Developers Mortgage

NEW FHA & CONVENTIONAL LOAN LIMITS!

Best Jumbo Loan Out There!
Rates as low as 5.125% APR 5.25%
Dream Big!

GOVERNMENT LOANS? VA Loans CHECK! JUMBOS? CHECK! NON-QM? CHECK! HELOCS? CHECK!
Developers Mortgage has the most diverse product line in the industry to meet all borrower needs.

Our variety of loans include:
SmartCondo for non-warrantable condos
Full line of Government loans fitting standard guidelines
Varied Jumbo loans for those outside of conventional guidelines
An unmatched Non-QM loan suite
Combine a 1st and 2nd up to 95% CLTV offering lower payments, avoiding MI, and more down payment flexibility
Contact your Account Executive today to learn more about New Penn's full line of loan products.

1. How could a reverse mortgage provide a
safety net for my clients?

a. Some planners recommend a 2 year’s savings
fund be maintained so as not to liquidate investments
in the event of difficult market cycles
or financial emergencies. The reverse mortgage
line of credit can be that source of funds without
incurring interest or expenses until the client
actually draws down the funds.

b. The unused Line of Credit in an RM has a growth
feature that allows a larger LOC each year regardless
of the current value of the property.
That growth compounds annually affording tremendous
security without any interest or penalties
being accumulated on the unused line.

2. How will that impact my client’s portfolio?
a. With short term and cash interest rates so low,
when a client keeps their safety net in a “cash”
account, the opportunity cost is great when
compared to income and growth investments.

3. How can a reverse mortgage provide portfolio
relief and preservation?
a. Income from an RM provides cash flow so investor
can postpone selling investments in difficult
markets. The line of credit feature can be used
and paid as many times as necessary for the life
of the loan without penalty.
b. In a low interest rate environment, an RM can
assist in cash flow and reduce risk in Fixed Income
portfolio.

4. How could it impact retirement plan
distributions?
a. If your client is dependent upon income from a
retirement plan, an RM may allow you to reduce
distributions as well as potential tax liability.

5. How does an RM impact Social Security?
a. RM income is tax free and not included in determination
of taxation of Social Security. This may
allow you to reduce the SS that is considered
taxable.
b. If waiting to receive SS in later years, an RM
can assist until it starts and perhaps allow for
increased benefits.

6. How could it impact my clients who
maintain a real estate portfolio?
a. RM Line of credit is a safety net in the event of
Rental or Cash Flow interruption.
b. It can provide funds for procurement and rehabilitation
of properties for clients that create
income through rehab and resale.
Rev 121. How could a reverse mortgage provide a
safety net for my clients?
a. Some planners recommend a 2 year’s savings
fund be maintained so as not to liquidate investments
in the event of difficult market cycles
or financial emergencies. The reverse mortgage
line of credit can be that source of funds without
incurring interest or expenses until the client
actually draws down the funds.
b. The unused Line of Credit in an RM has a growth
feature that allows a larger LOC each year regardless
of the current value of the property.
That growth compounds annually affording tremendous
security without any interest or penalties
being accumulated on the unused line.

Developers Mortgage updated their information in their About section.

Peachy, I say, just peachy!

Do you remember that word? Would you believe the email spell checker did not recognize the word Murgatroyd?

Heavens to Murgatroyd!

Lost Words from our childhood: Words gone as fast as the buggy whip! Sad really!

The other day a not so elderly (65) (I say 75) lady said something to her son about driving a Jalopy and he looked at her quizzically and said "What the heck is a Jalopy?"

O.M.G. (new phrase)! He never heard of the word jalopy!! She knew she was old.... But not that old.. Well, I hope you are Hunky Dory after you read this and chuckle.

About a month ago, I illuminated some old expressions that have become obsolete because of the inexorable march of technology. These phrases included "Don't touch that dial," "Carbon copy," "You sound like a broken record" and "Hung out to dry."
Back in the old days we had a lot of 'moxie.' We'd put on our best 'bib and tucker' to' straighten up and fly right'.

Heavens to Betsy! Gee whilikers! Jumping Jehoshaphat! Holy moley!

We we're in like Flynn' and 'living the life of Riley'', and even a regular guy couldn't accuse us of being a knucklehead, a nincompoop or a pill. Not for all the tea in China!

Back in the old days, life used to be swell, but when's the last time anything was swell?
Swell has gone the way of beehives, pageboys and the D.A.; of spats, knickers, fedoras, poodle skirts, saddle shoes and pedal pushers..AND DON'T FORGET... Saddle Stitched Pants

Oh, my aching back! Kilroy was here, but he isn't anymore.
We wake up from what surely has been just a short nap, and before we can say, Well, I'll be 'A monkey's uncle!' Or, This is a 'fine kettle of fish'! We discover that the words we grew up with, the words that seemed omnipresent, as oxygen, have vanished with scarcely a notice from our tongues and our pens and our keyboards.

P**f, go the words of our youth, the words we've left behind
We blink, and they're gone.
Where have all those great phrases gone? ( My Favorite)" Let's all go to the beach Saturday"....

Long gone: Pshaw, The milkman did it. Hey! It's your nickel. Don't forget to pull the chain.. Knee high to a grasshopper. Well, Fiddlesticks! Going like sixty. I'll see you in the funny papers. Don't take any wooden nickels.
Wake up and smell the roses.

It turns out there are more of these lost words and expressions than Carter has liver pills.. This can be disturbing stuff! ("Carter's Little Liver Pills" are gone too!)

We of a certain age have been blessed to live in changeable times. For a child each new word is like a shiny toy, a toy that has no age. We at the other end of the chronological arc have the advantage of remembering there are words that once did not exist and there were words that once strutted their hour upon the earthly stage and now are heard no more, except in our collective memory.

It's one of the greatest advantages of aging.
Leaves us to wonder where Superman will find a phone booth..

See ya later, alligator!
Okey-dokey

WE ARE THE CHILDREN OF THE FABULOUS 50'S..
NO ONE WILL EVER HAVE THAT OPPORTUNITY AGAIN...
WE WERE GIVEN ONE OF OUR MOST PRECIOUS GIFTS:
............OUR MEMORIES........

Y

How to Use a VA Loan on Active Duty
One of the most pervasive myths surrounding VA home loans is that they're a benefit open only to those no longer serving our country. The reality is that scores of active duty military members can tap into these $0 down government-backed loans.
The VA guaranteed nearly 85,000 loans last year for service personnel, a 24 percent increase from the year prior. Overall VA loan volume hit an all-time high in fiscal year 2015.
Let's take a closer look at a few key things active duty personnel and their families need to know about VA loans and homebuying.
VA Loan Eligibility
It doesn't take years of military service to be eligible for a VA loan. Would-be buyers can be eligible after just 90 consecutive days of service on active duty. The only way to be sure you're eligible is to obtain a Certificate of Eligibility from the VA. That's something many VA lenders can help buyers obtain, and you don't need to have your COE in hand to start the homebuying process.
Most veterans no longer serving provide a copy of their discharge and separation paperwork, known as a DD-214, when the time comes to get that certificate. Active duty buyers need to furnish what's known as a Statement of Service.
There's no one uniform approach to a Statement of Service. These letters are typically on official military branch letterhead and include information like the service member's full name, Social Security number, entry date on active duty and more. They also need to be signed by the service member's commanding officer.
Basic Allowance for Housing
Some active duty service members may be able to count military allowances and special duty pay toward qualifying for a VA loan. A major one is Basic Allowance for Housing, which in some cases can cover your entire mortgage payment.
Active military members can receive BAH if they're stationed somewhere without government-provided living quarters. Rates are based on several factors, including geographic duty location, pay grade, the local rental market and whether you have dependents.
For example, the 2016 BAH rate for an E-4 with dependents stationed at Fort Belvoir in Virginia is $2,184 per month. At Fort Bliss near the Texas-New Mexico border, the monthly rate for the same service member is $1,194 for 2016.
BAH rates can change annually, but there are rate protections in place to ensure service members aren't affected if local housing costs drop.
Mortgage lenders can count this monthly housing allowance as effective income.
Purchasing Time Frame
Military members nearing the end of their service term may encounter additional questions and documentation requests from lenders.
Lenders will want to know about your pending employment and income plans if you're purchasing within 12 months of separating from the military. Prospective buyers planning to stay in the military may need to provide documents showing they've re-enlisted or they intend to re-enlist.
For those leaving the military, lenders may want to see specifics about your post-separation employment and income. That can mean having an offer letter from a civilian employer detailing the salary, start date and other information. Lenders evaluate these situations on a case-by-case basis.
The bottom line is VA loans aren't reserved as a post-separation benefit. Military members currently serving our country can also tap into one of the most powerful lending tools on the market.
BRE #0106088
NMLS 233484

For all of you who are waiting to save a down payment to purchase a home, take a look at this program and then go by a home.

Call me and I will explain the particulars!
I can get you pre-approved in 30 minutes

Great program:
FHA- DOWN PAYMENT ASSISTANCE PROGRAM

• Either 3% or 4.50% Grant of the Total Loan Amount
• No Repayment - No Second Loan
• 620 Min Fico
• Up to 50% DTI- See Attached
• Manual UW Allowed
• 1 - 2 units (Manuf & Condo OK) Condo must be FHA approved
• The lesser of 424,100k
• 6% Seller Concession Allowed
• No Principal Reductions Allowed
• All Borrower(s) Owner Occupied
• No waiting period on Refinance after purchase (just remember broker’s recapture clause)

If you know anyone that is 62 and over, I can explain the benefits of a reverse mortgage. If it's good for my mother then it's good for you!

Developers Mortgage updated their phone number.

ROLLER DISCO DANCE ATLANTA / Par XERASTIK La Bionda DD Sound - One For You One For Me

Another loan approved and closed that Wells declined!
Interest rates have drop quite a bit, let me know if you would like your mortgage payment lower.