• We now offer a 40-year loan with the first 10 years as interest only, enjoy a low monthly mortgage payment!!!
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HOT THIS WEEK

HOT THIS WEEK

Our Exclusive! Appraisal Waivers Now Available

We have partnered with a wholesale lender to give us a big advantage over our competition: appraisal waivers. This means we run the loan through Fannie Mae or Freddie Mac and receive a waiver for the appraisal, which means that no physical appraisal is needed saving borrowers money in appraisal fees.

Fannie Mae Enhancements

Fannie Mae is changing a number of guidelines to make lending easier. Below are the changes for loans submitted to underwriting effective immediately:

  • Student Loans
    • Monthly payments will now be based off of the amount showing on the credit report or 1% of the remaining balance.
    • Student loan debts may be paid off to qualify and classified as a rate/term refinance.
  • Condominium Reviews
    • Fannie to Fannie rate/term refinances up to 80% LTV, will no longer require a condo review.
    • Eligible in all 50 states
  • Debts Paid by Others
    • Non-mortgage debts paid by non-borrowers can now be excluded from the debt ratio calculation with 12-months canceled checks.
  • Properties Listed for Sale in the Previous Six Months
    • Cash-out refinances will no longer be capped at 70% LTV when the subject property has been listed for sale in the previous six months. With this update, properties that were listed for sale must be taken off the market on or before the disbursement date of the new loan.
  • Truncated Asset Account Numbers
    • Truncated or masked account numbers for bank and portfolio or investment accounts where at least the last four digits are displayed are now allowed on asset documentation.

Contact us today for a FREE consultation at (800) 535-0270

2016 Qualifying Income

2016 Qualifying Income

Income from 2016 Used to Qualify

1. When 2016 income is being to qualify, and the underwriter is unable to validate the income using transcripts (e.g. recently filed and no transcripts are available), one of the following scenarios must be met:

  • When 1040s show that the borrower is getting a REFUND:
  • Provide copies of the filed 1040s for 2016, and
  • Verify acceptance of filed return with the IRS via the refund verification site: irs.gov/Refunds

○ See Appendix H for guidance on how to use the “Where’s My Refund” site.
○ Enter the borrower’s SSN, filing status, and refund amount from the 1040s
○ If the results are successful, then it is okay to proceed without the 1040 transcripts for 2016.
○ If the results do not show a match, then the 2016 income cannot be used and the borrower must qualify using the 2014 and 2015 income.

2. When the 1040s show that the borrower OWES money:

  • Provide copies of the filed 1040s for 2016, and
  • Cancelled check (or wire, etc.) showing payment to the IRS in the exact amount shown as the liability from the 2016 return.

○ If the borrower does not pay the balance in full and instead enters into a payment plan with the IRS, the following will also be required:

◘ Cancelled check showing the amount that was sent to the IRS
◘ Evidence of an accepted payment plan by the IRS
◘ The Underwriter will need to escalate these to their Sr. Team Lead for review to determine if there is any further action needed (i.e. reserves sufficient to cover the balance owing and/or add the debt as a liability).
◘ If no accepted payment plan can be provided then the 2016 income cannot be used.

NOTE: To use increasing income from 2016, the above steps will need to be taken; however, if the income from the 2016 returns indicate decreasing income, this lower (i.e. more conservative amount from the current year’s tax return) amount should be considered to qualify the borrower, even if transcripts are not available.

Contact us today for more information at (800) 535-0270

What You Need To Know About Reverse Mortgages

What You Need To Know About Reverse Mortgages

A reverse mortgage is an ideal way to make your retirement years financially easier and more enjoyable. Although the term reverse mortgage can be confusing, it can be seen as a homeowner selling part or their entire home over time.

The way it works is quite simple. Once your reverse mortgage is approved, the lender will pay you a certain amount of money each month. This is money you can use for any purpose you like. Your life will become more enjoyable as you will have more income to spend in your retirement years. People all over the country are realizing a better retirement by using the equity in their home as a part of their retirement income.

Although a reverse mortgage may not be ideal for everybody, if you plan on staying in your home for several years and would like some extra money every month, this may be perfect for your personal finances in retirement. Without a reverse mortgage, you will need to sell your home to tap into the equity. However, living in the comfort of your own home is an important part of retirement. We can help you get a reverse mortgage to make this possible.

There are certain basic qualifications you must have in order to get a reverse mortgage. You must be 62 years of age or older, you must be living in the house and have the house paid for or a substantial amount of equity built up in your house. With these three criteria met, we can help you get a reverse mortgage.

You can contact us today, and let us know your particular situation. How much we can provide to you with a reverse mortgage will depend upon the equity in your home and any balance you may have on an existing mortgage.

To find out more about Reverse Mortgage please call us at (800)535-0270.

FHA Mortgages in New York State

FHA Mortgages in New York State

 FHA has year over year been the most utilized loan product when it comes to low down payment. FHA allows for borrowers with poor credit history, as low as 580, and low down payment, as low as 3.5%, to obtain mortgage financing. Not too many people know that closing costs can also be covered by the FHA loan.

As FHA mortgage experts in the state of New York we have been the trusted mortgage broker who specializes in all types of FHA loans, including a renovation loan called FHA 203K loan, which funds your renovation project on your current home or the new on that you want to acquire.

Contact us at 800-535-0270

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