Here are some of the program details about the 5% down jumbo mortgage that we offer: Fixed terms: 10, 15, 20, 25, and 30-year terms ARMs: 5/1, 5/5, 7/1 options with 30 year term LPMI allowed (lender paid mortgage insurance financed into the rate) Loan to value up to 95% Loan amounts between $417,001 and $625,000 with credit scores of 700 or higher Available for purchases and rate-term refinances Primary residence … (30 comments)
first home mortgage: How to Lose a House in 10 Ways
- 09/30/14 04:48 AM
True or false? All’s fair in buying and selling. All of us remember the 2003 hit rom-com with Kate Hudson and Matthew McConaughey, How To Lose a Guy in 10 Days. Andy Anderson (Hudson), Composure magazine’s how-to girl, is writing an article about the things women do to ruin their chances with men: talking about marriage and children too soon, calling them by embarrassing pet names, moving into their medicine cabinet, crashing poker night, etc. She picks advertising executive Benjamin Barry (McConaughey) as her test male, however, Ben has just entered a bet to make a woman fall in love with him in 10 … (68 comments)
first home mortgage: FHA Approved Condos in Chesterfield and Midlothian, Virginia
- 08/18/14 06:39 AM
If you are looking for an FHA approved condo in Chesterfield or Midlothian Virginia, there are some great options out there. Just like I mentioned in my blog post regarding FHA approved condos in Richmond Virginia, you will want to start with looking at the list of FHA approved condos in Chesterfield and Midlothian on HUD’s website. If the condo is listed as approved, you are good to go. If the condo’s approval has expired, your lender can assist with the re-certification process. If you are interested in a condo that is not yet approved, your lender can again step in and assist you with the … (6 comments)
first home mortgage: Frozen Credit and Your Mortgage Loan
- 08/06/14 06:05 AM
Do you remember the Target and Neiman Marcus security breaches during the holiday season of 2013? Millions of consumers’ personal and credit card information was compromised leaving them open to identity and credit card theft. We at First Home Mortgage in Richmond, VA, continue to see one aftershock from this event even nine months later: clients with FROZEN credit. Many victims were advised to combat the security breach by freezing their credit report so that no new credit could be opened until they authorized it. However, when clients with frozen credit go to apply for a car loan, mortgage loan, new credit card, etc. the lender … (9 comments)
first home mortgage: Can You Use Assets As Qualifying Income for a Mortgage?
- 07/10/14 01:26 AM
My favorite thing about working for First Home Mortgage in Richmond, VA, is the team with whom I work. We have a dedicated staff of underwriters and product support specialists available to research ways to assist clients with their outside-of-the-box lending needs. When tough scenarios come up, this experienced team sifts through page upon page of Fannie/Freddie/HUD/investor text to find solutions–and, we are often able to find a solution when other lenders aren’t. It may surprise you, but sometimes the borrowers with the most income/assets have a trickier time qualifying for a mortgage loan. It may be because they are self-employed, their assets are tied up … (5 comments)
first home mortgage: How to Calculate Your Debt-to-Income Ratios
- 06/25/14 04:06 AM
If you are in the process of becoming pre-approved to purchase a home, you’ve probably starting hearing the words “debt-to-income ratio” being tossed around. Along with your credit score, your debt-to-income ratios are one of the main factors which determine your home loan pre-approval. When a borrower comes in to meet with me for a pre-approval, I like to educate them on the importance of this figure, how it is determined, and what it means. Front-end and Back-end Debt-to-Income Ratios There are two types of debt-to-income ratios, your front-end ratio and your back-end ratio. Your front-end ratio is the ratio of the … (5 comments)
first home mortgage: First Home Mortgage New Product: The 80-15-5 Piggyback Combo Mortgage
- 06/13/14 01:53 AM
I’m excited to announce that at First Home Mortgage in Richmond, VA, we have added an 80-15-5 mortgage loan to our other piggyback loan products. This product is a great option for borrowers looking to avoid private mortgage insurance or keep their loan amounts under conforming limits as jumbo mortgage rates are sometimes higher than conforming rates and jumbo mortgage guidelines can be more difficult to satisfy.
What Is a Piggyback Mortgage? A piggyback mortgage is a combination of two loans. The second loan is taken out at the same time as the first during a purchase or refinance. An 80-15-5 means the first mortgage … (3 comments)
first home mortgage: Richmond VA from an “insiders” point of view!
- 05/15/14 05:15 AM
Valorie L. Ford wrote a great post about some of Richmond's great perks and highlights areas to look for a home. I couldn't help but share! Have you ever considered living in Richmond, Virginia? Whether you enjoy city life or prefer the peace and solitude of country living Richmond should be on your list of places to consider. The first thing that you will need to understand is that in Virginia the cities are actually a completely separate entity from the counties and as a result the city of Richmond is physically located in both Henrico and Hanover counties. All 3 of … (0 comments)
first home mortgage: Keeping My Littlest Clients Happy
- 05/15/14 12:08 AM
We often have surprise children visitors in our First Home Mortgage office in Richmond, VA and I’ve found they aren’t amused with conversations about interest rates, tax returns, bank statements, and letters of explanation—go figure! So, I decided to create a Bucket O' Fun for them where I’ve put in all the go-to items: coloring books, crayons, bubbles, go-fish, and stickers. It has come in handy on many occasions (especially the one when my daughter’s daycare was closed, and I needed to pop into the office for an hour to do a few things). Two weeks ago I had a real … (10 comments)
first home mortgage: What To Do If Your Mortgage Financing Is About To Fall Through
- 05/09/14 06:26 AM
It Happens for Many Reasons… Your debt to income ratio sneaks up higher than the underwriter will allow because of higher property taxes or homeowner’s insurance than your loan officer estimated. You loan officer wasn’t aware that you pay child support and your debt to income ratio is now too high. (Remember to tell your loan officer EVERYTHING at application.) You went under contract within 90 days of the prior acquisition of the home by the seller (a home flip) and your loan now requires more stringent underwriting. The underwriter calculates your income differently than your loan officer did–usually when tips, overtime, or bonuses are … (8 comments)
A jumbo or non-conforming mortgage typically requires a minimum down payment of 10-20%. At First Home Mortgage we currently offer a non-conforming jumbo mortgage with a minimum down payment of only 5%.
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