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About DallasLoanGuy

  • Birthday 04/22/1966

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  • Location
    Baton Rouge, LA
  • Interests
    Family, Outdoors, Coaching

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1,827 profile views
  1. and what brian said.... best rates assume 760+ with 25+% down. not all advertised rates are even available. read the fine print. a lot of advertised rates come with points
  2. DallasLoanGuy

    Ways To Come Up With a Down Payment

    i have never included 401k loan in dti
  3. loan officer cannot raise the rate to their benefit. any overage goes back to borrower as a credit to fees
  4. DallasLoanGuy

    second mortgage question

    they used to have helocs that had a conversion option. you could convert it to fixed rate and pay it out like a he loan
  5. DallasLoanGuy

    second mortgage question

    highest i have heard is 85% but i dont remember who that is
  6. DallasLoanGuy

    Ways To Come Up With a Down Payment

    the op asked for ideas to raise down payment monies..... we answer that question all of the time here creditboards motto = helping without judging. dont like it? take it up with a board owner
  7. DallasLoanGuy

    Ways To Come Up With a Down Payment

    you pay the 401k loan back thru payroll deduction. borrowing it creates a leverage situation if you buy an appreciating asset. HOW someone decides to use THEIR MONEY is beyond the scope of the conversation here. this is the mortgage forum. not the financial advice forum.
  8. DallasLoanGuy

    Am I close....

    If you are at the 20% effective tax rate, every $100 paid in mortgage interest only gets you $20 back, and that's only on the portion that gets you over the standard deduction theshold. This isn't a compelling financial reason to buy a house for most people. Most people do not even itemize, not even most homeowners. i have deductions that do not exceed the standard. so i get no benefit from them unless i have a mortgage interest deduction. so, while it isnt a compellig reason.... it isnt as dire as the simple explanation. appreciation is still my #1 reason to buy
  9. this is why we avoid big box banks for mortgage loans
  10. DallasLoanGuy

    Fannie Mae Introduces Solutions for Borrowers with Student Loans

    The people hurt the worst by fannies old student loan rules are the couple making $75000 collectively yet have $250K in student loans. Now, they have a plan.... they get them forgiven for working in a certain line of work for a set amount of time.... then they could buy. this just speeds it all up
  11. DallasLoanGuy

    CLI during loan approval process

    we wouldnt see the soft pull
  12. DallasLoanGuy

    Fannie Mae Introduces Solutions for Borrowers with Student Loans

    basically, freddie mac already accepts ibr this is big for a lot of people
  13. DallasLoanGuy


    yep. pay off revolving before you apply again. make sure they have updated on credit before you get a credit pull again
  14. DallasLoanGuy

    Cant make a payment for 30 days after closing.

    When did title become the authority on servicing? I think title is just making stuff up as they talk to get off the phone. this you should have payment coupons on top of your closing pkg

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