Posts Tagged ‘The GreenHouse Group’

  • 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

  • Expect Mortgage Rates To Keep Rising This Year, Says Freddie

    Mar 24, 17 • Huggy • How To Buy A Home, Mortgage RatesNo CommentsRead More »

    by Ryan Smith | 17 Mar 2017 Mortgage Professional America | www.mpamag.com Mortgage rates were up for the second consecutive week this week – and originators should expect that upward trajectory to continue as the Fed keeps raising the benchmark rate, according to Freddie Mac. The Federal Reserve fulfilled market expectations by raising the federal funds rate by a quarter of a percent this week – only the third time in a decade the rate has been raised. However, Fed officials had signaled their intentions leading up to the agency’s meeting this week – so clearly, in fact, that market expectations of a March rate hike shot from only around 30% to 80% in advance of the meeting. Those expectations drove mortgage rates up even before the Fed made its benchmark rate hike official, according to Sean Becketti, chief economist for Freddie Mac. “As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year,” Becketti said. “Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate nine basis points to 4.30% this week.” The 15-year fixed-rate mortgage also rose this week, with its average rate spiking to 3.50% from last week’s 3.42%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose from 3.23%

  • 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!  

  • 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

  • What Happens To Home Buying Power As Rates Rise?

    By Eric J Martin of The Mortgage Reports Originally posted on November 21, 2016   Mortgage Rates’ Profound Effect On Affordability The mortgage interest rate you find plays a large part in how much money your lender will let you borrow. That affects how much home you can buy. That begs the question: how does your purchasing power change if rates creep up a half a point or even one full percentage point? Much more than you might think, which is why it pays to shop for a home now, and lock in a favorable fixed rate at historical lows. Many home buyers realize that rising home prices can limit their ability to buy. However, rising interest rates can alter home-buying plans even more. The current rate environment is likely a narrow window of opportunity in which to claim a low rate and a still-reasonable home price. Housing agency Freddie Mac recently predicted that mortgage rates will rise to 4.0% in 2017. That’s more than 50 basis points (0.50%) higher than the current mortgage rate average. Today’s rates maximize your ability to buy a better home with affordable payments. Click to see today’s rates (Feb 13th, 2017) The Cost Of Rising Rates Today’s lenders qualify home buyers based on several factors, not the least of which is something called a debt-to-income ratio (DTI). A low DTI demonstrates that you have a healthy balance between income and debt. Lenders generally cap the allowable DTI at

  • Mortgage Credit Certificates = More Money In Your Pocket

    Blog Source: Down Payment Resource – downpaymentresource.com – February 2, 2017 While the total number of programs remained consistent, the HPI saw an increase in Mortgage Credit Certificates (MCCs) across the country, representing more than 8 percent of all programs. Between 2010 and 2015, state housing finance agencies increased MCC issuances to homebuyers by more than 400 percent, according to preliminary data from National Council of State Housing Agencies (NCSHA). The MCC is a tax credit program that allows eligible homebuyers to claim a percentage of the mortgage interest they paid as a tax credit on their federal income tax return. The percentage of mortgage credit allowed varies depending on the state or local housing agency that issues the certificates, but the credit itself is capped at a maximum of $2,000 per year by the IRS. The buyer may continue to receive an annual tax credit for as long as they live in the home and retain the original mortgage. “The mortgage interest rate tax deduction has long been a core homebuyer benefit, but most homebuyers are unaware of Mortgage Credit Certificates. This credit directly impacts a homebuyer’s bottom line by reducing their annual tax bill,” said Chrane. “We see more lenders adding MCCs to their product offerings.” Qualifying homebuyers are permitted to use an MCC alongside another type of down payment assistance program, such as a grant or forgivable

  • Week 3 – FHA Highlights

    Jan 30, 17 • Fat Ashton • FHA Loans1 CommentRead More »

    Week 3 – FHA Highlights As we move throughout this video series, we discover that FHA has some advantages and disadvantages, but one thing is for sure, there extended lending parameters are great. Waiting periods on certain derogatory events can be as little as 3-4 years on events that require 7 tears in conventional, and no waiting period on other events such as loan modifications. for a complete list on other waiting timeframes for major derogatory events, as well as other lenient guide lines, email me at Scott@GreenMeansGrow.com

  • 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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