Jared Fam Basics
Who is my son Carter named after?
Lil' Wayne and Jay Z
How many units in a property make it a commerical property?
5 or more
What is a Bank Statement Loan?
Bank statement loan, are loans that allow borrowers to qualify for a loan based on their bank statements and cash flow.These loans are particularly helpful for self-employed individuals, freelancers, and those with complex or inconsistent income streams. TicToc and IG
What does LTV stand for?
Loan to Value
Is there PMI (private mortgage insurance) in the Non-Qm lending space on any Down-payment %?
No, however the rates are higher. Thats to off-set.
How many IA drivers licneces have I had?
3
What is the first step in the home-buying process?
Get Pre-Approved
ITIN loans are designed for individuals who do not have a Social Security number (SSN) but possess an Individual Taxpayer Identification Number (ITIN) issued by the IRS
What is a "paying a point"?
Refers to paying an upfront fee to your lender in exchange for a lower interest rate on your loan. This is often called a discount point or mortgage point, and it is typically, one point equals 1% of the loan.
Can you finance the closing costs or Points into a loan?
Yes you can in most situations.
How heavy is my Pitbull?
85lbs
What is Seller financing?
Seller financing is a loan that the seller of your home makes to you.
What is an I/O loan and how many years can that be written for?
An I/O loan, or interest-only loan, is a type of mortgage where the borrower only pays the interest on the loan. Can be written for a 40yr loan. Generly for Investment Properties to help qualify.
What is a Pre-Payment penelty?
A pre-payment penelty is a penelty paid if the property is sold, paid-off, or a refinance takes place in the time frame under the terms of the inital deal.
How many properties can you hold under Non-Qm financing?
ANY AMOUNT!!
What is my 3year old favorite word at the moment?
No, everyting is NO
What is a "generally" the minimum Credit Score required for qualifying?
620 cs
What is a Fix and Flip Loan?
A fix and flip loan is a short-term financing option designed for real estate investors to purchase, renovate, and quickly resell properties for a profit. generally a 12-18 mo program.
What is an Un-warrantable Condo
A "non-warrantable condo" refers to a condominium project that does not meet the lending guidelines of Fannie Mae or Freddie Mac.
Ongoing Litigation, Low Owner Occupancy, Insufficient Reserve Funds, High Delinquency Rates
What is the down-side of going the Non-Qm route for financing?
Rates and down payments are generally higher.
What is the Second step in the home-buying process?
Get a qualified RE agen.
How can you buy Inv. Properties with no job?
With a DSCR loan. No income required. Just Need 660+ C/S, 15-20% DP, and rent that covers the PITI payment on the house.
What is a main difference between a QM loan and a Non-Qm loan program?
The primary difference between a Qualified Mortgage (QM) and a Non-Qualified Mortgage (Non-QM) lies in the ability-to-repay standards and loan characteristics. QM loans adhere to strict underwriting guidelines, ensuring borrowers can repay the loan, while Non-QM loans offer more flexibility, potentially including higher risk but also accommodating borrowers with unique financial situations.
Where does the word "mortgage" come from?
An old French phrase "mort gaige." Literally translated, mort gaige means death pledge. Once the mortgage is paid off, the loan dies.