What are impounds?
An impound account, also known as an escrow account is required on VA and FHA loans but is optional on all Conventional loans with a minimum of 5% down. An impound account is an account set up to include taxes and insurance within the monthly mortgage payment. When the impound account is initiated (usually when…
Read MoreWhat is Private Mortgage Insurance?
PMI or MI also known as private mortgage insurance, is an insurance required on all FHA mortgage loans (regardless of down payment amount) and Conventional loans (whenever the borrower(s) come in with less than 20% down payment). Mortgage insurance was created to help insure the lender so that in the case of default, the lender…
Read MoreWaiting periods after a bankruptcy and/or foreclosure
There are many different loan programs offered and each has their own unique waiting period requirements. Today I will focus on three of the most popular loan products VA, FHA, and Conventional loans. The waiting periods before the borrower is able to once again qualify are as follows: VA loans: Require two years after bankruptcy…
Read MoreWhat are the credit score requirements?
There are many different loans programs offered and they each have a unique credit score requirement therefore, I am going to focus on three of our most popular loan products. The most popular loan products are VA, FHA, and Conventional loans. A VA loan requires the Veteran to have a minimum credit score of 600…
Read MoreWhy should you work with me vs. a big bank or credit union?
Buying a home is one of the largest purchases one will make in their lifetime. I understand the importance of making the right decision in electing to work with the right mortgage professional. Let’s face it, there are many lenders out there but not every lender is created equal. My fiduciary duty to my clients…
Read MoreWhat are the benefits of home ownership?
Owning real estate is very beneficial to anyone’s financial future. Whether you buy a Condominium/Townhouse, multi-family, or a single family residence; you can’t go wrong. One very important reason to own real estate is the tax deduction benefits. As a home owner, both the interest paid on a mortgage and property taxes are tax deductible…
Read MoreWhy FHA loans are a great option
FHA loans were created to help prospective home buyers purchase a home with little down and to help those with less than perfect credit. FHA loans are insured by HUD which is the government. FHA loans are a great option because: **You only need is 3.5% down **Have more flexible guidelines than a traditional mortgage…
Read More**Attention active duty service members**
As an active duty service member, a veteran receives a monthly basic housing allowance also know as “BAH”. Service members are able to purchase a home with $0 down (in most cases) and cover their monthly mortgage payments with only their BAH or just a little more than their “BAH”. Oh and before I forget,…
Read MoreVA Streamline Refinance
A VA streamline refinance(also know as an IRRRL) is a refinance which allows Veterans access to lower interest rates (whenever the market permits), without a ton of paperwork needed. These refinances are meant to help reduce the veterans mortgage payment as a streamlined process. Below are a few of the highlights; **No appraisal requirement **No…
Read MoreWhat’s the max cash out with VA loans?
VA loans allow up to 100% cash out as long as the Veteran credit qualifies by providing their income, assets, meets the credit score requirement, and has a stable work history. An appraisal report completed by a VA appraiser and a clear termite report are required. Andre Enriques has been helping veterans obtain VA…
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