Joshua Parmalee Senior Loan Officer- Better Rate Mortgage NMLS #1989720

08/15/2023

Make that big move without a big down payment. Purchase a home with as little as 3.5% down! Call today to learn more.

04/25/2023

Don't make this mistake with your first home purchase! 🏡

When buying a 3 or 4 unit property, FHA has a self-sufficiency rule.

I've seen buyers lose their deposit 😟from working with a lender who did not understand this rule:

FHA guidelines for 3-to-4 units state that, regardless of occupancy, the property must be self-sufficient.

This means that the maximum monthly mortgage payment is limited to 75% of the total rental income.

IF YOU'RE A LISTING AGENT, it's important to understand this rule because you do not want to accept an FHA offer if the property won't pass this test!

What options do you have if you cannot buy with an FHA loan?

A conventional loan allows for a 20% down-payment.

Find a lender who knows their stuff before you lose that money! 👍

04/23/2023

Lots of outrage over this graphic at the end of the week, and there are a few things you need to know if you're not in the industry:

1. This 100% DOES NOT APPLY to your current mortgage, it's only for new loans.

2. The idea you should tank your credit score to get a "better rate" is false. People with poor credit will always pay more/have a higher rate than those with better credit. It's all based on risk and if you'll ever pay it back.

3. It's not 1% or 1.75% to THE RATE. It's about cost. Ask your mortgage person how that works.

4. That 1.00% fee increase and 1.75% fee discount is in regard to what the rules were a few months ago. These fees have always been there, and they change all the time. If you have "good credit" you're not subsidizing someone with "poor credit"- it's a matter of the GSEs (Fannie Mae and Freddie Mac) shifting THEIR risk, so the mortgage bond market (hello Wall Street and capitalism) have more volume.

5. The entire idea is to make it *slightly* easier for new homeowners to buy homes, but will actually only affect a very small amount of the population. 46% of new home buyers have over a 720 credit score.

6. Do I like it? Meh- not really. But it's not effecting most of you. And those it does, it's not much. So don't fall for the crazy OMG RATES bu****it (pardon my french) you see on TV.

7. If you learned something, or enjoyed this post and want to know more in the future, please follow my page. Enjoy your Sunday! 👍

04/19/2023

Consider an 🏠FHA loan🏠 if you have a credit score between 580-660 and are putting less than 20% down.

In this range, it becomes harder to qualify for a conventional loan AND the private mortgage insurance becomes more expensive.

It's case by case, but sometimes FHA is the better option.

04/18/2023

DON'T FALL FOR THE MYTH YOU NEED 20% DOWN TO BUY A HOME!!

Minimum down-payments for owner occupied homes:

CONVENTIONAL LOANS:
Single-family - 3%
2-unit - 15%
3 and 4-unit - 20%

There is a 5% down program for 2-4 units which is subject to certain income limits.

FHA LOANS:
3.5% down-payment for 1-4 units

VA LOANS:
0% down-payment for 1-4 units

04/16/2023

We originate VA loans. They allow veterans to purchase a home with:

- 0% down-payment
- No PMI
- Up to 4 units

It is the best way to get started in real estate investing.

01/11/2023

BOOM! Fast closings never get old. Submission to CTC in 8 business days.

11/15/2022

04/11/2022

Love your home but not your monthly payment? With Flex term, you can refinance without resetting the clock, potentially save you thousands of dollars in interest without changing your payoff date. Call today to learn more.

04/11/2022

Real estate partners: Help your buyers get a bigger home without the bigger monthly payment – increase their purchase power with our discounted and no-PMI options! Let us run the numbers for you today.