mortgages: Tom Turner Announces New FNMA Program! - 01/29/14 05:27 AM


·       95% LTV
·       100 % gift permitted
·       Standard FNMA Guidelines
·       3% Seller paid closing costs permitted
·       $417,000 Loan limit
For more details contact:
Thomas M. Turner
First Choice Mortgage Services
NMLS#91296, CT Lic. #8390, NMLS #70986
203-257-9083 (cell)

mortgages: Age Discrimination, Is it allowed in mortgage lending? - 09/26/13 01:15 AM
Is age discrimination allowed in mortgage lending?  The answer is absolutely not! 
I was recently approached and asked if a 72 year woman could buy a condominium and get a 30 year mortgage.  The individual was retired and receiving pension and social security income.  The question was asked if she could qualify using that income and get a mortgage since she would be over 100 when the loan would be paid in full.
Regulation B of the Equal Credit Opportunity Act(ECOA) prohibits discrimination for the following:
Race or Color
National Origin
Marital Status
Applicant's receipt of income … (3 comments)

mortgages: Jumbo Mortgages lower than FNMA/FHLMC loans - 09/05/13 01:19 AM
Jumbo mortgages today have a lower interest rate than conventional mortgages.  For those who don't know a jumbo mortgage in most markets is a loan that is over $417,000.  And because they typically aren't as liquid as conventional mortgages the rate on a jumbo mortgage is higher than a Fannie Mae loan.  
But for the first time you can obtain a jumbo mortgage for a lesser interest rate.  Why is this?  Mortgage rates have been steadily increasing for the last couple of months due to various factors in the economy.  Jumbo mortgages are usually set a rate that a private investor or bank is … (4 comments)

mortgages: How many properties can someone finance? - 08/24/13 01:52 AM
How many properties can someone finance? 
The answer depends on the lender you may wish to use.  The average mortgage lender will do up to 4 properties including the buyers primary residence.
However, there are many institutions that will finance up to 10 residential properties.
In addition, there are some underwriting guidelines that must be followed to be considered for approval.  They are:
Credit score must be 720 or greater.
Properties must be 1-4 unit homes and be in good condition and
6 months principal, interest, taxes and insurances must be in reserve by the time of underwriting for each property … (6 comments)

mortgages: TRICKS OF THE TRADE-Renting with the option to buy - 08/16/13 05:52 AM

Why sell a home when you can rent? 
There are actually quite a few reasons to the above.  Maybe your potential client is trying to save enough money for a down payment.  Or maybe they had some credit blemishes they have been clearing up, but need a little more time to get that credit score up.  Maybe you have an investor you are trying to convert to a Seller.
Renting with the option to buy is a tool to be used when maybe a potential Buyer can't buy just yet for maybe some of the reasons above.
The primary benefit of … (2 comments)

mortgages: TRICKS OF THE TRADE-Utilizing Secondary Financing - 08/07/13 04:10 AM
Seller financing for down payment assistance is an under utilized option for helping to sell homes and provide lower monthly payments to Buyers.  It also helps avoiding private mortgage insurance when used properly.  Assuming the Seller has the additional equity it can also provide extra income as an investment.    
If a potential Buyer can come up with a 5% down payment of their own funds the Seller can take back a private second mortgage for 15% and the Buyer obtains an 80% first mortgage from a traditional lender.  The Seller is still allowed to contribute 3% of the sales price towards closing costs.
As an example:  Sale price … (14 comments)

Thomas Turner, Tom Turner (Caliber Home Loans, Inc.  NMLS 15622)

Thomas Turner

Tom Turner

Shelton, CT

More about me…

Caliber Home Loans, Inc. NMLS 15622

Address: 8 Wright St., Westport, Ct, 06880

Mobile: (203) 257-9083

Email Me



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