Today the Texas Veteran’s Land Board announced that the new Texas Vet Housing Assistance Program loan limit is $417,000, up from $325,000.   They also increased the land-only program to $100,000, up from $80,000.  That’s how Texas takes care of our military veterans!

For more information, see www.texasveterans.com.

You may have heard that some lenders limit the number of financed properties to four total.  In other words, you can own as many properties as you like, but most lenders will not finance a property for you if you already have four mortgages. Fortunately we have investors who will allow us to finance your primary residence regardless of how many other properties you own.  This obviously assumes you can qualify with all of them.   Apply online via our secure form at chadbowman.com/apply.

This question comes up quite a bit. How much is the seller allowed to contribute to the buyer’s closing costs on a VA loan? Some non-VA programs limit the seller contributions to 3% and some go as high as 6% of the sales price. When it comes to VA, many lenders say the limit is 4% of the sales price. It is true that the VA handbook says seller contributions are limited to 4%; however, it also says “Do not include normal discount points and payment of the buyer’s closing costs in total concessions for determining if concessions ...

Current FHA loan limits for the Greater Austin Area are as follows:

1 Family = $271,050 base loan (after 3.50% down payment) + 1% UFMIP
2 Family = $347,000 base loan + 1% UFMIP
3 Family = $419,425 base loan + 1% UFMIP
4 Family =  $521,250 base loan + 1% UFMIP

So for a single-family dwelling with a down payment of only 3.50%, the maximum SALES PRICE would be $280,880. Anything over that would require more than the minimum down payment.  For borrowers able to put down 5% or more, then a conventional ...

For seniors using an FHA reverse mortgage to turn their home equity into tax-free income and/or to permanently get rid of their current mortgage payments, I have good news.  Our company just announced today that we can do a reverse mortgage on a home with an appraised value of as low as $50,000.  Our previous minimum was $100,000.  One caveat, however, is that we still do not provide any type of financing on manufactured, mobile, or modular homes.  Click here for more information on the ...