December 2016

Found 10 blog entries for December 2016.

How to calculate military BAH income rates anywhere in the U.S.


Military BAH Housing Allowance Rates Around Any Bases In The US

Military BAH Housing Allowance Rates Around Any Bases In The US

What is my BAH Pay Rate in…?

Members in the military receive Basic Allowance for Housing (BAH) which is a U.S. based allowance prescribed by geographic duty location, pay grade, and dependency status.  It provides uniformed Service members equitable housing compensation based on housing costs in local civilian housing markets within the United States when government quarters are not provided.

When military service members relocate or change their duty station, it is helpful for their family to know how much the BAH income will be and it helps in knowing how much home they can afford if deciding to

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How to have Perfect, Walk on Water, Qualifies for the Best Rate There IS, Credit



How to have perfect credit for best rates and approvals

As we always say, nowadays everyone is a number so you might as well have a high one!

Tips for getting that elusive perfect credit score:

If there is one thing that we go over most in a day is educating borrowers about how credit scoring works. A lot of people have no idea what their credit looks like or know what makes credit good other than paying bills on time (which is only 35% of the score).  So we do our best to educate our borrowers on how credit scoring works so they can use this knowledge to get that highest tier, walk on water credit score.

35% of your score come from your payment

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7 Quick Reminders to help safeguard your mortgage closing


7 reminders to safeguard your purchase closing

7 reminders to safeguard your purchase closing

As soon as someone is interested in buying or refinancing a residential property and you are involved as a realtor, say these reminders over and over.  The reminders are to reduce the chances of loan denial or delays in closings.  In mortgages and buying real estate, live by these rules to make your life easier!  (Remember nothing is guaranteed though in real estate and mortgages):

 

Here are the 7 reminders to safeguard your closing from disaster:

 

 

  1. Tell your borrower/buyer to get us everything we ask for yesterday (it is best to have documents reviewed prior to contract)
  2. DO NOT quit or change jobs and don’t
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Getting a 2nd VA loan when you have a VA loan already


Getting a 2nd VA loan through bonus or 2nd tier entitlement

Getting a 2nd VA loan through bonus or 2nd tier entitlement

Here’s a popular scenario for military buyers:  A buyer currently in the military has been relocated and wants to purchase a primary residence with a VA mortgage to get 100% financing, but the buyer already has a VA loan on the prior residence which is now rented out.  Can this be done?

There are actually two major VA guidelines to look at in this scenario besides the normal credit, income, etc:

  • Getting a 2nd VA loan on top of the VA loan on their current or previous residence
  • Can we count the rental income from the prior residence with no or little equity in the property?
    1. A buyer may purchase another home
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How to Get a Mortgage Before, During, or After a Divorce

Divorce is one of the main hurdles to home ownership.  It can cause credit issues, depletion of assets, and basically wreak havoc in life.  So buying or refinancing a home is a challenge to say the least.  So that is why we love to have the necessary conversations with parties early.  Before often avoidable mistakes are made!  Furthermore, these conversations may include providing educational information about mortgage lending after divorcing.  Whether prior, during, or post divorce, let’s discuss key strategies and tips to follow.

Tips to Remember During Divorce

  • Keep all paperwork – even if you think you don’t need it (See list below!) mortgage tips for divorce

    Avoid the mistakes!

  • Make
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2017 FHA Loan Size Limits Increase in NC

December 20, 2015/in 1st Time Buyers, Data, FHA, Market Updates, Recent Changes

NC FHA Loan Size Limits

The Federal Housing Administration has announced the FHA loan size limits for 2017 in all areas of each state.  The most popular level is for single family residences.  Most of the NC FHA loan size limits increased from $271,050 to $275,650.  But there are several NC counties which have higher FHA loan size limits.

FHA loans are known for flexible guidelines, affordable monthly payments, and low cash to close.  Many unknown, but valuable features include:

  1. Gift, down payment assistance, and other flexible down payment sources
  2. Up to 55% debt ratios allowed
  3. Non-occupying coborrowers
  4. As
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Conforming Loan Limits Increased for First Time Since 2006

Fannie Mae & Freddie Mac will now offer bigger home loans effective January 1, 2017!  The Federal Housing Finance Agency (FHFA) has announced the new maximum loan limits for the United States.  Conforming loan limits have not increased in 11 years because of the downturn and comeback of the real estate market.  We have been lulled into $417,000 being the constant limit.

So What Does an Increase in the Conforming Loan Limit Do?

Most conventional loans are underwritten to Fannie Mae & Freddie Mac guidelines.  Fannie and Freddie’s main goal is2017 conforming loan limits to offer affordable loans.  Conversely, going above these limits puts a borrower into a jumbo loan category.  Jumbo loans typically are more

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Using Seller Concessions on a VA Purchase to Your Advantage

Seller Concessions can be HUGE on VA loansVA seller concessions

Imagine buying a home with no money down and having stuff paid for by someone else for you?  Or what about a seller being able to offer to pay for things other than closing costs to sell quicker?  Sound too good to be true?  It can be done with VA loans, so let’s learn how.  Seller Concessions is a little known feature that VA loans allow and can help buyers and sellers do some really creative things.  In addition to these features, VA can help a Veteran, service member, or surviving spouse be able to buy a home with potentially no money down.  Most are aware of seller paid closing costs.  There is no limit for how much in actual closing

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All I Have is 1 Student Loan on my Credit Report, Can I Buy a Home?

What if, for one reason or another, you have very limited credit such as just one loan reporting paid on-time?

Believe it or not!  It is possible for a 1st Time Buyer to purchase a home with only one loan reporting on credit AND we actually just closed a No Money Down purchase like this!  Imagine, you could be relaxing in your own back yard oasis!

first time buyer with limited credit experienceWhether you have very limited credit because you are recently graduated from college, new on a job, unsure of what type of credit to establish, or just flat out don’t like debt, it is still possible to get a home loan with low to no money down.  One thing to remember is that if you have very limited credit, it needs to be good

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VA purchases on Private Roads, Dirt Roads, and Unpaved Roads

There are a lot of properties that are on private roads, dirt roads, or other types of unpaved roads and often lenders have a problem with these road types, especially on VA loans.  We receive questions right often on these types of properties because we are in a rural area with lots of roads that are private or unpaved.  When looking to buy a home in rural areas or even in small to large subdivisions that have these private roads, there are options for obtaining a VA loan.  Per the VA lender’s manual:

Each property must be provided with a safe and adequate pedestrian or vehicular access from a public or private road.  Private streets must be:

  • protected by a permanent recorded
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