Real Estate Podcast with Patrick Fitzgerald

Patrick Fitzgerald
  • 4.6 (7)
  • EDUCATION

Patrick 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.

  1. 02/12/2020 · VIDEO

    The Top 5 Ways to Derail a Loan Approval

    There 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 example, a furniture store to pull your credit could be the difference between your approval and rejection. “Just wait until after your closing and everyone will be happier.” 4. Changing or quitting your job. Changing your job, even if it’s within the same field, may constitute a red flag under many loan guidelines where we need to gather 30 days’ worth of new pay stubs. 5. Buying new furniture and appliances. Even if you take advantage of an offer that has no interest for 18 months, the moment lenders see that you’ve taken on new credit, we have to count the interest in your minimum payments. Making any of these mistakes during the loan process can amount to potential rejection. Remember this: Mortgage lenders are bound by loan rules to pull a soft credit report on homebuyers either the day before or the day of closing, so don’t fall for the notion that no one will know that you’ve made one of these blunders. If you can’t close your home on time, you might lose your earnest money deposit or even get sued for non-performance on your contract. Just wait until after your closing and everyone will be happier. If you have any questions, don’t hesitate to reach out to us. We’re always here to help.

  2. 12/28/2019 · VIDEO

    Conforming Loan Limits

    The 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.  “Each year the government sets maximum loan amounts for conventional, FHA, and VA loans.” VA loans don’t require a down payment for any loan size, but if your VA loan is above the limit, it becomes a VA high balance loan. Some lenders may impose additional guidelines for these types of loans, so check with your lender to see what their rules are. Also, they may price these loans differently—there might be more attention paid to the borrower’s credit score, debt-to-income ratio, etc.  The rules are slightly different for FHA loans. In this case, the loan limits are set by the county. Here in Bexar County, the loan limit for FHA loans is $393,300. Some county loan limits in Texas will be higher, others will be lower. It’s important to stay up to date on your county’s limit if you plan on purchasing a home with an FHA loan.  As always, if you have questions about this or any other loan topic, don’t hesitate to give me a call. It doesn’t cost a penny to talk.

  3. 12/03/2019 · VIDEO

    The Real Value of Having a Will

    If 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 spouse’s assets will be given to their widow, and the other half will be divided equally between their children. This isn’t an unusual arrangement for people with wills to choose, but the point is that not having a will eliminates any agency you would otherwise have over how (and to whom) your belongings are given.  “The time it takes to set up a will is well worth it.” Assets distributed without a will are also subject to heavy legal fees, meaning that none of the decedent’s beneficiaries will receive the entirety of what was left behind. Worse still, your estate cannot be passed on without first going through probate court, which is a very lengthy and expensive process.  All of this can be avoided by simply getting a will. You don’t even need to go to an attorney to create one. All you need is to buy and complete a will kit, and then get it notarized. Of course, going to an attorney is also a good option for those willing to take a few extra steps. Whatever route you choose, it’s all well worth it to protect your assets, your wishes, and your loved ones’ futures.  If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

  4. 09/12/2019 · VIDEO

    What Is a One-Time Close?

    A 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 about any closing costs or builder fees.” Upon completion of the home, the builder is paid and there’s nothing else for you to worry about. No appraisal issues, no closing costs, and no builder fees.  If rates are better at the construction of the home than when you got the loan, you do have the option to lock in those lower rates instead. If rates go up during that same time frame, you’re protected at your initial rate. Our company allows this one-time close to be used with VA, FHA, and conventional loans. If you have any questions about one-time closes or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

  5. 08/15/2019 · VIDEO

    Before You Buy an Investment Property

    So 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 investment property) is $484,350. The mandatory down payment for an investment property is at least 20%, and you can get a slightly better interest rate if you put down more than that. Speaking of interest rates, they’ll always be considerably higher for investment properties. “The mandatory down payment for an investment property is at least 20%, and you can get a slightly better interest rate if you put down more than that.” Also, you must have up to six months’ worth of cash reserves (or the equivalent of six monthly mortgage payments) in your bank account after you make your down payment and pay your closing costs. In other words, buying an investment property requires a good deal of cash. The seller can pay a small part of your closing costs when purchasing, but the limit is 2% of the purchase price.  Can you count the current rents coming in? Absolutely, but only 75% of those rents. The reason why is this accounts for various long-term maintenance and insurance costs you’ll have to pay while owning the property.  As always, if you have any questions about this or any other subject regarding VA loans, don’t hesitate to reach out to me. It doesn’t cost a penny to talk.

  6. 07/23/2019 · VIDEO

    Why Is the VA Eliminating Down Payments?

    In 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.” Starting on January 1, however, down payments for homes above that conforming limit threshold will not require any down payment. If a veteran wants to buy a home for $1 million, they’ll be able to without any down payment. This is a cool program that we’re excited to learn more about. If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email today. It doesn’t cost a penny to talk!

  7. 07/11/2019 · VIDEO

    Why You Can’t Quit Your Job During the Loan Process

    If 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 thought it wouldn’t be a big deal. “We had to delay the contract by about a month.” It was a big deal, and here’s why. Under FHA and VA loan guidelines, we need to have 30 days’ worth of paystubs at their new job to verify their income. Her contract was supposed to close on July 5, but now we’re going to have to delay it for a month or so.  It’s causing all kinds of tension with the seller, the buyer, and their Realtors. If she would have contacted us before quitting, we would have advised her to wait about a month until the property closed to start her new job. If you’re contemplating a job change, even if it’s higher-paying, better job, try to wait until your loan is closed. If you have any questions for me or know anyone in a situation like this, don’t hesitate to reach out and give me a call or send me an email. I’d be happy to help.

  8. 06/27/2019 · VIDEO

    Answering Some Common VA Loan Questions

    I 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 home in the past, can I use it again?” The simple answer is absolutely yes. All veterans and active military have the benefit of using VA eligibility to buy a home. When someone uses it the first time, all they have to do is pay off the house or sell their current home, and it will free up their eligibility. “THE SIMPLE ANSWER IS ABSOLUTELY YES.” The other question I often get goes like this: “I already have a home with a VA loan on it, and I have been renting that home out. Can I buy another house with a VA loan as well?” Yes, you can have two VA loans at once, but there are some restrictions. You will have to fill out a form for us, and then we can insert those numbers and tell you how much more you can borrow on another VA loan in addition to your first. If you have any questions about this topic or any mortgage needs, give me a call or send me an email. I look forward to helping you.

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Patrick 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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