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:



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?


 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:


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!

This entry was posted in Financing Programs, Real Estate Market and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *