Miami-Home-Loan Finds Millennials Using FHA 203(K) Loans to Renovate Their First Homes

Miami-Home-loan 203K

Millennial Renovation

Miami Home loan, and Element Funding, direct lending mortgage bank,added anothermoney saving program to their offering.  The 203K renovation loan gives a homebuyer, a way to buy a home needing repairs and make the repairs to the buyers specifications..  Jim Carter, loan officer, reports on the details about millennials using this program for their first home.

  If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site. If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto.  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

A recent study found that 35 percent of millennial buyers are choosing FHA loans to finance their homes. By comparison, FHA typically serves only 21 percent of the overall market.

What is driving millennial’s toward FHA, you ask? Today’s generation of first- time home buyers graduated college in the middle of the great recession and are still feeling the impact of a slow recovery. For those looking to renovate, FHA’s 203(k) loan program offers flexible terms that make home ownership and renovation possible.

Flexible Debt-to-Income Ratio

A recent study by the National Center for Education Statistics (NCES) found that 60 percent of college educated millennials graduated with an average of $30,000 of student loan debt. Their existing debt makes it much harder for them to buy and renovate their first homes than it was for their parents. FHA makes it possible for a millennial person to buy and renovate because they have more generous standards for Debit-to-Income ratios.

The Debit-to-Income ratio, or DTI, is what lenders use to measure how much debt the borrower is responsible for compared to their income. Essentially, this number tells the lender if you can afford to take on additional debt. FHA loans typically allow you to take on slightly more debt than conventional loans. In July 2017, the average FHA borrower’s existing debt represented 28% of their income. In contrast, conventional borrower’s debt was equal to only 25% of their income.

Low Down Payment

Many millennial buyers are burdened by so much debt it has been hard for them to save for a down payment. Saving for the traditional 20 percent down payment is simply out of reach, even for millennials with high-paying jobs. FHA loans only require a 3.5 percent down payment.

Lower Credit Score Thresholds

FHA does not publish minimum credit score requirements but borrowers with less-than perfect credit can typically be approved for FHA loans easier than for conventional loans. For example, the average credit score for a FHA loan closed in July 2017 was 683 compared to 753 for conventional mortgage loans according to a study by Ellie Mae. FHA is often a better option for millennials who may have struggled to find employment after college or who have otherwise struggled to keep their credit score up.

Renovation Financing

The 203(k) program is specifically for borrowers that are looking to renovate the property. For many millennials, home ownership is only possible by buying a cheaper house in need of repair and renovating it. The 203(k) program allows for a portion of the loan proceeds to be placed into an escrow account and released as renovations are completed.  For more about the Element Funding 203K loan program go to http://miamihomeloan4u.com/203k-renovation-loan/.

Element Funding and PRMI Renovation Loans offers FHA and conventional financing options for home owners on any budget. Learn more about your program options and call Jim Carter today  at 305-525-6742 for more info.

To stay current on what’s going on at Element Funding, be sure to click the icon below to follow us on social media. Follow-us on Facebook at https://www.facebook.com/Miami-Home-Loan-4-U-146299948793212/.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a 203K Renovation Loan, to purchase their own first-time home, or to refinance an existing property, and would like help in getting their best financing solution, call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!  If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter.  And, If you want to APPLY ONLINE NOW,  go to http://www.elementfunding.com/branches/5321/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.

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Miami-Home-Loan and the FNMA HomeReady® Loan

Miami-home-loan, and Element Funding, direct lending mortgage bank, reports on another unique program for buyers.  The HomeReady® mortgage gives a homebuyer, a way into homeownership.  Jim Carter, mortgage banker, reports on the details.

And, If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site. If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto.  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

In this article, we will review the HomeReady® Mortgage ,Built for today’s home buyers.  It may work for your or your friends, so, please share this article. Designed for creditworthy low-to-moderate-income borrowers, with expanded eligibility for financing homes in low-income communities. HomeReady® lets us lend with confidence while expanding access to credit and supporting sustainable homeownership.

Here is a video from the HomeReady® website to learn more about the program.

Key HomeReady® Mortgage features include:

  • Affordable, conventional financing with cancellable mortgage insurance (restrictions apply)
  • Up to 97% loan-to-value (LTV) financing and flexible sources of funds
  • Innovative underwriting flexibilities that expand access to credit responsibilities.

Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include: • Income from non-borrower household members considered as a compensating factor in Desktop Underwriter® (DU®) to allow for a debt-to-income (DTI) ratio >45%, up to 50%.

  • Rental unit and boarder income.
  •  Non-occupant borrowers, such as a parent.
  • Credit score – as low as 620 based on DTI required.  DTI’s range from 36% to 45% dependent on credit score
  • Financing up to 97% loan-to-value (LTV) for purchase of one-unit principal residence (DU is required for LTV ratios >95%) and up to 95% LTV for limited cash-out refi.
  •  Borrower is not required to be a first-time buyer.
  •  Cancellable mortgage insurance (restrictions apply); lower MI coverage (25% for LTVs >90% to 97%) compared with standard requirements
  • Gifts, grants, Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs.
  • Nontraditional credit is allowed
  • Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) up to 95%.

Homeownership education requirement. Knowledge is power. That’s why the HomeReady® mortgage homeownership education requirement is designed to help borrowers gain essential knowledge to prepare for sustainable homeownership and lenders gain informed borrowers prepared to successfully navigate the loan process.

Simple borrower income eligibility . HomeReady® is available when purchasing or refinancing any single-family home, as long as the borrower meets the income limits of the property location. (Income eligibility limits may help lenders meet applicable Community Reinvestment Act goals.).

Miami-Home-Loan HomereadyFamily

Are You HomeReady?

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first-time home, or to refinance an existing property, and would like help in getting their best financing solution, call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!  If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter.  And, If you want to APPLY ONLINE NOW,  go to http://www.elementfunding.com/branches/5321/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.

 

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Miami-Home-Loan Closes Another Great Buyer

Another good closing, as buyer got his Miami-Home-Loan in place to move into his great new unit in Miami Lakes. Thanks goes to the Element Funding operations team, including our processor, Jade, and, title attorney Norman Powell.

Miami-Home-Loan

Miami-Home-Loan Norman & Family

Jade as always was on top of the process throughout the loan.  Norman did a http://www.normancpowell.com, was a good resource to get the needed documents completed to close this transaction. If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto.  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

 

This was a very interesting loan.  This was another loan where the buyer found a seller needing to sell due to financial, or legal reasons and managed to buy the house at a good discount to the market price!  A real opportunity to get into a property at a discount, and, grow equity at the market rate.  Our buyer did a great job in searching out the opportunity to get the deal done.

Miami-Home-Loan

Signing Docs

 

If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter.

Miami-Home-Loan

Family-Signing Loan Docs

And, if you want to APPLY ONLINE NOW, go to www.elementfunding.com/jcarter

Click the APPLY NOW button on the right side of the screen and apply on our secured site.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first-time home, or to refinance an existing property, and would like help in getting their best financing solution,

Miami-Home-Loan

Miami-Home-Loan & Happy Family After Signing Docs

call me, Jim Carter at Element Funding, at 305-525-6742.

Your Miami-Home-Loan expert!

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Miami-Home-Loan Reports on Another Good Closing!

Miami-Home-Loan Closing

Mario Signs Docs

Another good closing, as Mario got his Miami Home Loan in place to move into his great new home!. Thanks goes to the Element Funding operations team, including our underwriting team, and our processor, Jade, title attorney Norman Powell, and selling agent Nidia Cortes of Keller Williams  http://nidia-cortes.yourkwagent.com/.  If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto.  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

As a 1st-time-homebuyer, Mario had an exciting time looking for a house. When they found a house, he and Nidia worked with the seller to write a contract that worked for him as well as the seller.

Miami-Home-Loan closing

Nidia, KW Real Estate Agent & Mario

Nidia   It took her some time and effort, but, in the end, she did a great job.  Mario a house he liked, in the area he liked, and, close to his friends, family, and, work.  What a great deal!

 

 

Home-Loan Closing Team

Miami-Home-Loan Closing Team

 

On the financing side, we got Mario qualified for the First-Time-Homebuyer Program, which gave him several great advantages, including reduced mortgage insurance, reduced tax service fee, reduced document stamps and intangible taxes. There are also other great features all first time home buyers could use.  To learn more, look at http://miamihomeloan4u.com/great-news-from-miami-home-loan-florida-housing/. We made some excellent savings for Mario as we helped him with this loan.  So, let us know if you want to know more about this program for you.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution,

Miami-Home-Loan

Miami-Home-Loan Closing team

call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter.  If you want to APPLY ONLINE NOW, go to http://www.elementfunding.com/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.  So give us a call and get your loan done quickly and on time!

 

Posted in 1st Time Homebuyers, Financing Programs | Tagged , , , , | 2 Comments

Miami-Home-Loan : Condo -20 Questions To Ask When Buying

Miami-Home-loan, and Element Funding, direct lending mortgage bank, found another interesting set of condo questions to ask.  This flyer gives 20 questions to ask when buying a condo.  Jim Carter, mortgage banker, reports on the details.  If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site. 

Many other factors influence the purchase of a condo regarding financing the unit as well, but these questions really help determine many of the factors that may personally affect you the buyer of a condo.  These questions help you to take time to research the community, talk to current residents, review the condominium documents for any restrictions and study other data to answer these questions listed:

Source: 20 Questions – Florida Realtor, Volume 95 Number 5, June 2017, Pg.36

(flyer to print)  20-Questions-To-Ask-When-buying-A-Condo-JUN17_ShareThis-2

Here is another article about getting a good inspection to make sure all features of the unit are working correctly.  http://miamihomeloan4u.com/miami-home-loan-or-refinance-appraisal-tips-get-a-good-inspection/.

When looking for financing on a condo, here is a way to put down 10% and still get a limited project review: http://miamihomeloan4u.com/10-down-payment-for-a-condo-in-miami-call-miami-home-loan-4u/.

If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site.We at Element Funding, will help you with an exceptional Miami Home Mortgage.  So, if you need a Miami Home Mortgage, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution.  

 

 

 

 

 

 

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Miami-Home-Loan Discussed the Benefits of Homeownership!

Miami Home loan, and Element Funding, direct lending mortgage bank, found a great article on Trulia, written by Michael Corbett, which outlines the benefits of homeownership.  Jim Carter, loan officer, reports on the various benefit of home ownership, which can be achieved with a Miami Home Loan!   If you need to APPLY ONLINE NOW go to :www.elementfunding.com/jcarter.  Click the APPLY NOW button on the right side of the screen and apply on our secured site.

The financial benefits of homeownership are evident year round, but particularly around tax time – they seem to jump off the page. Let’s examine how homeownership makes “cents” – from the tax benefits, to good old fashioned financial stability, to having your own place to live.

 1. Homeownership Builds Wealth Over Time.

Miam Home Loan Rates Rise

Build Wealth & Equity

We were always taught growing up that owning a home is a financially savvy move. Our parents knew it, and their parents knew it. But this past decade of real estate turbulence has shaken everyone’s confidence in homeownership. That is why it’s so important that we discuss this again now that we’re in a ‘new market.’ Homeownership can be a very savvy financial move – but only if people buy homes they can actually afford. In 2014, this idea of sticking to a home you can afford to gradually build wealth is a “rule” that just happens to be new and old at the same time.

2. You Build Equity Every Month

Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month increases your equity. That is especially true now with the elimination of risky mortgages like negative amortized and interest-only loans – thanks to the new “Qualified Mortgage” rules. The way mortgages work is that the principal portion of your payment increases slightly every month year after year. It’s lowest on your first payment and highest on your last payment. Thus, as the months and years go by, your equity grows!

3. You Reap Mortgage Tax-Deduction Benefits

• Mortgage deduction: The tax code allows homeowners to deduct the mortgage interest from their tax obligations. For many people this is a huge deduction, since interest payments can be the largest component of your mortgage payment in the early years of owning a home.

• PMI deduction: Private Mortgage Insurance, MI (mortgage insurance) in now deductible in Florida and can amount to additional savings.  Generally this cost is around 1% of the loan amount paid monthly, so, it is a considerable deduction.

• Some closing cost deductions: The first year you buy your home, you are able to claim the points (also called origination fees) on your loan, no matter whether they are paid by you or the seller. And because origination fees of 1 percent or more are common, the savings are considerable.

 • Property tax is deductible: Real estate property taxes paid on your primary residence and a vacation home are fully deductible for income tax purposes.

4. Tax-Deductions on Home Equity Lines

In addition to your mortgage interest, you can deduct the interest you pay on a home equity loan (or line of credit). This allows you to shift your credit card debts to your home equity loan, pay a lower interest rate than the horrendously exorbitant credit card interest rates, and get a deduction on the interest as well.

 5. You Get a Capital-Gains Exclusion

If you buy a home to live in as your primary residence for more than two years then you will qualify. When you sell, you can keep profits up to $250,000 if you are single, or $500,000 if you are married, and not owe any capital gains taxes. Now, it may sound ridiculous that your house could be worth more than when you purchased it after these past several years of falling house prices. However, if you purchased your home any time prior to 2003, chances are it has appreciated in value and this tax benefit will come in very handy.

 6. A Mortgage Is Like a Forced Savings Plan

Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save—and that’s a good thing.

7. Long Term, Buying Is Cheaper than Renting

In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You have to live someplace, so instead of paying off your landlord’s home or building, pay off your own! So, if you need a Miami Home Loan, or just want to discuss financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution.

APPLY ONLINE NOW go to www.elementfunding.com/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site.

We at Element Funding will help you with an exceptional Miami-Home-Mortgage.

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Miami-Home-Loan Locks Another Deal at the Lower Rate!

Miami-Home-Loan found Jim Carter of Element Funding had a great ratelock for another buyer in at what looks like the lowest rate of the month!  Wow, great review and watchfulness as the rates fluctuated.  Our staff all helped as we worked to get this rate-lock completed.

041817-Freddie-Mac-Rate

041817-Freddie-Mac-Rate

We got our clients lower rate-lock at this low rate of the month which will help them with a lower payment, a improvement of  their debt ratio, and, overall, a better financial deal for them as they prepare to close.

 

We can do the same for your clients as well!

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!

 

 

 

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Miami-Home-Loan Reports Another Good Closing!

Miami-Home-Loan Happy Family
Miami-Home-Loan Happy Family

 Another good closing, as Julian got his Miami Home Loan in place to move into his great new unit on Williams Island.  Thanks, go to the Element Funding operations team, including our processor, Betsy, title attorney Sheri E. Nott, and Julian for coordinating all the sales activity with the seller.

We had some interesting work to get the file prepared as there were some outstanding legal challenges from 2012, but, Julian and I worked hard to get the right documents from the previous company, get them reviewed and approved.

Athough it took some time and effort, it was good for Julian to get his credit report corrected. That really got this file ready to submit and prepared for a non-eventful closing.

Closed! Happy Family.
Closed! Happy Family.

On the closing day the attorney sent their special closer out to have Julian sign and initial the documents, and, that went well also.  Everyone worked to finally get this file closed in a timely manner.  So, now the family had a new unit with much more room, a nice improvement for them.  We can do the same for you all as well, so, give us a call!

 

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Mortgage expert!

Posted in Buying or Selling a Home, Home Loan Closings | Tagged , , , , | 2 Comments

Underwriting & Program Updates in Element Funding By Miami-Home-Loan

Miami-Home-Loan Report

Miami-Home-Loan & Element-Funding Updates

Miami-Home-loan blog, and Element Funding, direct lending mortgage bank, review several financing program changes that occurred this month. .  These changes enhance the ways we underwrite these loans.    Jim Carter, loan officer, reports on the details.

 Condominium Financing

New Condo Limited Project Review forms are now being used to help clarify the eligibility of the projects we look to finance.  More on financing a condo can be found here:

http://miamihomeloan4u.com/10-down-payment-for-a-condo-in-miami-call-miami-home-loan-4u/

FHA

There is also a new FHA questionnaire form with less questions.   The first step in financing or refinancing a FHA building is to confirm if the building is qualified and still certified as an FHA property.  So, that could be a question to ask the condo association for clarification.

 Jumbo Loans

We offer many jumbo products and they are great to work with and offer to our clients.  Here is one closing that was especially nice and great to complete!  Call on scenarios to see if we can help your buyers?

http://miamihomeloan4u.com/miami-home-loan-closed-fernando-and/

 Renovation Loans

We offer renovation loans to help buyers get into properties that need updating or the buyer may want to make changes to the property to suit their needs.  Here is an article on those loans:

http://miamihomeloan4u.com/203k-renovation-loan/

Veteran Loans

Now borrowers can do a joint loan with an non-military partner or a non-spouse.    These new loans will have a down-payment requirement.

 Student Loans

There are some new terms for these loans now.  If the loan does not show a payment on the credit report, we still must use the loan, but at a rate of 5% of the outstanding balance for the next 12 months.

Income-Based Repayment (IBR) is a way to make your federal student loan payments more manageable. And if you’re a teacher or work in government or at a nonprofit (501(c)(3)) organization, you might qualify for a new type of public service loan forgiveness (PSLF) after 10 years of eligible payments and employment.  We do have a program that will use the (IBR) as well.

 On a VA loan, a student loan can still be deferred.

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first time home, be prequalified, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!

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Miami-Home-Loan Finds A Great Article on Getting Mortages in 2017

Miami Home Loan Sold Sign on House
Miami Home Loan Sold Sign on House

Miami Home loan, and Element Funding, direct lending mortgage bank, found another great article on getting a mortgage in 2017. Scott Sheldon, of Credit.com, wrote a very good article on issues facing home-buyers in 2017.  It was published Jan. 24, 2017 in www.MarketWatch.com.

Jim Carter, loan officer, reports on the details here and provides a link for you to read the article.  In addition, if you do have any credit questions, www.Credit.com has some excellent articles and advice on credit questions.  If you are looking to be pre-qualified, please call me at 305-525 or sign on to my applications page listed below:

http://www.elementfunding.com/branches/5321/jcarter.

The articles talks about some of the challenges and where you can get more credit information if you need some help with your credit score.  Here is the link to review:

http://www.marketwatch.com/story/looking-to-get-a-mortgage-in-2017-heres-what-you-need-to-know-2017-01-23?cb=logged0.5772566181007257.

So, please take a look at the information and see how we can help you all get into a home in 2017.

So, if you or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own first time home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!

 

 

 

 

 

 

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