On Our Own

November 9, 2016
on-the-beach-112016-smaller

Belinda and me enjoying a late summer beach trip.

I am beginning to understand that vacations can be grouped into at least three different categories – especially for those of us with large families!  There were the vacations you took BEFORE kids during those early years of your marriage, the vacations you took WITH the kids and finally, those you have taken (or will take) AFTER your kids are gone – or are too busy to take with you!

For the two of us, we are now entering into the third phase of our vacations.  We started having kids over 30 years ago and I can count on one hand the trips we have taken without any kids during these years.  We’ve taken some great trips with our kids to beaches, mountains, national parks, historic cities and sites and amusement parks.  Most of those trips where designed to keep kids happy, entertained, fed, well-rested and healthy.  They have been fast paced, jam-packed and expensive – even when we tried to cut costs.

Our kids tell amusing stories to each other and their friends about “sneaking” into hotel and resort rooms 2 or 3 at a time because a few places where we stayed were not designed for a family of 5 kids under the age of 10 – just so we could all stay in the same room or condo.  Other stories include when their little sister actually slept in a make-shift “bed” in the bathtub during one trip because there were not enough beds for all five girls!  (Please don’t report us to the authorities!)

This year’s “Short Family Vacation” was actually planned during a time when we thought several of our girls would be able to join us at a beach-side location where several of them had expressed an interest in visiting again.  However, when it got closer to the designated week for our vacation only one of our grown daughters and her roommate were able to join us – and for only a couple of days.  Although slightly disappointing to us, we realize that our new reality is that our girls have moved out (except for our youngest who is a busy college senior) and are now very engaged with their lives and their time-off from work and family responsibilities may not coincide with our “Short Family Vacations”.

Similarly, I’ve heard others relate housing needs to these three vacation categories – BEFORE kids (starter homes), WITH kids (that house with all of those bedrooms and bathrooms and a big back yard) and AFTER the kids have moved out (the house with the master bedroom on the main floor and a much smaller yard!).  Many people who are changing their housing needs require the home loan services I provide.

As you or those you know find themselves starting-out, scaling-up or scaling-down I am able to be the experienced and trusted “Dream Maker, Problem Solver” to provide the tailor-made home loan solutions – so that no one in your family will find themselves sleeping in a bathtub!  Can I count on you to give my name to the next friend, neighbor, co-worker or family member who would benefit from my home loan expertise and hands-on customer care?

Advertisements

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.)


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