Moira Roberts - Sr. Loan Officer, CrossCountry Mortgage

03/01/2024

Can I afford to Buy Now and Sell Later? Do I have enough income and assets? Would I even qualify? This is THE CONVERSATION I'm having with clients and partners right now. Especially clients that consider relocating for work!

Here's the top five strategies I explore with clients and partners when considering a ‘Buy Now, Sell Later’ approach to real estate in the .

Just Do It: you have enough income and assets to carry two mortgages and a down payment on your next home. Well done!

Get A Gift: you have enough income to carry two mortgages but not enough to put down on the new purchase. See if you have a family member or relative willing to cover your down payment.

Get A HELOC: If you intend to keep your home and have a lot of untapped equity, explore getting a HELOC to help with the next purchase.

Get A Renter: Maybe you don’t have enough income to carry two mortgages and qualify for a loan. Use rental income to offset your current home’s mortgage (monthly debt) and improve your debt-to-income ratio!

Get a Bridge: These are short-term loans intended to ‘bridge’ the gap between buying your new home and selling your old one. Extremely convenient but often expensive. You’ll want to weigh the financial commitment to ensure it makes sense for you and your unique position.

If you or someone you know owns a home that is considering making a move or buying their next property, let’s talk!

02/26/2024

5 Steps To Make Homeownership Possible In 2024!

Being a first-time homebuyer can feel overwhelming to say the least. It’s like driving through a new city without nav. There are ‘Homebuyer Guides’ and millions of articles on Google telling you what to do but how does a new buyer really know where to start?

5 steps every homebuyer should take before considering a life-changing purchase. 5 steps that are easy to follow, that keep your goals aligned and spending in check.

1) Build Your Income Based Budget: Let’s look at your monthly income and create ‘areas of spend’. The 50/30/20 rule is simple and a great jumping off point toward understanding how to allocate your earnings. 50% of your income for NEEDS, 30% of your income for WANTS and 20% of your income for SAVINGS & DEBT.

2) Analyze Your Spending: How much of your spending goes toward FIXED spends (think housing, car payments, utilities etc.) and how much of your spending goes toward VARIABLE spends (think entertainment, door dash, monthly subscriptions).

3) Credit Check: I can run a FREE soft pull credit inquiry that doesn’t impact your credit as a hard pull does. We can solve for credit repair and debt issues before the house hunt begins!

4) Money Mindfulness: Track the data! Whatever tool works best be it an app like Mint or pen to paper, tracking the data on exactly how your money is spent will keep your goals front of mind and impulsive spending muted.

5) Automate: Don’t be the roadblock. Use your bank or an app of choosing that automatically moves your income to a designated account. Debt, savings, investments… everything can be automated removing the obstacle (YOU) from forgetting or overspending in the wrong area.

11/29/2023

2024 Conforming Loan Limits Announced!

Earlier today, the FHFA announced an increase in Conventional Conforming Loan Limits for 2024. In most counties, the 2024 conforming loan limit for a one-unit property will be increased to $766,550. In high-cost counties like Contra Costa, Alameda and San Francisco, the loan limit for a one-unit property will be increased to $1,149,825.

It's important to remember that loan limits will vary county to county. Be sure to check the link below to see what the conforming loan limit looks like for you and your clients!

CLICK HERE TO FIND THE NEW LOAN LIMITS FOR EACH COUNTY

When can I lock using the new 2024 loan limits?

Today! Our systems have been updated to allow for locks using the new loan limits for standard conforming 1-4 unit loan limits (High Balance coming soon).

Loans locked prior to January 2nd, 2024 will be locked utilizing CCM’s Early Bird Product.

Can I close a loan today using the new 2024 loan limits?

It depends on your product type:
Conventional loans – you may close any time during the remainder of 2023.

FHA loans – you cannot close until 2024. FHA loan limits are based off case assignment date and the new loan limits only apply to case numbers assigned on or after Jan 1, 2024.

VA loans – New Loan limits for calculating entitlement for VA-guaranteed loans (when required) may be applied to loans closing on or after Jan 2nd 2024

USDA loans – N/A. RHS does not have a maximum mortgage size, but instead has limits on income and the value of the home.

Fannie Mae – Loans submitted through DU prior to December 2nd, 2023 that receive an Approve/Ineligible recommendation only due to exceeding the 2023 limit are acceptable as long as the loan amount submitted to DU complies with the applicable 2024 loan limit. The 2024 loan limits will be applied to AUS loan casefiles submitted (or resubmitted) on or after the weekend of December 2nd, 2023.

Freddie Mac – Loans submitted through LPA prior to December 3rd, 2023 that receive Accept/Ineligible recommendation only due to exceeding the 2023 loan limit are acceptable so long as the amount submitted to LPA complies with the applicable 2024 loan limit. The 2024 loan limits will be applied to LPA casefiles submitted (or resubmitted) on or after December 3rd, 2023.

FHA – FHA case assignment date must be on or after 1/1/2024. Therefore, your findings would be submitted (or resubmitted) after the AUS has been updated to Ineligible findings due to loan amount would not be applicable. This means FHA appraisals, on files using the new loan limits, will need to be ordered on Jan 1.

VA – Although VA has not announced the maximum guaranty amount for these transactions to which one would apply*, any loan needing to use the new loan limits must close on or after 1/1/2024.

Note– VA no longer publishes a maximum guaranty amount for loans greater than $144K where the Veteran has full entitlement. For Veterans with partial entitlement, VA’s maximum guaranty is a percentage of the FHFA loan limit.

USDA – There are no specific AUS or delivery requirements that apply for loan limit purposes on USDA loans.
Let me know if you have any questions on what these limits mean for you and your clients!

2024 Conforming Loan Limits Announced!

05/03/2023

Private Mortgage Insurance. If you have a conventional loan and plan to put less than 20% down, you are required to have Private Mortgage Insurance (PMI). Depending on the size of your loan, your debt-to-income ratio, your credit score and down payment, you could be looking at an additional $200 - $400 per month!

But what if you didn’t have to pay that? What if there was a way to remove that payment all together or significantly reduce it? Scroll through for your free education 😊.

Even if you’re comfortable with the monthly payment, leaving a PMI payment as is, may not be the best strategy for you long-term. Be sure you’re working with a lender that’s willing to show you YOUR options and that’s willing to fight for your right to save money (even when you don’t ask).

There’s a loan and strategy to fit every life… let’s find yours!

01/27/2023

First-Time Homebuyer February! Cait Hudson - Twin Oaks Real Estate # 01948905 and I will be going ’Live’ through February and capping the series with a FTHB trivia and happy hour!

We’re going to discuss first steps, buyer strategies, understanding the process, setting expectations, budget and much much more!

Tune in or spread the word and if you have a specific question or topic you’d like to see addressed, send me a message!

01/23/2023

Buying a home will likely be the largest financial commitment you will ever make and if you want to avoid the loss of THOUSANDS of dollars you need to work with a team of professionals to protect your investment, your time and your MONEY.

Hire a team of professionals. Start with ME, your lender, to understand your financial position and remove any potential roadblocks like credit, debt or documentation. Next, find your realtor. This realtor should be local, have existing relationships with vendors, understand the market and have your best interest in mind at all times. WE ARE YOUR PARTNERS. We are the team that will negotiate on your behalf and fight for the absolute best deal possible.

Home Inspections. You will pay out of pocket up front but it is vital that you uncover any potential defects or required repairs. Cue your partners to negotiate any repair costs on your behalf!

Home Appraisal. You will also pay out of pocket up front. The Appraisal report determines the property value and any repairs necessary to support the value or home/occupant safety. If the value comes in lower than the purchase price, the buyer can negotiate with the seller to either lower the sales price, cover the difference in value OR walk away from the transaction as long as an appraisal contingency is in place. Your appraisal contingency protects the buyer from loosing their Earnest Money Deposit should they decide to walk away.

This is why is it SO important to work with professionals that are committed to you and familiar with the local market! You do not want to put an offer on a property that is priced wrong only to find out that the true value isn’t there!

Protect your investment. Protect your time. Protect your money!

DM me for questions or more details.

01/18/2023

If you are self-employed and under the impression that you can’t qualify for a home loan because your income is self-generated or maybe a little nuanced, please watch this quick video on how lenders your income! Lenders and financial institutions want to see the following:

•2 years consistent work history
•2 years tax returns or 2 years bank statements: if you write everything off showing a lower taxable income than what you actually generate, you may want to explore a loan. Your income is verified through your bank statements.
•Good Credit
•Assets: Remember if you’re a first-time homebuyer you can put as little as 3% down if the LOAN AMOUNT remains under the conforming limit of $726,200 and if you’re in a high-cost county like Contra Costa, Alameda or San Francisco, you can put as little as 5% down as long as you stay under the $1,089,300 loan limit.

Let’s talk about your position and what’s possible for you! There are options to help with the interest rate, down-payment assistance programs to help with closing costs and first-time homebuyer programs to give you that extra support when needed. DM me for more details!

Moira McManus Roberts shared a post on Instagram: "If you are self-employed and under the impression that you can’t qualify for a home loan because your income is self-generated or maybe a little nuanced, please watch this quick video on how lenders your income! Lenders and financial inst...

01/06/2023

Attention Entrepreneurs and Business Owners! To all the people that had an idea that grew into obsession that evolved into a plan that blossomed into a business. This is for you! You are someone that values independence and ingenuity. Someone that doesn’t take ‘no’ for an answer and someone that understands INVESTMENT. Homeownership isn’t only for people receiving a salary or hourly pay from employer. Homeownership is for self-employed ‘do-ers’ like yourself and here’s what you need:

Two years of steady employment
Two years tax returns OR Bank Statements
Good credit
Favorable debt-to-income ratio (compare what you make against what you spend)
Savings / Assets (depending on the loan program, county and loan amount, you can put as little as 3% down on a conventional loan!)
Talk to a trusted Lender (it’s me… Hi.)

If you can own a business you can own a home! Beyond providing shelter and a place to make memories, there are tax write-offs, appreciation over time (aka you’re making money), potential rental income, a financial crutch if you fall on hard-times… the benefits are endless.

DM me with any questions on how you can get organized and make homeownership possible!

12/15/2022

What is mortgage insurance? Will I have it? How do I get rid of it? Answering a few questions around mortgage insurance: how to avoid it, how to prepare for it and who benefits from it.

Check out the video below and reach out with any questions about your position!

Homebuyers! What is Mortgage Insurance? Why do you have it? How do you pay it and how can you get rid of it? I’m exploring what mortgage insurance is for con...