David Servello - Peoples Mortgage

David Servello - Peoples Mortgage As a Loan Officer, I have access to a variety of investors, extensive loan programs, and competitive rates.

Coupled with a superior internal support staff here at Peoples Mortgage, I have confidence that I can help you to get your deal done.

01/03/2022

Did You Know that Freddie Mac will be improving its RefiPossible program shortly??? It's true!!

Effective January 31,st 2022, the AMI ( Average Median Income) will be increased to 100%, currently its only 80%.

This change will be helping more Borrowers qualify.

The .50 bps reduction from the currently rate is still required.

Max DTI is 65%.

12/31/2021

As 2021 wraps up, I wanted to thank everyone who has supported me over the past year.

Thankfully all that is now behind me and as I look forward to 2022, I am excited with all the possibilities the coming year brings.

Happy New Year Everyone!!!!!

12/30/2021

Did You know that VA still allows deferred student loans to be omitted from the Borrower's debt ratios??? It's true!!!

Student loans that are deferred more then 12 months from the closing date may be omitted in full of the Borrower's qualifying DTI.
Student loans that are due for repayment within less then 12 months from the closing date must be included in the DTI.

A calculation of .5% of the loan balance divided by 12 months must be used if the payment on the credit report is less than the above calculation.

The payment on the credit report may be used BUT documentation from the student loan servicer with the actual payment and amortization.

Not yet approved for VA loans with Peoples Mortgage??? CALL ME!!

12/23/2021

Did You know that VA allows for certain exceptions to its occupancy guidelines??? It's true!!!

The VA understands there are some unique situations where the Borrower may not be able to occupy the subject property all year round as their primary residence.

Below are two allowances:

Intermittent Occupancy:

This is mostly due to employment such as a traveling salesman, working remote, etc. In this situation if the Borrower does not have a primary residence anywhere else VA will allow it. A seasonal vacation home will NOT meet the requirement.

Spouses:

The VA allows the spouse to occupy the property if the Borrower is an active military member who has been deployed.

12/22/2021

Did You know that each Agency differs on what is required when the subject property is located on a private road???

It's true!!

While uncommon unless in rural areas, the location of the subject property on a private road can lead to some additional challenges if the arrangement was not done properly.

Fannie Mae REQUIRES a private road maintenance agreement.

Freddie Mac DOES NOT require a private road maintenance agreement.

FHA DOES NOT require it but requires a recorded road easement.

USDA is on a case-by-case basis.

VA DOES require a private road maintenance agreement.

09/27/2021

Did You know that the VA has special requirements when using rental income to qualify???

It's true!!!

On a 2–4-unit property transaction, the VA requires 6 months of PITI reserves to use any type of rental income to qualify.

Non-subject rental income requires 3 months of PITI reserves to any type of rental income to qualify.

580-619 fico score, primary single family and Approve/Eligible AUS results ONLY.

Minimum 620 for 2–4-unit transactions. (Refer/Eligible or Approve/Eligible results ONLY)

Not yet approved for VA loans with Peoples Mortgage???
Contact me today!!!

08/30/2021

Did You know that Conventional DOES NOT require that the utilities be on at the time of appraisal inspection???

It's true!!!

If the utilities meet the local community standards, as noted by the Appraiser that is all that is required.

The appraisal report MUST be completed in "as-is" condition and NOT in " Subject to" condition for it be acceptable.

FHA requires that the Appraiser tests all utilities to confirm that they are all functioning properly at the time of the inspection and noted on the appraisal report.

Happy MONDAY Folks!!!

Call me to find out!!
08/30/2021

Call me to find out!!

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Mountainside, NJ
07092

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