10% Down-Payment for a Condo in Miami – Call Miami-Home-Loan-4U!

 Miami-Home-loan-4U, and Element Funding, direct lending mortgage bank, added another money saving program to their offering.  The Limited Project Review (LPR) options gives a condo buyer a way to decrease their initial financial outlay to get into a condo.  Jim Carter, senior loan officer, reports on the details. So, let’s review how Miami-Home-Loan-4U may have a solution to help get buyers into condo units with less money.

 Fannie Mae is increasing the LTV, and, the CLTV, ratio requirements for attached condo units in established projects under the Limited Review process.  In doing so, Element Funding uses the Limited Project Review to make this work.  What does that mean?  It means it is a special guideline that allows a buyer to put down 10%, have a 1st loan for 75%, and a 2nd loan for 15%!  It is Desktop Underwriting Dependent, meaning, it does receive an FNMA approval to confirm it is approved.  Here are some features for you to consider:

  • It is for attached condo units in established projects
  • It is for a principal residence
  • an attached unit in an established condo project, or
  • A detached unit in a new or established condo project (including those projects with a mixture of attached and detached units).
  • No condo questionnaire or budget requested
  • Investors reviews the appraisal and need 51% owner occupied on an existing development or 70% under contract on a new development
  • Qualifying debt ratios are 38%/45%
  • Three credit bureaus trades, with the oldest originating at least three years prior to the credit bureau date
  • No foreclosure, deed-in-lieu of foreclosure, short sale, or “real estate paid for less than full balance” within the last 5 years
  • No bankruptcy filing within the last 8 years
  • Owner Occupied and second homes

So, here is a flyer you can use to better explain and review this program:

10% Down Payment for Condos

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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GREAT NEWS FROM MIAMI-HOME-LOAN & FLORIDA HOUSING!!

Miami-Home-loan, and Element Funding, direct lending mortgage bank, found there has been some good news in the past month if you are a potential 1st time homebuyer.  The good news is that credit  FICO  scores have been reduced.  Jim Carter, senior loan officer, reports on the details.

Miami-Home-Loan and Florida Housing Have a New Announcement

Fl-Bond-Housing & Miami Home Loan

Fl-Bond-Housing & Miami Home Loan

 

 2015 was a record setting year for our Homeownership Programs. Through your efforts, 4,327 Floridians became homeowners in 2015. In the face of TRID, Program changes and other headwinds, you originated $547,846,734 in Program first mortgage volume which was leveraged with almost $45,000,000 of Program downpayment (DPA) and closing cost assistance, also a record amount. We thank you for your hard work and efforts and will try to help you surpass these records in 2016.

We are pleased to announce that beginning MONDAY, JANUARY 11, 2016,you will once again be able to input reservations for FHA loans with minimum FICO scores of 640. We successfully reached an agreement with our investor that will enable us to serve this important credit tranche of FHA borrowers. There will be no increase in fees or costs to these borrowers, so there are no additional Program overlays or “nuances” that you need to be aware of. We will be updating the Guides and training but this will take a few days to accomplish. Please keep a copy of this announcement in case your underwriter does not receive this notification and questions you about this change (we know underwriters NEVER do that with Loan Officers).

We would also like to take a moment to clarify acceptable uses of Program DPA as we are suddenly receiving a lot of questions that haven’t been asked in the past. Our funds can be used for normal and customary closing costs and downpayment. This includes additional downpayment used to reduce the principal loan balance of the first mortgage beyond that required by the Agencies or GSEs. However, what IS NOT ACCEPTABLE is using our funds to make up any shortfall between the sales price and appraised value of the home being purchased. Additionally, any borrower debt that is required to be paid off prior to or at closing cannot be paid from our funds. In both cases the borrower must use their own funds to bridge the gap in sales price/appraised value or to pay off the debt.

If you have any questions please email or call us and we will be happy to provide guidance.

  We wish you all a happy and prosperous 2016!!

 Jim Carter 305-525-6742

jcarter@ElementFunding.com

Element-Funding Logo

Element-Funding

 

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Miami-Home-Loan Offers New Qualifying Options

Miami-Home-Loan Happy Closing Day for Anibal and Shannon

 

Miami Home loan, and Element Funding, direct lending mortgage bank, added another money saving program to their offering.  The Non-Occupant-C0-Borrower programs give a buyer another way to qualify for their new home.  Jim Carter, senior loan officer, reports on the details.

 When a family is in a situation where the full income is not included in the tax return or is discounted due to higher expenses, we have a good option that helps.  Another family member can offer to use their income to provide the needed income to help increase the buyers’ income enough to qualify for their new home!  This worked well with Anibal and Shannon’s new home closing.

What we can do is add another qualified non-occupant family member into the loan to use their income to increase the income shown for the actual borrower.

Buyers’ are Happy ot Close!

This is a great alternative to looking for additional funds from other sources.  We just closed a loan like this with Anibal and Shannon where his father was able to help his son get into the house he wanted by using his income to supplement the income shown by the borrower.

 

This is a Freddie Mac or Fannie Mae[i] program.   The non-occupant-co-borrower must be a family member, and not an interested third party.  This program is for a purchase or a rate and term refinance.  The minimum credit score is 620.

All worked hard to get to the closing!

The DTI (debt-to-income) is determined by the AUS (automated underwriting system), and the maximum DTI is 50%.  We can go up to 95% LTV (loan-to-value); if you are above an 80% LTV on a purchase, the occupant borrower must have 5% of their own funds into the transaction.   Ratios are calculated on the combined income and liabilities.   The occupant borrower must also have some source of income that can be documented.  This is a great solution for anyone not having enough documented income to qualify.  Give me a call to discuss this program in more detail!

So, if you need a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!

 



[i] Fannie Mae Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3,on HomeReady case files, Sept. 29, 2015

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Miami Home Uses a Non-Occupant-CO-Borrower to Buy a New Home!

Miami-Home-Loan-4U asks, “How can a family member help you buy your new home?” What do you need?  A good credit scores is important; past credit history for the last 24 months is important; your money for the down payment, closing costs, insurance, title work, appraisal, taxes, and other items is needed; and, income to prove you can make the payments.  If you have a good score, good credit history, cash to close, but not enough income, a family member could help!

We offer a program that allows a Non-Occupant-Co-Borrower to help with additional income!  The new borrower can use their income to provide enough income to qualify for the loan!  “How does it work?” you ask?  We simply add the non-occupant-co-borrower to the loan to increase the income show.  Of course, we also add their debts to the loan as part of the program to insure we are not taxing them too much, but, that is one way to make the program work for the borrower.

Miami-Home-Loan-4u SOLD
Miami-Home-Loan-4u SOLD

This is a Freddie Mac program.  The non-occupant-co-borrower must be a family member, and not an interested third party.  This program is for a purchase or a rate and term refinance.  The minimum credit score is 620.  The DTI (debt-to-income) is determined by the AUS (automated underwriting system), and the maximum DTI is 50%.  We can go up to 95% LTV (loan-to-value); if you are above an 80% LTV on a purchase, the occupant borrower must have 5% of their own funds into the transaction.   Ratios are calculated on the combined income and liabilities.   The occupant borrower must also have some source of income that can be documented.  This is a great solution for anyone not having enough documented income to qualify.  Give me a call to discuss this program in more detail!

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 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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MIami-Home-Loan Completes Another Good Closing : Pablo!

Mary Explaining the Details

Mary Explaining the Details

Another good closing, as Pablo, a 1st time home buyer,  got his Miami Home Loan in place to move into his great new unit in Homestead. Thanks goes to the Element Funding operations team, including our processor, Vanessa, our sales agents, Eli Ristine and Bill Sanjurjo, and, our title officer, Mary Gonzales of Emerald Title.

 

Miami-Home-Loan-Reviewing-Documents

Miami-Home-Loan-Reviewing-Documents

 

We had a good closing with Pablo, despite some questions about bars on the windows.  Bill took the needed information, and, got the window bars situation resolved quickly and professionally; thanks Bill!  After that was done we got the property approved without any further complication.  We used the Florida Bond Program and saving the cost of the intangible tax and documentation stamps, over $1000.00, and got the payment down to a more reasonable monthly amount!

 

Miami-Home-Loan Sales Team

Miami-Home-Loan Sales Team

 

We will always go the extra mile to get our files closed, so, giveus a call to see if we can help you as well!

 Miami-Home-Loan | Keys for the New House!
Miami-Home-Loan | Keys for the New House!

 

 

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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Another Miami Home Loan Closing in a Short Time!

Merrick and Jaz Quick Closing with Miami-Home-Loan

Merrick and Jaz Quick Closing with Miami-Home-Loan

Another good closing, as Merrick and Jaz got their Miami Home Loan in place to move into their great new unit in North Miami. Thanks goes to the Element Funding operations team, including our processor, Vanessa, title attorney David Kahn, title attorney processor Vanessa Valdes, buyer’s agent Stas Kolbin of Red Square Realty. and selling agent, David Carrion, PA.

Due to unforeseen circumstances, Merrick found a property, and was using another mortgage company.  However, that did not work out, and, Merrick contacted me again in mid-June of 2015.  We got all details resolved, completed the appraisal, added in all the needed documents, and closed the loan in July of 2015!  A short, time frame, and, a smooth closing!  A sa tisfied client and all parties were happy the loan closed in a quick manner.  Our team always strives to do our best to complete our loans and closing on time!

Merrick Jaz at the Closing Table with David Kahn, Esq.

Merrick Jaz at the Closing Table with David Kahn, Esq.

When can we work on your transaction?  Our clients will give you the best advice on their experiences:

https:https://plus.google.com/116615499721399679057/posts

 

And, by the way, Merrick is a great IT Technician, so, give him a call if you need any IT work done!  His contact number is (305) 812-2387.

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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Miami Home Loan Learns Global Realty Buyers Purchase In South Florida

68% of International Buyes are Latin

68% of International Buyes are Latin

Miami Home loan, and Element Funding, direct lending mortgage bank, found some interesting statistics are confirmed the last few months.  If you are a potential homebuyer we find the international competition is still very strong in S. Florida according to the Miami Association of Realtors.  Jim Carter, mortgage banker, reports on the findings of the report.         

 Real estate top target for Brazilians, who led all foreign the Miami Association of Realtors website in February and in 2014 made 11% of all .area international  real  estate  deals,  trailing  Venezuela’s 16% and Argentina’s 12%, according  to a survey by the of Realtors.

  The study from October  2013 to September  2014 found  about 68%  of international buyers  are  Latin  Americans.  Top  countries  for  purchasing Miami-Dade properties are Venezuela, Argentina and Brazil (tied for second), Colombia, France, Canada.and Mexico (tied for fifth), Italy and (tied for seventh) Peru, Spain,  Ecuador, the Dominican Republic  and  Chile. The  survey  found foreign  buyers  spend  moreon properties  than  domestic  buyers  in South Florida  aa mean  purchase of $444,000 compared  with $245,000 for all Florida sales, and median of$215,000 in Miami-Dade.  About 28% of foreign buyers bought  properties  for $500,001up; they  prefer  condos  in central or urban areas, which they use primarily for vacation  and rental investments; and about  81%  of foreign  buyers paid  cash. 1

Downtown Miami

So if you need a Miami Home Loan, and, are a foreign national or a domestic buyer, and, 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. We at Element Funding, will help you with an exceptional Miami Home Loan.

 

 1 Parts of this story was originally published in the Miami Today. April 16, 2015. Today’s News.

 

 

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Miami Home Loan Learns Florida Housing Decreases It’s Assistance in June!

Miami Home Loan, and Element Funding, direct lending mortgage bank, learned the Florida Housing Program is decreasing the amount of Down-Payment-Assistance, next month.  This program gives a First Time Homebuyer, (1st time Homebuyer) a way to get additional funds for their down-payment and closing costs.  Jim Carter, senior loan officer, reports on the details, so, give Jim a call for any additional qustions at 305-525-6742.

Florida-Housing-DPA-Reduction

  Beginning in the third quarter of 2014 and continuing through today, loan officers are locking loans at a record pace in our program. We thank you for supporting our programs to such an extent. However, in an effort to stretch our available resources and provide downpayment assistance to borrowers on a continuous basis, we need to reduce the amount of DPA we offer in the FL Assist second mortgage program from $10,000 to $7500 for reservations or locks made on or after 06/15/2015.

Florida Housing plans to create new loan and DPA programs to supplement their existing programs in the near future.

So, if you need a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!

 

 

 

 

 

 

 

 

We are sending you this email because we want to make sure that we give our lenders enough time to make the necessary changes in their origination systems to disclose this lower amount and whatever other technical changes they need to make. We also want to give our loan officers the time needed to work through their existing pipelines.

So, if you need down-payment -assistance for a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!

 

 

 

Any loan reserved or locked prior to the June 15th implementation date will still be eligible to receive our current $10,000 DPA amount. We appreciate your continued support of our Homeownership Programs. Please call or email me with any questions or concerns.

 

 

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Miami Home Loan Asks, Do You Have a FHA Buyer Looking for a Condo?

Miami Home loan, and Element Funding, direct HUD Approved lending mortgage bank, found an interesting story in The South Florida Realtor this month.  Jim Carter, senior loan officer, reports onthe subject,  “Do you have a FHA approved condo buyer; but cannot find a suitable unit?”  [i]

You are not alone!   In 2008, the Federal Housing Administration (FHA) began enforcing  a rule which ended the concept of life-long FHA condo approvals.Condo projects now need  to apply for approval every two years in order for buyers to utilize the FHA insured loan program in that building or community. This change was in response to the down tum in the market and a way to investigate the financial health of associations.   As  a result, thousands of condominiums across the country lost their FHA approved status. It has been difficult to convince volunteer board members that it is in their best interest to take the necessary steps and apply. [ii]

Some of the basic requirements for approval are:

  • -At least 10% of the income must go towards reserve funding
  •  – Reserve funding should be 10% of the annual budget
  • – 50% of the project must be owner occupied;
  •  – No current or pending litigation that could result in unexpected costs;
  • – No more than 15% of units are 30 days or more delinquent on dues
  •  – Must meet the FHA insurance  requirements. [iii]

In   response  to  member requests,  the  MIAMI Association of REALTORS”‘ created  the “FHA Condo Approval” Task Force and received  a grant from the National Association of REALTORS” for it’s efforts. The task  force  began  to assess the damage.   Out of more than 8,500 condos in Broward and Miami-Dade Counties, only 30 were FHA approved.

Search for FHA Approved Condos at  https://entp.hud.gov/idapp/html/condlook.cfm

We have many FHA programs to help you get into your new condo.  From 203K – rehab loans, to regular 203B-FHA loans.  Take a look at http://miamihomeloan4u.com.

Miami-Home-Loan-1st-Time-Buyers

We also have a 1st Time HomeBuyer Program that gives you up to $10,000 for qualified buyers to help with down payments and closing costs.  Take a look here to review that program: http://miamihomeloan4u.com/first-time-homebuyer-program-offers-10000-assistance/

So, if you need a Miami Home Mortgage, or just want to discuss condo financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We have several FHA options, and others to discuss.  We at Element Funding, will help you with an exceptional Miami Home Loan.


 

 

 

 


[i] “FHA Approved Buyer Looking for a Condo?”, The South Florida Realtor, Issue, 2015, PG 21

[ii] Look for another article on Why condo boards should Want FHA Approval

[iii] FHA Guidelines

 

 



 

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Miami Home Loan Reports Another Successful Closing!

Mac Miami-Home-Loan Docs

Mac Miami-Home-Loan Docs

Another good closing, as our client,Mac,  got his Miami Home Loan in place to move into his great new unit in Ft. Lauderdale.  Thanks goes to the Element Funding operations team, including our processor, Vanessa, title attorney Patrick, listing agent Mark Hirst, and, buyers’ agent Eddie Acevedo, from Pro Realty LLC.

 

We had an excellent closing at the club house of the condo which overlooks some of the lakes in Ft. Lauderdale.

The Miami-Home-Loan Closing Team

Miami-Home-Loan Closing Team

What a great location and site for a condo!  We had minimal issues with the loan as our buyer was right on top of all the documents we needed, and, forms were signed in an appropriate time, so, the closing was on time and went well.  Everyone involved worked hard and did their part to make this a very successful closing.

 

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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