J & L Processing

J & L Processing NMLS 1747388
https://www.nmlsconsumeraccess.org/ https://nationwidelicensingsystem.org/about/Pages/NMLSConsumerAccess.aspx

01/13/2025

🍾 We hope you can join us along with J & L Processing as we kick off 2025 and the celebration of Mardi Gras Season with King Cake and Mimosas! 🍾

Here is a little Thanksgiving cheat sheet for you guys.Also, remember if you need any mortgage advice, or want to get pr...
10/22/2024

Here is a little Thanksgiving cheat sheet for you guys.
Also, remember if you need any mortgage advice, or want to get preapproved to buy a home I am a phone call away
318-332-4409
jlmtgs.com
NMLS 1322733

So, at least once a week I feel like I am pulling credit for people and running what is called desk top underwriting to ...
10/03/2024

So, at least once a week I feel like I am pulling credit for people and running what is called desk top underwriting to see if people can be approved for an FHA loan to buy a home.
Many times these come up as what we call a manual underwrite loan. And just because you are a manual underwrite doesn't necessarily mean you cannot buy a home using FHA financing.
(This post is only in reference to FHA manual underwriting not USDA or VA which have their own set of factors that I can discuss another day if you like)
Here is the deal if you have any of the following you do not qualify for manual underwriting and this is why we have to tell people they have to wait for certain things to age off of their credit
1. You cannot have any late rent payments in the last 12 months automatic denial
2. You cannot have had any late payments to housing or installment loans in the most recent 12 months. AND no more than 2 over 30 day lates in the most recent 24 months
3. No more than 2 over 60 day lates on revolving debt in the most recent 12 months and NO over 90 day lates on revolving debt in the most recent 12 months.
Remember this applies to manual underwriting. If you get an approval then this doesn't apply.
Please let me know if you have any questions or have been turned down by another lender.
318-332-4409
jlmtgs.com
NMLS 1322733

There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position w...
09/11/2024

There are a few key things you’ll want to avoid after applying for a mortgage to make sure you’re in the best position when you get to the closing table.

Don’t change bank accounts, apply for new credit, make any large purchases or transfers, and don’t co-sign loans for anyone.

Here’s a good rule of thumb. Always connect with me before making any financial decisions once you’ve started the mortgage process.

Let me know if you have any questions about the home buying process.

318-332-4409
NMLS 1322733

Need a Co-Signor to Buy a Home? Just like any other type of loan, you can add a co-signor when buying a home. The key i...
09/04/2024

Need a Co-Signor to Buy a Home? Just like any other type of loan, you can add a co-signor when buying a home. The key is to work with someone who understands what type of co-signor is permitted depending on the home you would like to purchase. If you are ready to own a home, but need a co-signor, let’s chat and make a plan.
318-332-4409
NMLS 1322733

Did you know you can get a gift for closing costs and/or down payment.I have attached the criteria for FHAConventional r...
09/02/2024

Did you know you can get a gift for closing costs and/or down payment.
I have attached the criteria for FHA
Conventional requires the gift to be from a relative, or a non relative that familial relationship with the borrower
VA and USDA allow gifts from anyone who isn't an interested party to the transaction (ie realtor, lender, etc)
Maybe you have been saving money for down payment, but don't have enough for closing costs.
Then think about a gift.
Let me know if you have any questions
jlmtgs.com
318-332-4409
NMLS 1322733

VA Minimum Property Standards Guide – Is that Listing Ready for a VA Buyer?318-332-4409NMLS 1322733
09/01/2024

VA Minimum Property Standards Guide – Is that Listing Ready for a VA Buyer?
318-332-4409
NMLS 1322733

08/29/2024

Today I want to tell you guys I am so grateful and thankful to each and every person on social media that has supported me, shared my stuff, sent me referrals, or just saw my posts and called me themselves to get started on their home buying journey. It makes me all tingly inside. You guys better watch it or I am going to turn into one of those happy people. 🤣🥰

I get asked about these types of credit scenarios quite often as well.These are the wait periods for different credit ev...
08/29/2024

I get asked about these types of credit scenarios quite often as well.
These are the wait periods for different credit events for each of the major loan programs.
If you have questions let me know.
318-332-4409
jlmtgs.com
NMLS 1322733

When you remember it is closing dayX2Thank you Shayne KellyTracie JacksonGabbie LemoineCory ChandlerAnd of course my bor...
08/26/2024

When you remember it is closing dayX2
Thank you
Shayne Kelly
Tracie Jackson
Gabbie Lemoine
Cory Chandler
And of course my borrowers who I will let tag themselves here in case they were wanting to make their own announcement
Teamwork makes the dream work

08/24/2024

One of the things I get asked the most as a loan officer is, what credit score do I need to buy a home?
And there are two answers to that question.
First the actual break down of credit score requirements

Conventional loan is a 620
UNLESS you use a blended score
Example
Borrower 1 has a 720 score and borrower 2 has a 610 score
You blend those together and the score is a 665

VA doesn't actually have a score requirement, but most lenders have a minimum score requirement
I have lenders that go down to 500

USDA also doesn't have a score requirement, but most lenders have a minimum score requirement
I have lenders that go to 550

FHA is a little different as there are two score requirements
580+allows you to put 3.5% down
500-579 requires 10% down

Now the 2nd answer to this question is
The score that allows us to get you preapproved
Just because you have a 580 doesn't mean you can be approved at 580
And many times you will have to jump thru more hoops with a score below at least 620 on most government loans
You may have to prove your rental history
Explain all the bad credit on your report
Possibly have reserves in the bank (reserves are a month of your housing payment, and you may need anywhere from 1 to 3 months reserves)
You may not qualify for as much due to lower debt to income thresholds or in case of VA residual income thresholds

Also, interest rates come at a cost.
You can get ALMOST any rate you want, but it will cost you

Example
With a 580 score the interest rate of say 6.75 may cost you 2000 dollars. That is another 2000 dollars in closing costs you have to spend
Whereas if you work on your credit and get your score up to say a 620 that same 6.75 doesn't cost you any extra money.

This is not to say you cannot be preapproved with a lower score. OR that you shouldn't buy a home with a lower score.
This is just a transparency post on scores and what the different scores entail

The number 1 thing to do if you know your score is lower is to get with a lender (like me) and figure out a plan to get your score to a place where we can get you preapproved without too much cost.

318-332-4409
NMLS 1322733
jlmtgs.com

Today's property spotlight is in Minden Louisiana and is listed by Jennifer Killough Swain with La State RealtyThis home...
08/16/2024

Today's property spotlight is in Minden Louisiana and is listed by Jennifer Killough Swain with La State Realty
This home can be financed using RD financing (provided you meet credit and income criteria) You can also use FHA, VA or conventional financing.
See flyer below for some possible financing options.
As always if you have questions about financing give me a call, text, or DM
318-332-4409
And you can always apply online at jlmtgs.com
If you have questions about the property call Jennifer or your favorite realtor.
Jennifer Swain 318-465-2580
NMLS 1747388
Equal Opportunity Lender
This is not a commitment to lend

Address

2234 Windsor Court
Bossier City, LA
71111

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