What is a VA Home Loan?

VA Home Loan Requirements Explained

What is a VA home loan?  A VA home loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with little or no down payment.

I believe the VA home loan is the best product in mortgage lending and it has the best pricing per the loan details. If you are eligible for a VA loan I highly recommend looking into it and we would love the opportunity to serve you! The most utilized and greatest benefit is- the option of no money down, with no mortgage insurance… which is amazing and rare in the mortgage world.

Another benefit is the ability to borrower up to 484,000 without the loan being considered a jumbo loan, and yes there are still jumbo loan limits that go even higher near 1 million dollars. There are limitations on Veterans closing costs which means you typically save on your costs. You do not have any prepayment penalties on a VA home loan. If you decide to refinance one day the process is streamlined (which means easier) and the cost and rates can be less than a traditional mortgage.

VA mortgages are assumable, which means you may be able to have someone take over your mortgage payment when you sell, this can be a big benefit to a buyer in a rising rate environment and make it easier to sell. Down payment and closing costs can be gifted. Closing costs can be gifted from a relative or even the seller can contribute towards closing cost on a VA home loan.

These are a  few benefits of why I enjoy providing the VA home loan and why I enjoy sharing our VA home loan options. We love helping our Veterans and serving them. We have been fortunate to help Thousands of Veterans with VA Home loans, thank you for your service and allowing us to help! Please reach out to talk more! (727) 315-1635

Movement Mortgage is committed to helping military families across the country!
Chat with our experts today, and learn more about the VA Home Loan requirements and benefits in Florida specifically.

Good News…Tipped Employees Can Purchase a House Too!

Home Loans For Tipped Employees

The good news? Tip earners can purchase a house just like anyone else. The not so good news is, you must report all your tip income to the IRS. I know that’s not the answer you want to hear, but if the income is not claimed, it cannot be used. The reason is, underwriters average the last 2 years of your income to determine how you qualify as a buyer when the income is variable. So, if your tip income isn’t claimed, your buying power is going to be a lot lower than if it is claimed to the IRS. And everyone else, make sure you tip your servers, you could be helping them buy a house in the near future.

We have helped many buyers borrow with tip income, reach and lets put your buying and mortgage plan together! That’s your mortgage minute 

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For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

What Does Loan Approved With Conditions Mean?

What Does It Mean When Your Loan Is Approved With Conditions?

First, take a deep breath. This is a big milestone in the mortgage process and worthy of celebration. As you gave us or your loan officer all the pertinent info, like W-2s, pay stubs, maybe tax returns, bank statements, your employment housing, and credit history… and all of that and more got submitted to a human underwriter. Underwriters carefully examine the documents and when they are mostly satisfied from a guidelines perspective the underwriter can approve the loan with a few unanswered questions or documents needed, which is called conditions.

Perhaps you’ve had a large withdrawal or deposit form your account recently, maybe you have a page missing or an incomplete document. Maybe the employment verification doesn’t match up to your documents provided, maybe proof of mortgage or rental history is still needed, maybe your homeowner’s insurance hasn’t been finalized, maybe a credit supplement needs to be ordered to update your credit report. You get the point right!

There are items where a loan can be approved based on what we have in the file and after the few remaining “conditions” are gathered, the loan is submitted back to underwriting and cleared….Then we will have a “Clear to Close”, which is the best phrase is the mortgage lending process!  This is when you REALLY celebrate!

Let’s talk more about our 6-7-1 process and how you can earn “Clear to Close” in just 8 days!

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!

 

Renovation Loans Let You Expand Your Home Search!

What Is A Renovation Loan?

So, you found a house that has potential, great location, big back yard, 2 car garage, but the kitchen needs a face-lift and the dining room doesn’t have those hard-wood floors you’ve always wanted. Before crossing the property off your list, you might want to consider a renovation loan or as I like to say a customization loan.

A renovation loan lets you purchase a house while giving you the additional funds to remodel or repair your property. It can expand your home search because you can buy something less than perfect and then- make into the home you dream of!  Plus, your purchase and renovation costs are combined into one convenient monthly payment, which is typically much less costly than using high-interest credit cards and other financings. 

If you have been living in your house for many years and would like to upgrade and renovate to something new, or if you are planning on purchasing a fixer-upper, you can fund this project with a renovation mortgage. You can receive a fixed or adjustable interest rate, and your renovation costs are placed into one loan.

Facts About Renovation Loans!

A Renovation Loan can help your loan approval process if you are having trouble getting approved!

Renovation Loan A few different Renovation Loans that our team may consider for you are the following: FHA 203(k) Standard & Limited, HomeStyle® Renovation Mortgage, or HomeStyle® for Investors. Our recommendation depends on your personal situation. To qualify for a 203k loan, you’ll need to meet the same credit score requirements as any other FHA loan. Contact The Hunter Home Loan Team today to find out what our lenders require!

Although a renovation loan has many benefits, it also has some intricacies. So, make sure you speak with the Hunter Home loan Team, so we can give you a more detailed explanation of what you can expect. We look forward to serving you! 

 

What to Expect at Your First Meeting with a Mortgage Professional

What to Expect First Meeting - Tampa Mortgage Lender

Beginning the process for a Tampa Florida area mortgage may have you feeling overwhelmed or even stressed. Although this can be a long, drawn-out process, it is important to be organized so you don’t end up feeling like you are in over your head. This starts by working with an expert to help guide and assist you every step of the way.

So, to help you get started, your local Tampa Florida area mortgage lender, Jason Hunter, has listed how to prepare you and what you should expect at your first meeting with a mortgage professional.

What To Expect

A mortgage lender is a well-trained, highly informative individual who is there to assist you in helping your dreams of homeownership come true. This means that they will do everything in their power to help you achieve your goals in becoming a homeowner. So, on the day of your first meeting, you can expect them to get to know you very well and find out everything about your financial past, including the good and the bad.

Do not try to hide anything from your lender because they will need to know what sort of obstacles you may face throughout the application process. Therefore, don’t feel embarrassed if you have a low credit score or if have filed for bankruptcy in the past because your lender is there to help.

Once your lender goes over your financial documents and answers any questions you may have, they will then go through the different mortgage options available for your financial situation. You two will review the options together and then you can decide which choice you feel is best for your goals. There are multiple different Tampa Florida area home loans on the market so take your time when making your decision.

What You Should Bring

Make sure you come prepared to your first meeting with a mortgage professional. This means having all of your financial documents printed off and organized. The documents you should bring include but are not limited to, a form of identification, current bank statements, proof of income, tax returns, as well as any debts and assets you may have.

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For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on a Tampa mortgage application, please contact Jason Hunter at 813-230-9428.

Top Mistakes First-Time Homebuyers Make and How to Avoid Them

Tampa Mortgage Lender - Top Mistakes to Avoid

It is impossible to be an expert in the industry when you are a buying a home for the first time. This means that it is common for new homebuyers to make mistakes when purchasing their first home. So, to help prevent this from happening to you, your local Tampa Florida area mortgage lender with Hunter Home Loan has listed the top five mistakes first-time homebuyers make and how to avoid them.

Mistake #1: Not Knowing Their Affordability

Some homebuyers are so eager to buy a home that they fail to take the necessary steps to better their homebuying process. This includes speaking with a mortgage professional ahead of time so they can review your finances and see what type of home best fits into your budget. This can help save you time when beginning your home search because you will know what price range to focus on and can avoid viewing homes that are not within your budget.

Mistake #2: Not Getting Pre-Approved

Pre-approval has many added benefits such as letting you know your affordability and it gives you more credibility with sellers. This shows sellers that you are financially capable of owning your own home and can afford a Tampa mortgage. It is also important to note that some real estate agents may even refuse to work with you if you have not been pre-approved.

Mistake #3: Not Saving Enough Money For A Down Payment

If you cannot afford to pay at least 20% of your home’s down payment, you will be required to obtain private mortgage insurance (PMI). This insurance will be charged by your mortgage lender so they are protected in case you miss any of your mortgage payments since you will be considered a high-risk borrower. So, to avoid paying for additional fees, make sure you have a substantial amount of savings before you begin your application for a Tampa Florida area home loan.

Mistake #4: Not Considering Additional Closing Costs

Most first-time homebuyers are unaware of all the additional closing costs that are required before you can close on your mortgage. This includes, but is not limited to, your origination fee, lawyer fees, appraisal fees, home inspection, escrow fees, and title insurance. Therefore, start saving enough money now to pay for these additional costs.

Mistake #5: Not Having A Stable Income

You risk the chance of your loan application getting denied if you do not have a stable income. Most lenders prefer that you be with your current employer for at least two years. Lenders will want to see that you have enough money coming in consistently so you can make payments towards your mortgage and being with your employer for at least two years helps support that.

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For more information on top homebuyer mistakes or to get started on your Tampa Florida area mortgage application today, please contact the Hunter Home Loan team at 813-230-9428.

Market Update: Tampa

Tampa Mortgage Lender - Market Update

Traditionally speaking, September is not considered “peak time” to purchase a home. Springtime is what most mortgage professionals believe to be the busiest time for seller’s and mortgage lenders, which is why now would be an excellent time to buy a house. Securing a mortgage in Tampa, St. Petersburg and the surrounding area now means you do not have to feel rushed to make a decision and you can explore the residential market at your leisure. Your local mortgage lender will also be more inclined to offer you a better rate than if it were the busy season.

So, to help you get started, our Hunter Home Loan team has listed the most current residential market update for the Tampa region.

Market Update

Median Listing Price

According to Realtor.com, the listing prices in Tampa have been consistently increasing over the past three years. By September 2015, the median price listed was $195,000 and increased 17% the following year to $229,000. By September 2017, the median listing price was $249,900 and by September 2018, the current median price was $260,000. This is a 4.04% increase from the previous year and a 33.3% increase over the past three years.

With this consistent rise in listing price, it is safe to assume that the residential prices are going to continue to get more expensive in the near future. Therefore, if you are thinking about purchasing a home, lock in a rate now with your Tampa Florida area mortgage lender before they increase again.

Median Price Per Square Foot

The median price per square foot has followed similar increasing trends to that of the listing price. By September 2015, the median price per square foot was $116 and increased 14.7% to $133 the following year. By September 2017, the square footage price was $144 and the current median price per square foot is $153. This current price is a 6.3% increase from the previous year and a 32% increase since 2015.

These statistics suggest that the real estate in Tampa is becoming more popular and therefore more valuable. This means that Tampa Bay and the surrounding area would be an excellent investment for your financial future.

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For more information on the current residential market update or to begin your home loan application, please contact your local Tampa, St. Petersburg and surrounding area mortgage lender at 813-230-9428.

Frequently Asked Questions

Tampa Mortgage Lender - FAQ

Trying to understand everything involved in the mortgage process can be overwhelming for any new buyer. So, to help you get started Jason Hunter has listed common frequently asked mortgage questions.

Question #1: What Is The Annual Percentage Rate?

The Annual Percentage Rate (APR) is the amount of money the borrower owes every year for their Tampa mortgage. The APR is generally expressed as a percentage, which illustrates the actual cost of funds borrowed over the loans amortization period.

Question #2: What Is The Difference Between Pre-Qualification And Pre-Approval?

Pre-qualification is referred to as “step 1” in the mortgage application process. Here your Tampa Florida area mortgage lender will review your finances and let you know what type of loan you can afford.

Pre-approval is a more in-depth process, where your lender confirms your affordability by running a credit check on your financial history and reviews all pertinent financial documentation.

Question #3: Do I Have To Sign The Disclosure Statement?

The disclosure statement is supplied by your local lender and signing it states that the terms and conditions on this document were given to you in an appropriate amount of time.

Question #4: What Does It Mean To Lock In Your Interest Rate?

Locking in a rate is where you accept a specific rate that is offered by your lender and that amount will not fluctuate when you close on your loan.

Question #5: What Is The Target Rate?

This is your original optimal rate regarding the interest on your home loan.

Question #6: If I Sign My Loan Application Does That Mean I Have To Work With You?

You are not required to work with us if you have signed your loan application form. Your only commitment is when you sign for the funds and all the closing documentation. This allows you to shop around and compare different rates with other Tampa Florida area mortgage lenders.

Question #7: What Are Closing Costs?

These are additional costs that are owed before your loan application is complete. These include, but are not limited to: origination fee, appraisal costs, attorney fees, title registration, home inspection, down payment, and discount points.

Question #8: What is Private Mortgage Insurance?

Also referred to as PMI, is an insurance that is paid for by the borrower to protect the lender in case of any defaults on the mortgage. You will be required to obtain PMI if you pay less than 20% of your down payment.

Question #9: How Do Interest Rates Change?

Interest rates can increase or decrease daily or over a long period of time. It all depends on economic factors, such as how well the local economy is doing. Talk with your Tampa mortgage lender to see what the current rates are and to lock in a rate.

Question #10: Can I Use Online Bank Statements?

Yes, but they have to include your name, the bank’s logo, and your account number.

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For more information on frequently asked questions, please contact your trusted Tampa Florida Area Mortgage Lender Jason Hunter at 813-230-9428.

Single Women are Purchasing More Homes

Single Women Are Purchasing More Homes

Single women are purchasing more homes than single men.

If there were any indicators in the women equality arena to show that women are making great strides, the real estate market is certainly one of them. Purchasing a home is usually the goal of couples who are looking to take their relationship to the next level. Statistics are now showing, however, that single women are purchasing more homes than single men.

Recently the Washington Post published an article by Kenneth Harney explaining his thoughts on single women in regards to real estate and how they now account for more real estate purchases than single men do.

The last U.S. Census Current Population Survey used 60,000 households as the sampling factor. Ralph McLaughlin, Chief Economist for the consulting firm Vertas Urbis Economics, was cited as stating that of the total home purchases during 2017, the share of purchases made by single women, which includes never married individuals as well as widows and divorcees, hit an all-time high of 22.8 percent.

With this being public knowledge, home builders are now designing more homes and subdivisions to appeal to women’s preferences. A builder in the North Carolina market, McKee Homes, saw that in some of their subdivisions up to 50 percent of the homes were purchased by single women in their 30s or older.

So, what is driving this? Another Washington Post article, this one by Cara Strickland, stated that women see purchasing a home differently than men. Regardless of whether they have children, women are more interested in decorating and furnishing their homes than they are in shopping for new clothes.

Well, you may ask why single men aren’t purchasing as many homes. It has been documented that most single men plan to be coupled before purchasing a home.

If you think about it, just a generation ago, women waited for marriage to own their personal dream home. Now it seems that the tables have turned. Home purchasing waits for no man, which is amazing!

Another factor that influences home purchasing is rising rent. According to the article, recent studies conducted by publishing firm Builder’s Digital Experience show that 23 percent of single women cited rising rent as the main motivation behind their home purchase.

Why are men not moving faster when it comes to purchasing homes? It seems like they have less concern about root planting in comparison to their female counterparts.

If we can be of any assistance in purchasing your dream home, do not hesitate to contact us at 813-230-9248 or check out our MLS search at www.Hunterhomesearch.com

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