Danny's Real Estate Blog | Page #4

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Danny's Real Estate Blog

There are several different types of mortgage loans for which one can apply. Four of the loan types are far more common than others: FHA, VA, Conventional, and USDA. There's also a Jumbo loan if you're financing more than $424,100.

While all mortgage lenders may be different, the different kinds of mortgages they offer are virtually all the same. You’ll find more about this in my Home Buyers Handbook.

FHA:

-       Down payment of 3.5%
-       580 credit score required (varies by lender)
-       Mortgage Insurance required 
-       Loan limit changes per year and varies by county 

VA: (Active service members, veterans, eligible surviving spouses, and some reservists)

-       No down payment required
-       600 credit score required (varies by

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The VA Loan is an incredible program for our country's veterans and active duty military members. There's no question the VA loan is one of the best out there right now for eligible buyers. With the ability to have no down payment and some closing costs paid for, it's an incredible time for those who qualify to be able to get into their first home.

With a father who served in the Gulf War, and a grandfather who served in Korea, I know all about military life. Having the Military Relocation Professional certification is a tremendous honor in the real estate community, and I am very proud to serve military members with their real estate needs. From the bottom of my heart, thank you for your incredible sacrifice and dedication to this country.

Who can

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No, they are not the same thing. But if you thought they were, you're not alone. Too many people have no idea of what the distinctions are between the two, and it can make a major difference when making an offer on a home. So if you're looking to buy a home, pay attention to the following:

Pre-qualification

Getting pre-qualified is the first step in the starting the mortgage process, and it's usually pretty easy. You give the mortgage lender a brief summation of your overall financial condition, including your debt, income and assets. After taking this information into consideration, a lender can give you a general idea of the mortgage amount for which you qualify. This process can be done over the phone or online, and it usually doesn't cost

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There's no real estate transaction which goes 100% smoothly. Any number of things can happen during the sale of your home, and a number of things can happen with each number of those other things. Some of them are unavoidable. But there are plenty which can be avoided. When it's time to sell your home, here's some common mistakes sellers make, and some ways to avoid them.

Overpricing

It's no surprise this one is at the top of the list. The easiest, and most common, mistake a seller can make is overpricing the home. Even in a sellers market, homes which are overpriced will sit on the market and become stale. Those listings end up getting a price reduction, and usually sell for less than their real value. This usually happens by the seller having an

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Congratulations!

You've decided to stop paying rent and enter the world of homeownership. For many, this is the single greatest financial investment of your life (except for marriage, but I digress). I'm sure you have friends and family who have told you all about the process, and you already know where you want to live. You've done your homework. But here's 5 things to know you have in addition to a mortgage when saving your pennies for the closing table.

Closing Costs

You know about the down payment, and you know how much the furniture you're going to buy costs. But just to get a mortgage costs money. You'll also have some closing costs, paid to both the lender and title company. These can range from the lenders origination charge to any of the

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Being a Medical Professional certainly has its advantages. For starters, you get to introduce yourself as Doctor. Mothers want their daughters to marry you, and their sons to grow up to be like you. I digress. But another advantage, there's a special mortgage program tailored just at medical professionals which sounds too good to be true. But it's real. And it's incredible. Read on.

For us common folk, any mortgage over $424,100 would require us to put 20% down and is called a Jumbo Loan. Not so with the medical professional loan. It has some extra benefits not allowed for everyone else which can come in handy.

For all practicing Doctors and Dentists, and basically anyone who can prescribe medicine (sorry, not Chiropractors):

- 100% financing up

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If you subscribe to my YouTube channel, you'll notice there's a series of videos on there detailing the home buying process. The very first video mentions the first step in the home buying process is to speak to a mortgage lender. You'll need to do it anyways, but it's best to get it done up front. To summarize, a mortgage pre-approval is a written assurance from a mortgage lender saying you’re able to borrow money to purchase a home up to a certain amount. The approval is based on the income, employment and asset documentation you give the lender at the time of application, along with your credit history. There's several important reasons why we suggest this be done first.

1. To make sure you can purchase a home.

In order to be able to start the

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A study conducted by the National Association of Realtors a few years ago found only 17% of homebuyers got everything they wanted in their home. They didn't have to compromise on the location, updates, etc. An astounding 83% had to make a sacrifice somewhere in order to get into a home. That's incredible. What if it didn't have to be this way?

If you've never heard of a rehab mortgage, you're about to have your mind blown. There's both an FHA version and a conventional mortgage. Let's start with FHA. They have a product called a 203k. To quote HUD, "Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the

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There so many mortgage regulations on the books in this day in age, it's hard to keep track of all of them. The government is constantly changing what is and isn't allowed by lenders. The most recent set of laws handed down at the end of 2015 were all designed to protect the mortgage borrower, and are very much aimed at cracking down on cronyism.

If you've ever been to an on-site home builder, such as DR Horton, Lennar, Drees, etc., you'll notice they have an in-house lender, or affiliated company, they will usually try and mention as much as possible. While it's not a bad thing for them to do so, it does come with its own set of rules the on-site rep (who works for the builder, and not the consumer) may not be aware of. For example, it's illegal to

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If you're new to the home buying game, you may have started to read about the process in a number of places online and may be confused about what's right. NEVER FEAR! I specialize in helping first time buyers understand the process and guide them along the right path to home ownership. It's a huge chunk of my business. There are mortgage programs out there tailored specifically to help people buy their first home, and as explained by The Mortgage Nerd, you DO NOT NEED 20% down in order to buy! In fact, they come with better conditions, in most cases, than if you were not a first time buyer.

There are a couple different First Time Buyer Programs out there, and i'll break them down into what each includes.

0% Down 3% Down
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