There are two main types of FHA 203(k) loans:Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.Some key points about FHA 203(k) loans:They require a down payment of at least 3.5%.The property being renovated must be a primary residence.Borrowers must work with an FHA-approved 203(k) consultant.There are specific eligibility requirements and guidelines for the types of renovations and repairs that can be financed.Overall, FHA 203(k) loans can be a helpful option for buyers and homeowners looking to finance home improvements, but it's essential to understand the requirements and limitations of the program before applying.Tune in and learn https://www.ddamortgage.com/blogDidier Malagies nmls#212566DDA Mortgage nmls#324329 Support the Show.

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one.3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA?So really 3  different types of vehicles that can get you into a home or get home improvements included in the financing or a Reverse Mortgage for the elderly that has no mortgage payment and help subsidize your retirement.The Government did an incredible job looking at the various ways to help buyers get into a home.tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the futurethe cost of everything is going up and not stopping and you will see inflation continue to gain ground once again. Time to put the house in order with a refinance to consolidate debt. A phone call or an email away to go over your present situation and see what makes sense with the present home valuestune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher and rates as well. But if you have these programs available and the payment is affordable then the probability of refinancing down the road is in your favor and if inflation continues to go up so will home prices.Maybe it is the right time to buy a home now?Tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 trillion annually next year. I say rates will have to come down in order for the Gov't to pay the interest expense, kicking the can down the road so to speak. We will have an opportunity to refinance the higher rate we have on our home and also refinance all the credit card debt, installment loans, car loans, and even student loan debt. The probability is great sometime down the road. Continue to watch the videos and when rates do make a significant drop will let my viewers know. Then it comes down to what is the cost vs the savings on a refinance. Opportunities will come just the timing not sure about. tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers.Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit.Loan Limits: VA loans do have loan limits, which vary by county and are set by the Department of Veterans Affairs. Borrowers can still use a VA loan for a home purchase that exceeds the county loan limit, but they may need to make a down payment for the portion of the purchase price that exceeds the limit.Assumption: VA loans are assumable, which means that if a borrower sells their home, the buyer can take over the VA loan if they are also eligible for VA loan benefits. This can be an attractive feature when selling a home.Refinancing Options: VA loans offer various refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA streamline refinance, which allows borrowers to refinance their existing VA loan to obtain a lower interest rate with minimal paperwork and no appraisal in most cases.Property Requirements: VA loans have specific property requirements, including minimum property standards to ensure the home is safe, sanitary, and structurally sound.Preapproval Process: Borrowers interested in obtaining a VA loan should begin by obtaining a Certificate of Eligibility (COE) from the Department of Veterans Affairs. Lenders may also require additional documentation for loan approval.Overall, VA loans can be an excellent option for eligible veterans, active-duty service members, and their families to achieve homeownership with favorable terms and benefits.Didier Malagies nmls212566DDA Mortgage nmls324329tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home.An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home will not pass inspections and this way you can buy your home and get the work completed.You must have a licensed contractor who is insured and bonded, the first thing is to get them approved with the lender. Then when the appraiser goes to appraise the home they have your contractor's bid looking at the after-value. At closing the seller gets their funds and the lender has the escrowed funds ready to pay the contractor once the work is done. Rates are usually a .25% higher and there are a few more fees with inspections to check and make sure the work is completed. Let me know how I can help youtune in and learn at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

You have Conventional Mortgages, FNMA/FHMC, FHA, VA, Reverse Mortgages, Bank Statement loans, DSCR, Reverse Mortgages,  and 1099 mortgages.Depending on your particular situation, could be a choice based oncredit scores, income, funds to closeBuying a home using Bank statements to qualify for a mortgageBuying a home using a 1099 only to qualify for a mortgageUsing rental income to qualify for a mortgageOr being a first-time home buyer with just 1% down to purchase a hometune in and learn more at https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the Show.

What if you refinanced your lower-rate first mortgage into a higher rate but consolidated all of your debt into one low payment. Getting rid of credit cards, car loans, installment loans, and student loans. What would your savings be a month and how much would you save? Then if property values were ever to plummet and rates came crashing down. Just go back to 2007 when we were able to refinance everyone on the HARP program. I just break things down to worse-case scenarios and how you can stay ahead of the game with your finances no matter what. I think it is  time to get the house in order and save money, doesn't seem like food , medical or anything is going down but instead still going upMaybe everything we are told is not exactly correcttune in and learn https://www.ddamortgage.com/blogDidier Malagies nmls212566dda mortgage nmls#324329 Support the Show.

First-time homebuyers put down 1%, and the lender gives you 2%  towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%. Working on a loan right now where the purchase price is $238,000,  the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of closing costs. so the remaining closing costs are 2,000. The total out-of-pocket for the buyer is 4,380 for this homeHow much does it cost to rent after paying first, last, and deposit? You must be below the median income and a first-time homebuyerPretty exciting to put $2,380 for the down payment and $2,000 for closing costs to finally own a home. No second liens  just one mortgage at 97% tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

Bridge loan to acquire, renovate, and stabilize a multifamily investment property. When the rents are under the market and the units are outdated. This program allows you to acquire a property below market value and make cosmetic upgrades to increase rents.how about capitalizing the fit-up of retail/office investment property? We also have flip-fix loans for residential.6 to 24 months loan amounts from $250k to 20 MillionInterest only1 to 3-week closing timestune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the Show.

Do you not tell anyone that you have one? Are there others in similar situationsSpouse and has passed on, only fixed income such as social security. Are food costs going up along with Medical? It is time to get a HECM - a line of credit to help you in your later years of life, Have your children be involved and everyone learn how a Reverse Mortgage works. People have 401k's. there is equity in your home. what happens if you lose that opportunity and home prices go down? You don't have to rely on family members to help you when you have all the resources in your home. tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 mortgages that do not meet the standards set by government-sponsored enterprises like Fannie Mae and Freddie Mac. These loans are considered riskier and may have features that deviate from the traditional qualified mortgage criteria, such as interest-only payments or higher debt-to-income ratios.Combining these concepts, a "dscr loan nonqm" might refer to a non-qualified mortgage where the lender considers the Debt Service Coverage Ratio as a key factor in determining the borrower's eligibility. This type of loan may be suitable for borrowers who don't meet the traditional mortgage criteria but can demonstrate a strong ability to cover debt payments based on the property's income.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 (QM) rule.In these types of loans, lenders may look at the business bank statements for the past 12 months to assess the borrower's income and ability to repay the loan. This can be advantageous for self-employed individuals or business owners who may have fluctuating income or non-traditional income sources.Keep in mind that non-QM loans often come with higher interest rates and may have different qualifying criteria compared to traditional mortgages. Additionally, lenders offering these types of loans may have specific requirements and underwriting guidelines, so it's essential to carefully review the terms and conditions.If you are considering a 12-month business bank statement loan, it's advisable to consult with a mortgage professional or a loan officer who specializes in non-QM loans. They can provide detailed information about the loan programs available to you, guide you through the application process, and help you understand the terms and conditions associated with these types of loans.tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the Show.

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 at the mercy of the judge to sign off and not find anything else that may be a problem. I believe it is better to wait until after probate and with how quickly we can do a mortgage in 2 weeks wait until the title is clear. The market has changed since 2020 and 2021, with clear titles, and contract close.tune in the learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 is handling the money. Also, the questionnaire asks how the delinquents are doing, which is really important. If people are not paying then who has to make up for that?tune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 get the mortgage you are looking for. Maybe the pension, social security, or salary is not getting you there. Thinking outside of the box and using the assets you have to help qualify you for more housetune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDa Mortgage nmls324329 Support the Show.

10,000 people a day are turning 65 years old, some have social security, pension, or 401k. I see a lot with just Social securityIs 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 to use a credit cardNeed supplemental income to help pay your monthly expenses?Need a new car? How about home health care when it comes to that time? A Reverse Mortgage can help in many ways for your retirement yearsTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 rates drop down to really save money not by a.25 of a percent but 2 to 3% lower which is huge. Don't get priced out and have rates jump up in your 30 to 45-day close, be safe and take the time to shop your insurance, etc.,What can make rates drop?rolling over 7 trillion of the debt this yearanother pandemicpossible wars in many areas, loss of jobsall sorts of things can happen that can change everything suddenlyBe comfortable with the payment so that you can eventually reap major savings when rates dropTune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.

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 mortgagefor 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 lower the monthly paymentstune in and learn more at https://www.ddamortgage.com/blogDidier Malagies nmls212566DDA Mortgage nmls324329 Support the Show.