Blog - JVM Lending

WARNING To Fence Sitters: Rates Will Climb This Year; Tapering

January 29, 2014/in Our Blog

Despite recent rate-improvements, rates will most definitely climb significantly this year. The reason is that the Fed continues to announce reductions in the amount of mortgage backed securities and treasury bonds it is purchasing. The Fed is expected to reduce its overall purchases from $85 billion per month in December to zero as soon as […]Read More

Waiving Appraisal Contingency? More Down or Switch to FHA

May 23, 2022/in Our Blog

No Loan Contingency To Make Offer Stronger

January 24, 2014/in Our Blog

We have a pre-approved borrower with perfect credit, a long employment history and a total (back-end) debt ratio of 29%. He also has ample seasoned funds from the sale of a previous home. The man needs no loan contingency at all. We realize that loan contingencies are often necessary for a variety of reasons, but […]Read More

Cover Letters & Strong Approval Letters Get Offers Accepted

January 23, 2014/in Our Blog

One of our borrowers was one of 14 offers yesterday on a property in El Cerrito. There are a variety of ways JVM can help make offers much more appealing in competitive situations, including: 1. Calling the listing agent to provide additional info. We are happy to do this with every offer. 2. Writing a […]Read More

No “In House” or “Boarder” Rent For Income, Unless Unit is Legal

January 22, 2014/in Our Blog

We were asked again recently if a homeowner could put a “boarder” or an “in-house” renter in her home to augment income for qualifying purposes. The answer is “no” in most cases. Lenders allow “in-house” rental income in some cases, but only if the income has appeared on the tax returns for one to two […]Read More

Rent vs. Buy Calculators; $150,000 In Equity in 7 Yrs w/ FHA

January 17, 2014/in Our Blog

In our Homebuyer’s Seminar we illustrate the benefits of buying over renting by comparing $2,100 per month rent (market rent for a 2/2 in our area) vs. buying a small home for $400,000 with FHA financing (3.5% down). We use very conservative assumptions, and we show how people end up much better off financially when […]Read More

Young People Need To Buy Real Estate; No Better Time Than Now

January 16, 2014/in Our Blog

We recently prepared for a very successful First Time Home-buyer Seminar (ask us for details) and we were surprised to find all the success stories in our database. The success stories all involved clients of ours who squeezed into properties when they were very young and who now have over $1 million in equity. These […]Read More

Adjusting Take-Home Pay/Paycheck to Account for Higher Payment

January 15, 2014/in Our Blog

The below article is in our JVM/Opes Newsletter (going out today). It is an important topic, however, and well-worth re-publishing in today’s comments. Renters are often concerned about the potential increase in their housing payments after they buy a home, even though their debt ratios indicate that they can more than afford the payment. They […]Read More

“Don’t Mistake Activity With Achievement” John Wooden; Vacuuming

January 13, 2014/in Our Blog

Our “Comments” are usually mortgage-related but one of our favorite quotes surfaced this weekend in the Wall Street Journal: “Don’t mistake activity with achievement” (John Wooden, former UCLA basketball coach). We love this quote b/c it is a mistake we all make far too often. At JVM/Opes, our primary goals should always be providing information […]Read More

“QM Rules” Hit Today! Yawn…Business As Usual

January 10, 2014/in Our Blog

This is the last time we will discuss this, as we have beat this dead horse pretty severely. QM news is, however, at the forefront today and cannot be ignored: QM rules officially become effective today. QM stands for Qualified Mortgage, and the rules are an offshoot of the Dodd Frank bill. As we stated […]Read More

Importance of Post-Closing Surveys! We Recommend Them

January 9, 2014/in Our Blog

JVM Lending uses “Survey Monkey” to send out surveys to every one of our clients after a transaction closes. We actually invite criticisms and frank comments so we can use the surveys to improve our business. We think such surveys are essential for all service businesses. Please feel free to steal our ideas. Below is […]Read More

Bridge Loans – What, When and Why?

January 8, 2014/in Our Blog

Our Opes Advisors branch offers “Bridge Loans.” Bridge loans are temporary financing against a property that a borrower will likely sell. In other words, if a buyer wants to buy a new home before selling his departing residence or existing home, he can get temporary financing against his departing residence to help finance his new […]Read More

How Do “QM” Rules Affect Lending? They Don’t at JVM Lending

January 6, 2014/in Our Blog

We have discussed new “QM” (Qualified Mortgage) rules several times, and how the new rules are supposedly tightening lending guidelines. QM prohibits loans with negative amortization, interest-only payments, balloon payments, and terms greater than 30 years. QM also prohibits loans in which the points and fees are greater than 3% of the loan amount. None […]Read More

“Who Gets Rich Selling Real Estate?” Wall Street Journal Article

January 3, 2014/in Our Blog

The Wall Street Journal had an interesting article today entitled “Who Gets Rich Selling Real Estate?” The full article is here: http://online.wsj.com/news/articles/SB10001424052702304591604579290394119863288 It discussed all the young people flooding prep courses and licensing exams b/c the luxury home market is coming back. Here are some key points from the article: I. It takes a surprising […]Read More

Alternative to FEMA Flood Insurance; Cheaper and Better

January 2, 2014/in Our Blog

Several of our borrowers in flood zones have been able to obtain much cheaper flood insurance through Gary Blome at efloodquote.com as opposed to going through FEMA. We have blogged about this before but feel it is necessary again b/c Mr. Blome has been so helpful. Many people do not realize how expensive FEMA’s flood […]Read More

JVM’s Blog

WARNING To Fence Sitters: Rates Will Climb This Year; Tapering

Waiving Appraisal Contingency? More Down or Switch to FHA

No Loan Contingency To Make Offer Stronger

Cover Letters & Strong Approval Letters Get Offers Accepted

No “In House” or “Boarder” Rent For Income, Unless Unit is Legal

Rent vs. Buy Calculators; $150,000 In Equity in 7 Yrs w/ FHA

Young People Need To Buy Real Estate; No Better Time Than Now

Adjusting Take-Home Pay/Paycheck to Account for Higher Payment

“Don’t Mistake Activity With Achievement” John Wooden; Vacuuming

“QM Rules” Hit Today! Yawn…Business As Usual

Importance of Post-Closing Surveys! We Recommend Them

Bridge Loans – What, When and Why?

How Do “QM” Rules Affect Lending? They Don’t at JVM Lending

“Who Gets Rich Selling Real Estate?” Wall Street Journal Article

Alternative to FEMA Flood Insurance; Cheaper and Better

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