LIMITED-TIME DISCOUNT

For a limited time I am making an extra contribution to your interest rate or closing costs. When you close your loan with me between now and the end of the year, you will receive a discount point reduction of .125pts.

Contact me directly to become pre-approved or if you have any questions. Offer is good for purchase or refinance transations.

Jeff Irving
National Mortgage Consultant
Direct: (866) 663-5461
Email: jeffirvingmlo@gmail.com

* Loan must close and fund by December 29th, 2009.

New Doctor Loan Program Now Available

Our new doctor loan program is now available in most States. The benefits of the program are as follows:

- No Application Fee
- No Mortgage Insurance Option*
- 5% Down Payment Option*
- $250 Appraisal Discount Credited at Closing

Multiple Product Options Including:
- 30yr Fixed Conforming
- 30yr Fixed Jumbo (Jumbo loans are not available with low down payment option)**
- 3, 5 & 7 yr Conforming & Jumbo ARM Products
- Can be used in conjunction with FHA or VA loans***


* The No Mortgage Insurance Option and 5% Down Payment Option are available in most States for conforming loan amounts of $417,000 or less. Some declining markets will require a larger down payment, depending on the local market classification. "No Mortgage Insurance Option" is not available in conjunction with an FHA loan. Contact me for details on your particular area.

** The Jumbo Loan requires a minimum down payment of 20% in all markets. Some declining markets will require a larger down payment, depending on the local market classification. Contact me for details on your particular area.

*** Mortgage insurance is required on all FHA loans, regardless of down payment. This is an FHA policy and is the same regardless of lender.

Not available in HAWAII, ALASKA, TEXAS or NEW YORK. This program is available in most other States. Please contact me directly to see if your area qualifies.

Important Information Regarding Home Loans and Student Loans

If you are considering purchasing or refinancing a home and you have student loans, then this will be a short article that you want to read. One of the primary determining factors in your ability to qualify for a mortgage loan is your debt-to-income (DTI) ratio. Each loan program has a maximum DTI ratio that you cannot exceed, so limiting your monthly debt payments is something to consider when getting ready to obtain a mortgage loan. Your DTI ratio is calculated by adding your total estimated house payment, including your taxes and insurance, to the total of all of your minimum required monthly payments for debt that appears on your credit report and then dividing this figure by your total gross household income.

Let’s look at a quick example assuming that your total estimated new house payment is $1,250, your total minimum credit card payments equal $50/month, your car payments total $450/month and your student loan payments are $300/month. Let’s also assume that your total gross household income is $4,200/month. So your debt-to-income ratio would be:

$1,250 + $50 + $450 + $300 = $2,050 min debt payments each month
To calculate your DTI simply divide this total by your gross income: $2,050 / $4,200 = 48.81%

Let’s also assume that the loan program you’re applying for has a maximum DTI of 42%, which is a common maximum. Using the figures above you would not be able to qualify for the $1,250/mo payment, because it brings your DTI up too high (48.81%). At this point you have two options in order to utilize this loan program. One option is to lower the loan amount you are asking for, which would in turn lower your payment. As long as your payment is low enough to bring your DTI ratio down to 42%, then you’re good to go. The second option is to find a way to lower one or more of your other monthly debt payments in order to lower your debt-to-income ratio.

Finding a way to eliminate your student loan payments from the equation is a great way for many borrowers to lower their DTI ratio. In the example above, eliminating the student loan payment would actually bring the DTI down under the maximum of 42%. ($1,750/$4,200 = 41.667%).

Okay, so let’s get to the main point of this article. Many loan programs allow us Mortgage Consultants to leave your student loan payments out of your DTI ratios, as long as they will be in deferment for a minimum of 12 months from the time you close your home loan. This is so important, because those with student loans have the ability to put them into deferment or forbearance. However, if you incorrectly time your student loan deferment then your student loan payments will most likely be REQUIRED to be included in your DTI ratio, thus throwing off your ratios and limiting what you can qualify for. It is important to speak with a Mortgage Consultant before putting your student loans into any type of forbearance or deferment. It may be in your best interest to make your student loan payments for a couple of months so you can delay putting them into deferment until it’s time to close on your new home. Or, there may be another way of approaching this that will maximize your ability to qualify for the loan you need.

If you have any questions about how this might work or how much home your currently qualify for based on your debt to income ratio, feel free to contact me directly. I can assist with mortgage loans in all of the Continental United States.

Jeff Irving
National Mortgage Consultant
Direct: (866) 663-5461
Email: jeffirvingmlo@gmail.com

NEW ANNOUNCEMENT: Announcing the new "Medical Professionals Home Loan Program".

I am happy to announce that I will soon have a new doctor loan program available to many of those working in the medical community. It will be called the "Medical Professionals Home Loan Program" and it will offer a number of excellent benefits. In addition, this program will be available to more medical professionals than ever, including doctors, veterinarians, medical residents, medical fellows, ophthalmologists, podiatrists, nurses and other medical professionals.

After the recent demise of the doctor loan program at Bank of America, I began to seek out other banks that would allow me to provide special mortgage loan benefits to medical professionals. I have loved working with doctors and I was so disappointed that this program was not available to me or my clients any longer. After multiple discussions with competing national banks I made the decision to change employers last month. Together we have have been working on a new doctor loan program with exceptional benefits and low interest rates.

I expect to have a final announcement of the program's benefits within the next two weeks. Please let me know if you would like to be included on updates and communications regarding the "Medical Professionals Home Loan Program" by emailing me directly at jeffirvingmlo@gmail.com.

Best Regards,

Jeff Irving
National Mortgage Consultant
Toll-Free: 866-663-5461
Email: jeffirvingmlo@gmail.com

Are you planning on buying a home and using the $8,000 tax credit this year? It’s time to get rolling!

If you are a first-time homebuyer and you’re planning on buying a home this year to tax advantage of the amazing $8,000 tax credit, then it’s time to get moving. And yes, that is an actual credit! For example, if you qualify for this credit and at the end of the year you end up owing $500 in federal taxes…you will get a $7,500 federal tax return! If you already had a federal tax return coming your way, then add $8,000 to it. This is obviously huge.

“But it’s only August,” you say. Yes, that is correct and if you delay much longer you could miss the boat.

Here are my “Top 5 Reasons Why You Should Not Wait to Buy”

1. If you wait until the last minute, you’ll be competing for homes and loans with all the other procrastinators out there.

2. Home prices could increase. Many anticipate a rush during the last few months of the year due to all those who want to close on their new home before the credit expires…this could potentially cause home prices to go up between now and the end of the year.

3. This same rush could clog up lenders fulfillment systems, which would mean longer closings, slower service and possible frustrations. If you wait too long and can’t close this year, then you could miss out on the tax credit.

4. The interest rates are excellent right now. Did you know that just a slight increase in interest rates could change your payment buy hundreds of dollars each month? Lower rates mean you can afford a better home.

5. The home-buying process generally takes 8-12 weeks from beginning to move-in. This includes a minimum of 2-4 weeks to find a home, another week or so to negotiate and work out a deal and then anywhere from 30-60 days to close on your loan (depending on a number of variables). If your home search and purchase ends up taking 12 weeks, then you’re going to find yourself moving in November sometime. Wait much longer and besides the chilly and/or wet weather, you’ll also be moving around the holidays…no fun.   

If you have questions about how to start the home-buying process, the tax credit, how to find a realtor or anything else related to purchasing a home, please feel free to email or call me directly.

Regards,
Jeff Irving
National Mortgage Loan Consultant

No More Doctor Loan...So Now What?

Unfortunately the Bank of America doctor loan program has been suspended. So what is your best option now? Well, that mostly depends on what your individual circumstances are.

If you're looking to put as little down as possible, then for the past two years I have recommended the FHA Loan Program to anyone who couldn't utilize the doctor loan program for one reason or another. It only requires 3.5% down and they have once again raised the FHA loan limits, making it available to more borrowers than ever. In fact, I like this program so much that I'm using it to close on my own home next week.

If you have a 15%-20% down payment, then depending on where you live I may be able to assist you with the No Fee Mortgage Plus program or a conventional loan program.

It may seem like it's getting harder to get a mortgage loan. However, it's really not difficult at all if you have just 3.5% to put down. If you are interested in learning more about FHA loans and you live in California, Oregon, Washington, Nevada or Idaho, then email or call me and we can see if it's a good fit for you.

If you have 15% or more to put down, then I have access to loan programs in every state and can assist you with the more conventional loan programs as well.

The doctor loan is gone, but the opportunity to buy houses on the cheap with phenomenally low interest rates is still here! If you'd like to learn more, get in touch and we can discuss your options.

Thank you
Jeff Irving
Mortgage Loan Officer
866-663-5461
jeffirvingmlo@gmail.com

Please note: The Doctor Loan is Suspended...New Applications Are No Longer Allowed

Thank you to everyone who's chosen to work with me!

For those of you who check my blog regularly, I apologize for the delay in postings. The past few months have been extremely busy due to matching, many new clients and a lot of great referrals from current and past clients. In fact I've just recently hired an experienced assistant to help me process all of your mortgage loans. She has been in the mortgage industry for a number of years, and her experience and work ethic have allowed me to concentrate more on staying in regular contact with you and on the influx of new calls. I'd like to thank all of you who have trusted me with your mortgage loan this year and for all of your excellent referrals. We have been working hard to provide you with the best loan out there and your feedback has been amazing.

A quick update on the status of the mortgage industry: Rates remain at near historical lows. Couple that with the leveling off or decrease of real estate values in many markets, and it's an unbelievable time to buy a home! I look at it like this; the time to make your investment in real estate is when everyone else is sitting on the sidelines. Just like when stock prices are down and everyone is somber about the state of the market...the savvy investors buy!

I will continue to provide you with the best loan, rates and service in the industry. Thank you again for reaching out to me and allowing me to assist you with such an important transaction. I am more grateful than you'll ever know!

Sincerely,
Jeff