Buying Florida

DSCR (Debt Service Coverage Ratio): DSCR is a financial ratio that measures a company's ability to meet its debt obligations. In the context of loans, it typically refers to the ratio of a property's net operating income to its debt obligations, including mortgage payments. A higher DSCR indicates a better ability to cover debt payments. Non-Qualified Mortgage (Non-QM): Non-QM loans are...

12-month business bank statement loans" typically refer to a type of loan program where a borrower's income is determined based on their business bank statements rather than traditional income documentation such as tax returns or pay stubs. This type of loan is often categorized as a Non-Qualified Mortgage (Non-QM) because it doesn't meet the criteria set by the Qualified Mortgage (...

Why list a home when it is in probate? Anything can happen during probate, it is hard to lock in an interest rate and notify the landlord if you are a renter giving a 30-day notice. They never seem to work out on schedule which is why it makes it difficult for all parties. When you are told that it is almost done, like my present client who has been waiting now for 2 months. Life goes on hold and...

If you are over 59 1/2 and have a retirement account, you can use monthly distributions to qualify for a mortgage. You must have 36 months of payments in order to use the income. If you need 500 a month and if you calculate out 36 months that is 18,000 in your retirement account and you have that or more then you can use that as income. It's a great way to help give you the added income to ge...

Find out if you have a dog and what is the weight they accept. I just had a deal fall through due to the dog weighing 40 pounds and the weight allowed was 25 pounds. If they have an engineering report done review it. Are they going to charge an assessment? or association fees going up?  You need to do your homework. If the budget has more than 10% reserves that is good, you can see how the board i...

10,000 people a day are turning 65 years old, some have social security, pension, or 401k. I see a lot with just Social security Is it time to think about using your equity in your home to help supplement your income? Wouldn't be great to have access to an equity line and all you have to pay is the property taxes and insurance on the home. Need a new A/C, Roof, or whatever home repair no need...

As you can see every day the market is insane without reason. We Have just dropped big time with rates over the last month. When you are buying it is a snapshot in time with rates. You are closing in 30 to 45 days, anything can happen in that time frame  If you are comfortable with the mortgage payment then it is good to lock in. You are looking for the opportunity when the Gov't pivots and r...

If you have purchased your home in the last 2 years maybe it is time to see this year when it makes sense to refinance your mortgage for those with a low interest rate already is it time to consolidate credit card debt, installment loans, student loans, etc., I believe this is the year to get the house in order, with the uncertainty in the market and so many variables going on could be the time to...

I have had several closings where the title company has been cyberattacked and shut down for days. I had a closing last week and still shut down and another title company the month before shut down. These are national companies and that means this affects us all in every state. If you read housingwire.com you can see the fines they are paying. I have loans to close this last week of the month and...

Thank you for 37 years of letting me have the opportunity to serve you. This is not a job but a wonderful opportunity to meet new people and develop new relationships Wishing everyone a Great Holiday and my prediction for 2024 tune in and learn more at https://www.ddamortgage.com/blog Didier Malagies nmls212566 DDA Mortgage nmls324329 Support the show

You could only buy an owner-occupied duplex, tri, or quad with FHA, now you can buy it with a Conventional loan with 5% down. Think about having a home where you can live in one unit and rent the others out to help make the mortgage payment You can also use the rental income to qualify up to the mortgage payment to offset the debt. Think of first-time home buyers going with 3.5% or 5% down on thei...

Conforming loan limits going to $766,550 FHA loan limits going to $498,257 HECM going to $1.1 million That will allow you to get more home without having to go to Jumbo pricing when rates come down it will be a great opportunity to consolidate debt and have the ability to larger loan amounts. With home prices continually increasing there is more opportunity to get the home now with Conventional fi...

thenWhat is a limited review and what does it mean? 25% down for owner occ and 30% for second homes and investment properties What is required? A condo Questionnaire The underwriters review and them check for assessments coming due? Delinquencies, etc., A full review is where the budget is required and the number one item is reserves. Do they have 10% reserves  Condos have experienced higher insur...

Review your statement to see if your property taxes jumped up, especially the homeowners insurance. I reviewed mine before doing this video and my insurance went up from 1900 to 2700 a year. I am going to shop it and see if I can do better. Do you have a monthly PMI? cab you get rid of that now with values going up? It is important to make sure your escrows are reviewed. Last year my servicer on m...

When purchasing a home now are you looking at the property tax bill the seller just received? or are you looking at 2022?  If you go under contract on a home now, how long have the sellers owned it? was it a flip, did they live in it for years I have a couple of homes that were purchased last year and the 2022 tax bill showed much less than the 2023 tax bill issued last week. You must always look...

Rates have been steadily increasing and now seem to have been coming down. Take advantage of locking in your rate - for now, this seems like a bit of a break but with all the money printing, it could take off Long term down the road you will refinance and save a lot of money. Concentrate on getting a home for the payment is comfortable and the time will come when you will refinance and save huge....

up to 5% of the purchase price can be used for the downpayment assistance program there are forgivable and nonforgivable loans, which one do you want? rates are typically higher but it helps if you have no funds whatsoever. What happens when rates come down, are values up, the same, or down, and how does that affect your refinance when the time comes? Lot to consider when getting the downpayment a...

Beautiful loan, 800 credit scores, 38 years on the job, huge 401k, everything going on 1 week before closing - the lender denies the loan because the listing agent is blackballed from ever going there. This is for real, I had to flip the loan to another lender and relock interest rates. close in 6 business days, go and do photos of the home, meet the borrower on several occasions to get additional...

Putting down 25% on a primary and 30% down on second and Investment properties is called a limited review. When you put less down then there is a full review if the project is not already approved. You need to see the approved budget. if the reserves are less than 10%, no deal also reviewed the insurance policy and the sinkhole coverage was 10% when it needs to be 5%. It is important to do your ho...

45% of young adults are still living at home. 23 million is the number today. Everything changed, in 2020/21 it was all cash buyers or conventional. 2023 FHA and VA are back in and the seller is more negotiable to paying closing costs. The change from 2020 to 2023 is higher rates and no inventory. Now what will happen in 2024? Everything in life is a snapshot in time. Changes happen, there is a sp...

Conventional will allow up to 50% income-debt ratio, FHA is up to 55% and Va has gotten approvals for up to 59.5% income/debt ratio. you take the monthly mortgage payments, plus car payments, student loan payment and credit card payments and divide that into your gross monthly income. conventional allows up to 50%, FHA up to 55%, and Va can get approvals up to 59% Every loan is run through Du/LP a...

Yes, rates are in the 7% range, does it make sense to purchase or refinance? Purchase - are you comfortable with the payment? the probability is that you will be able to refinance down the road on a Refinance - does it make sense to pay off credit cards, student loans, car and save money? Does it make sense to get a Hecm to help supplement income yes it does if you are on a fixed budget and we con...

Age and Eligibility: HECMs are typically available to individuals aged 62 and older who own their home outright or have a low mortgage balance. The older you are, the more funds you can potentially receive from the reverse mortgage. Financial Needs and Goals: Evaluate your financial needs and goals. Are you looking to supplement your income, cover healthcare costs, or fund home improvements? A rev...

When a borrower is turned down by FHA, a warning flag goes out and stays in the connection for 6 months as well as the appraisal. FHA is now waiving that where it will not be put into the FHA Connection so the next Lender will not know. I feel it is important for them to know and to explain what you did differently to get the loan in the status of being approved. The other lender should know if th...

Advantages: Lower Interest Rate: Mortgage interest rates are typically lower than the rates on unsecured student loans, especially if you have a good credit score and a favorable financial situation. Refinancing can lead to substantial interest savings over the life of your loans. Tax Deductibility: In some cases, mortgage interest may be tax-deductible, whereas student loan interest deductions ma...