Blog - JVM Lending

24/7 Availability; Sunday Night Emergency Pre-Approvals

July 28, 2014/in Homebuying, Our Blog

One of our favorite Realtors texted me last night and asked if I could do a fast, Sunday Night pre-approval so they could make an offer this morning. The borrowers were a Google employee and a Smith College Neuroscience professor. They told me that they had high incomes, no debt and perfect credit. I have […]Read More

90% LTV Commercial Financing via SBA Financing

July 25, 2014/in Mortgage Industry, Our Blog

We have a borrower looking to buy a warehouse in Oakland to house his film production company. We do not do commercial loans of this nature, but we do know somebody who specializes in them. Borrowers looking for commercial or mixed use properties should always consider SBA (Small Business Administration) Financing. The SBA only requires […]Read More

Many Things Affect “The Rate:” Fico; LTV; 80/10/10; Condo vs. SFR

July 24, 2014/in Mortgage Industry, Our Blog

We have a borrower with a 703 FICO bidding on condos with the intention of using 80/10/10 (1st and 2nd combo) financing. He needs a high balance loan too. There are four factors that increase this borrower’s rate (with ALL lenders): 1. Property type (condo vs. SFR): 3/4 point 2. FICO (703 vs. 740+): 1 […]Read More

Alternative Credit: Phone Bill, Insurance; PG&E; etc.

July 23, 2014/in Our Blog, Self Education

On Monday, we mentioned a borrower who closed out all of his credit accounts to improve his credit which in fact hurt his credit. The only way the borrower can obtain mortgage financing now is by building what is called “Alternative Credit.” Alternative credit includes payment histories that are not normally shown on credit reports. […]Read More

Do Not Close Out Credit Cards; Just Pay Them Down

July 21, 2014/in Our Blog, Self Education

We recently pulled credit for a borrower (a Realtor no less) who had closed out all of his credit cards as part of his effort to clean up his credit and live a debt-free lifestyle. He is now probably six months to a year away from buying a home b/c having no credit cards not […]Read More

Salary + Commission: Need History of Commissions

July 18, 2014/in Homebuying, Our Blog

We have a borrower who averaged $160,000 over the last two years in a commission sales job. He just started a new job with an $85,000 base salary, but with much more commission potential. We may be able to use the average of his previous years’ commissions even though they were earned at a different […]Read More

When Is 203k/Construction Financing Necessary?

July 17, 2014/in Mortgage Industry, Our Blog

203k renovation loans are available with both FHA and Conventional financing. 203k loans allow buyers to borrow more than the purchase price in order to finance repairs and improvements, as we have discussed in previous blogs. We were asked yesterday, when is a 203k loan absolutely necessary? We were asked by a borrower who preferred […]Read More

Why Realtors Need to Know Mortgage Basics; JVM Training

July 16, 2014/in Our Blog, Self Education

We discussed borrowers who own over 25% of their company being effectively “self-employed” on Monday. This issue came to light with one of our borrowers recently b/c the borrower let his Realtors (a team) know about his ownership interest; b/c the Realtors know lending guidelines, they had the borrower immediately contact us. This literally saved […]Read More

Own Over 25% of Company? You’re Self-Employed; Need 2 Yrs History

July 14, 2014/in Our Blog, Self Education

A borrower of ours, who has been a W2 wage earner for years, told us over the weekend that his current employer, where he started three weeks ago, is 50% owned by him. He was unaware that this would be a problem b/c he is still paid a wage-earner salary, with taxes withheld, in the […]Read More

3 Phrases to NEVER Say – Cause Stress Every Time

July 11, 2014/in Our Blog, Self Education

Here is a great stress management tip from a Forbes article I liked b/c I am so guilty of violating the tip. Never utter the phrases: (1) “I’m swamped;” (2) “I’m so busy;” and (3) “I don’t have time for that.” According to the author, we strive to validate our perceptions of reality, even if […]Read More

2nd Home Market = Opportunity

July 10, 2014/in Mortgage Industry, Our Blog

A “2nd Home” or “Vacation Home” is a property that is more than 50 miles from a buyer’s primary residence and is also located in a “typical vacation area.” In other words, a homeowner living in Walnut Creek cannot buy an investment property in Union City and call it a “2nd Home” in order to […]Read More

Three Options For Eliminating PMI

July 9, 2014/in Mortgage Industry, Our Blog

Here are three options for eliminating the private mortgage insurance (PMI) obligation associated with a conventional loan (elaborating on Monday’s Comments). Option #1 – Refinancing: If your property appreciates to the point where we can garner a new appraisal to support a value high enough to reduce your loan-to-value (LTV) ratio to 80% or less, […]Read More

Dow Hit Record High; Getting Out of PMI

July 7, 2014/in Mortgage Industry, Our Blog

A borrower recently called us to discuss his refi options. He had a 30 year fixed rate loan at 3.5%. He also had PMI that he wanted to eliminate b/c he now has substantial equity in his Bay Area home. As much as we wanted the refinance business, we told him not to refinance but […]Read More

Happy 4th Of July from JVM Lending

July 3, 2014/in Marketing, Our Blog

HAPPY FOURTH OF JULY FROM EVERYONE AT JVM LENDING! Jay Voorhees, Alex Chan, Chingchi Yu, Jenna Armstrong, Neetu Machaiah, Sean Yates, Tiffany Nordgren, Diandra Prutton, Erin Piper, Denise Truono and Lindsey Hansen Jay Voorhees Founder/Broker | JVM Lending (855) 855-4491 | DRE# 1197176, NMLS# 310167Read More

Fat Down Payment – Equity Line After Close To Reclaim Liquidity

July 2, 2014/in Mortgage Industry, Our Blog

We had two borrowers this week have to drain every penny of their substantial stashes of liquid funds in order to make their offers more competitive. Large down payments of course allow us to push files through underwriting faster, and they often make appraised value (and appraisals) a non-issue. We reminded both borrowers they would […]Read More

Rent-Back for 60 Days OK; > 60 Days, We Don’t Want to Know; Overlays

June 30, 2014/in Mortgage Industry, Our Blog

Rent-Back for 60 Days OK This is a reminder that Fannie Mae, Freddie Mac and most Jumbo lenders allow sellers to “rent-back” (retain possession of a property after they sell it) for up to 60 days after close of escrow. Some lenders, however, have an “overlay” (a requirement stricter than Fannie or Freddie’s) that limits […]Read More

Another Raving Fan Testimonial? Our Website Is Plastered With Them

June 27, 2014/in Marketing, Our Blog

We think authentic testimonials are the best proof that a lender or any business can perform as promised. Our website is literally plastered with them. We get them every week in fact. I would be suspicious of any business that cannot readily provide an abundance of authentic and recent testimonials. Check us out at: https://www.jvmlending.com/meet-our-clients […]Read More

Lender-Paid-Mortgage-Insurance – Overrated?

June 26, 2014/in Mortgage Industry, Our Blog

Many lenders tout Lender-Paid-Mortgage-Insurance (LPMI) as a way to avoid mortgage insurance. In fact, one of our lending sources (Quicken) has extremely good LPMI rates. With LPMI, borrowers can avoid mortgage insurance altogether by taking a slightly higher interest rate (3/8 to 1/2 percent higher for a 90% LTV for example). There is no free […]Read More

Closing Cost Credits for Impounds and Transfer Taxes Too

June 25, 2014/in Homebuying, Mortgage Industry, Our Blog

We frequently remind Realtors that credits for closing costs can be for both recurring and non-recurring closing costs. Credits should always just be for “closing costs” without delineating “recurring” and “non-recurring” costs. Recurring costs = Interest, Property Taxes, Insurance, HOA Dues; Non-recurring costs include all one-time fees such as escrow, title insurance, appraisal, notary, underwriting, […]Read More

We Push 5% Down Conventional Over FHA, If Loan Is Under $417,000

June 23, 2014/in Mortgage Industry, Our Blog

We had a buyer come to us this weekend who had been approved for FHA financing by an online lender. The buyer, however, was very well qualified and should have been encouraged to take 5% down Conventional financing over 3.5% down FHA financing. Conventional financing is better than FHA financing, when buyers qualify, for the following reasons: 1.) […]Read More

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