How to Get A Home Loan Approved In Woodlands TX

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 9, 2009 -- "Getting your loan approved in The Woodlands Texas these days is getting to be more complex by the minute", Terry Walters says who has been in mortgage industry for almost a decade. Terry has seen many changes in his mortgage lifetime and this new one is not making things any easier on the buyer, he claims.

In the newest information he just published, he really gets into the nitty-gritty of the new requirements and how they affect YOU as a buyer.

He goes on to say that:

"A vast majority of loans on the market today have been affected with this new “total debt to income ratio requirement”.

You see, before if the automated underwriting system gave an approval with the ratio of over 55% the loan could still be approved.

Not any more.

Now if the ratio is over 45% the loan will be downgraded to deny unless there are 3 out of the 4 compensating factors present – and they’re not much fun either:

1. new mortgage payment is equal to or less than what the client was paying for rent over the last 12-24 months
2. have at least 10% as down payment
3. the borrower receives documented income not included on the application

4. borrower has at least 3 months cash reserves after closing and documentation to prove it."

As always, there is room for grey area here as well...

"If the customer happens to have at least 3 out of the 4 compensating factors above the loan may be able to be approved, but we’re getting into some grey area and the total debt to income ratio cannot exceed 50% to even have a chance of making things work.

In my opinion, this is one of those things that should have “do not try at home” warnings. The loan approval requirements are getting more and more complex by the minute, and now more than ever it is crucial to have an experienced loan officer look at your situation prior to making any decisions.

Don’t let yourself get seduced by price shopping and lose the sight of what’s most important here – you getting a mortgage that is best for your financial situation and not necessarily the one that has the “clearance” tag on it."

To get more information on how to get a home loan approved in The Woodlands Texas, feel free to contact Terry at: twaltersmtg@gmail.com or visit his site at www.thewoodlandstexashomesforless.com