Revisiting FHA – Increased Loan Limits for 2016

December 10, 2015

2000px-US-FederalHousingAdmin-Logo.svgYesterday, FHA announced the increase of their loan limits beginning on January 1, 2016 to $437,000 for single family residences in the following Tennessee counties: Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Maury, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, and Wilson.  The increase of the FHA loan limits will likely enable increased home-ownership opportunities in these 14 Tennessee counties for many reasons – some of which might be overlooked by the casual observer.

The obvious additional opportunities for those desiring to buy or refinance houses is possibly obvious.  Now home buyers wanting to buy a house up to $452,000 can do so with only a 3.5% down payment!  Buying a $452,000 anywhere in these counties with only a $15,800 down payment is an amazing option for many to consider.  This down payment can come as a gift from a family member and all of the closing costs for this purchase can be paid by the seller or the lender.  This arrangement can be a life-changing opportunity for many who have desire to live in an area where the safety, convenience or educational benefits could reap returns for many generations to come.

Happy Family

Many growing families may find the increased FHA Loan Limits in 2016 to be a lifesaver when considering their need for additional space, improved local schools or safer neighborhoods.

Others many need to refinance their homes or consolidate 1st and 2nd mortgages or other overwhelming debts and need the benefit of refinancing their home with an FHA loan up to 85% of the appraised value.  A borrower using an FHA loan to refinance their home is allowed to draw out this cash with no questions asked for paying off these high payment debt accounts or for making home improvements to their existing house.  The $11,500 increase in the FHA loan limit on January 1 might give those in need the extra breathing room to cause this new refinance loan to make sense for them to accomplish these financial goals to set them up for success for decades to come.

And finally, what many may not be aware of, the uniqueness of FHA underwriting guidelines may allow many who desire to buy or refinance to move forward with their new loan for any of these reasons:

  1. FHA allows for a “non-occupying, co-borrower” to be added to the loan where those who are planning to live in the house might not qualify on their own merits.  Lenders can add a parent, sibling, child, grandparent, aunt, uncle or cousin to the loan application and include their income, assets and credit profile to strengthen the quality of the loan to increase the possibility of loan approval.
  2. FHA allows for financing of mixed-use properties with residential interest rates and guidelines.  This would give a buyer the opportunity to purchase a property designed for use as a business AND a residence to purchase the entire property using FHA qualifying guidelines and still use part of the house for business use.
  3. FHA allows for property owners and home buyers to buy or refinance their homes setting aside additional money for repairs, upgrades, remodeling and rebuilding of the house – all in one loan.  This renovation loan called the FHA 203K is an amazing loan which enables home buyers to buy a distressed house and make it a dream house with all of the features that the new home buyer needs to make this home an investment they will enjoy for decades to come and to improve the entire neighborhood.

FHA loan increases on January 1, 2016 may seem like something that only mortgage geeks like this author might get excited about when really other industry partners and home owners and future home buyers should also welcome as we ring in the New Year!

(Please contact this author for additional details about any of the uses of the FHA Mortgage and how it might be of help to you or those you know.)

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Winning the Heart of Your Special Woman!

February 13, 2015

I heart my houseOK, gentlemen. The pressure is on!  What to buy your special woman this Valentine’s Day? Flowers die in a week. Chocolates are eaten up in a day or two. Jewelry can only be worn occasionally. This year, why not buy her the HOUSE you both have wanted for years! Great interest rates and new $0 down or low down-payment programs are available for almost any home buyer. Contact me and let me help you know your home financing options. I’m local, licensed, certified and have 17 years of lending experience – Ready to go to work for you or those you know.


Renovation Loans that You can Finally Understand!

January 28, 2015

203K Guide coverHave you every wondered if you could make improvements on your current house in such a way as to bring the value of your house up, “BUT” didn’t have the cash or the equity in your house currently to make this happen?

Have you considering buying a “fixer-upper” to move into, “BUT” knew that 2-3 years of weekend projects would not be realistic with your work or family responsibilities and you didn’t want to pour all of your extra cash into the improvements on the house?

Have you found a house that would be perfect for your family “BUT” the kitchen….., or the master bedroom…., or the exterior (siding, roofing, windows)…., or the bathrooms…., or the heating and air conditioner……..,or the flooring…. need some changes?

Finally, any of these “BUTS” can be alleviated from the mix of your consideration by using the FHA 203K Renovation Loan to finance your desired improvements with OUR MONEY!  You keep your cash and let us roll the costs of the qualifying improvements into your new loan.  You close on your house loan (and transfer ownership into your name if its a purchase loan) and then we’ll pay the contractors as they finish up the work on your house!

This is one of the best WIN-WIN-WIN mortgage loans available in the industry today.  Want to know more? CLICK HERE to download the New 203K Guide: “Building the Bridge to Home Ownership”

Need to learn more about the FHA 203K Renovation Loan?  Try this: http://www.ReBuildTennessee.com


Your Guide to the Mortgage Loan Process – “Preparing for the Loan Process”

January 27, 2015

Your Guide to the Home Mortgage Loan Process coverThank you for the opportunity to assist you in acquiring a mortgage loan. Applying for a home mortgage is one of the biggest and most important financial steps you will take in your lifetime. The mortgage loan process can seem complex to many; LeaderOne wants to ensure you feel fully educated as you move through this process. Let this article serve as a personal resource that outlines the steps you will be taking with LeaderOne as you work towards your mortgage loan.

PRE-QUALIFICATION

Please be sure to provide me the following documents:

• W2s (from the last 2 years)

• 1040 Federal Tax Returns (from the last 2 years)

• 2 most recent pay stubs

• 2 most recent bank statements (all pages)

• Copy of driver’s license

INFORMATION SENT TO YOUR REALTOR

I will send an email to your Realtor, explaining the program you are approved for, closing costs needed and any other details they may need to know.

SEARCH FOR YOUR NEW HOME

Purchase Agreement (PA), is written (including all contingencies) 

• You may decide to have your agent write the offer contingent upon inspection. Typically, you as the buyer, have 5-7 days to remove any inspection contingencies. You will hire an inspector who works exclusively for you to inspect the overall condition of the property and give you a detailed report of the condition of the home. If you should decide that any inspected items needs to be replaced or repaired, you have the right to ask the seller to fix it, reduce the price or cancel the purchase agreement all together.

• You also have the option to make the offer contingent upon financing. If for any reason, financing falls through, you are able to get your earnest money back.

• If you decide the home is acceptable in it’s current condition, you may choose to remove the inspection contingency.

Purchase Agreement is accepted or rejected

• If your purchase agreement is accepted, you proceed to the financing step.

• If your purchase agreement is rejected, continue your search for finding a home.

(CLICK HERE to download the entire booklet “Your Guide to the Mortgage Loan Process”)


The HomePath Renovation Buyers Guide eBook

January 19, 2013

by Brian Short

Navigating Renovation Mortgage BCS Cover The HomePath Renovation Buyers Guide with Brian Short – Today’s housing market offers a diverse selection of homes for buyers. One option you have available is a HomePath-eligible home. These Fannie Mae-owned properties are often priced relatively low. Some of them need a little TLC. That’s where the HomePath Renovation mortgage comes into play.

This free 13-page guide will answer several questions including:

  • What is a renovation mortgage?
  • What are the benefits to HomePath financing?
  • What makes a home a renovation mortgage candidate?

This free eBook is just 13 pages, and will take you through the renovation mortgage process, specifically the HomePath Renovation mortgage option.


The Road to Mortgage Ready Credit eBooklet

January 19, 2013

by Brian Short

Mortgage Ready Credit coverThe Road to Mortgage Ready Credit with Brian Short – The 22 page booklet carefully explains 1) What is good credit, 2) What is a Credit Score, 3) What improves your credit, and 4) Other Credit Issues which could keep you from qualifying for your upcoming home purchase or refinance loan.  Down load this eBooklet for your use or forward to a friend or loved one who is considering a home purchase or refinance in the coming months.


Home Buying Resources for 2013

January 18, 2013

by Brian Short

Home Buyers Handbook cover1.  Brian Short’s Home Buyer’s Handbook – 81 pages, 7 chapters full of step-by-step advice on making one of the most important purchases you’ll ever make in your life.  Take this advice from a PRO.  Download this Handbook and save yourself thousands of dollars of mistakes and hours of wasted time!

Navigating HomePath Cover

2. Navigating the HomePath Mortgage with AmeriFirst & Brian Short – This 9 page booklet gives you the information and details for successfully buying one of Fannie Mae’s recently foreclosed properties in need of a buyer.  My booklet is tested and proven to be authoritative guide for helping you buy a great bargain in a neighborhood of your choice.

203k Guide Cover

3. 203k Guide: Building a Bridge to Home Ownership with Brian Short – “It’s a Jungle Our There” and my 12 page booklet with help you walk through the steps of RENOVATING your existing house or the house you have located which needs your TLC and our loan to make it all possible.