Real Estate Podcast with Patrick Fitzgerald
48 episodes - English - Latest episode: 9 months ago - ★★★★★ - 7 ratingsPatrick Fitzgerald, the VA Loan Guy, is located in San Antonio, Texas and is a true “One Stop Lender”. We originate, underwrite, and close all types of loans. We offer Texas Vet, Veterans, FHA, Conventional, Jumbo, Adjustable Rate, and Investment products.
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Episodes
Dispelling the Myths of 40-Year FHA Loans: What You Need To Know
August 15, 2023 05:00 VideoMany people have heard some misinformation about 40-year FHA loans. However, the truth is that the 40-year FHA loan is specifically designed for loan modification purposes. It’s meant for those who are significantly behind on their mortgage payments with an FHA loan, enabling them to roll past-due payments into a new loan. The government created this product to significantly reduce FHA foreclosures. By allowing clients to consolidate overdue payments, fees, and other charges into a 40-year...
Exploring the Benefits of Non-QM Loans for Self-Employed Individuals
June 13, 2023 05:00 VideoToday, I’m here to discuss the concept of non-QM loans, a term that you may have come across in recent years. It’s important to understand the details and consider whether you could benefit from this type of loan. Non-QM loans are designed for individuals with irregular income patterns, typically self-employed individuals, commission earners, or business owners who prefer not to disclose high income. These loans do not conform to the standards set by the U.S. government, Fannie Mae, or Fre...
The Ultimate Guide to Down Payment Assistance Programs: Everything You Need To Know
April 13, 2023 05:00 VideoLately, I have noticed that there’s a lot of confusion and wrong information floating around about down payment assistance, so I am here today to clear things up. If you’re considering buying a home, these are things you should know. Down payment assistance programs (DPAs) can vary greatly, but most are backed by the state of Texas. They can help a wide variety of clients, depending on their income level, if they’re married, whether or not they’ve owned a home before, and more. Some DPAs ...
How to Avoid Derailing Your Loan
March 29, 2023 05:00 VideoToday, we’re going to talk about something super important in the mortgage business: the top five ways to derail your loan approval. Here are some common home loan pitfalls you need to watch out for: 1. Don’t take on any new debt. Any new debt will affect your debt-to-income ratio and can upset your loan approval. 2. Don’t buy or lease a new car. Changes to your debt-to-income ratio can happen and again upset your approval. “Don’t take on any new debt and jeopardize your loan approval.” ...
A 2-1 Buydown Is a Great Way To Buy Now
March 17, 2023 10:00 VideoAre you wanting to buy a home but are worried about affording it with these high interest rates? Today, I’m here to show you how to lower your payments with a 2-1 buydown. This is a relatively new product that has now become very popular. The nice thing is that it can be used with an FHA loan, VA loan, and even a conventional loan. To show you how this product works, I’m going to give you an example. Let’s say the rate at the time you lock in your loan is 6.5%. With a 2-1 buydown, the pay...
The Top 5 Ways to Derail a Loan Approval
February 11, 2020 20:15 VideoThere are five key ways that you can derail your chances of being approved for a home loan. If you’re serious about purchasing a home, you’ll want to avoid: 1. Taking on new debt. Doing so can change your debt-to-income ratios, which can upset your chances of being approved for a home loan. 2. Buying or leasing a new car. This can become a big hit to your credit report. 3. Letting someone pull your credit. Some files have credit scores that are on the very edge of approval; allowing, for...
Conforming Loan Limits
December 27, 2019 22:27 VideoThe U.S. government just increased conforming loan limits for all loan types. What does this mean for homebuyers? Each year the government sets maximum loan amounts for conventional, FHA, and VA loans. The loan limit for conventional and VA loans is now $510,400. In other words, all conventional loans for that amount or less can be secured for a minimum of 5% down. If you go above that amount, your loan turns into a jumbo loan, which requires other additional rules for your down payment. ...
The Real Value of Having a Will
December 02, 2019 18:18 VideoIf you don’t already have a will, it’s time to set one up. Even if you don’t think you need one right now, the truth is that unexpected tragedy can strike at any time. Take, for example, a past client of mine who recently reached out to inform me of her husband’s passing. When I asked if he had a will, she said no. The widow assumed that all of his assets would become hers automatically, but this isn’t so. Inheritance laws do vary from state to state, but here in Texas, half of a deceased ...
What Is a One-Time Close?
September 12, 2019 17:00 VideoA one-time close, or OTC, happens when a homebuyer wants to build a home on land they own, but needs a construction loan in order to fund the build. When the home is finished, then we create the 30-year mortgage to get them on down the road with it. The one-time close has many benefits. It pays off the land if you owe money on it, it provides funds to the builder to construct the home, and it builds in a 10% variant to accommodate any potential budget shortfalls. “You won’t have to worry ...
Before You Buy an Investment Property
August 15, 2019 19:11 VideoSo you’ve decided to buy an investment property. What kind of financial regulations should you be aware of before proceeding any further? First, since I’m known as the “VA loan guy,” let’s get this out of the way: You can’t use a VA loan to purchase an investment property unless you’re purchasing a duplex, triplex, or quadplex and you plan on living in one of the units yourself. Investment property loans are always conventional loans, and the current conforming limit (the maximum for an ...
Why Is the VA Eliminating Down Payments?
July 23, 2019 15:20 VideoIn case you haven’t heard yet, the VA has eliminated down payments on all high-priced homes. Right now, the conforming limit on a VA loan in most areas is $484,350. For a home purchase below that price, there is no down payment and no issue. For purchases above that price threshold, VA buyers have to pay 25% of whatever the overage is. For example, a veteran will need a $25,000 down payment on a home purchased for $584,000. “This is a cool program we’re excited to learn more about.” St...
Why You Can’t Quit Your Job During the Loan Process
July 11, 2019 14:36 VideoIf you’re planning on buying a home and going through the loan process, don’t quit your day job. You’d be surprised at how often this happens. Let me tell you a quick story. I’m doing an FHA loan right now for a wonderful client. We contacted her employer to verify her income, but the employer relayed to us that she no longer worked there. Imagine the panic we had when finding out that information. We found out that she quit her new job, but started a better job with higher pay so she thou...
What to Do When an Appraisal Comes Up Short
May 07, 2019 19:48 VideoWhat happens when an appraisal comes up short of what a home is sold for? If the buyer has a VA loan, here’s what it looks like. Let’s say a home is sold for $250,000 to a buyer with VA financing. The mortgage company will send the appointed VA appraiser along with the contract for the property. The appraiser then goes to the property, measures it, looks at its condition, and formulates an opinion on its value. Then, the appraiser will go back and do some research to see what other, simil...
USDA Loan Changes Can Now Be Used for Manufactured Homes
April 05, 2019 17:44 VideoThere have been some recent changes to the USDA loan in regards to manufactured homes. Effective immediately in Texas, you can now use a USDA loan on pre-owned manufactured homes. What’s so cool about this? Well, the USDA loan is a zero down conventional loan program, meaning buyers don’t have to make a down payment. This doesn’t mean all mortgage companies will do this, however. Each company has slightly different rules, so make sure you verify with yours. “Each company has slightly dif...
Pre-Approval vs. Pre-Qualification
March 07, 2019 22:25 VideoToday we’re going to talk about the difference between being pre-qualified and being pre-approved. I get this question a lot, so I figured I’d answer it for you. A pre-qualification means that a lender has pulled your credit, examined your documents, and submitted an automated online approval with Fannie Mae or Freddie Mac. A pre-approval contains all of the above, plus we submit the file to an underwriter. The underwriter looks at everything, asks for clarification, and makes a decision...
5 More FAQs about the VA Home Loan
February 21, 2019 18:28 VideoContinuing from last time, here are the last five questions featured in our series about the 10 most frequently asked questions we receive about VA loans: 6. “Can I use my VA loan to buy raw land?” I get this question nearly every single day, and the answer is no. The VA loan does not finance the purchase of raw land all by itself. Here in Texas, we have a wonderful program called the Texas Veterans Land Board, which does finance raw land for veterans. If you’re from out of state, you’ll h...
Answering Your Top 10 Questions About VA Loans: Part 1
February 07, 2019 22:05 VideoToday I’m excited to launch the first half of a two-part series covering the top 10 questions I hear about VA loans. We’re going to share five of these common queries today and finish with the remaining five in our next message. 1. What kind of credit score do you need to qualify for a VA loan? Believe it or not, the VA does not set a specific threshold for credit scores. Instead, they allow affiliated lenders to set a parameter they believe to be appropriate. So if you’re curious about ap...
Escrow Holdbacks
January 24, 2019 20:25 VideoWhen there are required repairs or renovations that show up on an appraisal, they can be paid for through what is called an escrow holdback. As an example, I’m currently helping an elderly couple who don’t have the ability to make any repairs—but they do have the money needed to do so. In situations like this, we hold money back from the seller at closing to pay for any fixes that are needed. Escrow holdbacks are used for things such as roofing or flooring work; we won’t use it for room ...
Conforming Loan Limit Increases
December 18, 2018 20:25 VideoToday we’ll be talking about the recent increase to conforming loan limits and what it means for you. The conforming limit is the maximum loan amount the government allows someone to borrow when using a conventional or VA loan. Essentially, it’s been increased because home prices have risen. For 2018, the conforming limit has been $453,100—on January 2, this limit will increase to $484,350. For someone using a VA loan, this means they can borrow up to $484,350 with no down payment. A conv...
1 Critical Step Unmarried Homebuyers Must Take
December 03, 2018 22:27 VideoRight now, I’m working on two separate files for unmarried couples planning on buying a home together. And with that being the case, I thought now was the perfect time to share my insight on this scenario. Is it really a good idea for an unmarried couple to purchase a home together? Actually, the answer to this isn’t black and white. It is possible for the situation to go smoothly, but I still recommend that anyone considering this arrangement starts the process by speaking with an attorne...
What You Need to Know Before Buying an Investment Property
October 30, 2018 18:51 VideoThe rules for purchasing a rental property are highly specific, so anyone considering doing so should be aware of a few key stipulations. First, realize that you will need a 20% minimum down payment. That said, the higher your down payment on an investment property is, the better—as is the case for other home purchases, as well. The interest rate on an investment property will always be at least 0.5% to 0.75% higher than it would be for the purchase of a primary residence, but submitting ...
Can You Freeze Your Own Credit?
October 12, 2018 16:42 VideoIf you’ve ever had your credit pulled without your permission or you’re worried about identity theft happening to you, a new federal law was recently passed that allows you to freeze your credit if you want to. The best part? You can do it for free. “A new federal law was recently passed that allows you to freeze your credit if you want to.” All you have to do is contact all three major credit bureaus—Transunion, Equifax, and Experian—by phone, written mail, or online, and ask them to ...
Zero-Down Home Financing for the Rural Homebuyer
August 06, 2018 15:50 VideoToday we’re going to take a closer look at USDA home loans and the benefits they bring to homebuyers. A USDA home loan is a loan guaranteed by the U.S. Department of Agriculture. It doesn’t work everywhere, however—the purpose the of the program is to help with financing homes in rural areas. You will not get approved for this loan inside a city with a population of more than 25,000. As a type of conventional loan, the USDA loan uses a conventional appraisal. Similar to the VA loan, it do...
What Credit Repair Companies Do to Fix Your Score
July 23, 2018 18:12 VideoToday I want to talk about credit repair. What is it? And how can it help fix your credit score? Before I get to that, however, I want to talk about the things that cause credit problems. Obviously, late payments and collections both contribute to a negative credit score. More recently, I have also seen broken apartment leases negatively impacting people’s credit scores. There is the common misconception that when you pay off a past-due bill, it is no longer on your credit report. This i...
The Importance of Knowing Your Deductible
July 11, 2018 15:28 VideoDo you know what your insurance deductible is? In most cases, people tend to select a 1% rate in case of things like hail or fire damage. This means that if someone with a 1% annual rate has a $250,000 home, then their deductible would amount to $2,500. But in some cases, people may take shortcuts and attempt to get a lower annual rate on their insurance premium by selecting a rate of 2% or 3%. This can land you in hot water, though. To explain why, I’d like to recount a scenario I encoun...
Why Home Warranties Are so Important
June 21, 2018 19:12 VideoWhen buying a home today, receiving a clean report from the home inspector does not mean you are out of the woods. Systems or appliances in your home could fail a week, a month, or even years down the line. And they may no longer be under warranty, meaning that you will be the one to pay if something goes wrong. That is, if you do not have a home warranty policy. Having a home warranty policy can protect you from such expenses. You will be offered such a policy at closing, but it is still ...
What Homeowner’s Insurance Policy Should You Choose?
May 31, 2018 20:33 VideoI get a lot of questions about homeowners insurance from clients as well as Realtors. So, today I’d like to discuss a few important points about this subject. Rates are going up sharply due to some pretty massive national losses from a lot of the insurance companies. Hurricane flooding in Houston and other natural disasters in California are creating massive claims for insurance companies, driving up the costs. But, you should know that if you are going to finance the home, homeowner’s ins...
12 Things to Avoid Doing During the Loan Process
May 01, 2018 18:59 VideoHere’s a quick rundown of the top 12 things you should not do during the loan process: 1. Quit your job (or change jobs). Why is this important? The day before closing, we have to call your employer to make sure you’re still there. If you quit, retire, or change jobs, that will be known the day before closing. 2. Buy a new car. All mortgage companies have to do a soft credit pull the day of or the day before closing to make sure you haven’t taken on any new debt. If you purchase a new car...
How to Combat Indecision in Today's Fast-Paced Market
March 30, 2018 15:14 VideoToday, I’d like to talk about the effects of a fast-moving market. Recently, I’ve been hearing from a lot of frustrated buyers who are tired of losing out on homes. Oftentimes the reason they lost out was that they told their Realtor they needed time to think. When the client calls their Realtor back with the decision to buy, they do so only to find out the home has already gone under contract with someone else. This situation is frustrating for the buyer and their agent alike. In this ma...
Is Your Future Property Located in a Flood Zone?
March 12, 2018 19:55 VideoWhy is it crucial when buying a property that you check if it’s located in a flood zone? Let me tell you a quick story. I’m doing a loan for a couple who bought a 12-acre property awhile back but didn’t know that part of the property was in a flood zone. Since they only recently learned about this and we’ve pulled a flood certificate, they now have to pay between $100 and $200 a month extra for the entire life of their loan. If you use a Realtor to buy a property, make sure they work hard...
Why Should You Work With My Own Realtor
February 15, 2018 19:57 VideoToday, we’re going to talk about why you need your own Realtor. When driving around looking for a home, you might come across a house you like with a yard sign featuring a phone number. Most people are tempted to pick up the phone and call, but you need to know that the number on the sign is for a Realtor who represents the seller. They have a signed contract with that homeowner, meaning that they’re not financially obligated to represent your interests, and don’t have to inform you about...
What’s the Difference Between an Inspection and an Appraisal?
February 01, 2018 15:46 VideoWhat is the difference between an inspection and an appraisal? Today, I’d like to clear up some key differences. Many veterans call me believing that the VA is going to do an inspection on their home, when in fact, that’s not really the case. The VA will appraise a home, not inspect it. An appraiser is there to view the property, measure it for square footage, take pictures of the home, and study the property as a whole to determine its value. This is done by comparing it to other propert...
Mortgage Loan Rules for Moving a Manufactured Home
January 08, 2018 15:00 VideoToday I wanted to clarify the rules on moving a manufactured home. A lot of people don’t know this, but there are some very, very specific rules regarding this topic and there’s a lot of confusion about it. Why is this so important? A lender may not be able to do one of the top three loans—FHA, conventional, or VA loan—on a manufactured home if it’s been moved. FHA and conventional loans don’t allow a home to be moved or reinstalled once it has been in installed in its original location. ...
Where Can Veterans Get a Home Improvement Loan?
December 21, 2017 13:10 VideoIf you’re a veteran looking for a home improvement loan to make some upgrades to your home, I have good news and bad news. The bad news is the VA doesn’t offer any loans for this purpose. The good news is the Texas Veterans Land Board does, and they recently doubled the amount they’re willing to loan to a veteran—$50,000. There are a couple very favorable terms to this loan. Not only will they go up to 20 years on the loan at below market rate, but you don’t have to provide a down payment...
A Unique Opportunity for Veteran Homebuyers
November 28, 2017 13:04 VideoDid you know that you can not only use VA financing to buy a home with 0% down, but you can also use VA financing to buy a multi-family property? If you set things up right, the home will essentially pay for itself. Here’s what I mean. You are allowed to use a VA loan to purchase a multi-family property, but there are a few caveats. First, you must occupy the property as a primary residence within 60 days of closing on the property. That’s a very important rule to remember. “This is a sma...
What You Need to Know About Property Surveys
November 08, 2017 12:50 VideoA property survey is a very important document in a real estate transaction. What is a property survey, though? What do you need to know about them? When a mortgage company finances the property in question of a real estate transaction, they’ll require a property survey.This survey shows several key things. Most importantly, it shows where the house will sit on that property. It also shows the legal description of the property— which is important for recording ownership—and where the exact...
Is Using an IRRL a Smart Move for You?
October 16, 2017 13:50 Video“Pat, I just closed my VA loan with you. Within two weeks, I’m starting to get letters every week offering me to refinance my home loan. How do they even know I did a loan with you? Why am I getting these offers right off the bat?” This is a question I get asked a lot and a scenario I encounter quite often. We didn’t sell your loan or your information to anybody, but in the state of Texas, whenever someone buys a home, it’s public information if there’s a loan put on it at the courthouse. ...
If a Storm Hits, Do You Have Coverage?
September 25, 2017 12:00 VideoThe terrible situations that have unfolded in Texas, Florida, and elsewhere are still fresh in our minds, and for good reason. People have been flooded out of their homes, and it has been absolutely heartbreaking to watch. So today, I wanted to talk about what flood insurance is and why it can be helpful in situations like these. The most important thing I want you to know is that homeowners insurance does not cover rising water. If water happens to come in from the roof, it will be cover...
Can You Build With the VA Loan?
August 24, 2017 18:55 VideoCan you use a VA loan to build on land you own? Of course you can. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now If you’ve got land, can you use your VA loan to build on it? The answer is: of course you can. Now that you know this is a possibility, there are a few things you need to consider before you can make it happen. The first step is to have your home designed. After you’ve met with an architect to do this, you’ll need to genera...
Are VA Appraisals Any Different from Conventional Ones?
August 11, 2017 20:45 VideoToday I wanted to talk about VA appraisals and how they differ from conventional appraisals. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now I get a lot of calls about this with lots of questions about the VA appraisal and how it’s different from conventional appraisals. An appraisal is an estimated value of a property done by a licensed appraiser. One thing to remember is that VA appraisals are not that much different from a conventional ...
How Taxes and Insurance Figure into VA Loans
July 28, 2017 15:37 VideoToday I wanted to talk a bit more in-depth about how property taxes and homeowners insurance figure into the VA loan process. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now Today I wanted to talk about taxes and insurance and how they figure into a VA loan. I get this question from both veterans and real estate agents alike. In most areas, real estate taxes are comprised of state, local, city, and school taxes. They are all figured in by...
Manufactured Homes Made Simple
July 03, 2017 18:49 VideoThere are a few key rules you should know about in order to get a VA loan under a manufactured home. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now If you’re considering using a VA Loan on a manufactured home, I have some information that you’ll need to know. To begin, you should know that you are, in fact, allowed to have a VA loan under a manufactured home. However, this can be difficult in certain cases. Though VA loans are technicall...
What Is the Anatomy of a VA Loan?
June 12, 2017 16:30 VideoIf you’re thinking of applying for a VA loan, here’s what you should know about them. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now The anatomy of a VA loan features four components: principal, interest, property taxes, and homeowners insurance. In January 2017, the U.S. Department of Veteran Affairs increased the loan amount on a VA loan to $424,100. That’s called the “conforming limit,” and it means in most states around the country, ...
Types of Property You Can Buy With VA Financing
May 22, 2017 16:20 VideoVA loans allow you to buy a wide variety of properties. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now If you plan to use a VA loan, you might be wondering what types of properties you can use your VA loan for. The most popular use is for a single-family residence, but you can also use a VA loan on a multi-family property like a duplex or triplex, but you can’t go higher than four units in one building. To use it on a multi-family home, ...
Can You Still Get a VA Loan Post-Bankruptcy?
May 05, 2017 20:25 VideoIf you had a bankruptcy in the past and it involved a home that you used a VA loan to purchase, you haven’t lost your eligibility. Here’s the situation you’ll face instead. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now If you’ve had a bankruptcy in the past and it involved a home you used a VA loan to finance—have you lost your eligibility? No, you haven’t. The Department of Veterans Affairs has a heart. They’ll always note that they lo...
Who Qualifies for VA Loans?
April 24, 2017 19:54 VideoWho can qualify for a VA loan? Do you have to have military benefits? I’ll go over the answers to those questions today. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now Who qualifies for a VA loan? I get asked this question quite often, and I’ll go over the details behind qualifying today. It’s true that in order to qualify for a VA loan, you have to be a veteran. However, a lot of veterans have spouses that are not associated with the mi...
Answering Some Common VA Loan Questions
April 06, 2017 19:49 VideoI get a lot of questions about VA loans and the eligibility restrictions. Can you use a second VA loan? Can you rent a home purchased with a VA loan? Find out here. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now I’ve been getting a lot of questions lately from people, which is great. I wanted to answer a few of them today. One of the most common questions I get asked about VA loans goes like this: “Pat, I have used my VA loan to buy a hom...
I Specialize in Working with Military Clients
March 16, 2017 18:31 VideoI offer all types of mortgages, but my specialty is making sure military personnel can buy their dream homes. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now I’m a loan officer here at Guild Mortgage in San Antonio and a mortgage expert. Although I do offer conventional, FHA, and all other different types of loans, my specialty is helping military personnel with their home loan needs. I’ve been doing this for the past 15 years. One of the...