One Thing You NEED To Know Before Pursuing Down Payment Assistance Down Payment Assistance programs (or DPA’s) are similar to a lot of great ideas, they sound great in theory but as you start to dive into the details they may start to become less and less attractive or feasible… that is, if you have a Mortgage Planner who is looking out for you. Many times when we have people reach out to us in search of Down Payment Assistance Programs, we are able to determine what is most important to clients, and often, even in low down payment scenarios, we have found that there are other programs that better suit clients needs. For example we did a side by side comparison for FHA to The GSFA 5% grant program with 3% Down (Follow the link here for GSFA Income Limits), and found that the benefits of the slightly lower overall contribution, is negated by the savings of the FHA program in only two years! Now, if you have goals with your home that are longer than two years, this becomes a very compelling conversation. However, not all lenders are created equal, and to be honest if you qualify for a DPA program, it’s easier to just give someone what they ask for than doing a full analysis of what is actually truly best for them. If you feel like
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
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
2017 County Loan Limits 2017 County Loan Limits are up! Over the past couple of years our loan limits were set as follows: $417,000 for a conforming loans, and $580,750 for what is typically called a High Balance Loan (set by the County Median Home Average). Well it was just announced that in 2017 the new loan limits will be as follows: $424.100 for conforming loans, and $612,900 for the County (High Balance) limit. That means if you had a pre-approval, and were being capped by the Max Conforming Loan Limit, you may now be able to borrow a little more and bump up your purchase price! If that sounds like that might be you, and you want to take a second look at your pre approval, email me at Scott@GreenMenasGrow.Com. And for the most up to date rates and calculators, download my app at http://svanvugt.mortgagemapp.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/#
Week 1 FHA Basics Welcome too the first video installment on a 10 part series. This video is an introduction to FHA loans, and what they are. FHA loans are Federally insured loans that are geared to offer lending options for people who may not otherwise qualify for a mortgage. Some cool things about FHA are as little as 3.5% down and FICO scores as low as 580. For more information or to speak to me about FHA loans, email me at Scott@GreenMeansGrow.com
10 Week Loan Series – Introduction Join me over the next 10 weeks, where I’ll be discussing the difference between different home loan options such as conventional, FHA and VA. We’ll be looking at this through the lens of a buyer, and discuss things like different down payment options & loan qualifications. if you are a potential, buyer, and were wondering what loan makes the most sens for you, this 10 part series is just what you have been looking for. Of course, if you have any additional questions these videos didn’t answer, or would like to discuss in greater detail. Email me at Scott@GreenMenasGrow.com
The Skinny on Mortgage Insurance Did you know that any time you put less than 20% down, loans will carry some form of Mortgage Insurance? This is true for all loans except for VA Loan products (another reason VA is a great option if you qualify for it). Mortgage Insurance (or MI) can be paid either on a monthly basis, buried in the rate, or some times in one lump sum. There are different ways to pay your MI, but one thing is for certain, if you are putting less than 20% down on a home, you’re paying MI one way or another. If you want all the ins and outs of MI, and what option might be best for your specific situation, email me Scott@GreenMeansGrow.com Or Download my app at https://svanvugt.mortgagemapp.com/#
Need 20% Down? Nope Think you need 20% Down to buy a home? Think again. And I’m not talking FHA here people, I’m talking conventional loan products. So if you’ve been stashing away cash to save for that down payment, you might be closer than you think, if not ready all together. Feel free to reach out with any questions at Scott@GreenMeansGrow.com For up to date Mortgage News, Rates and other info, download my app at https://svanvugt.mortgagemapp.com/#
Waiting For Rates to Drop? Now’s the Time! Waiting for Mortgage Rates to drop before pursuing a refinance? Well wait no longer my good friend, now is the time to refi! After the whole Brexit event, rates on home loans dropped, and we’re still not seeing them fully recovered (A good little hack on motoring rates is cheeking in with the 10 year bond. Although it wont tell you what rates are, it will give you a good indication on how they are moving i.e. bond is up, rates are up; bond is down rates are down. Follow the link here to check out where the 10 year bond is at today). So if you were on the fence 6 months ago when rates were good, hop on off cause rates are great and the time is right! For more info on today’s low rates, email me at Scott@GreenMeansGrow.com
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!
