My New Blog

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 DETAILShttps://proistatic.com/Mortgage/MyEliteLending/Content/UploadedFiles/Riches in Niches.pdf 


Posted by Daniel Poulos on November 15th, 2022 12:38 PM
Conventional loan pricing adjustment has just been announced.
There is now a HUGE rate reduction for first time homebuyers with just 3% down who are below their Area Median Income (AMI).

   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!



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Posted by Daniel Poulos on November 10th, 2022 12:34 PM

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

Posted by Daniel Poulos on November 3rd, 2022 6:42 PM
Here's THE most important reason for home ownership.
     Most parents aspire to making their children's futures as bright as possible.  We want them to be successful and lead secure and happy lives.
     We try to put something aside for them so that they don't have to worry about grinding every day to make ends meet and have the means to enjoy their lives.  
     That's not easy these days.  There's not much left to be put aside, BUT every month you have to make a housing payment, no matter what.
      Why would you not choose to make that payment towards an appreciating asset that some day will go to your children?  How much better off will their lives be when you are gone if they are afforded that kind of security?  It's a means for any family to build generational wealth.
     The choice is simple.  Make your housing payment to a landlord and his family or make that payment to your children.
     For 30 years the most rewarding part of my job has been showing families how to make that happen!
Posted by Daniel Poulos on October 31st, 2022 12:07 PM
If you are in the process of getting pre-approved by a local mortgage lender you have probably already learned that as soon as we import your credit report you are barraged with phone calls and/or emails from "bottom feeder" lenders who very often will lead you to believe they are part of the process.
     These "dialing for dollars" lenders purchase a service called "trigger leads" that notifies them when anyone does a mortgage credit inquiry.  Yes, that's how the credit bureaus make money off YOUR information.
     Your can instantly opt out of this nuisance at http://optoutprescreen.com. 
     You should take a moment and do it now!
Posted by Daniel Poulos on September 13th, 2022 11:23 AM

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!

Posted by Daniel Poulos on August 5th, 2022 12:05 PM


     Home equity has gone through the roof and it doesn't really benefit the owner's until they sell.  Instead of just feeling good about it they are accessing that equity and changing their lives!
     The majority of typical families have limited savings, worry about how they would handle a financial emergency and are carrying revolving debt with interest that is just an eternal money burn.
     If you were in that situation could you use $100,000 or more if it costs you less than $700/mo?  Would you be better off if all your debts were paid off and you had the piece of mind of some money in the bank or sound investments?  How about finally doing those home improvements you have been dreaming about that add more instant value to your home?!
     THAT is why people are still refinancing even though rates are up some.
     If refinancing might change YOUR life please reach out to me and we'll figure out together if it makes sense.  I have been changing the lives of local families for over 30 years!
     Danny Poulos, 561-373-4149.  Nmls#133260
Posted by Daniel Poulos on June 3rd, 2022 10:42 AM
This is not like the dangerous "No Doc" programs of the 2000's.  It requires acceptable credit (at least 640) and at least 20% down plus some reserve liquidity.  The higher the credit score, the less the required down payment.

Most limited documentation programs are either "Bank Statements" for self employed borrowers or "Cash Flow" for investment products and we do a ton of them. BUT this new program, which we have an exclusive on, is not that.

This new program requires no disclosure of income or employment and is for primary and second homes, purchases and refinances.

Loan amounts go to $3M with as little as 20% down.  It's almost like a "hard money" loan but with rates in the 6's and 7's.

Among the borrowers it is perfect for are...
  • 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
Great rates, 30 day close and no hoops to jump through!

Please visit www.MyEliteLending.com/NoDoc for more details and rate quotes and call me directly anytime with questions.

 

Posted by Daniel Poulos on June 2nd, 2022 12:03 PM


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




Posted by Daniel Poulos on May 26th, 2022 10:41 AM

Visit www.NoDepositUSDA for more details on this incredible loan product for low and moderate income families!

Search for properties that qualify for No Money Down USDA mortgage loans.  Danny Poulos and the Elite Lending Team at Milestone Mortgage specialize in no down payment rural property loans in Jupiter, Stuart, Palm City, Port St Lucie and the rest of Palm BeachMartin County and St Lucie County and others in Florida.





Posted by Daniel Poulos on September 7th, 2021 6:36 PM

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