Mortgage Insurance is now permanently cheaper for FHA Loans. 💰🏠
Your credit score doesn’t have to be perfect to get decent Mortgage Insurance. In fact it doesn’t factor into the calculation of Mortgage Insurance whatsoever for FHA Loans. Many Lender's also consider a 660 FICO score to be perfect in regards to a credit score. In contrast, Conventional Loans factor Mortgage Insurance rates based on your credit score and downpayment.
Mortgage Insurance NOW permanently cheaper for FHA Loans 💰🏠
April 17, 2023 3:04 pm
The Credit Bureaus are not our friends and the make money off YOUR information when your credit is pulled by default. If you don't Opt-out your sensitive information is fair game to be sold to the highest bidder.
As a Mortgage Broker in Denton County, Texas I utilize a soft credit pull for 2 reasons:
1. No negative impact to your score
2. To give you time to Opt-Out of solicitations
🤯👀 Did you know that credit bureaus sell your information to other creditors /mortgage companies when you apply for credit if you don't opt out? 😱 Don't worry, there's an easy way to opt-out and protect your sensitive info. Follow along to learn how to opt out for free. l show you how to take control of your credit information and protect your sensitive data from trigger leads. And if you have any questions, feel free to leave them in the comments below. Thanks for watching! 🤔💻🔒
How to Apply for a Mortgage without a hard hit to your Credit Score
April 12, 2023 7:07 pm
📍 Goals of this Video:
- How to find out if a Property currently has an Ag Exemption.
- How many years the property has been Ag Exempt.
Denton County tax website:
We're talking about an agricultural exemption and how it can save you money.
So guys, I'm a little nervous. I don't want people showing up at my house. You know what my name is. If you didn't know this -it's kind of creepy. But you search ANY county tax website in Texas and find out where people live by looking up their name. So this is, this is my house and I'm gonna show you behind the hood how I look at properties that I'm going to buy that have acreage.
So, as some of you might know, I didn't grow up in the country. I grew up in the city in Lewisville, Texas. This is some information I wish I would've known,
How do you know if a property has an AG exemption on it? Whenever I'm looking at properties to buy, or helping clients do that. This is what you need to know. You go to the tax website for Denton County (Or any Texas County). I'll put the link in the description below, or you can Google: "Denton County tax website."
This is what you need to look for. This is very important, Agricultural Market Valuation. 📍 If there's not a dollar amount there, there's not an ag exemption on the property. There has to have been an 📍 agricultural exemption. On the property for the last five out of seven years. So if you're establishing one from scratch, it takes you five years, and that's a real beating.
I don't know about you, but I don't wanna wait around five years. So when I bought this property, I specifically looked and found one that had a agricultural market valuation (aka Ag Exemption).
So if you've never looked at the Denton County Tax website, it's a little 📍 confusing. We can go through here and kind of look at a couple pieces. The first one we look at is values. That's where that very specific agricultural market valuation is. That's what we really want to see and look for
next, is the taxing jurisdiction. This is where you can see the appraised value and the taxable value. Appraised value is what you're able to fight every year. If you're a homeowner, you get a fun letter from Denton County around May of every year, and it's letting you know what your new appraised value is.
You can go and fight that value. Good luck with that. They've gotten really aggressive over the last couple years. I don't see that changing anytime soon.
So that taxing jurisdiction is gonna show the appraised value 📍 and then also the taxable value. So the difference here is where the exemptions are applied. So you can look for my specific example. What I'm getting is an exemption based on the agricultural market valuation of $31,950.
You can also see any improvement or building is gonna be notated here. Important distinction here is anything that's not fenced in or being used for AG they're gonna call that your home site. So you can see here my home site's 1.23 acres and then I have 0.6 acres fenced in
Lastly, You're only going to get an exemption on the amount of land that you're using for agricultural use.
Reach out for help!
How to Find Ag Exemptions in Texas: A Property Search Guide
January 20, 2023 9:22 pm
How to Buy acreage in Denton County Texas with Minimum Down
Purchasing acreage in Denton County Texas or really anywhere in Texas (I'm just biased concerning Denton County) is one of my favorite real estate purchase strategies.
Raw land vs land with an existing Home
📍 A big distinction needs to be made between buying acreage with no house on it versus buying acreage with a house on it.
So if you're just buying raw land or just acreage with no house on it, you cannot get a traditional home loan. That means no Conventional, FHA, VA, USDA, it's not possible.
You're gonna have to go with, in my experience, a local bank and how I typically see that being done is it's 15% - 20% down and then a lot of the times it's an ARM, so it's an adjustable rate mortgage. And I'm not a huge fan of those personally.
If you wanna buy acreage right now and you don't want to have to save up 15%-20%, I recommend taking a shortcut. And that involves finding a property that has a house on it that has the number of acres that you desire. That way you can go in and put minimum down. You're looking at 0% down (VA and USDA), 3.5% down (FHA), 3% - 5% down (Conventional). It just depends on the loan program.
And what's really great is that there's no limitation on acreage as long as there are recent sales or recent comps in the area. So what that means is if you're looking for a property that has five acres, make sure that in that same general vicinity, there are other five acre tracks of land that have comparable homes on them.
Homes that that are similar in regards to square feet and the year they were built. These recent sales are what an Appraiser will use when you are in the Underwriting process to buy the home.
In Summary: If you are looking to purchase a few acres in the greater Denton area but don't want to put down 20% you have options. Buying acreage with an existing home is my favorite way to acquire acreage. You can put minimum down and qualify for a traditional home loan which will have better rates and terms than a raw land loan through a local bank.
How to Buy acreage in Denton County Texas with Minimum Down
November 10, 2022 3:33 pm
This video is for anyone looking to utilize Texas real estate to help build wealth for themselves, their families, and generationally.
What I believe about real estate: Every time you purchase a property, it is an INVESTMENT
I also believe that you deserve to be EXCITED, ISPIRED and MOTIVATED by where you live. Where you live is important. This is the place you spend a good portion of your life. Where you spend time with you loved ones and watch your kids grow up.
My goal is to help you find a property that will do both things.
1. A solid financial investment that will benefit at the time of purchase and also into the future
2. Excite, Inspire, and Motivate you.
You can have it all, I'm here to help you fit the pieces together.
What makes working with me unique?
1. I'm local to Denton County
2. I'm a Mortgage Broker
Mortgage Lender vs Mortgage Broker
Lender's can only utilize the loan programs and interest rates that the company they work for offers. This limits you as a buyer to whatever that company has to offer at that specific moment in time.
Mortgage Broker's shop several Mortgage Lender's and choose which Lender to send the loan to. This is exponentially more advantageous as some Lender's will have better rates or programs at different times.
What do you need to know before our initial phone call? We're going go over what I call the big three. Which are: income, credit, and assets.
When it comes to INCOME, we have to show a two year work history. It doesn't necessarily have to be in the same field, but we do have to go back two years. Second would be if you're self-employed, we're gonna go off of primarily your last two years of tax returns. If you're an employee, we're gonna go off the last two years of W2's .
We will in most cases, not need your tax returns. And if you have any sort of variable income like commission, bonus, overtime, we verify those with pay stubs because they show a year to date breakdown of that type of pay, and we have to average over a two year period.
When it comes to CREDIT, a 740 is a perfect FICO score. So in the mortgage world, it doesn't matter if you're a 740 or an 800. You're gonna get the max benefits when it comes to the loan. Typically, if you're in the 700's, a Conventional loan makes the most sense. If your credit score is 620+, but under 700, typically a Government loan is gonna make the most sense, which the typical ones are FHA, USDA, and then if you're a Veteran, then all day the VA loan program is the best out of those couple we just talked about.
And then lastly would be ASSETS. And that is money saved up for down payment plus closing costs. That dollar amount = the Cash To Close is what you bring at the very end of the process. And so, When it comes to down payment, viable sources are checkings, savings, borrowing against a 401k or retirement, or a gift from family, and then closing costs can be covered by the seller.
So this is something that has been non-existent for the last two years. 2020 - 2021, the sellers had all the power and seller concessions or seller credits were not something that I was seeing on contracts at all. So that's changed with a quickness. If you're looking to buy in this current environment, sellers are willing to help out when it comes to closing costs.
I would talk to your real estate agent about that that's something they write into the contract and negotiate.
If you have a property that you're really interested in now and you want to move quickly, fill out my loan questionnaire that allows you to put in your info, upload your documents, and that will expedite the process. This can be found on my website: www.wesgregg.com
If you have any questions at all. Please reach out. My cell phone number is (817) 781-9392.
Buying a Home in Texas as a First Time Homebuyer: What to Expect
October 21, 2022 8:55 pm
#shorts 📍 Texas Property Taxes. Those are three words that just don't really go well together. I'm a little nervous to be talking about this, but it's October. As we head towards the end of the year. October's an important month because all the counties in Texas post the new appraised value for every property in the county.
So if you own a home, If you have an escrow account, be prepared that your payment may go up. Not a fun thing to talk about, but it's a reality. If you don't have an escrow account, make sure you've got that money socked away for property taxes because they're due at the end of the year. And lastly, if you're looking to buy a property right now, make sure that whoever you're working with is doing their due diligence.
Looking at the county tax website and making sure that they're using the new taxes to calculate your payment. And so you know what to expect.
Property Taxes in TX - Why October Matters
October 21, 2022 8:09 pm
How Homestead Exemptions work in Texas and how to File with your local County
There is No State Property Taxes in Texas
Property Tax is done at the Local Level –The County collects them
Remember, no state income tax in Texas. So Property tax (although annoying) goes to pay for schools, roads, police, firemen, emergency response services, libraries, parks and other services provided by local government.
A Homestead Exemption saves you money on your property taxes in 2 Ways:
1. Partial Exemption on School taxing unit. The ISD tax where you live is the highest (by far) taxing unit.
2. Caps your Appraised value year over year to 10% This means that the County cannot tax you 10% more than last year even if the appraised value bumped up.
Checklist before you Apply:
You must own and occupy the home
You must not claim any other property as your homestead
Only individuals may receive homestead exemptions, not entities
Your Texas Driver's License must match the property address
Homestead Exemption How to file in Denton Texas
January 19, 2022 11:46 pm
Cash Out Refinance in Texas
Wondering How a Cash Out Refinance works in Texas? If you have Equity in your North Texas Home you may be in a position to pull Equity out of the Property and use the cash to purchase an Investment Home, Make upgrades to your current property, or do something else with it, it's your money after all 🙂
You must leave 20% Equity in the Property when you proceed with a Cash out Refinance in Texas.
I use the example of the 1st home I ever purchased in Hurst, Texas near DFW airport. I boutght the property for $136,000 in 2015. It needed quite a bit of work. In fact I had to spend $14,000 to get it livable before I moved in with my wife.
The home is worth around $230,000 now in 2020. I sold it a few years ago but If I wouldn’t have I would stand today with quite a bit of equity in the property as I would only owe $123,000 on the original mortgage.
This is How a Cash Out Refinance Works in Texas:
1. Order an Appraisal. This costs about $550ish
If you desire to get the most cash out of your property in the form of Equity the maximum loan amount is 80% of the Appraised Value.
Let’s assume the Appraisal comes back at $225,000.
This means we $180,000 is the maximum loan amount ( $225,000 * .8)
We now take the new loan amount of $180,000 and subtract the principal balance of $123,000.
If you want to pull out the maximum amount of Equity without coming to the closing table with any money out of pocket I would subtract the closing costs from the loan amount as well.
$180,000 - $123,000(remaining loan balance) - $7,000 (Closing costs)
= $50,000 cash in hand
In this example I could pull $50,000 worth of Equity from my home.
This is just one way property ownership can help you achieve your goals, call me at 817 781 9392 or visit me in Denton, TX off the Square: 100 W Oak Street, #G-102 Denton, TX 76201
How Does a Cash Out Refinance Work in Denton Texas
April 30, 2020 6:23 pm
Last Jump at Skydive Cowtown.
Tribute to Curtis Scott Moore. 1954 - 2018.
This Footage was taken after Scott's Funeral, August 25th 2018
Blue Skies Scott, You will be missed.
Last Skydive Tribute Remembering Scott Moore
November 1, 2018 3:03 pm