John Dugan - Total Mortgage - NMLS #264865

Juneteenth marks the celebration of emancipation and the enduring fight for freedom. Let's honor the past and inspire a future of equality and justice.

🌟 Unlock Your Path to Homeownership! 🌟

Dreaming of owning your home but concerned about the down payment? Our FHA 100% CLTV Combo Loan Program is your solution! 🏠🔑

100% Financing Details:

FHA first lien at 96.5% LTV
Second lien up to 3.5% LTV to cover down payment and/or closing costs.
Program Highlights:
✅ FHA first lien PLUS concurrent second lien for 100% CLTV
✅ Minimum 600 FICO
✅ Standard 30-year fixed rate FHA first lien
✅ No First-Time Home Buyer requirement
✅ No Income Limits
✅ Eligible for single family homes and 2 unit owner occupied homes.

✨ Take the next step towards your dream home today! Contact John Dugan at 207-807-2204 for DM or more information.

🗝️ Thinking of Buying a Multi-Unit Property with an FHA Loan? Here’s What You Need to Know! 🏘️🔑

Are you considering purchasing a multi-unit property (2-4 units) with an FHA loan? 🏢 FHA loans are a popular choice for buyers looking to live in one unit and rent out the others. Here's a quick rundown on what you need to qualify and a crucial detail you might not know about—the FHA Self-Sufficiency Test! 📊✨

🔍 Requirements for FHA Multi-Unit Property:

Owner-Occupancy: You must live in one of the units as your primary residence. 🏠
Down Payment: Minimum down payment is 3.5% 💵
Debt-to-Income Ratio: Flexible Debt-to-Income ratios and use the rental income from units to help qualify. 📉
Mortgage Insurance: FHA loans require both an upfront mortgage insurance premium (UFMIP) and annual mortgage insurance (MIP). 🏦
Property Condition: The property must meet FHA standards. This means it should be safe, secure, and structurally sound. 🛠️
📊 What is the FHA Self-Sufficiency Test?

When buying a multi-unit property, the FHA requires the property to pass a Self-Sufficiency Test. This ensures the property can generate enough rental income to cover its own mortgage payments. Here’s how it works:

Rental Income Calculation: The FHA uses 75% of the market rent (as determined by an appraiser) for all units, including the one you’ll live in.
Test Criteria: The estimated rental income should be equal to or greater than the monthly mortgage payment (principal, interest, taxes, insurance, and HOA fees if applicable).
Why It Matters: This test ensures that the rental income can support the property's mortgage, reducing risk for the lender and ensuring affordability for you. 🏦💼

👉 Pro Tip: Work with a knowledgeable lender like Total Mortgage who can guide you through the FHA process and help you understand the self-sufficiency test in detail. 🏡💡

Buying a multi-unit property can be a fantastic investment and a great way to build wealth. Make sure you're prepared and understand the requirements before diving in! 🌟🔑



Reach out to me for questions and the other programs we offer at Total Mortgage for purchasing multi-units.

First-time buyer? Read these rapid-fire tips that'll help with your first purchase: -Keep your credit score in check -Get PRE-APPROVED -Save, save, save -Only look at what you can afford Now let's look at some of the most common mistakes made by new homebuyers. If you need any help during your home search, get in touch! I'm happy to educate and walk new borrowers through every step of the process.

First-time buyer? Read these rapid-fire tips that'll help with your first purchase:

-Keep your credit score in check
-Get PRE-APPROVED
-Save, save, save
-Only look at what you can afford

Now let's look at some of the most common mistakes made by new homebuyers. If you need any help during your home search, get in touch! I'm happy to educate and walk new borrowers through every step of the process.

🌟 Achieve Homeownership with 100% Financing! 🌟

🎉 Exciting news! Total Mortgage offers an incredible FHA 100% Financing Program for Single-Family Homes and 2-Unit Properties. Say goodbye to hefty down payments and hello to your dream home!

🔑 Key Features:

Zero Down Payment: Qualified buyers can finance up to 100% of the home’s purchase price.
Single-Family Homes & 2-Unit Properties: Perfect for first-time homebuyers.
Flexible Credit Requirements: FHA loans are designed to help borrowers with diverse financial backgrounds.
Competitive Rates: Enjoy affordable interest rates and terms tailored to your needs.
📋 Eligibility Highlights:

Must meet standard FHA guidelines.
Primary residence for single-family homes.
Owner-occupied for 2-unit properties with rental income considered.
💡 Why Choose Total Mortgage?

Expert Guidance: Our experienced team will walk you through every step of the process.
Quick & Easy Application: Streamlined process to get you approved faster.
Dedicated Support: Personalized service to ensure a smooth and successful home buying experience.
📞 Ready to Get Started?
Contact me today to learn more and see if you qualify for this fantastic opportunity!

www.essexmortgage.co

🌟 Why You Need to Get in the Market ASAP! 🌟

Yo, have you noticed how people are just not moving out of their homes these days? It's crazy! 🤯 The average homeowner is staying put way longer than they used to – like, DOUBLE the time compared to back in 2005!

You're probably thinking, "Okay, but why does that matter to me?" 🤔

Well, let me break it down for you. 🔍

One of the biggest reasons home prices keep skyrocketing is because there's just not enough houses on the market. 🏘️

And guess who's causing this inventory shortage? 🤔 Yep, you got it – our good old baby boomer friends! Folks born between ‘55-‘64.

Get this: Baby Boomers own close to 40% of the homes in our market, and many are paid off, no mortgage.... so they don’t have a reason to move! 😲

If you look at Boomers and Gen X-ers (born between ‘65-‘80), they own almost 90% of all homes! 🏠🔑

I don't see this trend changing anytime soon, so here’s the deal. 📝

If you're a homebuyer, you shouldn’t be TOO worried about those interest rates or timing the market. 📉🔄

You need to be more worried about the lack of supply, which is going to keep prices higher and why you see so many multiple offers. 📈💸

That's why you need to get in the market NOW, before it's too late. 🕒

When those rates eventually come down you can refinance, and it’s gonna trigger another crazy spike in home prices, and you’ll be left in the dust! 🚀💨

Please free to reach out to learn more and how we can help!

Ready to own your dream home? Buying offers stability, equity building, and the chance to make your space your own. Contact me today to get pre-approved and make the switch from renting to owning!

Home Builder Sentiment (May 2024)
Home builder confidence declined for the first time in six months, with May’s reading also moving back into contraction territory below the key breakeven threshold of 50. All the index components (buyer traffic, current and future sales expectations) moved lower as the recent rise in rates have kept more buyers on the fence.

How Many Times Can You Use Your VA Eligibility?

Your VA benefit for buying a home is a lifelong benefit! However, there are some important points to remember. If you use your VA eligibility to buy a home and then you do not sell that home, your eligibility will still be tied up in that house. You may still have “partial eligibility” to buy another home, but not the full eligibility. Once you sell the home, your eligibility is restored and can be used again.

I love helping Veterans purchase or refinance their homes, so please contact me with any questions. I’m here to serve you! 🇺🇸🏡

📣 Attention Realtors and Veterans! 🇺🇸

Did you know that veterans can use their VA loan benefits to purchase a singlewide or doublewide mobile home, even if it has been moved? 🏡 This flexibility opens up more opportunities for veterans to find their perfect home.

Realtors, this is a great selling point to keep in mind when working with veteran clients. Veterans, this means you have more options than ever!

Let's spread the word and help our heroes find the home they deserve. Thank you for your service! ❤️💙

Get a jumpstart on your mortgage planning with our calculators! Whether you're buying or refinancing, our tools are designed to give you a quick estimate of your monthly payments. Reach out to learn more or try them for yourself!

Looking for home loan support? I'm available all weekend! Contact me and let's take the next step toward your dream home.

🏡 Realtors, help your clients grow their real estate portfolio with ease! Our Investor Cash Flow program qualifies borrowers based on rental analysis, no personal income needed. Simplify the process—no more complicated income statements or tax returns.

👉 Contact me today for more information and get your clients started on their real estate journey. Feel free to share! 💼🔑

🌟 Attention 1099 Earners! 🌟

Struggling to secure a loan because you're self-employed? We've got the solution for you! Introducing our 1099 Income Loans - designed specifically with you in mind.

Here's why you'll love it:

No tax returns required! 📉
We use a 10% expense factor, making it easier for you to qualify. 💰
Enjoy up to 90% Loan-to-Value (LTV) ratio and no MI. 🏠
Need a substantial loan? No problem! We offer loans up to $3M. 💸
Just show us a two-year history of your 1099 income. 📅
First-time homebuyers, you're more than welcome! 🏡
Don't let traditional lending hurdles hold you back. It's time to turn your homeownership dreams into reality. Message us now to learn more and take the first step towards your new home! 🚀

🏠🍎 Exciting News for Teachers! 📚✨

Introducing our exclusive Mortgage Program for Teachers Week! 🎉

As a token of appreciation for your dedication to shaping young minds, we're thrilled to offer a special mortgage program designed just for educators like you!

Here's what you can expect:
🔍 Competitive interest rates tailored for teachers
🛠️ Flexible payment options to suit your budget
📝 Streamlined application process for a hassle-free experience
🎁 Exclusive discounts and benefits for educators

Whether you're buying your first home, upgrading to accommodate a growing family, or refinancing for better terms, let us help you make your homeownership dreams a reality.

Reach out to us during Teachers Week to learn more about this fantastic opportunity! Don't miss out on securing your dream home with perks crafted especially for you. 🏡💼

🏡📈 Bid Over Asking Price
Nationwide, the typical home sold received 2-3 offers this year. Although it can feel uncomfortable to put in a bid that is above the asking price, the price appreciation can quickly compensate for the extra payment, and in the long-term, you own the home you wanted and are building long-term wealth through home equity. Ask me about my Bid Over Asking Price tool and I'll take you through the math!

🏡🔑 Considering investing in rental properties? Here's why it's a savvy move and how we, as your trusted mortgage lender and real estate agents, can assist you every step of the way:

1️⃣ Passive Income: Rental properties can provide a steady stream of passive income, allowing you to grow your wealth over time.

2️⃣ Diversification: Real estate investments offer diversification, which can help mitigate risk in your investment portfolio. Whether it's a 2-4 unit home, 5-8 unit, single-family home investment rehab loan or a short term rental property, you're investing in your financial future.

3️⃣ Equity Building: With each mortgage payment, you're building equity in your property, creating long-term wealth.

4️⃣ Tax Benefits: Take advantage of tax deductions such as mortgage interest, property taxes, and depreciation.

How can we help? As your mortgage lender, we'll guide you through the financing process, helping you secure the best rates and terms tailored to your investment goals. Real estate agents, on the other hand, can assist in finding lucrative properties that fit your budget and investment strategy.

Ready to start your journey towards financial freedom through rental property investment? Contact us today to explore your options and turn your investment dreams into reality! 🌟 🏠💼

Looking to estimate your monthly mortgage costs? Try our mortgage calculators! Whether you're buying your first home or considering refinancing, our tools can give you a clear picture of your financial commitments. Reach out for a more detailed breakdown or get started on our website!

Income isn't the only factor when it comes to mortgage approval. Lenders consider a lot more, including your credit history, debt-to-income ratio, and more. If you want to get pre-approved, reach out to me and let's figure out your path to homeownership!

🏡 Exciting News for Families! 🎉

Did you know about Fannie Mae's "Family Opportunity Mortgage"? 🤔 It's a game-changer for families looking to support their loved ones' homeownership dreams! 🏠

Whether you're a parent wanting to help your child buy their first home 🧑‍👧 or a family member looking to support a relative in need of housing 🏡, this program can make it happen!

Here's what makes it awesome:
1️⃣ Flexible Options: You can purchase a home for your child, elderly parent, or disabled relative, even if you already own a primary residence.
2️⃣ Favorable Terms: Enjoy competitive interest rates and down payment requirements, making homeownership more accessible.
3️⃣ Easy Qualification: Fannie Mae understands the importance of family support, so they've streamlined the process to make it easier for you.

It's not just about buying a house; it's about building a home for your loved ones. ❤️

Curious to learn more? Reach out to your mortgage advisor or visit the Fannie Mae website today! Let's make homeownership dreams a reality for every family. 🌟 🚀

Unlock the potential of your home with house hacking! FHA now considers rental income from Accessory Dwelling Units (ADUs) like basement apartments, helping you generate extra income and qualify for FHA-insured mortgages. Ready to explore the possibilities? Contact us today!

First-time buyer? Read these rapid-fire tips that'll help with your first purchase:

-Keep your credit score in check
-Get PRE-APPROVED
-Save, save, save
-Only look at what you can afford

Now let's look at some of the most common mistakes made by new homebuyers. If you need any help during your home search, get in touch! I'm happy to educate and walk new borrowers through every step of the process.

🎉 Exciting News Alert! 🎉

Fannie Mae and Freddie Mac have just rolled out a groundbreaking ruling (4-15-2024) that's set to revolutionize many of our transactions based on the NAR settlement! 🚀

🔑 Seller Can Pay Buyer’s Agent Commission: 🏡

This is a game changer! Thanks to the latest ruling from Fannie Mae and Freddie Mac, sellers are now allowed to cover the buyer’s real estate agent's commission, and here's the kicker – it won't count towards closing costs! 💼 Typically, with a 5% down payment on Fannie Mae or Freddie Mac loans, seller concessions are capped at 3% of the sales price. But under this new guidance, those concessions still apply plus the seller can separately take care of the buyer's agent commission. Talk about flexibility! This move could unlock opportunities for more buyers and streamline the closing process. 🛍️

🔮 Implications and Future Projections: 🔭

We're feeling optimistic about what's to come! With Fannie Mae and Freddie Mac leading the charge, we're hopeful that FHA, VA, and USDA will soon follow suit, bringing their policies more in line with this progressive stance. This change isn't just a win for buyers; it also amps up the negotiation power of buyer's agents. 🤝

Exciting times ahead in the world of real estate! Stay tuned for more updates as we navigate through these exciting changes together. 🏠✨