My New Blog

If you, or anyone you know has been waiting, the time has come to secure your INTEREST-FREE down payment assistance for 1st time homebuyers!  Simple details and an easy online application are now available at FL HOMETOWN HEROES

IN OTHER DOWN PAYMENT ASSISTANCE NEWS -

The National Homebuyers Fund offers assistance for Non-First Time Homebuyers

Here's the advantages to the National Homebuyers Fund with an FHA loan vs FL Hometown Heroes

• You DO NOT have to be a 1st time home buyer
• There are NO income limits
• Lower credit score requirements (600 minimum)
• Higher debt ratios allowed than Conventional financing
• You do not have to work for a Florida based company
• Non-occupant co-borrowers allowed to help qualify
• Option for the down payment assistance to be interest free, with NO monthly payment and 100% forgivable after 10 years!

There is one catch.  There are FHA maximum loan amounts that vary from county to county.  For example, the 2024 maximum loan amount for Palm Beach County is $621,000.  Here is a convenient "Look-Up" tool to check the income limit for your area

Do you know anyone that this could help become home owners today?

There's a huge menu of mortgage products that accommodate borrowers that do not fit into conventional lending guidelines but down want to miss opportunities for home ownership or real estate investment.

• No Tax Returns for Self-Employed Borrowers
• No Doc for Primary and Second Home Purchases
• "Cash Flow" Loans for Investment Properties
• No Credit or Income for Foreign Nationals Buying Investment property

DOWNLOAD PDF FILE OF PRODUCT DETAILS - https://proistatic.com/Mortgage/MyEliteLending/Content/UploadedFiles/Riches in Niches.pdf 

   Use this handy lookup tool to find the AMI where you would like to buy then call us to get qualified.  It's a great time to buy!

.

Beware of the "smoke and mirrors" of newly popular 2-1 Buydown Mortgage.  Might be more sizzle than steak.

Here is how it is being sold to buyers - The seller will “buydown” your interest rate 2% in the first year and 1% in the second year.   Instead of a rate of 7%, your first year will be 5% and your second year will be 6%.  After that you will pay 7% for the life of your loan.

Here's what is actually happening – The seller is contributing to reduce your payments for the first two years AS IF the interest rate was reduced for the first two years..

Let's look at the math based on a current rate of 7% on a $550,000 loan amount –

What is REALLY happening is that the seller is contributing $12,819.24 (almost 2% of the sales price) to pay for a two-year monthly savings AS-IF your interest rate was 5% for the first year and 6% for the second.  Thinking you have a lower interest rate makes you feel good, right!

From a marketing standpoint that sounds a lot better than a 2% sales price reduction, doesn’t it?

BUT, since that money seems to be available from the seller, let’s see how else it could be applied.

1. Take the money as a price reduction and borrow $12,819.24 less and save about $85/mo.  So, you would owe $12,819.24 less to the bank AND save an additional $10,200 in payments in the next ten years.  Clearly, that does not sound as exciting as 5% and 6% rates for two years!
2. Take it as a closing cost credit and reduce your cash-to-close by $12,819.24.  Why should you wait two years to save that money when you can have it all now?!  You can apply it to your payments on your own if you like rather than have it be dictated by the seller.
3. Use the money to PERMANENTLY buydown your rate to 6.375% for the life of the loan.  You would DOUBLE your savings in under 10 years and continue to save over $225/mo for the life of the loan!

Clearly those options might not SOUND as good to you but the REAL benefits are more advantageous than the marketing “sizzle” of the “2-1 buydown”.

For 30 years I have been providing real life, reliable mortgage advice to my clients based on their personal situation and mortgage math.  Call to find out what the best path to home ownership is for YOU.

CLICK HERE TO DOWNLOAD THIS INFORMATION AS A PDF FLYER  https://proistatic.com/Mortgage/MyEliteLending/Content/UploadedFiles/Buydown%20branded%20flyer.pdf

Many condo listings disclose that they will only accept cash or Conventional financing.  Often the only reason FHA is omitted is because the listing agent is not aware of the little known fact that we can finance the purchase with an FHA loan even if the condo project is not approved.

Good News!  The condo project does NOT have to be pre-approved by FHA.  We can qualify individual units for FHA financing using the same full review process we use on 3% down Conventional financing.  

It is very likely that any condo unit that qualifies for Conventional financing can also be funded by FHA.

This is VERY handy for buyers with lower credit scores and higher debt ratios that Conventional financing will not allow. That makes this an invaluable option for first time home buyers that need to find a home in lower price ranges.

Call for details!

• Recently divorced with no history of receiving child support or alimony yet (purchase or refinance)
• Self employed who's income was affected by the pandemic
• Those with non-documented income sources
• Married couples where one party's credit is not high enough to include on the application so their income is not considered.
• Retired with assets but not taking distributions
• All scenarios where common sense underwriting is better than what is on paper

In these challenging times the true No Income Doc loan is a welcome mortgage loan option.

• This brand new product requires no statement or documentation of employment or income!
• Loans to $3M at 80% LTV
• 640 Minimum Credit Score
• Approval is based strictly on credit worthiness and asset verification.
• Rates are very reasonable and the property may be a primary or second home!
• Purchases and refinances 
• Ask about our INTEREST ONLY option!

https://www.myelitelending.com/NoDoc