credit score? Why? Most lenders have already gone to that minimum middle credit score requirement. Do you have over a 540?

I know many of you may not believe this news but believe and try it out for yourself before time runs out...

Do you have your down payment and closing costs covered?

Then you might qualify for a new loan product that just became available to the public today....

Does that sound like you? Then call now and make your appointment today to qualify for this amazing new loan that is available to you now....

Texas properties only!!!!!!

If you want more details call or email me for your application today....

Frank Marta Texas Home Loan Specialist

Ph: 281-250-1561 Email: frank_marta@goldquestfinancial.com

Looking to buy a home in the Houston TX Area?

The first step is to get your self qualified for the purchase by a qualified and upstanding Loan Officer in Texas (Yours Truly). Then see how much down you will have to give or want to give? There aren't any zero down programs left to choose from.

Either you qualify for a conventional or a FHA loan and they both require a down payment. Conventional you would have to give a 5% Down Payment and FHA is 3.5% Down.

So how do I get around the down payment requirement you may say? The stimulus package by Obama has funds to help generate more home buyers in our economic troubled times. Now more than ever we must try to get the money that was created for the working class. So now we have some options to offer our qualified buyers.

For the First Time Home Buyer there is the Grant:

What is a Grant? It is a loan given that the payment is differed until a set time and then is forgiven if the set length of time is met or exceeded.

Why is this important? Well if you don't have much money you can purchase a home with little to no money....

What else should I know? More qualifications needed: 1. three years tax returns 2. 6 months bank statements 3. Three months pay stubs

HUD homes have a promotion $100 down payment program:

What does this mean? Instead of the normal 3.5% down that FHA requires for down if you purchase a HUD Foreclosure you may qualify for the special financing option?

How do I qualify? If you qualify for a FHA Loan you qualify!!!

What are the other requirements? You have to make a full price or higher offer on a HUD foreclosure and not request more than 3% seller contribution...

If you qualify for this money why not apply for it. Now there are many people out there that don't want to offer these programs so they simply say that you don't qualify for the money. There are other qualification filters that have to deal with the house. So be sure to inform your self on a home and its location before writing a contract for the home. In our area there are about 4-5 different programs to Assist in Down Payment Assistance. So not all properties belong to the same program. If you would like more information about this Contact me for assistance.