GenNEXT Funding

GenNEXT Funding We are the NEXT Generation in home financing. We believe that every American should be able to easil

📢 CALLING ALL RENTERS! 📢The process of getting a home can be scary, but we are here to hold your hand every step of the ...
03/30/2023

📢 CALLING ALL RENTERS! 📢

The process of getting a home can be scary, but we are here to hold your hand every step of the way. We offer various type of mortgage loans with exceptional rates.

So stop paying your landlord's mortgage, and let us help you reach the NEXT phase of your life through homeownership.
📞: 800.773.6531
📩: [email protected]⁣⁣
🌍: www.gennextfunding.com

Our latest hashtag   is all about tips for financing second homes. If you've been considering in investing in a second h...
03/27/2023

Our latest hashtag is all about tips for financing second homes. If you've been considering in investing in a second home, read the article below!


As personal wealth and income grow, many existing homeowners want to take advantage of low interest rates and invest in second homes. This is a great opportunity to grow your business. Knowing the ins and outs of second home financing will help you guide your clients.

Generally, lenders will only consider second home financing on properties that are located at least 50 miles away from a buyer's primary residence. Anything closer would likely be deemed an investment property.

The property must be a single-family residence. FHA or VA financing is not available for second home purchases. Fannie Mae or Freddie Mac financing is offered for second home financing with terms similar to those of loans for primary residences. Creditworthiness will be the determining factor as to how much buyers will have to put down. Buyers can usually plan on putting 10% to 25% down.

Since second home loans are considered a higher risk to lenders, borrowers will have to have an overall debt-to-income ratio of not more than 36%, lower than what is acceptable for primary residence purchases.

To help ensure that the property purchase is not intended as investment property, second home lending guidelines dictate that the property be owner-occupied at least 14 days out of the year or 10% of the rental days, whichever is greater.

These tips will help you direct your buyers in making the right second home buying decisions. Please have them make an appointment with GenNEXT Funding so we can get them preapproved.

Phone 800.773.6531 | Email [email protected]

This evening is the beginning of Ramadan, so Happy Ramadan to those who celebrate from the GenNext Funding Team! ⭐️     ...
03/23/2023

This evening is the beginning of Ramadan, so Happy Ramadan to those who celebrate from the GenNext Funding Team! ⭐️

When you sell second homes and investment properties, it is important to know the lending differences your buyers will e...
03/20/2023

When you sell second homes and investment properties, it is important to know the lending differences your buyers will encounter. The lender will be considering the location, the proposed use of the home, the down payment and reserves in order to determine whether to make an investment or second home loan.
Although it may vary by lender and locale, a property must be at least 50 miles from the borrower's primary residence to qualify as a second home. If the home is closer and it is being purchased for other family members, the primary borrower must still occupy the property for a minimum number days of the year. It will be considered an investment property if it doesn't meet the usage criteria.
Lenders view investment property purchases as being higher risk and will require higher down payments. They want the borrowers to have a higher equity stake than that with a second home loan.
Investment properties usually rely on tenant rents to make loan payments. Since this poses a higher risk for loan repayment than a second home, lenders require more reserves to cover vacancies or delinquent tenants.
Up to 75% of the projected rental income can be applied to the borrower's debt-to-income ratio, making it possibly easier to qualify than for a second home loan. A special appraisal to validate projected rents will be required.
GenNEXT Funding is here to help you expand your business, so please don't hesitate to call and refer your second home and investment buyers to us. Call GenNEXT Funding at 800.773.6531 or email us at [email protected].

Happy First Day of Spring 🌸! Here’s to warm weather, sunny days and flowers!
03/20/2023

Happy First Day of Spring 🌸! Here’s to warm weather, sunny days and flowers!

Happy St.Patricks Day ☘️ from the GenNEXT Funding team!
03/17/2023

Happy St.Patricks Day ☘️ from the GenNEXT Funding team!

Contact us today to discuss how we can help!Call 800.773.6531 | email info@gennextfunding.com
03/16/2023

Contact us today to discuss how we can help!

Call 800.773.6531 | email [email protected]

Managing a good work/life balance is the key to being happier, healthier and even more productive. So why do we find it ...
03/13/2023

Managing a good work/life balance is the key to being happier, healthier and even more productive. So why do we find it so difficult to achieve? Burnout and exhaustion are increasingly common among professionals. Knowing when to switch off is becoming increasingly difficult. So how can we manage it? The answer may be simpler than you think: infuse your work with play!
If we stick to the daily grind, there is no room for inspiration, surprise and new ideas. We need surges of energy and the ability to reset and reconnect to generate new ideas and come to see new perspectives, which are essential in business. Infusing work with play makes that magic happen and prevents us from being chained to our desks and stuck in a rut. Here are some tips for more play (and balance) in your work life.

Leave your desk for your lunch break

Eating at your desk doesn’t do anything for your productivity and output. Give your brain a break and give yourself a change of scenery, both boosting your creativity. Have an impromptu picnic on a patch of grass nearby or eat at a cafe that inspires you. Observe what goes on around you, or if you must do something, read a fun book or listen to a playful podcast. Whatever you choose to do, banish all working for your entire lunch break so you can return to your desk refreshed and ready to rock the rest of your day.

Do things without a measurable output

Of course, when explaining why your new project will work to your boss, you’ll need some KPIs and some targets to hit, but the promise of play is that you don’t have to win anything. Do something because it's fun, not because it will help get you that promotion.

Get active

Get up from your desk every now and then and have a dance! Walk around, smell the flowers, go for a little run. Not only will this help your body recover from sitting at a desk, but it will also give your mind a refresher.

Call GenNEXT Funding, we are always here to help. Call 800.773.6531 | email [email protected]

Daylight Savings Time has begun, so it's time to set your clocks ahead one hour!
03/12/2023

Daylight Savings Time has begun, so it's time to set your clocks ahead one hour!

Calling Out To All Potential Homebuyers! 🏡🙌Are you a potential homebuyer that is unsure of what you should and shouldn't...
03/09/2023

Calling Out To All Potential Homebuyers! 🏡🙌

Are you a potential homebuyer that is unsure of what you should and shouldn't do during the home buying process? SAVE THIS POST so you can refer back to our Do's & Dont's!

We understand how overwhelming this process can be, so let our team guide you through the process.
📞: 800.773.6531
📩: [email protected]⁣⁣
🌍: www.gennextfunding.com⁣

🚨 ATTENTION ALL HOMEOWNERS🚨The option to refinance is STILL possible. Rates are the lowest they're going to get for now,...
03/08/2023

🚨 ATTENTION ALL HOMEOWNERS🚨

The option to refinance is STILL possible. Rates are the lowest they're going to get for now, meaning that NOW is the best time to refinance your mortgage. Take advantage of the opportunity before rates get higher! ⏳

Contact us if you have any questions or concerns. We're here to help you!
📞800.773.6531
✉️[email protected]
🌎www.gennextfunding.com

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Your clients have probably asked you at one time or another to explain the difference between a mortgage banker and a mo...
03/06/2023

Your clients have probably asked you at one time or another to explain the difference between a mortgage banker and a mortgage broker. Keeping it in the simplest of terms, the primary difference is that mortgage brokers do not use their own funds to fund loans. Mortgage brokers have lending relationships with multiple institutions and will shop for different programs and rates for your clients. When your client's loan is funded, the funding will come from the lender the mortgage broker originated the loan with.
Mortgage brokers are paid via compensation plans with their wholesale lending partners. The higher the compensation plan, the higher the loan rates the borrower will pay.
The number of mortgage brokers has declined due to the larger banks no longer choosing to have lending divisions to service mortgage brokers. Changes in lending regulations have also contributed to fewer brokers competing for your clients' business.
Out of familiarity, many first-time buyers go to their local banks to get loans. These lenders best fit the description of mortgage bankers. Local banks lend their own money and often have stricter lending guidelines than mortgage brokers.
Both mortgage brokers and bankers have the same type of licenses, and both originate home loans for purchase or refinance. Even though they are different entities, for the borrower, there is no difference between getting a home mortgage from a mortgage broker or mortgage banker.
Please contact GenNEXT Funding for an appointment so we can further explain the differences between the two lending entities to your clients. Call GenNEXT Funding at 800.773.6531 or email us at [email protected]

Address

285 Davidson Avenue, Suite 404
Somerset, NJ
08873

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm
Saturday 9am - 1pm

Telephone

+17322381101

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