If a monthly student loan payment ( >$0) is provided on the credit report, you may use that amount for qualifying purposes. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below. If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment. File must contain documentation that the payment is an Income driven payment plan (also known as IBR or Income Based Repayment) For deferred loans or loans in forbearance, the lender may calculate (a) a payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or (b) fully amortizing payment using the documented loan repayment terms. This applies to both purchase and refinance loans so call me to discuss more options on qualifying for a home loan when you have student loans! For more great content on how your purchase power is affected by student loans click here. By David Hughson Broker | Mortgage Planner 858-863-
Article originally posted on www.mpamag.com Fannie Mae has recently announced the changes related to Mortgages Paid by Others. When a person is obligated on a mortgage debt – but is not the party who is actually repaying the debt – the full monthly housing expense may be excluded from that person’s recurring monthly obligations when they go to buy their next home if: The party making the payments is obligated on the mortgage debt, There are no delinquencies in the most recent 12 months, and The borrower is not using rental income from the applicable property to qualify. In order to exclude the mortgage debt from the borrower’s debt-to-income ratio, the most recent 12 months’ cancelled checks (or bank statements) from the other party making the payments that document a 12 month payment history with no delinquent payments must be obtained. David Hughson Mortgage Broker 858-863-
Worried that housing prices are too high? Worried that if the market drops you’ll lose any $ you put into your down payment? You may want to take a look at Down Payment Protection. Down Payment Protection: When speaking with new buyers I often hear that they are concerned that they might be buying in a high priced market. What if the prices fall like they did before? Well, there is a new product that protects buyers from this. It’s called Down Payment Protection. We have a few lenders that are offering this now. At least one of them offers it for free on certain loan products. Here’s and example of how it works. You buy a home and put 60k down down, 5 years later the market is down and you need to sell for less than you bought it for. What would have been a loss of some of your down payment is now potentially covered and reimbursed to you! It’s important to note that a there are many different types of this insurance and the details of how they work and how much it costs you can vary quite a bit. So it’s best to discuss your particular scenario to determine what’s right for you. If you’d like to learn more about these options feel free to contact me for more info. You can email by clicking
Hey Tribe, [I haven’t been doing this long enough to do an entire expose on the industry of real estate, but I have been doing this long enough to see several iterations already arrive & come to pass. I believe this one is going to be different. I believe this one is going to leave its indelible mark, But, I also believe that when most people are thinking and talking and using this current iteration in its nascency, they’re getting it wrong, again. Here’s a quick note to make sure that my tribe, that’s you, is among the minority who gets it right.] It seems the older I get, the more I’m amused by the fact that: while very little ever seems to change on the marco-level, a ton of things are constantly changing on the micro. Add to that, we always seem to repeat these cycles of history and yet allow ourselves to be completely taken away by them, when they do. Its like watching the movie Momento from 2000, except then, Momento’ing ourselves to the storyline every morning when we wake up and feel compelled to go watch the movie, again ;). Here’s where history seems to be repeating itself in the current RE game, and why you need to recognize this pattern to protect your own booties .. But also why this one is going to be
Do you have a family member in need and want to help them buy a house? If you have a disabled adult child or an elderly parent who can’t qualify for a mortgage on their own you have options! With the Family Opportunity Mortgage, your can purchase another home without the conventional investment property requirements! Here are some program highlights: Purchase a home for your family member as if you were purchasing an owner occupied home. This allows you to take advantage of the much more lenient owner occupied guidelines and avoid the much more strict investment property guidelines. 620 minimum credit score Can be used for a purchase or refinance To find out if you qualify click here and type FOM in the subject line. By David Hughson Mortgage Broker 858-863-
David & Alexis “You Were Super Helpful & Taught Us A Lot!” | Testimonial of The GreenHouse Group The GreenHouse Group Celebration & Testimonial Of Buying Their First San Diego Home with The GreenHouse Group. And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez as REALTOR, Greg Kuchan as Partner Agent, both from The GreenHouse Group in San Diego,
The GreenHouse Group Want to participate in next month’s FUNday Monday Quiz?: http://bit.ly/FUNdayMonday AND THIS MONTH: invite a friend and your vote counts as 2 votes! Funday Monday is a monthly game put on by Jesse Ibanez from The GreenHouse Group in San Diego, CA. Real Estate Consultants & Mortgage Planners. To learn more about us and how we might be able to help you the next time you buy or sell a home, check us out @ http://www.TheGreenHouseGroupInc.com
Eric & Melissa, “So Supportive, So Knowledgeable, So Responsive .. Too Good To Be True!” | Testimonial of The GreenHouse Group The GreenHouse Group Celebration & Testimonial Of Buying Their First San Diego / Heart Of SD Home With The GreenHouse Group. And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez as REALTOR, Carmen Harris as Partner Agent, both from The GreenHouse Group in San Diego,
There are more and more housing reports telling us that most markets around the country have recovered from the last housing crash of 2007-2009. With values back in the black many homeowners will look to cash out their home’s equity to make improvements to their home, pay off other high interest debt, or send a child to college. So what is the best way to harvest a portion of your home’s equity? When looking around for favorable “cash out” refinance loan terms people often discover that banks hit them hard on the interest rate and they end up paying a premium which means the higher loan amount and higher interest rate yields a higher monthly payment. Now you may be saying that it makes sense they would be facing a higher payment because they are borrowing more money. In some cases that is true depending on their current interest rate. You may also be saying that if someone currently has a low interest rate they should leave their existing first mortgage where it is and go get a fixed second mortgage or home equity line for the cash out portion. This is also true depending on the interest rate they currently have and the value of their home. Often times it’s harder to go get a fixed second mortgage or home equity line behind an existing first mortgage. We now
Chris & Ashley (& baby boy!), “We Got Everything We Wanted In A Home, We Found!” | Testimonial of The GreenHouse Group The GreenHouse Group Celebration & Testimonial Of Buying Their First San Diego / Rancho San Diego Home With The GreenHouse Group. And THATS what we love to do: meet great people, and help co-create great things, and leave them better than how we found them. If you are wondering whether now is the right time to own a home of your own, and want to make sure that you get the right team to help you get there, perhaps this sounds like something you might want to talk to us about. If so, feel comfortable contacting us at 858-863-0261. This was done with the help of Jesse Ibanez as REALTOR, Carmen Harris as Partner Agent, both from The GreenHouse Group in San Diego, CA.
The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!
