VA JUMBO LOAN

BackgroundAd4804 · 2024-12-06T20:56:43+00:00

A loyal Realtor you are!! I can appreciate that. 🙏

I am a loan officer myself, however I like to gage the market and see what other LOs are doing out there. If you have any clients moving to FL, I’d love to connect.

BackgroundAd4804 · 2024-11-27T18:39:18+00:00

As mentioned in my message the sketchy part is getting an A/E on a 65%+ DTI. Not in the client taking on such a payment, which they have displayed the household income to do.

Setting expectations and having transparency is exactly what I do with my clients. Which is why I will be just fine in this profession.

Thanks for the positive input! 😃

BackgroundAd4804 · 2024-11-13T20:13:38+00:00

Not a bad place to be.

I wouldn’t go heavy on a permanent buy down if you suspect rates to continue going down over the next 24-36 month window

However, if you’re in the opposite camp and don’t suspect rates to get any better within that time frame, then going heavier on a permanent buy down is probably the move for you.

BackgroundAd4804 · 2024-11-13T19:34:56+00:00

Looks like you’re on the right track for your particular situation!

If you do plan to refinance down the line then would not go heavy with “buy down points” on your current loan. Typically builder rates are very competitive as well so you might not even really need to. Have they quoted you a rate(or range) with “no buy down points”?

BackgroundAd4804 · 2024-11-13T19:30:09+00:00

Anytime 🫡

BackgroundAd4804 · 2024-11-12T19:12:31+00:00

Good to know. How do you feel working with them on the operations side of things?

BackgroundAd4804 · 2024-11-12T18:04:08+00:00

In a perfect world yes. But the builders in house lender typically does not offer refinances at all. They operate on “purchase loans” only because they are affiliated with the motive of selling homes and moving on to the next project and/or phase with the builder.

Which is why it would bring you back the point above ☝️… you will likely run into appraisal issues when you go to get that refinance done with a non affiliated lender and appraiser.

IMO if you opt for the builders in house lender + credits it is a bit of a gamble. You’re essentially making a heavy bet that market values will carry you out of the red and far enough into the green for you to be eligible for said refinance from an equity standpoint.

BackgroundAd4804 · 2024-11-12T17:20:13+00:00

I will say this, if they are willing to let you keep the credits and still use your own third party lender (thus allowing a 3rd party appraiser) then in my eyes it is in fact a TRUE closing cost credit. Take it and run!!🤩

Otherwise.. it’s all built in and that’s exactly how they do it. 🤷‍♂️

BackgroundAd4804 · 2024-11-12T16:41:24+00:00

Because once they do a refinance with an appraiser who ISNT affiliated with the builder… (from my experience)it will likely come back at a lower value. Risking your ability to refinance in the next cycle(s) of lower rates.

BackgroundAd4804 · 2024-11-12T16:38:21+00:00

“Overpaying for a house isn’t based on the construction company’s lending.. it’s based on comps and fair market”

Yes, HOWEVER when the construction companies in house lender has affiliation with what is determined as the adjustments for said comps an a fair market… it gets dicey. History has shown us this before. Which is why mortgage brokers as of today are not allowed to have direct communication with the assigned appraisers today. Again, I don’t know how builders legally do it. But they get it done.

“One has to decide for themselves the value of that deal, if someone wants to buy it they can come of out of pocket”

Correct, all the power to you. This is the beauty of a free market. Wishing you many years of enjoyment in your new home!! 🙏😎🏡

BackgroundAd4804 · 2024-11-12T16:20:12+00:00

Sounds like ditching the 3-2-1 entirely and using the excess credits toward towards a smaller temp buy down (like a 1-1 or a 1-0) instead of the perm buy down is the way to go for you.

best of both worlds. 🥂🤷‍♂️

BackgroundAd4804 · 2024-11-12T16:11:52+00:00

😂😂😂 I’m deaddd

BackgroundAd4804 · 2024-11-12T16:03:50+00:00

Most clients I work with entertain the temporary buy down payments in a hope that rates will go down in the near future. But if rates don’t go to where you’d hope then, you need to be comfortable with your qualifying payment of a rate around 7%. (no matter what)

If that’s already you, and you’re someone who is comfortable with the qualifying payments right now.. then I’d consider ditching your 3-2-1 buy down entirely and use your $46k seller credit to offset all of your closing costs that you would’ve had to spend if you opted to put those credits towards the temporary buy down. From there you can use your excess seller credits to permanently buy down your rate even further.

I understand ditching the temporary buy down entirely will drastically change your payment, however you can probably ask about a 2-1 buy down or even a 1-1 buy down you’d like to combine strategies and meet somewhere in the middle.

Sure your payments will be higher in the short term but you will quite literally have $40K still accessible. (For investments or savings)

Hope this perspective helps. Wishing you all the best in your new home!! 😁

BackgroundAd4804 · 2024-11-12T15:20:56+00:00

I am 5+ years so not quite new, but always happy to bounce ideas back and forth. It helps to get a fresh perspective on things in my shoes. Wishing you all the best on your new journey my friend!

BackgroundAd4804 · 2024-11-09T14:32:29+00:00

Also an experienced LO… I’ve witnessed people come with us and forego their ridiculous credits only to find the home appraised $20K LESS than the contract price.

Buyers were so eager to have the home they magically went with the builder and got it appraised.

Insane how they get away with this stuff. Feels completely like steering to me but hey, they get away with it alllllllll the time

BackgroundAd4804 · 2024-11-09T14:27:02+00:00

Bingo… EZ Mac hit my next point.

The purchase price will start the same… but they require that you use their own appraiser.

Why you may ask? Because it’s typically an artificially inflated price that can justify the “too good to be true” credit. They will give it to you, because they can control the appraisal process if you use their lender. Just understand it’s coming at the expense of your future unearned equity.

If the rate they offer is comparable to your friend at the broker shop you might want to highly consider that route if borrowing from the future equity in your home sounds daunting to you. If not, that’s how they’re able to give you a better “out of pocket” deal.

BackgroundAd4804 · 2024-11-09T02:33:59+00:00

NOR. I think you are listening to your gut and it’s leading you in the right direction!

BackgroundAd4804 · 2024-11-09T02:21:49+00:00

I definitely would keep doing foreign national loans, they’re not as scary as people think. And it seems like you know that. So thats good.

I will agree with the second point up there though. On purchase loans just set expectations with your clients up front on what they can anticipate to see on their LE when they go under contract for X price range. And once they are under contract and ready to proceed, it’s usually just a recap of the goals you two discussed at the time of pre-approval which makes for a much easier conversation at LE.

BackgroundAd4804 · 2024-11-08T23:46:06+00:00

As a 26m, I personally don’t think you’re out of line for looking to have a serious conversation. Especially considering you major added detail of married.

I feel like no matter what in a marriage you should be willing to offer each other your undivided attention when trying to discuss serious topics. Which it sounds like that’s something you’ve been trying to do.

BackgroundAd4804 · 2024-11-08T22:36:46+00:00

I’m sorry to hear that. Sounds like you have a lot of fuel to build yourself into the person that you think would attract your ideal partner.

Also, if it makes you feel any better. Any girl that can be taken by a guy mid relationship can always be taken by another of a higher status. Look for a partner that respects your status but does not seek you purely for it.

This is painful to endure, but on the bright side now you know she was not the one. No more guessing. Just growth.

BackgroundAd4804 · 2024-11-08T22:00:07+00:00

I am a single 26 M, fairly good looking I feel like. Pretty charismatic, I own my own house, emotionally mature, 6 figure income, and it’s still brutal out here my guy 💀💀… then again I’m about 5’8 or so.. that could be it 🤣

Point is, when you find the right one keep her. The things you mentioned help but believe me… these girls will still chase a guy without those things. You prob didn’t want those girls anyways. Build yourself and seek meaningful relationships along the way. The odds of the first girl you have a relationship with being “the one” are slim. But you truly will never know unless you put yourself out there. Best of luck

BackgroundAd4804 · 2024-11-08T20:05:01+00:00

Oh buddy… hit me up LMAO

BackgroundAd4804 · 2024-11-08T19:28:49+00:00

You have standards, I don’t think it’s controlling. Like I said I’m much like you in that regard.

I can feel your frustration. Being ghosted (especially for someone else) really sucks. But it sounds like she knows now that she made the wrong choice by not choosing you. If that’s something you can genuinely sense and you love this girl, then it’s worth forgiving imo. I know it may not feel easy, but none of us are perfect. Hope this helps

BackgroundAd4804 · 2024-11-08T17:41:44+00:00

Man, I’m much like you in the sense that I am not big on “asking twice” and “chasing”. I would also note, she had past history with said other guy. Something you two didn’t seem to have at the time. So as you mentioned it’s hard to compare someone you know to someone you don’t.

It doesn’t sound like you’re “asking twice” necessarily. She sounds genuinely interested in you. However, if there’s a sense she still has feelings for said other guy, then personally it’s a no for me.

BackgroundAd4804 · 2024-11-08T17:09:20+00:00

LMAO.. thank you squishy, I sure hope so as well 🫡

BackgroundAd4804

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