The Mortgage Josh - NMLS ID 1915174

04/29/2024

Ever heard that thing about money makes money?

Here's one for parents with Grads heading to college in a few months.

There's such a thing in mortgage world, where you can help Junior buy a house right there in Collegetownville.
As with anything worth doing, there are some hoops to jump through, they need a decent enough credit score, and you need to be able to qualify for the mortgage in addition to your current obligations. We can run those figures if you want.
The cool opportunity here, is that this can be done as a "first time homebuyer" with 5% down, instead of as an "investor" which usually requires at least 15% down.

Why would they buy?
🏡Because the cost to rent near campus, or to stay in dorms, is outrageous in most college towns.
👨‍👨‍👧‍👧Because college roommates can help, if not completely, cover the mortgage payment. i.e. they could leverage that down payment into low-cost college housing.
🍎Because the best time to plant a fruit tree is 4 years ago.
📈 Over the span of their 4 year degree, if we account for historically average appreciation, a $300,000 house will gain over $50k in appreciated value, and will have paid off ~$10k to $15k of the mortgage balance. That leaves $60-65k of equity at graduation time.

💸💰That's $60k that could pay off student loans, help with grad-school, help cover relocation costs when they land that new job... or it becomes a rental property. An appreciating income producing asset that could help them financially for the rest of their life.

or, listen up because this will matter a lot to some of you...

IT COULD KEEP THEM FROM MOVING BACK IN WITH MOM AND DAD!

Anyway, if you have questions about this, hit me up and I'll do my best The Mortgage Josh - NMLS ID 1915174 impersonation I can.

04/16/2024

To clear up the confusion:
I’m not a Realtor, I won’t help you find a house with a big yard for your pup, or the best neighborhood for daily jogging, or a bedroom with big windows and Eastern exposure for warm mornings. Realtors are so good at that though, and if you need one I know a bunch of great, helpful professionals.

What I am is more like “The Banker in your Back Pocket”
I’m on the $$$ side of things & I work for you the whole way through. 📃🏡💰🔑

I get you Pre-Approved, (as long as you qualify) then I help your Realtor get your offer accepted, and work with you, them, and everyone else in the transaction, to keep us on track while I’m convincing whichever bank, investor, or special program, to write that big check. There are a lot of different ways the money can come, be it FHA, USDA, VA, Fannie Mae, Freddie Mac, Bank Statement programs, Rental Income programs, some can help you buy a Duplex or Triplex, others can help you build a custom home. I help you find the best one for your needs.

While we go through this process, I also work with you on your whole financial picture, often coordinating those efforts with your Insurance Broker, your CPA, and your Financial Advisor, so that you can have the healthiest money picture possible. Then I set you up with a bunch of online software systems to help you manage your Real Estate as well as possible.

Not everyone is ready, some people don't qualify yet, some people may not plan on staying in one place long enough to justify a purchase, some people have other obligations or commitments. In those situations one of the best things I can do is help to make sure you're on the right path now, so when it does come time to purchase, next year or 5 years down the road, you're positioned well to make that decision. I don't charge to help with these plans, I just hope you'll remember me when the time comes, or maybe refer someone my way when they're ready to start the conversation.

Anyway all this talking about myself is making me sick. Like my stupid picture? lol If you actually read this far, comment your favorite dad joke below. Love you friends.

04/15/2024

Hey businessy professionalish friends, what are your favorite networking things?

04/15/2024

No cause where’s the slide?!

Definitely not a single family home... 😂😂😂

04/15/2024

JUST LISTED in the luxurious Shadow Wood Preserve community!! Find out more at https://www.coldwellbankerhomes.com/fl/fort-myers/6890-misty-lake-ct/pid_58841663/

04/15/2024

Quick Update for Realtor Friends!

RE: “the lawsuit”

Fannie Mae & Freddie Mac just sent out a notice to lenders that if the Seller chooses to pay for the Buyer's Agent representation (commission), those costs will NOT count against the interested party contribution limits. Business as usual.
There was a concern with first-time homebuyers' being capped at a 3% credit limit from sellers, that this might negatively impact them by having to use those concessions for agent pay instead of towards rates and prepaids, but Fannie & Freddie just confirmed that the seller can STILL contribute if they wish, 3% AND the buyer's agent commission.
This is really good news!

Selling Guide B3-4.1-02:
“Interested Party Contributions (IPCs) permits interested parties (including property sellers) to make
Contributions to the borrower’s closing costs are subject to maximum limits ranging between 2% and 9% of the property value.
Typical fees and/or closing costs paid by a seller in accordance with local custom, known as common and customary fees or costs,
are not subject to the IPC limits described in Selling Guide B3-4.1-03, Types of Interested Party Contributions (IPCs). If a seller or
seller’s real estate agent continues to pay the buyer’s real estate agent commission in accordance with local common and
customary practices, these amounts are not required to be counted towards the IPC limits for the transaction."

04/15/2024

03/25/2024

Anyone wanna come to this with me?

03/11/2024

🐔 or 🥚
What do you think?

03/11/2024

A great tip for using the fruits of your hard work to make sure your kids are set for success!

This is a great way to help out a family member to get in a home today, especially if they're going to inherit it in the future anyway. You get to see them enjoy it.

Learn more at https://BetterHomeowners.com/MichaelSopka/2024/03/11/2024-IRS-Annual-Gift-Exclusion