Julissa McDermott

Finally! A Possible Solution For Your Canadian Buyers

I have great news to share! We have partnered with a hard money lender that can lend up to $3,000,000 for office, retail, apartment complexes, industrial, construction, raw land, lots and of course, residential. The best part is they are willing to lend to Canadian buyers purchasing vacation homes as well as investment properties. Up until now, I have had a hard time finding anyone willing to lend to Canadians but we now have a viable option to consider.

Keep in mind though, this is hard money so hard money rates and fees do apply but it is a possible solution to some of the tougher clients you might run into. If you have someone that might be interested in exploring this, just let me know and I would be happy to touch base with them.

Mortgage Insurance Changes for the Better!

We now have an option for a 5% down payment on a Conventional loan with just a 680 credit score. While we have had the option for 5% down for a little while now, we previously needed to have a 700 credit score.

In addition to this, we also have an option for 10% down on vacation homes as well! Up until now, we have been unable to find a mortgage insurance company willing to insure any type of second home which has forced second home buyers to put a minimum of 20% down. This requires a 720 credit score.

Chances are you've had a few buyers over the past couple of years that were denied a loan in one of these two scenarios. Please feel free to share this information with them and see if they would like to explore their options. If you would like me to follow up with anyone to take an application, let me know.

Have a great day!

Courtesy of:

Michael McDermott

NMLS: 184605

Academy Mortgage

Day in and day out it seems that this question is asked by potential buyers more than any other. Thanks largely to the media's negative spin on a recovering industry, it's clear that many buyers are now under the impression that they must have perfect credit and 20% or more to put down. The fact is that there are still home loans out there that offer buyers loans with no money down! Of course, the most popular option it seems is the FHA loan which requires 3.5% down.

Depending on where you're buying a home, you may just qualify for a no money down mortgage with a USDA Rural Housing Loan. Chances are if you're buying a home in the outskirts of a major metropolitan area, USDA will lend to you as long as you do not own any other real estate and you plan to occupy the property.

Let's not forget about our veterans either! VA is still issuing No Money Down loans to qualified veterans as well. Despite the myths, a VA loan is actually very easy to qualify for. You just need to speak with a VA lender.

Finally, FHA, which has largely been responsible for much of the home loans being issued over the past 2-3 years now requires just a 3.5% down payment. The down payment can even be a gift from a family member as well as an interested party. An interested party could simply be a boyfriend, girlfriend or even a roommate that will hold legal title with the buyer. The best part is that in most cases, you can qualify for each one of these loans with just a 620 credit score! You do not have to have perfect credit or a ton of money to take advantage of today's home prices and interest rates.

To search for homes that qualify for either one of these loan programs, feel free to search the mls on my site and email or call me if you see anything you'd like to visit. If you have any questions about these loan programs, don't hesitate to contact me.

This is a frequest question these days and there's no doubt that there seems to be some confusion out there when it comes to this issue. If you are interested in buying a home but recently completed a short sale, you're probably wondering how long you have to wait to get a loan again. After doing some research we've put together the lender guidelines as of today.

• Obtaining a Conventional Loan
  • Short Sale - 2 years from completion date.
• Obtaining an FHA Loan
  • Short Sale - 1 year from completion date if the borrower was current at the time of the short sale and all installment payments for a 12 month period. Otherwise, 3 years from completion date if in default at time of short sale.
• Obtaining a VA Loan
  • Short Sale - Not yet specifically defined by VA. For now, assume foreclosure rule of 2 years applies.
• Obtaining a USDA Rural Housing Loan
  • Foreclosure - Not yet specifically defined by USDA. For now, assume foreclosure rule of 3 years applies.

If you have any questions about this information, feel free to contact us.

This is a frequest question these days and there's no doubt that there seems to be some confusion out there when it comes to this issue. If you are interested in buying a home but recently went through the foreclosure process, you're probably wondering how long you have to wait to get a loan again. After doing some research we've put together the lender guidelines as of today.

• Obtaining a Conventional Loan
  • Foreclosure - 4 years from completion date
• Obtaining an FHA Loan
  • Foreclosure - 3 years from completion date
• Obtaining a VA Loan
  • Foreclosure - 2 years from completion date
• Obtaining a USDA Rural Housing Loan
  • Foreclosure - 3 years from completion date

If you have any questions about this information, feel free to contact us.