JVM’s Blog

Closing Cost Credits to 6%; Can’t Exceed Closing Costs; No Prepaying

February 19, 2015/in Homebuying, Mortgage Industry, Our Blog

Closing cost credits from sellers are rare in this very competitive seller’s market, but they do come up from time to time as buyers negotiate them in lieu of repair-credits. This is a reminder that seller credits can go up to 6% of the sales price for conventional and FHA purchases. Jumbo lenders typically limit […]Read More

Townhouse/PUD vs. Condo: Affects Rate and FHA Financing

February 18, 2015/in Our Blog, Real Estate

We frequently have Realtors and borrowers confuse PUDs (Planned Unit Developments) or “townhouses” with “condos.” It is significant b/c condo complexes need to be FHA approved before a unit can be financed by FHA, and conventional condo financing often requires slightly higher interest rates. PUD/Townhouse complexes do not need to be FHA approved; individual PUDs/townhouses […]Read More

Meditation? Pretty Much a Necessity for Health & Sanity :)

February 13, 2015/in Our Blog, Self Education

Another article on Forbes.com (link is below) just popped up discussing the enormous benefits from meditation. This is one of the biggest trends in healthcare, as meditation clearly reduces stress, and improves concentration, focus, hormone regulation, moods, and brain health. Meditation is also the best way to change your thinking, perspective and habits. It is […]Read More

Don’t Pay Credit Cards Down to Zero Balance IF You Want High Scores

February 12, 2015/in Homebuying, Our Blog, Self Education

We recently had wealthy borrowers who needed a higher credit score to qualify for the financing they desired. Hence, we told them we were going to assist with a rapid re-score; we asked them to pay down a credit card balance to a very specific amount that our credit-software said would maximize their credit score. […]Read More

Buying New Home Before Selling Current Home? Get Equity Line

February 11, 2015/in Homebuying, Our Blog

We have many buyers who want to buy a new home before selling their current home. They often want “bridge loans” to do so. A “bridge loan” is temporary cash out financing against one’s current home that is used to help finance a new home. Our experience with bridge loans, however, has not been good. […]Read More

No Credit? Get At Least Three Accounts/Tradelines

February 9, 2015/in Our Blog, Self Education

We often see young borrowers or new immigrants with no established credit. Our advice always is to establish at least three or four accounts as soon as possible. Here are several ways: 1. Secured Cards. Credit card providers like Capital One and Wells Fargo will offer “secured cards.” These are credit cards with credit limits […]Read More

Scarcity Vs. Abundance Mindset; 10X Talk Podcast; Must Change Thinking

February 6, 2015/in Our Blog, Self Education

One of our favorite podcast episodes was recently re-posted on 10x Talk by Dan Sullivan. The podcast is titled “Scarcity vs. Abundance.” Dan Sullivan is a famous and very hard-nosed business coach whose most consistent and emphatic advice for all business owners is to change the way you think. No business practices work in the […]Read More

The Case For FHA: Lower MI; Good for Low Credit Scores; Fast Closing

February 5, 2015/in FHA, Our Blog

We are making the case for FHA once again now that MI is so much lower (down to 0.85% from 1.35%). FHA interest rates are much lower than conventional rates, often over 1/2 percent lower. FHA rates are especially competitive for borrowers with low credit scores. It is a myth that FHA properties need to […]Read More

Do NOT File Your 2014 Tax Returns, If…You Are Making Offers Now

February 4, 2015/in Our Blog, Self Education

We pre-approved about 7 million buyers over the last few weeks (I exaggerate a little but 2015 looks very promising). And, about 4 million of those buyers (slight exaggeration) want to make offers immediately AND close in 14 days AND file their income tax returns…AND they can’t. If a buyer files his tax returns, lenders […]Read More

Tweaking Tax Returns for More Income to Qualify; It’s That Time

February 2, 2015/in Our Blog, Self Education

Self-employed borrowers can tweak their tax returns to qualify for mortgage financing. A contractor called us this morning to qualify for mortgage financing. His gross revenue last year was $400,000. His net income on his tax returns, that he has not filed yet, however, is only $58,000. To reduce his income and tax liability, the […]Read More

Beware of “2106” Expenses; Lenders Must Do Full Pre-Approval

January 30, 2015/in Mortgage Industry, Our Blog, Self Education

This is a reminder to watch for “2106 expenses” buried in tax returns. It is also why lenders MUST do a thorough pre-approval for all borrowers, as opposed to a cursory review. 2106 expenses are tax deductions that salaried/W2 (not self-employed) borrowers take for work-related expenses – uniforms, travels costs, education, etc. These expenses can […]Read More

The Faster You Learn; The Faster You Earn!

January 29, 2015/in Our Blog, Self Education

The Faster You Learn; The Faster You Earn. This is from a Bulletproof podcast I just listened to. The guest was Jim Kwik whose specialty is accelerated learning, memory and speed-reading. He points out how fast learners have a huge advantage in today’s information overload economy. I loved this message b/c this is precisely why […]Read More

Closing Cost Credits for NRCC, RCCs – Taxes, Transfer Tax, Insurance

May 23, 2022/in Mortgage Industry, Our Blog, Self Education

Jan. 26: Big Day – FHA MI Drops; CU Appraisal Rule In Effect

January 26, 2015/in Mortgage Industry, Our Blog

January 26th, 2015 is a big day in the mortgage industry. 1. FHA “monthly” MI is lower (down to 0.85% for most loans) for all case numbers ordered from today on. Per HUD, expect delays in getting case numbers. 2. Fannie’s much feared new Collateral Underwriting (CU) Rule is now in effect. This is a […]Read More

What To Do If Seller Refuses To Do Required Repairs?

January 23, 2015/in Appraisals, Our Blog

We are often asked what to do when a seller refuses to perform required repairs. This happens when appraisers call out repair items like missing floor coverings when we have a VA purchase requiring a clear Section I, or when a seller is a Bank selling an REO. Our only choice in these situations is […]Read More

Comps Must Be Within 20% of Size of Subject; Comp Criteria

January 22, 2015/in Appraisals, Our Blog

This is a reminder that Comparable Sales in appraisal reports must be within 20% of the size of the subject property (in most cases). Hence, a 1,500 square foot house requires comps between 1,200 square feet and 1,800 square feet. We often get comps that we cannot use b/c they are way too big or […]Read More

“Active Listening” Biggest, Most Effective Trend in Management?

January 21, 2015/in Our Blog

One of the most oft-repeated lessons from management classes and books in recent years is the necessity of “Active Listening.” It is a very difficult skill that few people have mastered, but those who do are far more successful managers, salespeople, and family members. True “Active Listening” creates far more rapport, connection, and trust between […]Read More

New CU Tool For Appraisals on 1/26: Much Ado About Nothing?

January 16, 2015/in Mortgage Industry, Our Blog

We are getting asked constantly about the consequences of Fannie/Freddie’s new Collateral Underwriting (CU) Tool coming into play on Jan. 26th. It is risk management software that will pull a list of 20 comparable sales and rank them in order of “risk.” Everyone’s fear is that every transaction will be delayed and appraisers will be […]Read More

Real Pre-Approval vs. Perfunctory “Prequals” at On-Line Lenders

January 15, 2015/in Homebuying, Mortgage Industry, Our Blog

A borrower recently came to us who had been “pre-approved” by a major on-line lender. The borrower came to us b/c the listing agent refused to accept the “pre-approval letter” from the on-line lender, and for good reason. After we sent our “needs list” to the borrower so we could approve him, the borrower asked […]Read More

How To Really Look Smart? Amusing WSJ Article

January 14, 2015/in Our Blog

The WSJ had a great article this morning about how to project intelligence – something we all need to do when meeting with potential clients or referral sources. It was amusing b/c I am guilty of many behaviors that clearly do not work. Things That Do NOT Make You Look Smart: 1. Putting on […]Read More

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JVM’s Blog

Closing Cost Credits to 6%; Can’t Exceed Closing Costs; No Prepaying

Townhouse/PUD vs. Condo: Affects Rate and FHA Financing

Meditation? Pretty Much a Necessity for Health & Sanity :)

Don’t Pay Credit Cards Down to Zero Balance IF You Want High Scores

Buying New Home Before Selling Current Home? Get Equity Line

No Credit? Get At Least Three Accounts/Tradelines

Scarcity Vs. Abundance Mindset; 10X Talk Podcast; Must Change Thinking

The Case For FHA: Lower MI; Good for Low Credit Scores; Fast Closing

Do NOT File Your 2014 Tax Returns, If…You Are Making Offers Now

Tweaking Tax Returns for More Income to Qualify; It’s That Time

Beware of “2106” Expenses; Lenders Must Do Full Pre-Approval

The Faster You Learn; The Faster You Earn!

Closing Cost Credits for NRCC, RCCs – Taxes, Transfer Tax, Insurance

Jan. 26: Big Day – FHA MI Drops; CU Appraisal Rule In Effect

What To Do If Seller Refuses To Do Required Repairs?

Comps Must Be Within 20% of Size of Subject; Comp Criteria

“Active Listening” Biggest, Most Effective Trend in Management?

New CU Tool For Appraisals on 1/26: Much Ado About Nothing?

Real Pre-Approval vs. Perfunctory “Prequals” at On-Line Lenders

How To Really Look Smart? Amusing WSJ Article

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