Posts Tagged ‘Loans’

  • You Inherited A Home, But Can You Keep It?

    Jan 6, 15 • Fat Ashton • Loan Programs, RefinancingNo CommentsRead More »

    So you inherited a home, but can you keep it? You’ve never owned a home before and you’re not quite sure what happens next? You got the home, but what about the mortgage that’s tied to it? It’s a common question amongst us who have never been in that situation before, or are unfamiliar with purchasing a home. Here’s a quick lesson on what you can expect, and the 4 major things you need to know, in order to take over the home. When someone leaves you a home, it can be something of a double edged sword. You were left the home and the property and all the equity in the home, but you were also left the debt associated with the home. For example, let’s say someone left you a home worth 600k and they owed 400k on it. Well you are entitled to ownership of the home, and the 200k in equity so long as you can afford the 400k mortgage. Once the person passes the house over to you will generally have a time period to find financing, and refinance the debt into your name. If you can’t find financing in that period, you may be forced to sell the property to repay the debt. That all sounds fair enough, I’m sure, but how do you know if you qualify for loan to cover the debt

  • Fret Not Foreign Nationals We Have a Loan For You!

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

    Fret Not Foreign Nationals We Have a Loan For You! I have a couple of friends who are from Spain and living here on long term Visas. We were having a conversation the other day about rent vs own, a conversation I feel like I have quite often with people in my age group, and something interesting came up. My foreign friends automatically assumed they wouldn’t qualify to buy a home just because they weren’t permanent residents. Part of my role at the GreenHouse Group involves determine qualifying factors for potential and actual borrowers. So when I told my Spanish friends that purchasing a home wasn’t out of the question I was able to do so with confidence. There are a lot of different qualifying factors that go into determine if a person is qualified to borrow, but being a foreign national doesn’t take you out of the conversation, it just changes it. The truth is there are specific requirements on things like work history, type of Visa and credit history, but the obstacles in obtaining lending as a foreign national, might not be as tough as you think. I know that was the case for a couple of my Spanish friends. So if you are in the US on a long term Visa, and want to see if buying a home is in the cards for you, drop me

  • You Can Still Close This Year!


    That’s right, whether looking to purchase or refinance you can still close this year.  Every December there is a mad dash to get across the finish line by the 31st.  And it isn’t just buyers and sellers looking to close before the ball drops. It’s the entire real estate industry.  While this can be quite stressful for everyone involved there are two good reasons why this year is different. 1.  With all of the lending regulation that started to come down in 2010 everyone has been scrambling to meet deadlines while remaining compliant.  As a result from 2010 to 2012 we saw turn times skyrocket because so much of the regulation was released but without instruction as to how to interpret and practice it.  This left a lot of room for interpretation where everyone was still speaking the same language but had a slightly different understanding of the new dialect.  Now several years have passed and with industry-wide understanding of compliance and everyone getting their reps in the turn times are way down and most importantly these turn times have consistently stayed down throughout this year. 2.  Lending volume is down and lenders are hungry for loans.  Since Thanksgiving I’ve been getting daily emails from my lenders looking for loan submissions they want closed by the end of the year.  Month and year-end only happens in December and everyone including lenders

  • Great News For Borrowers

    We are half way through the 4th quarter of 2014 and it looks like mortgage lending will finish the year off strong.  Some of the great news for borrowers to celebrate includes that fact that cash sales are dropping, rates are as low as they’ve been all year, and Fannie Mae is considering the return of 3% down loans.  We may also see E-Signed loan documents in the near future. In market news there are some big reports due this week. The most highly anticipated economic release will be the FOMC Minutes from the October 29 Fed meeting. These detailed Minutes provide additional insight into the debate between Fed officials. In addition, the Producer Price Index (PPI), which focuses on the increase in prices of “intermediate” goods used by companies to produce finished products, will come out on Tuesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Thursday. CPI looks at the price change for finished goods which are sold to consumers. The NAHB Housing index, Housing Starts, and Existing Home Sales also are on the schedule for next week. By David Hughson Mortgage Planner to planet Earth 858-863-0264 Bonus:  For those looking at purchasing or refinancing a condo click here

  • Autonomy – Our Greatest Gift To You

    Oct 27, 14 • Huggy • Our Team's CultureNo CommentsRead More »

    As a Mortgage Planner I’m familiar with the ever-growing stack of disclosures that our clients must sign when applying for a loan. While these disclosures are for their protection as consumers it can be tedious and time consuming to review, understand, and sign these forms. That’s because there is a lot of overlap and redundancy which after awhile only serves to exhaust and confuse the person signing. So when I’m sitting across from my clients explaining these forms I know it’s important to provide one thing, clarity. One of my favorite disclosures to explain is the Affiliated Business Arrangement Disclosure Statement Notice. I know, it may seem silly to say I have a favorite loan disclosure.  After all, loan disclosures are about as fun as watching CSPAN.  But I mean it, I really like this one because it reminds me of our autonomy.  In short, the ABADSN must disclose if The GreenHouse Group has a business relationship with any other entity or party involved in the real estate transaction our clients are involved with and if we receive any compensation as a result of this relationship. For example, if we were affiliated with the escrow company handling a home purchase we would have to disclose this to the client. Every time our clients are presented with this form it is always blank. That’s because we are a truly independent broker

  • How much of a down payment do you need? Less than you might think.

      Looking to get your foot in the door (of your new home)? If you’re a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, the days of needing a 20% down payment are long gone. While you can always elect to put down the full 20% or more, there are now many alternatives available. Here’s what you want to know if buying a house is in your future. In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. While this a general standard for financial strength, it is by no means a requirement, nor is it necessarily expected. However, keep in mind that your purchase offer amount – your buying power — drives negotiation. How strong you are on paper does help, but when you make an offer to buy a home, the seller of the property has no idea of your financial strength other than what your real estate agent tells them and what’s on your pre-approval letter. Need pre-approved? We can help. Get Full article Send me an Email Sam Logan

  • It’s The Little Things

    Sep 15, 14 • Huggy • Loan Programs, Purchase Loan, RefinancingNo CommentsRead More »

    It’s been a hot summer here in San Diego.  In fact, the hottest in 118 years.  I don’t expect any other part of the country to feel sorry for us because last winter was phenomenal here when the rest of the country was handed the worst winter in decades.  That said, many homes here by the coast don’t have air conditioning and when the coastal breeze dies down each night it makes for a restless night of sleep when you’re lying there in your own flop sweat and the oscillating fan blasting you in the face means you wake up feeling like you made out with a sand castle. This got me thinking about how grateful I can be for the little things.  Like when the temperature around here is 5-10 degrees cooler.  It’s a small amount that makes a huge difference.  Many of our lenders are making small lending guideline changes that taken by themselves are not a big deal but combined a few of these guideline changes can be a game changer for people looking at home loan financing. Here are some examples of those changes: Appraisal Transfers are allowed on Conventional loans Rate locks can be cancelled within 24 hours and re-locked at current market pricing Limited condo reviews available to 90% loan-to-value 100% gift funds allowed through Conventional financing up to 95% loan-to-value Gift funds do

  • Self Employed? Oh, Do We Have a Loan For You.

    Aug 5, 14 • Fat Ashton • Loan ProgramsNo CommentsRead More »

    Self Employed? Oh, do we have a loan for you. If your one of the many prospective home buyers out there who is self-employed, this post is for you. Recently, we have seen the implementation of lending programs that are focused on financing the self-employed. Specifically in purchases. For quite a while, we’ve seen people that are self-employed, with flourishing businesses’, struggling on claiming enough personal income to qualify for a purchase. Now, lenders are looking to a lending style from a recent past. Stated Income. I almost feel like using this term is a bit misleading, because they stated income that we have now is a very purpose driven loan and comes with very specific guidelines, however it is stated none the less, and if you are self employed, it may be the answer to your next home. If you have any questions on how this program could be right for you, please call or e-mail me at; 858.273.3663. ext

  • What You Need to Know About Taxes and Usable Income

    Jul 29, 14 • Fat Ashton • Things to Look Out For1 CommentRead More »

    What You Need to Know About Taxes and Usable Income Death and taxes. I think you know where I’m going with this. And if you were one of the people that thinks you might have the latter beat, this blog post is for you. Taxes. You make money, you report your income and you pay taxes on it. And for anyone who’s been working full time for over a year can tell you, taxes aren’t cheap. Any anyone who filed more than once can tell you, there’s ways to minimize the amount you pay. That’s right, write offs. So everything is all good right? Well that might not be the case if you are looking to purchase or refinance a home. There are a lot of ways to avoid paying taxes on a lot of things, income, rental properties, flowing the money through a corporation. But here’s something you might not have known about this, the income you report on your taxes is what you get to use when qualifying for a mortgage. You may be able to lower your taxable income, but you’re also lowering your usable income. This is something that is very important to consider if you are self-employed or are someone who just knows there way around their 1040s. Lenders always want to see the last two years tax returns and if they see a pattern

  • Financing up to 90% Loan-to-Value – NO Mortgage Insurance

    The GreenHouse Group is excited to announce we now offer conventional financing up to 90% LTV with no Private Mortgage Insurance.  The loan structure is a 1st & 2nd combo using our available second-mortgage product.  The loan structure will be 80/10/10 which means an 80% first mortgage, a 10% second mortgage, and 10% down payment. Here are the features of this loan product as well as some guidelines: Primary owner-occupied properties only – no second homes or investment properties Single family detached properties only – no condos or attached units Purchase transaction only – no refinances 740 minimum credit score Both fixed rates and adjustable rates available   To find out more contact me directly by clicking on my name to send me an email or feel free to call my direct line. David Hughson 858-863-

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

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