Archive for the ‘Purchase Loan’ Category

  • 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

  • Beware of Poor Home Flips! Lurking in the Kitchen

    Beware of Poor Home Flips!  Lurking in the Kitchen

  • House Flipping…The Good vs. The Bad!

    House Flipping…The Good vs. The Bad!  

  • 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

  • Renters! 2017 Is Your Big Opportunity

    I was talking to a property manager this past weekend who has been managing rentals in San Diego for 30 years.  I asked him what he is seeing for 2017 and he said all of his properties are seeing on average 4% rent increases this year. This is true for the rest of the country as well.  Rent was up nationwide in 2016 so will that trend continue in 2017? So far the answer looks to be yes.  Here’s a better question for all the renters.  What is your pain tolerance for another rent increase in 2017?  And here’s an even better question.  With home value increasing how much equity did you earn last year by paying rent? If you are paying $2,500/mo in rent and you see a 4% increase that calculates to $100 more rent per month.  Right now with mortgage interest rates where they are that $100 = $20,000 in home price.  Another current fact is that mortgage applications are down and lenders are looking for ways to increase loan volume which means they have enhanced credit guidelines so that borrowing money is easier. Click here To Find Out How Much Your Rent Translates To Home Purchase Power.   By David Hughson Mortgage Planner / Turning Renters Into Homeowners

  • Scariest Situations for Home Buyers & Sellers – Part 4

    Scariest Situations for Home Buyers & Sellers – Part 4 So, where are we?  We have an accepted offer, the home inspection went well, we successfully negotiated a Request for Repairs, the appraisal supported the purchase price, the buyer has removed all contingencies and now it is an unconditional offer.  The finish line is in sight.  But, there are still a few more “scary” steps ahead of you.  For one, the lender needs to get the final loan documents to the escrow company so the buyer can meet with a Notary to sign everything.  Now that part can be a little intimidating and nerve-racking for a buyer.  That is why it is very important for the loan officer to review the Estimated Settlement Statement or Loan Estimate with the buyer(s) BEFORE they sit down with the Notary.  This ensures a less-stressful, and less-scary, loan signing.  Next is for the buyers to conduct the Final Walkthrough of the home, contractually this is to be done 5 days before the close of escrow.  This is important to confirm that the home is in relatively the same condition as when the offer was accepted and no damage was done when the seller moved out.  Now the seller is also supposed to remove all personal items from the home, but often some things are left behind, like yard products (fertilizers, bug sprays, etc.)  And while the seller is required

  • Scariest Situations for Home Buyers & Sellers – Part 3

    Scariest Situations for Home Buyers & Sellers – Part 3 Thanks for checking in with me.  This is Part 3 of a 4-part series, so I invite you to check out the other videos, I know you will find them informative. So, in the scenario we are talking about, we are already in contract, we have conducted the general home inspection and after some anxious anticipation, the appraisal report comes in!  And……it is UNDER value!   Ouch!  No scarier situation than that, especially for a first time home buyer or first time home seller.  So what now?  Well now we have a few options, as a buyer, we will try to negotiate the contracted price DOWN to the appraised value.  As a home seller, we would negotiate hard to hold to the contracted sales price and have the buyer come in with the difference.  Now, how this goes depends on many variables, how much the buyer has for a down payment,  if it is a 100% LTV VA-buyer, no much chance the buyer can come up off of the lower appraised value, and as a seller, if there were multiple offers, we can always cancel the contract, if the buyer doesn’t want to come up with the difference, and go back to the market for another offer. If you are looking for someone who will treat your money like I was

  • Scariest Situations for Home Buyers & Sellers – Part II

    Scariest Situations for Home Buyers & Sellers – Part II This is Part II, be sure to check Part I if you haven’t already. So, another “scary” thing about buying a home, or for that matter, selling a home, is the Home Inspection! May thing can come up during this process and you have to be ready to receive a final home inspection report that…can look pretty scary!  It is the duty of the home inspector to point out every fault or deficiency with a home.  But, that is what you want in a home inspector.  Someone who isn’t afraid to “tell it like it is.”  Now, it is the buyer, or seller’s, choice to use whatever home inspector that they want, but here at The GreenHouse Group, we have one home inspection group that has, time and again, proven their value to 0ur clients, with such consistency, that we recommend our buyers and sellers, consider them when searching for a home inspector. As with any home inspection, there will be a handful of things that the inspector will find.  I always meet with my clients to conduct a Post-Home Inspection Huddle-Up.  We will discuss your concerns with the findings of the report, I will share what came up for me after reading the report, then we will craft an approach to either move forward and negotiate a Request for Repairs,

  • Scariest situations for home buyers & sellers

    Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-

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

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