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 

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.

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! 

 

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.

Contact Us

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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