thenWhat is a limited review and what does it mean?25% down for owner occ and 30% for second homes and investment propertiesWhat is required? A condo QuestionnaireThe 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 insurance premiums on the master policy and are there repairs needing to be donetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

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 my mortgage took the escrow each month and paid down the mortgage, when they did their review I had my escrows go up to make up for what they did. Next year when I do refinances when rates come down, It shocks me to on who forgot to File for HOmestead, I have seen insurance double and no one paid attention. So, with the costs of everything skyrocketing please take a few minutes and review your monthly mortgage statementtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the show

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 yearsI 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 at the home's last sale. If the sellers have lived in the home for years then the property taxes are at what they paid for it. Also, did the home become an estate sale where the homestead was taken offtune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

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 offLong 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. costs of everything seem to be going up and getting the opportunity to refinance will come in at the right time.Bottom line is rates have gone up insanely since 2021, just be comfortable with your payment todayDidier Malagies nmls212566DDA Mortgage nmls324329tune in and learn more at https://www.ddamortgage.com/blog Support the show

up to 5% of the purchase price can be used for the downpayment assistance programthere 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 assistance tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329#mortgage Support the show

Beautiful loan, 800 credit scores, 38 years on the job, huge 401k, everything going on1 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 documents from a different underwriter, and finally close. listen in for 5 minutes and wrap your head around this onetune in at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

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 dealalso reviewed the insurance policy and the sinkhole coverage was 10% when it needs to be 5%. It is important to do your homework before paying for home inspections and appraisals, the condo review team really does its job in the end, and better to be prepared beforehand. If you need me to review your budget let me knowTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the show

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 spring, summer, fall, and winter, and the tied comes in and goes out.What is today will be different tomorrow rates will come down again and these young adults will have the opportunity to ownDidier Malagies nmls212566DDA Mortgage nmls324329tune in and learn more at https://www.ddamortgage.com/blog Support the show

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 and that is the decision maker based on all the variables of income, credit, funds available, etc,Conventional and FHA are at about the same payment if you are putting down the min down payment for each.Good information to have when purchasing a hometune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

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 roadon 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 continue to have prices go up. It is about having a home to live in that is affordable or a refinance to help consolidate debt.This is just a snapshot in time, and we will have opportunities down the road to refinance again and save lots of moneyso the answer is yes on purchasing or refinancing if you are comfortable with the payment for now,tune in at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

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 reverse mortgage can provide a lump sum, monthly payments, or a line of credit to meet these needs.Homeownership Plans:Consider how long you plan to stay in your home. If you plan to move in the near future, a reverse mortgage may not be the best option as the loan becomes due when you no longer live in the home.Costs and Fees:Be aware of the costs associated with a reverse mortgage, including origination fees, mortgage insurance premiums, closing costs, and interest. These costs can impact the overall value of the loan.Impact on Heirs:Understand how a reverse mortgage may affect your heirs' ability to inherit or keep the home. The loan balance becomes due upon the borrower's death, and the heirs may need to repay the loan or sell the home to settle the debt.Alternative Options:Explore other financial alternatives, such as downsizing, selling your home, or exploring traditional loan options, to determine if they better suit your needs and financial goals.Counseling:It is a requirement to undergo counseling with a HUD-approved counselor before obtaining a reverse mortgage. The counselor can help you understand the terms, costs, and implications of a reverse mortgage.Financial Stability:Consider your overall financial stability and ability to meet ongoing obligations, including property taxes, homeowners insurance, and home maintenance.It's crucial to carefully weigh the pros and cons, seek advice from financial professionals, and thoroughly understand the terms and conditions of a reverse mortgage before making a decision. Consulting with a financial advisor or housing counselor who specializes in reverse mortgages can provide valuable insights and guidance based on your specific circumstances.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDa Mortgage nmls#324329 Support the show

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 there was a problem the first go around and then it gives you the opportunity as the second lender to show what changes you made to make it into an approvable FHA loan. The appraisal still stays with the home for 6 months regardless of who purchases the home afterwardTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

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 may have income limits. Consult a tax professional to determine your eligibility for these deductions.Extended Repayment Term: Refinancing your student loans into your mortgage can potentially extend the repayment term, reducing your monthly payments. This can provide immediate relief to your budget.Simplified Finances: Managing one monthly mortgage payment can be simpler than multiple student loan payments, making it easier to budget.Risks and Considerations:Secured Debt: When you consolidate student loans into your mortgage, you are essentially converting unsecured debt (student loans) into secured debt (your home). If you can't make your mortgage payments, your home is at risk of foreclosure.Extended Repayment Term: While extending the loan term can lower monthly payments, it can also result in paying more interest over the life of the loan. Ensure you understand the long-term financial implications.Loss of Federal Benefits: Federal student loans come with various protections, such as income-driven repayment plans, deferment, and forbearance options, which may be lost when you refinance them into a private mortgage.Interest Rate Risks: If you refinance your student loans into a variable-rate mortgage, your interest rate may increase over time, potentially leading to higher overall costs.Qualification Requirements: Mortgage refinancing may require meeting certain credit and income criteria. Ensure you qualify before pursuing this option.Closing Costs: Refinancing typically involves closing costs, which can be several thousand dollars. Be prepared for these expenses.Before consolidating student loans into a home refinance, carefully evaluate your financial situation, goals, and the terms of the mortgage. Consider working with a financial advisor to make an informed decision. It's essential to weigh the potential benefits against the risks and fully understand the long-term consequences of this financial movetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Whether it makes sense to refinance or purchase with higher interest rates depends on several factors, including your individual financial situation and the specific terms of the loan or mortgage you're considering. Here are some factors to consider:Current Interest Rates: If the interest rates are significantly higher than what is currently available in the market, it might not be the best time to refinance or make a purchase. However, if rates are only slightly higher, other factors might outweigh the impact of the interest rate.Loan Term: Consider the length of the loan. If you're looking at a short-term loan, the impact of a higher interest rate might be less significant compared to a long-term loan.Loan Amount: The amount of the loan also matters. A higher loan amount with a higher interest rate can result in significantly higher overall interest costs.Monthly Payment: Even with a higher interest rate, if the monthly payment fits comfortably within your budget and financial goals, it might still be a reasonable option.Other Financial Goals: If you have other financial goals, such as paying down high-interest debt or building an emergency fund, it might be wiser to prioritize those before refinancing or making a new purchase.Credit Score: Your credit score plays a role in the interest rate you're offered. If your credit score has improved since you last borrowed, you might still get a competitive rate despite a slightly higher market rate.Future Rate Predictions: Consider whether interest rates are expected to rise further in the future. If rates are expected to increase, locking in a slightly higher rate now might still be beneficial in the long run.Closing Costs: When refinancing, consider the closing costs associated with the new loan. If the closing costs are substantial, they might offset the potential benefits of a lower interest rate.Duration of Ownership: If you're purchasing a property, consider how long you plan to own it. If you're planning to sell or refinance again in the near future, the impact of the higher interest rate might be less significant.Tax Implications: Depending on your location and the laws in your area, there might be tax benefits associated with mortgage interest payments. This could potentially mitigate the impact of a higher interest rate.Market Conditions: Economic conditions and housing market trends can also influence the decision. If property values are expected to increase, it might make sense to proceed even with slightly higher rates.It's important to run the numbers and consider all these factors before making a decision. You could use online calculators to estimate the total cost of the loan at different interest rates and terms. Additionally, consulting with a financial advisor or mortgage professional can provide personalized guidance based on your specific situation.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

You get a month off of not making a mortgage payment, close in August your first payment is in OctoberFile for your homestead in the weeks after closingDo you have portability, did you own a home and sold to buy a new one?set up to do your mortgage payments onlinetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Financial Stability: Before purchasing a home, it's important for your kids to have a stable source of income and a good credit score. They should also have a handle on their existing debts and expenses.Long-Term Plans: Are your kids planning to settle in the area for an extended period? Buying a home can make more sense if they intend to stay in the same location for several years. If they're uncertain about their future plans, renting might be a better option.Market Conditions: The state of the real estate market plays a significant role. If property prices are high and interest rates are also high, it might be more challenging to find an affordable option. In a buyer's market, where prices are lower and there's less competition, it could be a more favorable time to buy.Down Payment and Closing Costs: Your kids will need to save for a down payment, which typically ranges from 3% to 20% of the home's purchase price. They should also consider closing costs, which can add several thousand dollars to the total cost of the home.Monthly Expenses: Owning a home comes with additional costs beyond the mortgage payment, such as property taxes, homeowner's insurance, utilities, and maintenance. It's important to budget for these expenses.Investment vs. Renting: Buying a home can be seen as an investment, as it offers the potential for appreciation over time. However, it also comes with responsibilities and costs. Renting provides more flexibility and less financial commitment.Job Stability: If your kids are early in their careers, they might want to consider their job stability. Buying a home ties them to a specific location, which could be problematic if they need to relocate for work.Debt Management: If your kids have significant student loan debt or other debts, it might be wise to focus on paying down those debts before taking on a mortgage.Personal Readiness: Being a homeowner requires a level of responsibility and commitment. Your kids should assess if they're ready for the maintenance, repairs, and overall responsibilities that come with owning a home.Financial Planning: It's important for your kids to consult with financial advisors and real estate professionals to assess their readiness and explore available options.Ultimately, the decision to buy a home should be based on careful consideration of all these factors. There's no universal "right" time to buy a home—it's a personal decision that should align with your kids' individual circumstances, goals, and financial capabilities.tune in and learn more at https://www,ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

We use a system called Arive, which will update the realtors and the borrower on the status of the file from beginning to end so you always know where you are at automatically. When we take a loan, within days it is submitted to underwriting, no time at all and we du/lp approve loans that day we get the contract so we know where we stand from day 1. I also attend my closings to make sure all is done and enjoy being with you at the end. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Are you in underwriting and no one is getting back to you on the status of your loan? Do they keep asking you for more information and nothing seems to be moving forward? Maybe it is time to get a second opinion on your status. I am closing on a loan today where the borrower originally went to their bank and 2 months later nothing happened. We closed them in 30 days after assessing the situation. The loan they applied for was never going to get approved. We switched loan programs and paid off debt to qualify. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the show

Mortgage Insurance: FHA loans require borrowers to pay an upfront mortgage insurance premium (MIP) at closing and an annual MIP as part of their monthly mortgage payments. The mortgage insurance protects the lender in case the borrower defaults on the loan.Credit Score Requirements: One of the benefits of FHA loans is that they are more lenient with credit score requirements compared to conventional loans. While specific lenders may have their own credit score requirements, borrowers with credit scores as low as 580 may be eligible for an FHA loan. However, a lower credit score may require a larger down payment.Down Payment: FHA loans generally require a minimum down payment of 3.5% of the home's purchase price. This down payment requirement is lower than the standard 20% down payment required for many conventional loans.Loan Limits: FHA loan limits vary by location and are influenced by the median home prices in the area. These limits dictate the maximum amount that the FHA will insure for a mortgage in a particular region.Property Requirements: FHA loans have specific property standards that the home must meet to be eligible for financing. These requirements aim to ensure that the property is safe and habitable for the borrower.Debt-to-Income Ratio: Lenders typically look at a borrower's debt-to-income (DTI) ratio to determine eligibility. FHA loans may be more flexible with DTI requirements, allowing a higher ratio compared to some conventional loans.Primary Residence: FHA loans are intended for primary residences and are not suitable for investment properties or second homes.Streamline Refinance: FHA offers a streamline refinance option, which allows current FHA borrowers to refinance their existing FHA loan with minimal documentation and underwriting.It's essential to note that lending guidelines and regulations can change over time, so it's a good idea to consult with a mortgage lender or broker to get the most up-to-date information and determine if an FHA loan is the right option for your specific circumstances.Didier Malagies nmls#212566DDA Mortgage nmls#324329tune in and learn more at https://www.ddamortgage.com/blogRegenerate response Support the show

Removal of collection account: When you pay off a medical collection, the collection agency may update the account status to "paid" or "settled" on your credit report. In some cases, they may even remove the collection entirely from your credit report. This can have a positive impact on your credit score because a paid or removed collection is generally viewed more favorably than an unpaid collection.Scoring models may vary: Different credit scoring models, such as FICO Score and VantageScore, treat paid collections differently. For instance, FICO Score versions 9 and newer do not consider paid medical collections when calculating scores, whereas older versions do. VantageScore models generally exclude all paid collections, regardless of the type. However, it's important to note that lenders might still consider paid collections during their evaluation process, even if they are not factored into the credit score.Late payment history: Paying off a medical collection does not erase the fact that it was previously delinquent. Late payments associated with the collection account could still have a negative impact on your credit score, even if the collection itself is resolved. However, as time passes, the impact of the late payment history diminishes, and your credit score can gradually improve.Credit utilization: Paying off medical collections may indirectly affect your credit utilization ratio. When you pay off a collection, it reduces your outstanding debt, which can lower your overall credit utilization if you have other credit accounts. Maintaining a low credit utilization ratio (the percentage of available credit you're using) is generally beneficial for your credit score.Credit report duration: The impact of a paid medical collection on your credit score lessens over time. Credit scoring models typically place more weight on recent information, so as the collection ages, its influence on your score diminishes. However, the collection will remain on your credit report for a certain period, usually seven years from the date of delinquency, even if it's paid.Overall, paying off medical collections is generally a positive step as it demonstrates responsibility and a willingness to resolve outstanding debts. While it may not entirely eliminate the impact of the collection on your credit score, it can help improve your overall creditworthiness. It's always a good idea to monitor your credit report regularly, address any errors or discrepancies, and establish healthy credit habits to maintain or improve your credit standing.Didier Malagies nmls#212566DDA Mortgage nmls#324329tune in and learn more at https://www.ddamortgage.com/blog Support the show