As of 11/4/2021:
VA Eligibility:
A qualifying Veteran is now able to take out a VA mortgage loan in the amount of $2,000,000 in all 50 states. The requirement is a 680-credit score and 10% down payment. I love this program as my goal is to help as many Veterans’ purchase the home of their dreams with the programs they have earned and deserve!
Delayed Financing:
This is a refinance loan designed for those qualified buyers who are going to pay for the home they are purchasing with cash, however, would like to immediately get their cash back by refinancing immediately thereafter, and when meeting all guidelines will be able to retrieve a large portion of their funds to either put back into their investments, or just hold onto in their bank accounts. I highly encourage a full pre-approval by my team prior to the cash out refinance.
Renovation Loans:
Product Overview
Fannie Mae’s Home Style Renovation is a single-close loan that enables borrowers to purchase a home that needs repairs or refinance the mortgage on their existing home and include the necessary funds for renovation in the loan balance. Generally, improvements should be permanently affixed to the real property (either dwelling or land) except for certain appliances installed with kitchen and utility room remodels.
This Renovation can be utilized as a stand alone or in combination with the HomeReady product.
Conventional Conforming Loans:
Until the end of the year, I can offer these loans up to 80.1 to 85% with no LPMI with up to 15% down on primary residence purchases, 700 or above credit scores, with NO mortgage insurance.
Jumbo Loans:
Offering 89.9% loan to value, yes that is correct, 10.1% down payment on a loan amount up to $2,000,000, with a minimum credit score of 680. Same on a refinance with a credit score of 740. Max debt to income at 45% for each. Best of all there is no requirement for private mortgage insurance on this loan. Only offers a 30-year fixed program currently.
Please keep in mind I have a qualified Underwriter on my team who pre underwrites all my client’s loans to control the amount of conditions from the final underwriter and more
importantly gives my clients and realtors the opportunity to compete for a home and contract with anyone who may be paying as a cash buyer. This also helps to resolve any issues upon reviewing the documents. I do not charge my clients for this nor for the processor on my team who keeps in touch with the borrowers to ensure we have all documents, and they are complete prior to sending the file to the lender. So I feel comfortable to say my company offers more of a concierge type program in order to offer a seamless process, meaning we are moving from one thing to another easily and without any interruptions or problems.
Please let me know if you would like to be interviewed on my Podcast for Meet the Expert, Market Rate Mortgages, LLC linda@marketratemortgages.com 239-398-3978.
Thank you for tuning into my Market update podcast and please keep in mind at Market Rate Mortgages, we are best at Opening Doors – Closing Loans.
