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
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/#
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
FHA for First Timers Only?! Think FHA is for first time home buyers only? Think again. FHA is a great loan option for people with low down payment, recent major derogatory events, and those who are just looking to stretch their purchase power a little higher. For more information on FHA loan, or to see if FHA is a good option for you, email me at Scott@GreenMeansGrow.com or downloand my app at https://svanvugt.mortgagemapp.com/#
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The Skinny on Pre Qualification Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. The Skinny on Pre Approval Getting pre-approved is the next step, and it tends to be much more involved. You’ll complete an official mortgage application, then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (Typically at this stage, you will not have found a house yet, so any reference to “property” on the application will be left blank). From this, the lender can tell you the specific mortgage amount for which you are approved. You’ll also have a better idea of the interest rate you will be charged on the loan. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. Obviously, this puts you at an advantage when dealing with a
A few of the big banks like Bank of America, Wells Fargo, and Quicken Loans are pulling away in part or entirely from offering FHA loans. You might not think that’s a big deal because you don’t need an FHA loan or to you Bank is just another dirty word so if a few of these big lending institutions take a hike good riddance. Disparaging the big banks as evil is now a national pastime and has been the incessant message pounded into our heads by the media since the mortgage meltdown of 2007-08. I have very little sympathy for the big banks and many times think they are short sighted in their lending practices but I’m telling you we need great lenders like Quicken Loans. Quicken Loans is one of our lending partners and the largest FHA lender in the nation. For them to pull back on FHA loans would hurt lending in general and more specifically where we need it most which is the entry-level buyers who have marginal credit and little cash reserves. So why would they pull back from offering FHA loans? They are tired of writing great loans and still getting sued by HUD and the DOJ. Lending has never been safer and if HUD wants to offer the FHA loan product they either need to lend the money themselves or look to work
On December 18, 2015, the President signed legislation that renews the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers through 2016. The deductibility is effective for purchase and refinance transactions closed after December 31, 2014. MI premiums paid or accrued after December 31, 2014 and through December 31, 2016 may qualify for tax deductibility on borrwers’ subsequent federal tax returns as follows: Borrowers with adjusted gross incomes below $100,000 may deduct 100% of their MI premiums. For borrowers with adjusted gross incomes from $100,000.01 to $110,000, deductions are phased out at 10% increments for each additional $1,000 of adjusted gross household income. To learn more about MI tax deductibility or how to boost your purchase power click here. By David Hughson Mortgage Planner 858-863-
Get In The Investing Market With Less $$$ Down! Are you looking to break into the investor side of the Real Estate Market, but don’t have a ton of cash to put down on the property? Fear not, we have a couple of unique ways we might be able to help you get into that investor market without breaking the bank. One greatly underutilized tool, is the fact that the FHA will allow for financing properties with up to 4 units, with only 3.5% down! That means if you found a four unit property with 4 units for 1 mil, you could get into the property with only $35,000 as a down payment! This is just one of a couple of ways investors, or potential investors can get into the rental market without having to put upwards of 20% down. For more information, or to talk about different investing scenarios, e-mail me at Scott@GreenMeansGrow.com
New Changes With FHA That Might Change Your Pre-Approval! FHA has recently issued a number of changes on their existing guidelines. This means they’re going to look at things like income a little differently. Some of the changes aren’t a big deal, but some of them might be, especially if you have a unique income structure that involves things like, Seasonal income, Overtime, Bonuses, etc. So if you’re out there shopping with an FHA Pre-Approval, it might be a good idea to have a mortgage planning professional take a second look at it to make sure you’re still qualified. If you have any questions on what these changes could mean to you, talk to someone you trust, e-mail me, at Scott@GreenMeansGrow.com
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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!
