If you are considering refinancing, you may hear the words “Net Tangible Benefit.”  Essentially, this means that the lender must show that there is a financial reason which benefits the consumer prior to refinancing the loan.  Reasons may include a lower rate, a lower overall monthly payment, a shorter-term loan, or moving from an Adjustable rate to a fixed rate.  Let’s discuss your situation to see if refinancing makes sense for you!
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If you are considering refinancing, you may hear the words “Net Tangible Benefit.”  Essentially, this means that the lender must show that there is a financial reason which benefits the consumer prior to refinancing the loan.  Reasons may include a lower rate, a lower overall monthly payment, a shorter-term loan, or moving from an Adjustable rate to a fixed rate.  Let’s discuss your situation to see if refinancing makes sense for you!

ByBrandon Butler

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Have you ever dreamed of owning a home in the country with land to roam on?  While farms and agricultural properties are a little more challenging to finance, properties in rural settings, including those that have agricultural characteristics, are acceptable for conventional financing. So, if you are thinking about moving to a home in a rural setting, let’s talk, and I’ll help you figure out how to finance it!
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Have you ever dreamed of owning a home in the country with land to roam on?  While farms and agricultural properties are a little more challenging to finance, properties in rural settings, including those that have agricultural characteristics, are acceptable for conventional financing. So, if you are thinking about moving to a home in a rural setting, let’s talk, and I’ll help you figure out how to finance it!

ByBrandon Butler

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Toxins in Your Home? Your new home is going to be a place where you and your family spend a lot of time.  The last thing you want is to find out your home has toxic issues!  When financing a home, an appraiser or home inspector can help you understand toxins you may be facing, such as asbestos-containing materials, peeling lead paint, radon, mold, contaminated drinking water, or proximity to waste sites.  As your lender, we review certain aspects of your home in the appraisal process.  However, there are other things you can do to ensure the home you are buying is low on toxins! Comment below, and I will send you some toxic tips to consider when purchasing a home.
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Toxins in Your Home? Your new home is going to be a place where you and your family spend a lot of time.  The last thing you want is to find out your home has toxic issues!  When financing a home, an appraiser or home inspector can help you understand toxins you may be facing, such as asbestos-containing materials, peeling lead paint, radon, mold, contaminated drinking water, or proximity to waste sites.  As your lender, we review certain aspects of your home in the appraisal process.  However, there are other things you can do to ensure the home you are buying is low on toxins! Comment below, and I will send you some toxic tips to consider when purchasing a home.

ByBrandon Butler

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Selling Personal Property to Raise Cash to Buy a Home?  If you have collectibles, equipment, boats, RVs, cars, or other types of personal property you no longer use, you may be considering selling it to raise cash to buy a home. No matter how small or large the item, it’s essential to keep a paper trail of the sale and proof of ownership. This could mean receipt of the sale, documentation of value, and the deposit of the funds into your account.  Depending on what you are selling, more or less documentation may be required.  Let’s talk if this is your situation and map out a plan!
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Selling Personal Property to Raise Cash to Buy a Home?  If you have collectibles, equipment, boats, RVs, cars, or other types of personal property you no longer use, you may be considering selling it to raise cash to buy a home. No matter how small or large the item, it’s essential to keep a paper trail of the sale and proof of ownership. This could mean receipt of the sale, documentation of value, and the deposit of the funds into your account.  Depending on what you are selling, more or less documentation may be required.  Let’s talk if this is your situation and map out a plan!

ByBrandon Butler

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Are You Owed a Credit When Refinancing or Selling? If you purchased a home when rates were higher and you are now thinking about refinancing or selling, you may have participated in a rate buydown program where the seller gave you funds to lower your payment for years 1, 2, or 3.  This is called a Temporary Buydown, as it temporarily reduces your payment. Many clients ask me what happens to these funds if they have not been used. In most cases, the outstanding balance in your buydown escrow will be applied to your principal balance.  If you are considering refinancing or selling, let’s talk first!
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Are You Owed a Credit When Refinancing or Selling? If you purchased a home when rates were higher and you are now thinking about refinancing or selling, you may have participated in a rate buydown program where the seller gave you funds to lower your payment for years 1, 2, or 3.  This is called a Temporary Buydown, as it temporarily reduces your payment. Many clients ask me what happens to these funds if they have not been used. In most cases, the outstanding balance in your buydown escrow will be applied to your principal balance.  If you are considering refinancing or selling, let’s talk first!

ByBrandon Butler

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If you are on an Income-Based Repayment Plan for your student loan, lenders will typically only consider the amount of your present payment when evaluating your debt for a conventional loan.  This has helped a lot of my clients qualify for a new home.  If you have student loans, let’s discuss your options when purchasing a home.
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If you are on an Income-Based Repayment Plan for your student loan, lenders will typically only consider the amount of your present payment when evaluating your debt for a conventional loan.  This has helped a lot of my clients qualify for a new home.  If you have student loans, let’s discuss your options when purchasing a home.

ByBrandon Butler

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Thinking about buying a condominium?  If so, there are a couple of essential details to consider.  First is whether the condominium is approved for financing. The second consideration is the amount of your monthly condominium fee and the condition of the property. The loan payment and the condominium fee are used to qualify you for a loan. So, the higher your condo fee, the lower the amount of home you can afford. If you are thinking about buying a condo, let’s talk and comment below for a fact sheet on “How Do I Know If It’s a Condo?”
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Thinking about buying a condominium?  If so, there are a couple of essential details to consider.  First is whether the condominium is approved for financing. The second consideration is the amount of your monthly condominium fee and the condition of the property. The loan payment and the condominium fee are used to qualify you for a loan. So, the higher your condo fee, the lower the amount of home you can afford. If you are thinking about buying a condo, let’s talk and comment below for a fact sheet on “How Do I Know If It’s a Condo?”

ByBrandon Butler

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Downsizing & Hoping to Rent Out Your Present Home as an Income Stream?  As the Boomer population ages, many are choosing to downsize their property and keep their present home as a rental property.  This creates an income stream in addition to their other retirement income.  Prior to making this decision, let’s talk!  Many of my clients did not realize the implications of doing this when buying a new home, and I have the facts you need.
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Downsizing & Hoping to Rent Out Your Present Home as an Income Stream?  As the Boomer population ages, many are choosing to downsize their property and keep their present home as a rental property.  This creates an income stream in addition to their other retirement income.  Prior to making this decision, let’s talk!  Many of my clients did not realize the implications of doing this when buying a new home, and I have the facts you need.

ByBrandon Butler

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Virtual Currency & Buying a Home – As the use of Virtual Currency grows, more of my clients are asking how they can use this asset to buy a home.  When financing a home, there are a couple of twists and turns that you need to know in order to use your virtual currency.  If this is something you are thinking about, message me and I’ll step you through the process.
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Virtual Currency & Buying a Home – As the use of Virtual Currency grows, more of my clients are asking how they can use this asset to buy a home.  When financing a home, there are a couple of twists and turns that you need to know in order to use your virtual currency.  If this is something you are thinking about, message me and I’ll step you through the process.

ByBrandon Butler

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Know Before You Buy! If you are thinking about purchasing a condo, it is wise to talk about the financing first, as not every condo is eligible for financing! In order to use conventional or government options that offer the lowest down payments, the condominium project must be evaluated by the lender. Issues such as special assessments, too many rentals, use of the common elements and the condition of the condo association are just a few items reviewed by the lender. I have a fact sheet about “How Do I Know if It’s a Condo” that I’m happy to share with you. Just comment below, and I’ll send it to you. If you are in the market for a condo, let’s talk first!
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Know Before You Buy! If you are thinking about purchasing a condo, it is wise to talk about the financing first, as not every condo is eligible for financing! In order to use conventional or government options that offer the lowest down payments, the condominium project must be evaluated by the lender. Issues such as special assessments, too many rentals, use of the common elements and the condition of the condo association are just a few items reviewed by the lender. I have a fact sheet about “How Do I Know if It’s a Condo” that I’m happy to share with you. Just comment below, and I’ll send it to you. If you are in the market for a condo, let’s talk first!

ByBrandon Butler

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Are you having issues with your Appraisal? New rules require lenders to allow Borrowers to appeal their appraisal if they believe it is not an accurate reflection of the home’s value. The process for requesting an appeal of your appraisal is required of all lenders by October 31, 2024, but may be implemented prior to that date.  I have a fact sheet outlining how this works, so comment below, and I’ll send it to you! 
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Are you having issues with your Appraisal? New rules require lenders to allow Borrowers to appeal their appraisal if they believe it is not an accurate reflection of the home’s value. The process for requesting an appeal of your appraisal is required of all lenders by October 31, 2024, but may be implemented prior to that date.  I have a fact sheet outlining how this works, so comment below, and I’ll send it to you! 

ByBrandon Butler

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Hey! That’s On My Property! Can you finance a home when your neighbor’s fence, shed, or other structure is partially on the property you want to purchase? The technical term for that is “encroachment.” When a survey or appraisal is completed, and it shows a structure on your neighbor’s property encroaching onto your property, it can sometimes cause an issue. The key is determining the severity of the encroachment and understanding the allowances that lenders will make. Questions? Let’s Talk!
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Hey! That’s On My Property! Can you finance a home when your neighbor’s fence, shed, or other structure is partially on the property you want to purchase? The technical term for that is “encroachment.” When a survey or appraisal is completed, and it shows a structure on your neighbor’s property encroaching onto your property, it can sometimes cause an issue. The key is determining the severity of the encroachment and understanding the allowances that lenders will make. Questions? Let’s Talk!

ByBrandon Butler

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USDA announced that effective August 4, 2024 the maximum allowable payment as compared to a person’s income has increased from 29% to 34%.  That can make a real difference when qualifying for a USDA home loan program, which allows qualifying borrowers to finance up to 100%. If you would like more details on this program, please message me.
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USDA announced that effective August 4, 2024 the maximum allowable payment as compared to a person’s income has increased from 29% to 34%.  That can make a real difference when qualifying for a USDA home loan program, which allows qualifying borrowers to finance up to 100%. If you would like more details on this program, please message me.

ByBrandon Butler

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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.
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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.

ByBrandon Butler

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When buying a home, will time spent in college or trade school be considered part of my work history? Yes, most programs available to finance your new home consider the time spent pursuing additional education for your field of work. Lenders typically seek at least a 2-year work history [including education], but there may be exceptions to that as well. Additionally, there are variances in the guidelines as to how they apply to your situation, so it’s important to talk to your lender first!
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When buying a home, will time spent in college or trade school be considered part of my work history? Yes, most programs available to finance your new home consider the time spent pursuing additional education for your field of work. Lenders typically seek at least a 2-year work history [including education], but there may be exceptions to that as well. Additionally, there are variances in the guidelines as to how they apply to your situation, so it’s important to talk to your lender first!

ByBrandon Butler

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