Blog - JVM Lending

Mortgages For DACA Status Recipients (FHA & Conforming); Honey vs. Vinegar

January 29, 2021/in Homebuying, Our Blog

FHA now allows DACA recipients to obtain FHA mortgages. DACA stands for Deferred Action for Childhood Arrivals. You can read more about DACA here, but it mostly refers to people who immigrated to the United States as children without legal immigration status. As adults, these DACA status recipients can now obtain both FHA and CONFORMING […]Read More

Success Bias; Dunning-Kruger; Luck & Self-Awareness

January 28, 2021/in Our Blog, Self Education

MY DOG STEVE HOSTS SEMINARS My dog Steve breaks records every month, as he eats more dog food than ever before every month. The problem is that it makes him super cocky, and he now hosts seminars to tell other dogs how to eat more food. The neighbor’s dog, Buttercup, is on to him though, […]Read More

VA Interest Rates 3/4% Lower Than Jumbo; No VA Loan Limits; Cash Out to 100%

January 27, 2021/in Our Blog, VA

There are about 20 million veterans in the United States. Almost all of them are eligible for VA financing, and, unfortunately, many have no idea of just how advantageous it is. So, it is our job to make sure every veteran does understand that VA financing is often the most competitive option available. I blogged […]Read More

2.7 Million Borrowers Still In Forbearance; Foreclosure Crisis Coming?

January 25, 2021/in Mortgage Industry, Our Blog

The WSJ reported recently that 2.7 million borrowers are still in forbearance. That is about 5.5% of all borrowers, down from about 8.5% in June, but the number of borrowers in forbearance is no longer falling and many market-watchers are nervous. A weakening economy is exacerbating concerns, as retail sales have been falling, employers have […]Read More

Why You Should [NOT] Stop Building Your Own Brand

January 22, 2021/in Marketing, Our Blog

My boss arrived at work in a brand-new Lamborghini. I said, “Wow, that’s an amazing car!” He replied, “If you work hard, put all your hours in, and strive for excellence, I’ll get another one next year.” I thought of that joke when I read this article in Inman recently: Why You Should Stop Building […]Read More

14 Day Close Only For Conforming & FHA; VA Loans Not Just For First-Time Buyers; VA Explained

January 21, 2021/in Our Blog, VA

Here are a few quick but very important reminders. 14 DAY CLOSES: CONFORMING & FHA ONLY We can and do close transactions in 14 calendar (not business) days all the time now. But, we can only do so for conforming (Fannie/Freddie) and FHA transactions. I should add, however, that there are still instances where we […]Read More

Low Appraisals – 5 Options When Appraisals Come In Low

January 20, 2021/in Appraisals, Our Blog

Whenever an appraisal comes in under contract price, we work quickly to consider all options with both agents and buyers, and we can usually resolve appraisal issues within a day if everyone is responsive. Below are five of the options available when an appraisal comes in under contract price. 1. Rebut the appraisal. This approach […]Read More

Appraisers Can’t Ignore Low Comparable Sales; Agents Should Not Either

January 15, 2021/in Appraisals, Our Blog

APPRAISALS COMING IN UNDER CONTRACT PRICE B/C MARKET’S SO HOT We are seeing appraisals come in under contract price more frequently than normal again b/c the market is so hot and buyers are bidding so aggressively. This is not b/c our appraisers are not trying to support contract price; it is b/c appraisers simply lack […]Read More

How To Finance A Fixer-Upper

January 14, 2021/in Homebuying, Our Blog

Many homebuyers are interested in the possibility of purchasing a fixer-upper property. Fixer-uppers typically have competitively low sale prices that require renovations and repairs that can quickly add up. Below are seven options and considerations for any homebuyer thinking about buying a fixer-upper. FHA FINANCING IS VIABLE Several years ago, we helped a wealthy investment […]Read More

Mortgage Rates Climbing As Predicted; “Average Rates” Are Often Very Misleading

January 13, 2021/in Interest Rates, Our Blog

RATES UP 1/4% Yesterday, we were quoting rates a full 1/4% higher than what we quoted as recently as last week. Rates have been climbing despite negative economic news – which normally pushes rates down. This is partially b/c investors expect the negative news to spark more stimulus from Congress which could trigger more growth […]Read More

Manufactured Homes – Guidelines, Confusion, Tough Appraisals, Higher Rates

January 11, 2021/in Mortgage Industry, Our Blog

With truly affordable homes getting harder and harder to find, many buyers (and agents) are looking at manufactured homes as lower-cost alternatives. But, manufactured homes are not as easy to finance as many might hope. Here are just a few considerations. DEFINITION OF A MANUFACTURED HOME Per our mortgage bank: “any dwelling unit built on […]Read More

Why 13% Interest Rates In 1980 Were Effectively LOWER Than Today’s; Real Rates vs. Nominal Rates

January 8, 2021/in Interest Rates, Our Blog

Mortgage interest rates were just under 19% in the early 1980s, as shown in this table by Freddie Mac, going back to 1971. BUT, “real rates” were sometimes LOWER than where they are today. This was a point that an inflation hawk made on a podcast I listened to recently. He borrowed money to finance […]Read More

Why Rates Went Up After Democrats Took Senate; Affect On Mortgages & Housing

January 7, 2021/in Interest Rates, Our Blog

10 YEAR TREASURY EXCEEDS 1% FOR FIRST TIME SINCE MARCH As soon as it became apparent that the two Democratic Senatorial candidates would win in Georgia, rates started to edge higher. As most readers know, mortgage rates tend to correlate to the 10 Year Treasury Bond – although this year that correlation has not been […]Read More

Valuing An In-Law Unit Or An ADU (Accessory Dwelling Unit)

January 6, 2021/in Appraisals, Our Blog

I touched on this last year a few times but am getting questions again because so many people have built Accessory Dwelling Units (ADUs) as a result of the COVID crisis. HOW MUCH IS MY ADU WORTH? An ADU or in-law or granny flat or outside cottage (or whatever you want to call it) is […]Read More

Janitor Changes Entire Company; Listening To People In The Trenches

January 4, 2021/in Our Blog, Self Education

ARROGANT WASHINGTON MUTUAL EXECUTIVE SHUTS ME DOWN Prior to the 2008 meltdown, I sent more loans to Washington Mutual (WAMU) than any other broker. As a result, I had the “privilege” of meeting one of WAMU’s senior executives. Our brief conversation drifted to the types of loans that WAMU offered, and I mentioned that I […]Read More

Teddy Roosevelt’s Greatest Quote; Happy New Year Too

December 31, 2020/in Our Blog, Self Education

B/c we are all essentially in “sales” one way or another, I am always inspired by exceptionally effective salespeople. However, many of us forget that the most effective salespeople in history are often activists or politicians. Abraham Lincoln, for example, had to convince an entire nation to sacrifice its youth to keep that nation together […]Read More

Mobsters, Blind Men, Elephants, Narcos: Mexico, and The Big Picture

December 30, 2020/in Our Blog, Self Education

MOWING LAWNS FOR MOBSTERS When I was in high school in AZ, I did yard work every week for a neighbor who also happened to be our local mobster. I didn’t know he was a mobster until several years later, but the prevalence of new luxury cars, expensive toys, and boats did make me wonder. […]Read More

Nostalgia Ain’t What It’s Cracked Up To Be; Future Looks Good

December 28, 2020/in Our Blog, Self Education

LOTS OF HORSE MANURE When I was a kid my older brother was a “declamatory speaking champion” b/c that was actually a thing in the Midwest where high school kids competed to give the best speeches. Fortunately or unfortunately, I missed the opportunity to compete in the exciting, fast-paced world of declamatory speaking b/c my […]Read More

Automation for Survival; Korean Restaurants In El Paso

December 23, 2020/in Our Blog, Self Education

Every time my wife Heejin and I are in El Paso, Texas we eat at a Korean restaurant. And our most recent trip was no exception. (OK – it might have been our only trip to El Paso, but don’t let that detract from this story 😊.) In all seriousness, Heejin and I really do […]Read More

Points & Origination Fees – And Why We Discourage Them

December 21, 2020/in Interest Rates, Our Blog

I recently blogged about 5 Misleading Rate Quote Tricks that everyone should be leery of and received some questions from our readers. WHAT ARE POINTS? Some readers asked about the $9,000 of “points” that another lender had tried to hide in the borrower’s new and larger loan. I touched on this last year and am […]Read More

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