Corey Clark: Certified Mortgage Consultant of Foundation Mortgage

1. Investment opportunity: Despite initial financial constraints, many Gen Z individuals see homeownership as a long-term investment that can potentially provide stability and build wealth over time.
2. Desire for autonomy: Owning a home offers a sense of control and independence, allowing Gen Z to customize their living space and make decisions without landlord restrictions.
3. Stability and security: Homeownership can provide a stable living environment, offering a sense of security and belonging, especially for those looking to start families.
4. Building equity: Buying a home allows Gen Z to build equity, which can serve as a valuable asset and provide financial security in the future.
5. Sense of Community: Some Gen Z individuals prioritize having a place to call their own, where they can create a sense of community, personalize their living space, and establish roots in a neighborhood or city.
If you want to know how much home you can afford, apply now at the link in my bio.

Fannie Mae and Freddie Mac have both made announcements today.
Spoiler alert: there is no change to current guides.

Fannie and Freddie set the guides for conventional loans and they are both using the nearly same verbiage. They are simply stating they are aware of the possible market changes that may come from this settlement. However at this time they are not considering the seller or listing agent paying buyer agent commission as "a third party contribution." It's typical market standard that sellers or listing agents are paying the buyers agent so it's not a contribution.

Simple summary- No changes at this time but, if the market standard changes, they will likely make changes to guides to adapt to the market.

If you want to discuss, feel free to give me a call at 803.765.4522 this week and we can chat about it.

Fannie Mae Announcement: https://singlefamily.fanniemae.com/media/38706/display

Freddie Mac Announcement: https://guide.freddiemac.com/app/guide/industry_letter/04-15-2024

Down payment assistance that doesn’t have to be repaid! This is unlike most of the programs you are hearing about lately that you have to live in the home for 15 years or repay it in your mortgage. This is a gift for closing exclusively for our clients. Apply at the link in my bio to see if you qualify. 803.206.7544

For realtors:
Thinking about using seller paid closing costs to cover the buyers agent commissions. There are a few words of caution below and tips to maximize your client's options as well.

Ideally, you would negotiate the commission before the showing and then give an offer that is reflective of the commission negotiation. We know that doesn't always work though.

A popular strategy, your buyer pays the commission and the seller gives transaction costs to help offset this expense. So I drafted a few points of caution, and a chart to help you maximize this strategy to yours and your clients' benefit.
🔴 CON: VA transactions- Veterans are Not allowed to pay commissions and this strategy would put your commission on the buyer side meaning the lender would then remove your commission from the CD. No fun! A Seller paid transaction costs credit doesn't change the side of the CD that commission would be listed, so it would be omitted from the closing.
🔴 CON: Conventional Buyer at 9% or less down payment. This isn't the only scenario the math doesn't work, it's just an example to caution where you might only make $500.
example: Purchase price $250K- Transaction costs may be $7000 and the client put down 3%, so the seller paid closing costs can't exceed 3% (see chart below). Well if the seller paid closing costs can't exceed $7500 and the buyer already has $7,000 in other closing costs, that only leaves $500 for your commission. Again remember they don't have any extra funds, that's why the seller is paying their closing costs and they are doing a minimal down payment option.
🔵PRO: FHA and USDA buyers can receive 6% Contributions- that means it will be easier to cover the closing costs and your commission.
🔵PRO STRATEGY: What if client has the funds to pay you, but has to do a smaller down payment to make it work? They can't take a gift of equity for the down payment from seller, but they could apply their funds back to the down payment, reach the 10% down payment and then accept 6% in seller paids to pay your commission and their closing costs. You are the hero that keeps their purchasing power and monthly payment at the same point as they initially expected.
🔵BEST PRACTICE: give the commission agreement to the lender in the BEGINNING with the contract for purchase. If I saw a contract with 3+% in seller paids unaware of commission splits, I would use to buy down the interest rate as low as legally possible for sure.
I hope this is helpful.

Another one! Cleared to Close!

Thank you Craig Peters for trusting me with your investor client and friend! That was super easy transaction! Let’s do it again! Congratulations to Tracy Stutler’s seller too!
It’s always the right time to buy the right real estate!

Facts shatter fear. All realtors welcome to my 2nd State of the Industry talk. Register today at

https://www.eventbrite.com/e/686697018267?aff=oddtdtcreator

So happy to be a part of the 1st of many Chapin office closings!!!

Locked, disclosed, and underwritten all in 1 day! Waiting on appraisal and title for closing! We move fast so you can too!

And with an appraisal- we are on standby waiting for closing in two weeks.
Call me at 803.206.7544 if you want a smooth, on time and easy transaction for your clients!

Corey Clark: Certified Mortgage Consultant of Foundation Mortgage updated their website address.

🏠♥️ Thank You Home ♥️🏠
When I see the missing crown moldings I’m reminded that I share my home with one of my best friends. We experienced a funny incident of a water leak and laughed through it all. Most homes have projects and repairs needed and it’s ok for not everything to be resolved immediately. Thank you home for being a place to share life with those I love the most and reminding me that even with flaws, we have purpose and can still serve well.

🏠♥️ Thank You Home ♥️🏠
Thank you for this special place of privacy, peace and tranquility. I love this spot on my “fun sized” .1 acre of this world. Some days I come home and sit in silence and allow the breeze and sunshine to wash away the day. I love the brick walls with ivy beginning to grow that give me a sense of protection like a fortress while the lights in my trees awaken my inner Gatsby.

Thank you windows for letting in so much light and warmth!
New series:

🏠♥️Thank you Home ♥️🏠

This real estate market, with such low inventory, can be stressful and fuel discontentment for buyers. I get it! I find myself thinking what I want in my next home when I need to remind myself what I love about this home. If you find your self house hunting and feeling discouraged, take time to make a list of what you love about your current home.

It's now easier to contact Corey Clark: Certified Mortgage Consultant of Foundation Mortgage.

They asked for a headshot but my shoes had to be in the photo 🤷🏼‍♀️🤷🏼‍♀️

👏 yes!!!!
If you are considering doing a “don’t” call me first!

A different kind of Sunday sermon... These may seem like "simple" steps to follow but you would be surprised how many issues we have had to overcome due to not following some of these "easy to follow" steps! 👑🙌

Call for a free mortgage review to be sure your mortgage is working best for you. 803.765.4522

🔥 A Jumbo mortgage is a loan above the conforming limit of $548,250
My clients were approved to include the appraisal, in just two weeks!

Loving the new signage. The clamps come off today too.

📣Realtors and Affiliates 📣
It’s not too late to sign up for 2021! Better hurry though. If you need an application form send me a text 803.206.7544 help us plan the best boos and baskets yet- formally know as (boos and blue jeans)

Wealth is built through Real Estate. Let's talk today and pre-approve you for home buying.

This beautiful new construction home is in an up-and-coming part of downtown Columbia. An area with vibrant diversity which the city is quickly developing. It is a revitalization project that has many excited to move to the area. Click the link below to see more and this beautifully designed home.

Financing provided by Corey Clark: Certified Mortgage Consultant of Foundation Mortgage Call or text 803-206-7544.

https://pages.kw.com/william-king/570269/1501McDuffie.html

I just had a conversation with a client about AirBNB income and options. He is so excited to know I offer this tool to my clients and friends for FREE. Click here to learn more about your home value, refinance strategies and AIRBNB scenarios for your area and your home.

https://hmbt.co/N8pGqH

Helping Homeowners Maximize their Wealth Homebot is a monthly financial dashboard that enables you to maximize the wealth from the single largest asset you will ever own.

It’s important to know how scores are calculated to know how to increase them. Call me for more advice to help you reach your goal of homeownership 803.206.7544