Tag Archive for: down payment

Six Factors That Can Impact Your Mortgage Rate in California

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Every borrower wants to get the lowest mortgage rate when applying for a mortgage loan. JVM is proud to offer our buyers some of the lowest rates in the industry. But, few buyers are aware of the many different factors that could affect the mortgage rate they are given in California.Read More

If You Owe Income Taxes, Can You Get a Mortgage? Yes!

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Income Taxes Owed Income tax liabilities are a frequent issue during tax season, and worthy of addressing again. Borrowers can get mortgage financing if they owe income taxes, in most […]Read More

Consult Lender Before Moving Money; Paper-Trailing Assets

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We recently had a Realtor remind his client to talk to us before moving any money around, and it was a very pleasant surprise. Most Realtors and borrowers do not […]Read More

How To Lower Debt Ratios 101

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Experienced Mortgage Analysts (or Loan Officers) have many tools to lower debt ratios to help borrowers qualify for a larger loan. Here are a few that all loan officers should […]Read More

How To Lower Debt Ratios 101

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Experienced Mortgage Analysts (or Loan Officers) have many tools to lower debt ratios to help borrowers qualify for a larger loan. Here are a few that all loan officers should […]Read More

Funds To Close; Every Dollar Accounted For; Don’t Move Funds!

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One of our biggest hold-ups at closing is accounting for every dollar used for down payment and closing costs (funds to close). Lenders are now required to paper-trail every dollar […]Read More

Condo Concerns? What To Look For

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Things to consider when looking at Condos: 1. Rates are usually higher for condos if the down payment is less than 25%. 2. Concentration Rule. Does one owner own more […]Read More

Can’t Use Business Funds For Down Payment Without CPA Letter

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CPA Letter For Use Of Business Funds This is a reminder that lenders do not allow borrowers to use business funds (from any “business account”) towards a down payment or […]Read More

Converting “Cash” to Down Payment Funds – Gifts

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We frequently have borrowers with substantial sums of cash that they want to use for a down payment. They cannot simply deposit the funds in escrow or into their bank […]Read More

One Day Out Of Foreclosure/Short Sale Loans? Options?

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We are constantly asked what options are available for borrowers who do not have the required 3 years of seasoning from their short sale or foreclosure dates. For borrowers with […]Read More

“Gift Of Equity” For a Down Payment Instead of Cash

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This is a reminder that sellers can “Gift Equity” as a portion of a down payment. With conventional financing, a “Gift of Equity” can comprise the entire down payment if […]Read More

Put Less Down and Pay Off Car or Consumer Debts

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We had a borrower last week who was getting a gift of $40,000 to buy a home with FHA financing. FHA of course required a much smaller down payment but […]Read More

Post-Close HELOC to Reclaim Liquidity; 90% CLTV

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We often encourage buyers to put down 20% or more not just to avoid mortgage insurance, but also to make their offers much stronger and to allow us to close […]Read More

“80/10/10” Explained; Lower Payment; No PMI; Longer Close

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We are getting many questions about “80/10/10” financing lately. “80/10/10” stands for an 80% loan-to-value (LTV) first mortgage, a 10% LTV 2nd mortgage, and a 10% down payment. The purpose […]Read More