Buying Florida

Do you not tell anyone that you have one? Are there others in similar situations
Spouse and has passed on, only fixed income such as social security. Are food costs going up along with Medical? It is time to get a HECM - a line of credit to help you in your later years of life, Have your children be involved and everyone learn how a Reverse Mortgage works. People have 401k's. there is equity in your home. what happens if you lose that opportunity and home prices go down? You don't have to rely on family members to help you when you have all the resources in your home.
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

DSCR (Debt Service Coverage Ratio): DSCR is a financial ratio that measures a company's ability to meet its debt obligations. In the context of loans, it typically refers to the ratio of a property's net operating income to its debt obligations, including mortgage payments. A higher DSCR indicates a better ability to cover debt payments.

Non-Qualified Mortgage (Non-QM): Non-QM loans are mortgages that do not meet the standards set by government-sponsored enterprises like Fannie Mae and Freddie Mac. These loans are considered riskier and may have features that deviate from the traditional qualified mortgage criteria, such as interest-only payments or higher debt-to-income ratios.

Combining these concepts, a "dscr loan nonqm" might refer to a non-qualified mortgage where the lender considers the Debt Service Coverage Ratio as a key factor in determining the borrower's eligibility. This type of loan may be suitable for borrowers who don't meet the traditional mortgage criteria but can demonstrate a strong ability to cover debt payments based on the property's income.
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

12-month business bank statement loans" typically refer to a type of loan program where a borrower's income is determined based on their business bank statements rather than traditional income documentation such as tax returns or pay stubs. This type of loan is often categorized as a Non-Qualified Mortgage (Non-QM) because it doesn't meet the criteria set by the Qualified Mortgage (QM) rule.

In these types of loans, lenders may look at the business bank statements for the past 12 months to assess the borrower's income and ability to repay the loan. This can be advantageous for self-employed individuals or business owners who may have fluctuating income or non-traditional income sources.

Keep in mind that non-QM loans often come with higher interest rates and may have different qualifying criteria compared to traditional mortgages. Additionally, lenders offering these types of loans may have specific requirements and underwriting guidelines, so it's essential to carefully review the terms and conditions.

If you are considering a 12-month business bank statement loan, it's advisable to consult with a mortgage professional or a loan officer who specializes in non-QM loans. They can provide detailed information about the loan programs available to you, guide you through the application process, and help you understand the terms and conditions associated with these types of loans.
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDa Mortgage nmls324329

Support the show

Why list a home when it is in probate?
Anything can happen during probate, it is hard to lock in an interest rate and notify the landlord if you are a renter giving a 30-day notice. They never seem to work out on schedule which is why it makes it difficult for all parties.
When you are told that it is almost done, like my present client who has been waiting now for 2 months. Life goes on hold and at the mercy of the judge to sign off and not find anything else that may be a problem. I believe it is better to wait until after probate and with how quickly we can do a mortgage in 2 weeks wait until the title is clear.
The market has changed since 2020 and 2021, with clear titles, and contract close.
tune in the learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

Find out if you have a dog and what is the weight they accept. I just had a deal fall through due to the dog weighing 40 pounds and the weight allowed was 25 pounds. If they have an engineering report done review it. Are they going to charge an assessment? or association fees going up?  You need to do your homework. If the budget has more than 10% reserves that is good, you can see how the board is handling the money. Also, the questionnaire asks how the delinquents are doing, which is really important. If people are not paying then who has to make up for that?
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

If you are over 59 1/2 and have a retirement account, you can use monthly distributions to qualify for a mortgage. You must have 36 months of payments in order to use the income. If you need 500 a month and if you calculate out 36 months that is 18,000 in your retirement account and you have that or more then you can use that as income. It's a great way to help give you the added income to get the mortgage you are looking for.
Maybe the pension, social security, or salary is not getting you there. Thinking outside of the box and using the assets you have to help qualify you for more house
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDa Mortgage nmls324329

Support the show

10,000 people a day are turning 65 years old, some have social security, pension, or 401k. I see a lot with just Social security
Is it time to think about using your equity in your home to help supplement your income? Wouldn't be great to have access to an equity line and all you have to pay is the property taxes and insurance on the home.
Need a new A/C, Roof, or whatever home repair no need to use a credit card
Need supplemental income to help pay your monthly expenses?
Need a new car?
How about home health care when it comes to that time?
A Reverse Mortgage can help in many ways for your retirement years
Tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

As you can see every day the market is insane without reason. We Have just dropped big time with rates over the last month. When you are buying it is a snapshot in time with rates. You are closing in 30 to 45 days, anything can happen in that time frame  If you are comfortable with the mortgage payment then it is good to lock in. You are looking for the opportunity when the Gov't pivots and rates drop down to really save money not by a.25 of a percent but 2 to 3% lower which is huge. Don't get priced out and have rates jump up in your 30 to 45-day close, be safe and take the time to shop your insurance, etc.,
What can make rates drop?
rolling over 7 trillion of the debt this year
another pandemic
possible wars in many areas,
loss of jobs
all sorts of things can happen that can change everything suddenly
Be comfortable with the payment so that you can eventually reap major savings when rates drop

Tune in and learn more at https://www.ddamortgage.com/blog

Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

If you have purchased your home in the last 2 years maybe it is time to see this year when it makes sense to refinance your mortgage
for those with a low interest rate already is it time to consolidate credit card debt, installment loans, student loans, etc.,
I believe this is the year to get the house in order, with the uncertainty in the market and so many variables going on
could be the time to lower the monthly payments
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show

I have had several closings where the title company has been cyberattacked and shut down for days. I had a closing last week and still shut down and another title company the month before shut down.
These are national companies and that means this affects us all in every state.
If you read housingwire.com you can see the fines they are paying. I have loans to close this last week of the month and are they going to be up and running to make it happen? Crazy times we are living in. Nothing you can do to choose the title co that will not get affected, several years ago a small local title co got hit as well and they lost their data.
So I see more of this happening in 2024
tune in and learn more at https://www.ddamortgage.com/blog
Didier Malagies nmls212566
DDA Mortgage nmls324329

Support the show