I learned a hard lesson on a loan last year, I had a borrower that was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always have the loan run to see if you get just one year's return.
Having one Year's return makes it less complicated less documentation and fewer questions
Simplification is the best route to take and exploring all options

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Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide:

Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to suit their needs.

Expertise and Guidance: Brokers have in-depth knowledge of the mortgage market, including various loan products, interest rates, and qualification requirements. They can provide personalized advice based on your financial situation and goals.

Loan Comparison and Selection: Brokers analyze your financial profile and help you identify mortgage options that align with your needs and preferences. They can compare loan terms, interest rates, and fees from different lenders to find the most suitable option for you.

Application Assistance: Brokers assist with the mortgage application process, helping you gather necessary documentation and complete paperwork accurately and efficiently.

Negotiation: Brokers negotiate with lenders on your behalf to secure favorable terms, including interest rates, loan terms, and closing costs.

Streamlined Process: Working with a broker can streamline the mortgage process, saving you time and effort by handling much of the legwork involved in securing a loan.

Continued Support: Even after your mortgage is approved, brokers can provide ongoing support and assistance, answering questions and addressing any concerns that may arise.

Overall, mortgage brokers offer a valuable service by simplifying the mortgage process, providing expertise, and helping borrowers find the best possible loan options for their individual circumstances.

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There are two main types of FHA 203(k) loans:

Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.

Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.

Some key points about FHA 203(k) loans:

They require a down payment of at least 3.5%.
The property being renovated must be a primary residence.
Borrowers must work with an FHA-approved 203(k) consultant.
There are specific eligibility requirements and guidelines for the types of renovations and repairs that can be financed.
Overall, FHA 203(k) loans can be a helpful option for buyers and homeowners looking to finance home improvements, but it's essential to understand the requirements and limitations of the program before applying.

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One program that is available for first-time home buyers is where you can put 1% down and the lender will give you the other 2% towards a down payment. A total of a 3% down on your home. If you bought a 300,000 home you would put 3,000 down and if you got the seller to pay 3% of closing costs, you just bought a home for $3,000. What would it cost to move into another rental? First, Last, and deposit?
Now for the next program. depending on where you live, you could get up to $5,250 for a down payment or closing costs. That is huge and with the seller paying closing costs, Now you can see how the opportunities of getting into a home
No liens, second mortgages, or anything. This is a great opportunity not to have to do down payment assistance with a second lien against your home
with certain restrictions

there are no restrictions with the 1% down or up to $5,250 towards down payment or closing costs

Please let me know how I can help you

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1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios
2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one.
3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA?
So really 3 different types of vehicles that can get you into a home or get home improvements included in the financing or a Reverse Mortgage for the elderly that has no mortgage payment and help subsidize your retirement.

The Government did an incredible job looking at the various ways to help buyers get into a home.

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The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels
is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the future
the cost of everything is going up and not stopping and you will see inflation continue to gain ground once again. Time to put the house in order with a refinance to consolidate debt.
A phone call or an email away to go over your present situation and see what makes sense with the present home values

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Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available.
I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher and rates as well. But if you have these programs available and the payment is affordable then the probability of refinancing down the road is in your favor and if inflation continues to go up so will home prices.
Maybe it is the right time to buy a home now?
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Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 trillion annually next year. I say rates will have to come down in order for the Gov't to pay the interest expense, kicking the can down the road so to speak. We will have an opportunity to refinance the higher rate we have on our home and also refinance all the credit card debt, installment loans, car loans, and even student loan debt. The probability is great sometime down the road. Continue to watch the videos and when rates do make a significant drop will let my viewers know. Then it comes down to what is the cost vs the savings on a refinance. Opportunities will come just the timing not sure about.

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