Archive for the ‘Loan Programs’ Category

  • 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

  • 2017 County Loan Limits

    Dec 5, 16 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    2017 County Loan Limits 2017 County Loan Limits are up! Over the past couple of years our loan limits were set as follows: $417,000 for a conforming loans, and $580,750 for what is typically called a High Balance Loan (set by the County Median Home Average). Well it was just announced that in 2017 the new loan limits will be as follows: $424.100 for conforming loans, and $612,900 for the County (High Balance) limit. That means if you had a pre-approval, and were being capped by the Max Conforming Loan Limit, you may now be able to borrow a little more and bump up your purchase price! If that sounds like that might be you, and you want to take a second look at your pre approval, email me at Scott@GreenMenasGrow.Com. And for the most up to date rates and calculators, download my app at http://svanvugt.mortgagemapp.com

  • The Election and Down Payments

    By Rob Chrane – CEO of Down Payment Resource The election has left Republicans in control of the House, Senate and White House for the first time in over a decade. The new alignment provides a viable path to far-reaching changes in federal housing policies affecting housing finance and housing markets. Increasing homeownership is at the top of the agenda for the new Congress and Administration. Changes may be in store for the Dodd-Frank Act, including restructuring or terminating the Consumer Financial Protection Bureau and raising the threshold for tougher bank regulation above its current $50 billion asset level. President-elect Trump has promised to reduce regulations, across the board, and financial institutions are likely to embrace his deregulatory stance. In housing finance, policy-makers may focus on reducing risk. Programs like FHA may see major changes and the role of GSEs will continue to evolve. The role of government in housing markets and housing finance could change dramatically. If so, it will take at least a couple of years, but it’s too early to tell because this wasn’t addressed in detail during the campaign. Only by increasing the numbers of first-time buyers can we reverse the multi-year decline in homeownership. Saving for a down payment continues to be the greatest single barrier keeping first-time buyers from becoming homeowners. Low down payment programs and down payment assistance are effective and critical strategies

  • Week 2 – FHA Rates & MI

    Nov 28, 16 • Fat Ashton • FHA Loans, Loan Programs, UncategorizedNo CommentsRead More »

    Week 2 – FHA Rates & MI As we move another week into the series comparing loan programs, we continue to explore the Pros and Cons of FHA. This week, in this video, i talk a little bit about the rates that are generally associated with FHA financing, as well as the Mortgage Insurance. Mortgage insurance is a really hot topic in conventional financing, but generally stressed a little less in FHA financing, although it carries a more severe up front financial obligation and MI (mortgage Insurance) for the life of the loan. For more info on FHA loans, or to ask any questions on this Video, email me at Scott@GreenMeansGrow.com For up to date rates, and mortgage calculators, you can download my Mortgage App for free at https://svanvugt.mortgagemapp.com/#

  • Week 1 FHA Basics

    Nov 14, 16 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    Week 1 FHA Basics Welcome too the first video installment on a 10 part series. This video is an introduction to FHA loans, and what they are. FHA  loans are Federally insured loans that are geared to offer lending options for people who may not otherwise qualify for a mortgage. Some cool things about FHA are as little as 3.5% down and FICO scores as low as 580. For more information or to speak to me about FHA loans, email me at Scott@GreenMeansGrow.com

  • Your Last Chance To Grab A Low Interest Rate This Year

    Nov 7, 16 • Huggy • Loan Programs, Mortgage RatesNo CommentsRead More »
    Your Last Chance To Grab A Low Interest Rate This Year

    This year we’ve seen very low interest rates. In September we saw them match the lowest rates in history which was back in May of 2013.  Have you noticed lately rates are steadily creeping up?  There are several reasons for this like a slowly improving economy, dropping unemployment, the Federal Reserve looking to increase the overnight lending rate, and inflation creeping up.  All of these factors are bad for bond investment which are tied to long term interest rates. While many economists are predicting that this upward trend will continue in 2017 I’ve been reading lately that the last meeting of the Federal Reserves in December could trigger a temporary rate drop.  This means December could be your last chance to grab a low interest rate for awhile. Grabbing that low rate to end the year starts with the right mortgage plan.  To get yourself in the best position possible to grab a low rate click this link.     By David Hughson Mortgage Planner

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

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