VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.
As an approved lender for the VA Home Loan Guarantee Program, I can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. In many cases, I can get vets 100% financing with no mortgage insurance. I recently helped a client a acquire a loan of over $1,000,000.00 with just 10% equity in his home. He will now be able to do some needed home improvements, and take his family on a dream vacation. He is one happy vet!
I would like to discuss homeowners insurance and how it can impact future buyers. Usually insurance is last on the list to be finalized. Well….It’s not quite as easy to obtain as it used to be. With California having its annual fire season, accompanied with copious amounts of rains from last winter I am seeing premiums skyrocket. In some cases, some insurance carriers won’t even write the polices. If you are a borrower with a high debt to income ratio, adding a higher premium could be detrimental.
Also, worth mentioning is FEMA is in the process of updating their flood maps. This is important because with the record rains, individuals that weren’t previously in a flood zone could find themselves paying more. The lesson is clear. Please take a careful look at your homeowners insurance before buying or selling a house. Make sure you have adequate coverage from a reputable broker. Call or email me for recommendations.
The future is here with Remote E-Closing. The days of being bombarded with reams of paper at the closing table are over. Previous e-closings required either some in-person contact or a notary to e-sign closing documents via a shared tablet.
Borrowers will FaceTime with a notary in order to complete the closing live. The process allows for all documents to be signed, including the promissory note and mortgage. Buyers will never have to leave their home or wet sign a single document for purchase or refinance loans.
This gives borrowers the ability to close a loan whenever they want, whether it’s at 11 a.m. or 9 p.m., this will have an incredible impact on the entire experience,”
The e-closing technology is currently available to brokers in four states: Illinois, Montana, Virginia and Washington. The expansion will continue into more states throughout this year. Fannie Mae, Freddie Mac and the CFPB are all supporting these changes. So this is big news.
New market update. Changes are coming. Freddie Mac will be implementing appraisal waivers for purchases. This already exists for refinances. This will be great way for borrowers to save time and money for the transaction. And how nice would it be to not grovel with appraisers over value. Seriously… I’m ready for that.
Also following is Fannie Mae. They are looking to do the same.
Here’s the best part, if you don’t get an appraisal waiver with Freddie’s LP system you can switch it over to Fannie Mae’s DU and see if you can get the waiver there. These are big changes for sellers as well as buyers. It’s now easier then ever to get the financing you need.