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Flips Defined; Pay Off Consumer Debt to Qualify; Available Weekends!

A few reminders:

1. JVM Works Weekends. Here are a few quotes we got over the weekend from a favorite Berkeley Realtor: “Thanks for the speedy response!” and “Love working with a Lender who works on weekends. :)”
We get similar quotes every weekend b/c real estate often takes place on weekends. We always have a seasoned Mortgage Analyst “on call” – ready to just answer questions or to speak with buyers.

2. “Flipped” Properties. A property is not technically a “flip” unless it was bought and resold within 90 days. Flipping within six months will still invite increased scrutiny by underwriters and often requires two appraisals, but it will not preclude FHA financing or bring on other “flip” restrictions.

3. Paying Off Debt to Qualify for More. We often remind buyers to make smaller down payments and use the savings to pay off consumer debt. Paying off $700 in consumer debt (car loan, credit cards, etc.) can increase a mortgage pre-approval by $125,000.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646