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Obtaining a mortgage for a condo just got easier!

Due to recent changes to Conventional mortgage guidelines, I can help even more buyers qualify to purchase a condo should they desire to do so. Here are the changes:

1. Have a condo where one person owns more than 10%? Did you know that the single-entity ownership requirement can be waived when the purchase transaction will result in a reduction in the single-entity ownership concentration (maximum single entity ownership 49%, no delinquent dues, no pending or active special assessments) If our loan is not a purchase reducing the single entity ownership we will allow up to 20% of the project to be owned by one person.

2. Commercial percentage can now be 35% instead of 25%!

3. Pending litigation is usually okay! Call me when any pending litigation you have…

4. Last but not least on USDA loans DO NOT require the condo to be FHA approved. There are other ways to approve a project for USDA condo financing. Ask Me how.

FHA Loans just got easier…

ATTENTION ALL HOMEBUYERS!

A Plus Mortgage Solutions, Inc. is now offering to cover the cost of your appraisal (a $575. value) on all FHA mortgages for all homebuyers who are utilizing that program for their purchase mortgage and who are under contract this month, February 2019. We must receive your purchase contract by 2/18/19 and have your loan registered and rate locked by that date in order to qualify for this.

Older buyer with low income, but high assets….No Problem….and some other news from the mortgage world

Over the past decade, many older buyer clients have been challenged when trying to qualify for a mortgage as they are living on fixed income, but often have significant assets. Often, these buyers could pay cash out right for a property, but do not want to liquidate a substantial amount of assets in order to buy their new home. Freddie Mac has recently updated their guidelines now allowing for “asset-based income” to be used. The requirements and calculations are quite easy. The buyer must be age 62 or older, all assets (less funds needed to close) are added and the sum divided by 360. That figure is then used as additional qualifying income. This can help more older buyers get qualified!

Additionally, both Fannie Mae and Freddie Mac have increased their debt ratio thresholds to 50% (old guideline was 45%) without necessarily requiring compensating reserve funds. This change can help a lot more buyers of all ages qualify for a Conventional mortgage. This guideline carries over to the HomeReady program as well!

Please contact me if I can be of service to you or your buyer clients.

   

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July 30 , 2015

Jeremy always gets the job done well and on time without worry and stress. - Sally Chaplin

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Zillow reviews

5 stars on 2/24/2021

Jeremy found a lender that moved us from our original VA loan to a conventional loan that gave us a discount on closing cost for refinancing the mortgage. Secondly he found a lender that allowed for exception to "escrow" account for taxes and insurance which saves us between 10-15% of the annual taxes and insurance fees that would normally be paid to the finance company. Additionally we were able to take a small cash out amount that was needed to pay medical expenses. Jeremy's attention to detail and follow-up protocols allowed for our application, appraisal and closing to be completed as scheduled. This is the second time we have used Jeremy and his team for a home loan and have recommended him to our neighbors who have since utilized his services as well. His professionalism and knowledge of ever changing banking procedures shines through the process to prevent as many surprises as possible, Which we had only one minor issue that we were unaware of and it was explained to our satisfaction. With all the documents prepared correctly to smallest detail, we were finished in roughly 30 minutes and on our way home. We couldn't be happier with the service of Jeremy and his staff.


5 stars on 2/23/2021

Since the beginning of my home buying process and even all the way up to closing, Jeremy was extremely communicative and stayed on top of the process as well as let me know of any details or changes that would come up. It was the most seamless home buying process I have ever been through and will definitely use his company again!


5 stars on 2/22/2021

As a first-time homebuyer, I am grateful to have worked with Jeremy. He made the process of obtaining a mortgage, from start to finish, so easy for me and completed my loan without a hitch.Jeremy was friendly, communicative, and knowledgeable. He was able to work with my individual circumstances and get me the loan that was best for me. I felt that he genuinely cared to help me get the best loan possible.The realtors that were present on closing day expressed how impressed they were with Jeremy's ability to get everything done accurately and on time during COVID, when some closings are getting delayed!I would absolutely recommend Jeremy to anyone looking for a mortgage. I know I will be a repeat customer with my next home purchase.


See all 293 Reviews on Zillow