Mortgage Broker Advisors Podcast

MKG Enterprises Corp Third-Party Originator NLMS 1370494

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership. read less

FHFA raises 2023 loan limits on Fannie Mae, Freddie Mac mortgages
Nov 29 2022
FHFA raises 2023 loan limits on Fannie Mae, Freddie Mac mortgages
FHFA raises 2023 conforming loan limits on Fannie Mae, Freddie Mac mortgagesThe Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​National BaselineThe Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2022 FHFA House Price Index® (FHFA HPI®) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 12.21 percent, on average, between the third quarters of 2021 and 2022. Therefore, the baseline CLL in 2023 will increase by the same percentage.​High-Cost AreasFor areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2022, which increased their CLL. The new ceiling loan limit for one-unit properties will be $1,089,300, which is 150 percent of $726,200.Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $1,089,300 for one-unit properties.Due to rising home values, the CLLs will be higher in all but two U.S. counties or county equivalents.​Apply for a mortgage loan today https://mkgenterprisescorp.com
What Is a Rapid Rescore?
Nov 7 2022
What Is a Rapid Rescore?
Mortgage lenders may request a rapid rescore to have new payment information added to your credit reports quickly. This may result in a potential increase to your credit score, possibly improving your loan eligibility.When you apply for a home loan, your mortgage lender may require you to pay off any past-due debts or outstanding loans before approving your loan application. Rapid rescoring is a process lenders use to have new payment information added to your credit reports quickly—potentially increasing your credit score and improving your loan eligibility.How Rapid Rescore WorksWith a rapid rescore, a mortgage lender pays a fee to the credit reporting company (Experian, TransUnion or Equifax) to have recent account changes updated to a loan applicant's credit report in an expedited time frame.Normally, after you make the necessary payments to pay down or pay off an account as requested by your mortgage lender, it may take a full billing cycle or two for your creditors to process those payments and report the information to the credit reporting agencies. Only credit scores calculated after the updates have been made to your credit report will reflect the changes to your accounts.Because mortgage loans are often time-sensitive, a mortgage lender may prefer to pay a fee to have an applicant's payment information updated more quickly. The lender submits proof of the recent payment updates, such as paying off or paying down debt accounts, to the credit reporting agency so the new information can be updated more quickly and help expedite the lender's mortgage approval process.Once the credit report is updated, the lender can request a new credit score that will reflect those updates and ideally result in a higher score. This service is offered only through your lender—you cannot request a rapid rescore on your own.How Long Does Rapid Rescoring Take?How long a rapid rescore takes can depend on your mortgage lender and other creditors.Once you have made payments to your credit accounts, those creditors will first need to update the accounts to reflect the new balance or payment status. Next, your mortgage lender will need to obtain proof of the changes from you so they can provide the updated information to the credit reporting company.Once the mortgage lender begins the rapid rescore process with the credit reporting agency and submits the necessary documentation, it is often completed within two to three days.Is a Rapid Rescore Something I Should Consider?A rapid rescore is usually recommended by your mortgage lender when your current credit score falls a few points below the score needed to qualify for a better rate or loan terms. Even a small change of a fraction of a percentage point in your mortgage interest rate can save you thousands of dollars over the life of the loan.If you have a current credit score that is relatively close to the score the bank says you need, and the means to pay down your debts, it may make sense to ask your lender to take advantage of a rapid rescore option to save money on interest and fees.It's important to keep in mind that paying off or paying down an account may not always result in a credit score increase. There are many different factors that go into a credit score calculation, and each individual's credit situation is unique.For example, if a high utilization rate is one of the more significant factors impacting your scores, paying down a large
"FHFA is eliminating upfront fees for certain first-time homebuyers"
Nov 5 2022
"FHFA is eliminating upfront fees for certain first-time homebuyers"
The Federal Housing Finance Agency (FHFA) today announced on October 24, 2022 targeted changes to Fannie Mae and Freddie Mac's (the Enterprises) guarantee fee pricing by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.​As part of the pricing changes stemming from the Agency's ongoing review of the Enterprises' pricing framework announced last year, FHFA is eliminating upfront fees for:First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas; HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs); HFA Advantage and HFA Preferred loans; and Single-family loans supporting the Duty to Serve program. "FHFA is eliminating upfront fees for certain first-time homebuyers, low-income borrowers, and underserved communities to promote sustainable and equitable access to affordable housing," said Director Sandra L. Thompson. "Today's announcement will result in savings for approximately 1 in 5 borrowers of the Enterprises' recent  mortgage acquisitions."Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.Contact us today at (559) 412-7248Web:  https://mkgenterprisescorp.com
Strive Real Estate Group
Sep 25 2022
Strive Real Estate Group
Finding a good relator & loan officer that knows the local marketCo-founder of a top real estate team in Fresno called Strive Real Estate Group at Real Broker. Helped 144 families in 2021. Receives cash flow from 17 doors with 3 being an Airbnb.OUR MISSIONTo provide our clients with sound business advice and represent their interests with the highest level of professionalism, intelligence and integrity in the industry.Win – Win: or no dealIntegrity: do the right thingCustomers: always come firstCommitment: in all thingsCommunication: seek first to understandCreativity: ideas before resultsTeamwork: together everyone achieves moreTrust: starts with honestySuccess: results through peopleFresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.KEY POINTSHome prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities. Work with a good mortgage loan officer that put your best interest at heartGet Pre-approved before home shoppingFind a good relator that knows the local marketFile two years of tax returnsContact Darren WadeStrive Real Estate DRE # 01910957550 W Alluvial, STE 110Fresno , CA 93711(559) 840-8838Get Pre-Qualified https://mkgenterprisescorp-homeready.loanzify.io/register/marshawn-darren
Zero Percent Mortgages Pitfalls
Sep 10 2022
Zero Percent Mortgages Pitfalls
Zero down-payment mortgages and similar programs appear to have recently been gaining traction on Main Street.Bank of America announced Aug. 30 that it is launching a trial program, called the Community Affordable Loan Solution, offering mortgages that do not require closing costs, down payments or minimum credit scores. People in predominantly Hispanic or Black neighborhoods in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami that meet specific income requirements will have access to the program.In March, TD Bank launched a similar program that includes a $5,000 lender credit that qualifying borrowers can use on home purchase closing costs or down payments. Qualifying borrowers must meet certain credit and income parameters, as well as reside in a participating market, according to the bank's press release.JPMorgan Chase also expanded its grant program in February 2021 to offer $5,000 for closing costs and down payments to homebuyers purchasing homes in predominantly minority neighborhoods.The most recent data from the National Association of Realtors found that there was a significant racial gap in homeownership in 2020. White households had a homeownership rate around 72.5%, while the homeownership rates for Hispanic and Black households were 51.1% and 43.4%, respectively.IS CURRENT HOUSING MARKET SLOWDOWN SIMILAR TO 2008 CRASH?Zero down-payment mortgages, however, have some downsides, according to Bankrate.com chief financial analyst Greg McBride.The downsides are that the homebuyers are very dependent on further price appreciation to build a meaningful equity stake and without that, there will not be enough equity to pay the closing costs if plans change and they need to sell in the first few years.This is the "wrong end of the real estate cycle for zero down payment mortgages.""The risk to borrowers has grown because of the surge in home prices," McBride said. "If home prices stall, or even decline, a no down payment loan could be setting the buyer up for failure as they won't have much, if any, equity stake in the home."That increases the likelihood of a loan default if the borrower is looking to exit the home, he said. The housing market has been cooling in recent months. The number of home sale cancellations reached a two-year high in July as roughly 16% of homes that went into contract that month were called off, according to a Redfin analysis. Sentiment among builders also reached a record-low since May 2020. MKG Enterprises Corp Third-Party Originator NMLS 1 3 7 0 3 9 4  is a diversified digital finance company focusing on serving low-income and moderate income communities while promoting equal and fair access to homeownership to first-time home buyers and existing homeowners FHA, Conventional, VA, Jumbo loans, Non Qualified Mortgage loans, DSCR.Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth. Contact us at (559) 412-7248Apply online at https://mkgenterprisescorp.com MKG Enterprises Corp is pleased to introduce the Down Payment...
Loan Amount Vs Purchase Price – What’s The Difference?
Sep 10 2022
Loan Amount Vs Purchase Price – What’s The Difference?
When you borrow money to buy a home, you’ll see many numbers thrown around. Most buyers focus on the purchase price of the home. It’s an indicator of whether or not you can afford the price. But since you probably won’t pay cash only, you must consider the loan amount. The loan amount is the money you borrow to buy the home. It usually differs from the purchase price since most lenders don’t always provide 100 percent financing. Considering the loan-to-value ratio is important too. This value compares the purchase price and the loan amount and is a number lenders talk about often.Understanding these numbers helps you make solid real estate investment decisions. While focusing on the purchase price makes sense, it’s the loan amount that plays the most important role in your decision, here’s why.What’s The Purchase Price?The purchase price is the amount you agree to pay the seller. It’s the amount on your sales contract or the amount your real estate agent worked so hard to get the seller to agree to.For example, a home is listed for $300,000, but your real estate agent gets them down to $285,000. Your purchase price is $285,000. That’s what you agree to pay. Now, you probably don’t have $285,000 lying around, so you need financing, which is where the loan amount matters.The Loan Amount Isn’t The Purchase PriceThe loan amount differs from the purchase price because most lenders won’t give you 100 percent of the sales price. We’ll use our $285,000 sales price example from above. Traditional lenders or banks will typically give you 80 percent of that amount, so $228,000 if you live in the home as your primary residence. Primary residence properties have a lower risk of default because you live there, but you must come up with the remaining $57,000. Lenders require your own investment to reduce the risk of default. They call it having ‘skin in the game’. Traditional loans require a 20 percent investment. Lenders feel if you have 20 percent of your own money invested, you’ll be more likely to pay your bills on time and not default on the loan, risking your property.  MKG Enterprises Corp. Third-Party OriginatorNLMS ID 1370394Call 559.412.7248 to speak to a loan officer Website:https://www.blink.mortgage/app/signup/p/mkgenterprisescorp
How to buy a house with cryptocurrency
Sep 9 2022
How to buy a house with cryptocurrency
How to buy a house with cryptocurrencyCryptocurrency is proving to be less of a trend and more of a force that’s here to stay. Bitcoin (BTC) reached an all-time high of over $68,000 in November 2021 after starting the year at just under $30,000, and the crypto industry  as a whole grew to a total market cap of more than $2 trillion. It makes sense that cryptocurrency investors are thinking big when it comes to tapping into the power of their crypto stashes. Can you use cryptocurrency to buy a house?If you’re considering using Bitcoin, Ethereum, Dogecoin, Litecoin or one of a number of other cryptocurrencies to purchase a home, you’re not alone. It’s becoming increasingly common, but there are some challenges to be aware of, and the volatility of the cryptocurrency market can make some transactions complicated. How do you buy a home with cryptocurrency?There are a few options for using cryptocurrency to buy a home. Convert cryptocurrency to cashOne of the simplest ways to use your cryptocurrency nest egg to buy a home is to sell the cryptocurrency for fiat money (dollars) using a service like BitPay, then use that money to purchase a home. However, keep in mind that you’ll need to keep the fiat money in an account in your name for at least two months before it’s considered an asset that can be used to purchase a home, and a deposit that large may get flagged by the IRS. Any money you make from selling cryptocurrency may also be subject to capital gains tax, so check with your financial advisor or tax attorney.Convert your crypto to U.S. currencyBefore it can be used to buy a house, cryptocurrency must be converted to U.S. currency.MKG Enterprises Corp Third=Party Originator is beta-testing to accept cryptocurrency stable coins for its borrowers as a down payment and closing costs, that would be converted to U.S. dollars and offer its borrowers the ability to create a digital wallet to convert their crypto to fiat however much borrowers intend to use and have the money in their bank account prior to closing.Seasoning Your lender’s underwriting team will need to verify that the crypto assets were in your digital wallet or digital exchange account for at least 60 days prior to when you sold themWhat are the cons to buying a home with cryptocurrency?As enticing as cryptocurrency may be, it’s still something of an unknown entity in the real estate industry. When considering buying a home with cryptocurrency, watch out for these drawbacks:Not all sellers accept cryptocurrency. While trust is growing in Bitcoin, Ethereum and  their competitors, few sellers are ready to go all-in and accept cryptocurrency as payment for a real estate transaction, so it may limit your home-buying options. Cryptocurrency exchanges may be subject to capital gains taxes. The IRS considers cryptocurrency a type of property, property that must be sold in order for you to realize its value in dollars. Be sure to consult a tax professional to find out how using cryptocurrency to buy a home may affect your tax liability. You may have fewer legal protections in a cryptocurrency transaction. For users of cryptocurrency, two of its main selling points are security and anonymity. But that means transactions are difficult to trace, so if anything goes wrong, you could face a sticky legal situation. Be sure to consult a legal professional to learn how to protect yourself.  Most mortgage lenders...
First-Time Homebuyers Down Payment Assistance Program
Sep 9 2022
First-Time Homebuyers Down Payment Assistance Program
MKG Enterprises Corp Third-Party Originator's NLMS #1370394 is pleased to introduce the Down Payment Assistance program through our Wholesale channel. The key features of this program are as follows: Available for FHA products Available in all states except New York and Puerto RicoAssistance amount is up to 5% of the loan amount Borrowers can use the assistance for the minimum required investment, closing costs, and/or prepaid items Refer to the table below for additional information: Parameters Soft Second Repayable Second Rate Advantage Minimum FICO Allowed 600 640 Income Limit of Borrower Must not exceed 115% of area median income No income limit Must not exceed 135% of area median income Assistance Terms 30-year interest-free second lien. Forgiven in 3-10 years (3 years for assistance amount 3.5%, 10 years for assistance amount 5% 10-year second lien with 0% interest rate; or 30-year second lien with 5% interest rate 10-year second lien with 6% interest Maximum Back Ratios FICO 660+: As per Automated underwriting systems findings (50% if subject is manufactured home) FICO 640-659: 50% FICO 600-639: 45% - 50% Homebuyer Education Certificate Required if FICO is below 640 Not required Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage is committed to guiding clients through the mortgage process. Contact us at (559) 412-7248 Apply for a home loan 24/7 https://mkgenterprisescorp.com Download our free mobile app to apply for a mortgage loan from the safety of your home. Apple App Store http://keap.li/MD7z7D Google Play Store http://keap.li/k07EJw Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370394 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370676 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 1370676