Good Morning! Normally when the stock market is going strong (like it is now) money flows out of he bond market into the stock market, and as a consequence mortgage rates tend to rise. However, the mortgage rates have been holding low in spite of this stock market rise. Some are saying its because of…
Good Morning! Did you know that with Fannie Mae’s Multiple Property program you can finance up to 10 properties? The eligible property types are: • 1 to 2-unit properties• Fannie Mae/Freddie Mac-warrantable condominiums• Planned Unit Developments (PUD)• Manufactured homes (double-wide only) Max loan to value ratio for Second homes is 90%. Max loan to value…
Good Morning! In some markets I see sellers are willing to pay at least some of your closing costs. Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional (fannie/freddie), owner occupied… 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up…
Good Morning! One of the data points that is looked at to monitor the economy is housing starts. Single family housing starts in December of 2018 were 758,000. Single family housing starts in December of 2019 were 1,055,000. That’s a 39% increase, which is of course significant. Really, it’s just more evidence of what…
Good Morning! Did you know there is a 3% down Conventional loan for first time home buyers? Here are some of the important features of this product… 1) Owner-occupied primary residence only. 2) Minimum 620 FICO score. 3) 3% down payment can be a gift. 4) 1-unit attached and detached single family residence, attached and…
Good Morning! This is the time of year property taxes are due (usually end of January). There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had…
Good Morning! One big issue I see consistently is that people are unprepared for the amount of funds they will need when they buy a house. Here is a simple breakdown of your out of the out of pocket costs you could expect from the loan program. 1) VA: 100% loan. No down payment. 2)…
Good Morning! If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage. Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services. To…
Good Morning! For those of you that could afford a higher monthly mortgage payment I recommend you consider reducing the term on your loan. For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money. …money you could have accumulating in a retirement account, or sending…
Good Morning! I’ve written about this before, but its important so I didn’t want to let the year go by without touching on it again. My job as a loan officer allows me to have a unique perspective into people’s lives. I can see how much money people make, and how much money they have…