Erica Haney Loan Officer

🤷🏼‍♀️🤷🏼‍♀️What Is a Non-QM Loan? 🤷🏼‍♀️🤷🏼‍♀️

💡⭐️🏡 A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Have a unique situation? I’m here to guide you in the right direction. ⭐️💡🏡

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Homeownership is a POWERFUL wealth-building tool. 💵🏡💰

⭐️ Benefits of Using an FHA Loan ⭐️

⭐️ FHA allows borrowers to make down payments as low as 3.5% of the amount borrowed.

⭐️ Debt can be a deal-breaker during the mortgage approval process. If a borrower carries too much debt relative to monthly income, he or she may be denied financing. In lending jargon, this is known as the debt-to-income ratio, or DTI. Government-backed mortgages typically have lower DTI restrictions, when compared to conventional loans.

⭐️ Lower credit-score cutoff! The Department of Housing and Urban Development (HUD) has imposed a minimum credit score of 500 for all FHA loans.

Knowledge is key when purchasing a home. 💫🏡💫🏡💫🏡

Searching for the perfect mortgage but tired of the same old options? You're in the right place!

Here are three lesser-known loan types that might be your ticket to homeownership.

1) FHA 203(k) Loan

Have you ever fallen in love with a fixer-upper but hesitated due to renovation costs? Say hello to the FHA 203(k) loan. This loan combines your home purchase and renovation budget into one convenient loan so you can transform the space into the home you've always wanted, all while securing a mortgage.

2. USDA Programs

Are you dreaming of a home in a quieter, more rural setting? USDA programs could be the answer. These loans offer special terms for eligible rural and suburban homebuyers, including no down payment requirements.

3. New Construction Programs

Have your eye on a new construction neighborhood? New Construction programs can help you build your dream home from the ground up. While some builders offer financing and incentives, you can also look into construction-to-permanent loans that allow you to fill out one application for both the construction and mortgage.

Remember, each loan type has its criteria and benefits, so chat with a mortgage professional to determine the best fit for your next home.

If you'd like the names of a few lenders in our area who are experienced and trustworthy — send me a DM. I'd love to pass their info along to you!

Are you wondering about the mortgage timeline? While it can vary, the process typically takes 30 to 45 days from application to closing. Factors like your finances and market conditions play a role. Ready to start your journey? Let's talk!

Are you planning to buy a home? Don't forget to build an emergency fund. It's your financial safety net, covering you during unexpected challenges without risking your dream home.

Did you know that once your home's equity hits around 20%, you can request the cancellation of Private Mortgage Insurance (PMI)? This move could mean a lower monthly mortgage payment for you.

Adjustable-rate mortgages (ARMs) may seem appealing with lower initial rates but can lead to higher payments if rates rise. Know the risks and ensure they align with your budget.

Refinancing means getting a new loan to replace your current one. It can lower your interest rate, change your loan term, or help you tap into your home's equity.

Here's what I won't let happen — you overpay for a new home.

I know, I know. You've come to terms with the higher interest rates and home prices. But those? Those are entirely out of your control. What's in your power? The price tag you're willing to pay.

So here's what we're going to do. When you find your next home and are ready to put in an offer, we'll talk about an appraisal contingency. Here's how it works:

An appraisal contingency allows buyers to back out of a deal or renegotiate the purchase price if the home's appraisal value is lower than the purchase price. It's a simple way to safeguard your hard-earned cash during the buying process — and ensure you're not overpaying.

So, if you're thinking of buying but don't want to get in over your head, don't worry. I'll do everything in my power not to let that happen.

Have other hangups about buying? Message me - I'd love to talk more.

Yes, it's possible! Some lenders offer specialized programs for lower credit scores. Just be prepared for potential higher interest rates or a larger down payment.

Seek Expert Guidance! When it comes to home buying, don't go it alone. The advice of a skilled mortgage broker, financial advisor, or real estate agent can be invaluable. Get professional guidance for a smooth journey to homeownership.

Home buying involves several steps. Stay patient and be ready to provide the documents your lender needs. It's all part of the journey to your new home!

Stay Ahead with Prepayments! Some mortgages offer the flexibility to make extra payments without penalties. This savvy move can slash interest costs and shrink your loan duration. Explore your prepayment options today.

A real estate listing agreement lays out a framework of duties and expectations between you and your agent. They’re used almost everywhere, from homes in Miami, FL, to Vancouver, BC, and in numerous markets in between.

As a buyer, it’s essential to carefully review the seller’s disclosure packets with a real estate agent and during the home inspection.

The bad news? 11% of buyers who purchased a home last year were underwater on their mortgages by November 2022.

The good news? Despite fluctuating prices, buying is still an excellent long-term investment.

So, don't beat yourself up if you are among the 11%. Even still, here are a few ways to avoid overpaying this spring:

1) Research: Check out recent sales of comparable homes in your area to understand what similar homes sell for.
2) Hire an appraiser: An appraiser can provide an objective estimate of your home's value, considering factors like location, condition, and features.
3) Get a second opinion: If you're working with an agent, ask for a second opinion on the value of a home. They can provide insight into market trends and other factors impacting the price.

Remember, paying too much for your home could impact your finances for years. So take the time to do your research and make an informed decision!

Find this helpful? Bookmark this post for later, and feel free to reach out with any questions!

Source: Many Recent Buyers Believe They Overpaid for Their Homes as the Market Corrects

Stability matters! Lenders often prefer steady employment and finances. Try to avoid major job or financial changes while applying for a mortgage. It can improve your chances of approval.

What's a home appraisal? 🏠

It's a pro assessment to determine your property's fair market value. Lenders need this to protect their investment and ensure the property's value matches the loan amount.

Missing a payment can lead to late fees and damage your credit score. If you're facing financial difficulties, contact your lender ASAP to discuss options and prevent foreclosure.

Paying off your mortgage sooner could provide many benefits. There a few ways to help you reach this goal. Give me a call to talk about your unique situation! -- https://bit.ly/3Cd3Mio

Don't give up on your goals, even if the struggle gets more difficult.

Doing a final walk-through gives you an opportunity to make sure there's no items that were missed, such as unexpected damages to the house or appliances.

Considering a new color in your kitchen? Check out these options that will breathe new life into your kitchen while keeping your family and guests relaxed at the same time.

The 6 relaxing kitchen colors you should be using for calming schemes, according to designers Create a sense of zen in your kitchen with these designer-approved relaxing colors – from calming greens to dreamy blues

Which room in your home would you remodel if you had the opportunity?