Archive for the ‘Loan Programs’ Category

  • New Guidelines = You Qualify for More Home

    New Guidelines = You Qualify for More Home

    Have you been pre-approved but not for enough to buy the home you want?  Well, new guidelines recently released mean you may qualify for a bigger loan than before. Of course, this isn’t’ appropriate for everyone.  But if you have been in a situation where you were hoping for just a little bit more purchase power, you might be in luck.  Recent changes are now letting borrowers qualify for larger loans (relative t their income) than before.  They’re doing this by expanding something called the DTI cap.  That’s basically the relationship between your income and your debts.  Standard expectations were previously set at 45% for conforming loans.  But they’re now pushing that upto 50%.  For example, depending on your income, that could be an increase of 50k or more! Two things to consider You still need to be comfortable with your payment.  So doing the math and affordability calculations with me is critical. Getting a FULL pre-approval (like we do here at the GHG) is vital to making this work. If you’d like to learn more about expanding your purchase power simply click here and shoot me an email.  Or you can call me directly for a quick chat. Jeremy Beck 858-863-0262 Co-Founder / Mortgage Planner

  • HELOC alternative – No Payments for 30yrs

    Jul 11, 17 • J.Beckistan • Loan Programs, RefinancingNo CommentsRead More »
    HELOC alternative – No Payments for 30yrs

    Alternatives to HELOCs and Reverse Mortgages.  What if I told you that you could borrow money, and not have any payments due for 30yrs?  Too good to be true right? Well maybe not! We now have new loan program allows home owners to use the equity in their home, get cash in hand, and not owe any payments.  This is not a new program, but it hasn’t been available to most people for a very long time.  Basically it works like this –  The lender writes you a check based on the equity you have in your home.  Then you do not need to pay it back until you want to, or you sell your home.  In exchange the lender shares in the increase (or decrease!) in your home value.  If your home goes down in value, you could end up owing no more than the cash you were given.  If it goes up, you would pay only a portion of that increase, relative to the amount you borrowed. They also take into consideration improvements you make to the property.  In other words, if you add a bedroom to your home, that increase in value is excluded from your repayment calculation. In a way, you can think of this as the reverse, of a reverse mortgage. It’s no doubt that you have many questions about this.  Just like a

  • Assets Can Be Used For Qualifying Income

    Much of the housing news reported focuses on inventory and credit guidelines.  In case you haven’t noticed housing inventory is low and credit guidelines are tight.  These two headlines show up all the time and for good reason.  In many markets they are both true. With interest rates still low and home prices rising in a majority of markets many homeowners appear to be hanging on to their homes.  This could be to try and time the sale of their home to coincide with a market peak or they realize that if they do sell their home for top dollar they will be turning around to buy in a market with scarce homes available and paying top dollar as well. The gap between income and home affordability can be a hard one to bridge and for many potential home buyers it is out of reach due to increasing prices and a tight credit market. One story I don’t see reported much is that lending volume is down considerably in 2017 and lenders are looking for ways to increase loan applications while not taking on too much risk.  That line is not an easy one to draw so instead of re-writing guidelines or coming up with something altogether new lenders will typically enhance an existing guideline to cast a wider net in an effort to capture more potential borrowers. Whenever

  • Student Loan Refinance with No Penalty

    Jun 13, 17 • J.Beckistan • Loan Programs, RefinancingNo CommentsRead More »
    Student Loan Refinance with No Penalty

    There’s a brand new loan out there that let’s you payoff your student loans without the typical penalties! Well, to explain the benefits of this loan we first need a little background.  Normally, when you refinance to take $ out of your home to payoff anything other than your current mortgage it’s called a Cash-Out Refinance.  It’s a perfectly acceptable, common, and even strategically sound way to lower your monthly expenses.  BUT, a Cash-Out refi can come with some additional costs in your rate, and limit how much you can borrow. Our new loan now allows you payoff Student Loans thru a refinance with NO Cash penalties!  This can be a huge savings.  For example you could see rates .375 lower (or more!) on this program.  On a $450,000 loan a .375% reduction in rate saves $100/mo.  If you add in the potential savings of you already get from rolling in your student loans – the monthly reduction in obligations can be huge. Of course, as with any loan, it’s very important to do some strategic comparisons to make sure it’s the right move.  Restructuring debt can be a tricky process and you want to work with someone you trust to give you good advice.  If you’d like to learn more about this program, or know someone that would, click here to shoot me a quick email – or just

  • Have Student Loans? The Rules Have Changed

    I may have just missed the student loan debt explosion when I graduated with my undergrad degree in 1998.  While college was expensive to attend twenty years ago, we were all borrowing money to get an education, it was nothing compared to the amounts borrowed during the college financing boom of the last fifteen years. Nowadays young people are in record amounts of debt the moment they are handed a diploma which means starting off their earliest earning years with essentially a thirty year mortgage to pay back.  College ain’t what it used to be and many times all this borrowed money is for a degree that yields earning power guaranteed to tie up their income for the better part of their career. The student loan income-based repayment plans have been a help to many people.  These plans allow monthly payments to be calculated based upon a person’s income which give people a fighting chance to start paying back their loans and be able to eat as well.   This is a big deal for those just starting out but there are at least two challenges tied to this calculation.   First, the debt will take that much longer to pay off and second when you go to apply for a mortgage the bank approving your application will hit the person for up to 1% of the balance of the

  • 40-Year Fixed & Interest Only

    Yes, you read that right.  We have loan terms fixed for 40 years and the first 10 years can be interest only.  And here is best part:  The range of loan amount is $100k to $2.5 million. While our residential lending world looks to find it’s footing in this new market place lending volume is down and banks are looking to expand lending guidelines to appeal to a wider variety of consumer.  For those of you who recall what the lending world looked like ten years ago this may feel nostalgic and for those of you new to the home buyer market this may be your big opportunity. As with every loan program the devil is in the details and I think this is where this program shines because the barrier to entry is very reasonable.  For example, do you have a bankruptcy on your record?  It it’s been 2 years since the discharge date you are eligible for this loan.  Do you have a 600+ Fico score?  You are eligible.  Even the reserve requirement and debt-to-income ratio are better than most lending programs out there and they even allow non-occupant co-borrowers.     Basically, the only thing keeping you from qualifying for this loan is not taking action.  Want to spend a few minutes of your time finding out what your purchase power looks like using this incredible opportunity

  • Do You Qualify For A Down Payment Program? Here’s How To Find Out

    Do You Qualify For A Down Payment Program? Here’s How To Find Out

    Source:  Down Payment Resource Did you know the average down payment assistance benefit is more than $8,000? That could be a major jump start to buying your first (or next!) home. And, who wouldn’t want a boost to their down payment savings? Homeownership programs can help you get in a house much more quickly and give you a valuable cash cushion for those other expenses, like the home inspection and home repairs. You could save on save on your down payment and closing costs, or even get ongoing tax credits. But, who qualifies for down payment assistance? First, it’s important to know that there are actually two components—both you and the the home you are buying must meet certain criteria, which vary by program. Our Down Payment Resource program search gives you the opportunity to answer a few simple questions to determine if you (and the home you want to buy) may meet the basic qualifications for a program. What are the criteria for the buyer? Family finances matter. There are household income thresholds, credit score minimums and cash reserve requirements. Income thresholds are based on the area median income—up to 120 percent in high cost markets. Income limits are almost always based on household size, so limits for a family of five are significantly higher than for a single person. Most programs will require some money down from the homebuyer, as well as homebuyer

  • Week 4 – VA Loans

    Feb 13, 17 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    Week 4 – VA Loans VA loans are a great loan program for our active and past military veterans. It allows for as little as 0% down, lower Fico, For more information to see if this loan is right for you, email me Scott@GreenMeansGrow.com

  • Trump’s Overhaul of Dodd-Frank – How it Changes Your Mortgage

    Feb 6, 17 • J.Beckistan • Home Buyers, Loan Programs, Purchase Loan, RefinancingNo CommentsRead More »
    Trump’s Overhaul of Dodd-Frank – How it Changes Your Mortgage

    You’ve probably heard that President Trump presently signed an executive order allowing Dodd-Frank to be changed.  The promise thus far is that his administration has plans to “cut a lot out of Dodd-Frank”.  So at this point you may be asking yourself –  ” What the heck is Dodd-Frank?!”  Well, essentially Dodd-Frank was a reform act set into place after the big mortgage meltdown.  It was designed to place more control on big banks, increase accountability, and increase transparency.  On the mortgage side of thing, it can be argued as to whether or not that was accomplished.  What is true, is that it created a number of extra waiting period requirements, disclosures, and good deal more paperwork.  It also put a lager burden of proof on borrowers when in comes to proving their ability to repay their loan. Ya, but so What?  Good question…  It’s not clear yet what impact rolling back Dodd-Frank would have the way people get loans.  It might make it easier.  It might cause another period of turmoil while banks race to learn the new laws.  Or, maybe nothing will change at all. One thing I do know is how much I love the way we here at the GreenHouse Group can handle these situations.  We’ve been through many of these changes now in the life of our organization.  Experience shows that the way we do

  • Why It Takes Years To Save For A Down Payment

    By Kathryn Vasel of CNN Money Saving for a down payment is often a major hurdle for wanna-be homeowners. And for good reason: Putting 20% down costs two-thirds of the average household income, according to a new report from Zillow. “It’s a big number,” said Aaron Terrazas, senior economist at Zillow. “Very few are saving for a down payment in one year, it’s something they do over multiple years. And for renters who have been faced with rising rent and health care costs, it’s very difficult to put away any money at all.” A median-priced home in the U.S. is $192,500, according to the report, which means buyers need to come up with $38,500 to put 20% down. And that figure doesn’t include added expenses associated with home buying — like an inspection and closing and moving costs. Home prices have been rising throughout the country, largely because of strong demand for homes combined with a shortage of available homes for sale. In many markets, home prices rose much faster than incomes, putting homeownership out of reach for some buyers. Calculate: How much house can you afford? Home buyers in California, where home prices have exploded in the past few years, are feeling the pinch the most. For house hunters in San Jose, San Francisco and Los Angeles, saving a year’s worth of income wouldn’t cover a 20% down payment

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

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