Buying Florida

💡 Option 1 — Cash-Out Refinance
Meaning: Replace your current mortgage with a larger loan and take the difference in cash. Bankrate

Often lower interest rate than a second mortgage because it replaces your first mortgage. Rocket Mortgage

Can consolidate debt (e.g., high-interest credit cards) into one loan. Bankrate

If you refinance to a lower rate, you can reduce monthly payments while getting cash. Sunflower Bank

When it might make sense:
✔ You currently have a higher interest mortgage (e.g., 7%+) and could refinance into ~6%
✔ You want a single payment
✔ You’re usin...

When someone has lived in a home for many years, their property taxes are often artificially low because of long-standing exemptions and assessment caps (like Florida’s Save Our Homes).

If you close in January of the following year, here’s what happens:

What you get at closing

Property taxes are paid in arrears

At a January closing, the tax proration is based on the prior year’s tax bill

That bill still reflects:

The long-term owner’s capped assessment

Their homestead exemption

As the b...

Headline ads often quote temporary buydowns, ARM teaser rates, or perfect-credit scenarios that very few borrowers qualify for.

The real, fully indexed 30-year fixed rate is meaningfully higher once you look at actual pricing.

“No closing costs” usually means one of three things

Lender credits: The borrower pays through a higher interest rate.

Seller concessions: Only possible if the seller agrees — not universal.

Costs rolled into the loan: Still paid, just financed over time.

Rate buydowns are being marketed as permanent

2-1 or 1-0 buy...

If the **Federal Reserve cuts interest rates by 0.25% and simultaneously restarts a form of quantitative easing (QE) by buying about $40 billion per month of securities, the overall monetary policy stance becomes very accommodative. Here’s what that generally means for interest rates and the broader economy:

📉 1. Short-Term Interest Rates

The Fed’s benchmark rate (federal funds rate) directly sets the cost of overnight borrowing between banks. A 0.25% cut lowers that rate, which usually leads to lower short-term borrowing costs throughout the economy — for example on credit cards, variable-rate loans, and some business financing.
Yahoo Finance Duration: 00:06:28

That is wild — and honestly a sign of where mortgage tech is heading fast.

A three-hour closing versus three days used to be unheard of. What likely made it possible:

🚀 Why it happened so fast

1. Automated income/asset verification
Lenders now pull bank statements, payroll data, and tax transcripts digitally instead of waiting for uploads.

2. Instant credit + DU/LPA underwriting
If everything lines up, AUS can issue an immediate approve/eligible.

3. e-sign + remote online notarization (RON)
Cutting out scheduling delays saves days.

4. Title automation
M...

✅ Why mortgage rates can rise even when the Fed cuts rates

Mortgage rates don’t move directly with the Fed Funds Rate. Instead, they are primarily driven by the 10-year Treasury yield and investor expectations about inflation, recession risk, and future Fed policy.

Here are the main reasons this disconnect happens:

1. Markets expected the rate cut already

If investors already priced in the Fed’s cut weeks or months beforehand, then the cut itself is old news.
When the announcement hits, mortgage rates may not fall—and often rise if the Fed...

Here are the anticipated conforming loan limits for Fannie Mae / Freddie Mac for 2026 (pending official announcement by the Federal Housing Finance Agency):
819,000 is the new loan amount, so you can buy a home for $862,105 and only put 5% down to keep in conforming
Interesting how prices of homes have come down, and the loan amounts have increased, so it's another way of not having to go to Jumbo financing.

tune in at https://www.ddamortgage.com

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What Does “No Credit Score Mortgage” Mean (for FNMA)

Policy Change

As of November 15, 2025, Fannie Mae’s automated underwriting system (Desktop Underwriter, or DU) will no longer require a minimum third-party credit score. 
Fannie Mae
Instead of relying on a fixed cutoff (like “you must have a 620 FICO”), DU will use Fannie Mae’s proprietary risk-assessment model to evaluate credit risk. 
Fannie Mae
That model considers more than just credit score: payment history, “trended” credit data, nontraditional credit sources like rent, utilities, and so on. 
Fannie Mae
Nontraditional Credit Allowed
Fannie...

✅ the principal you borrowed
✅ all interest paid over the years
❌ It does NOT include taxes, insurance, or HOA unless noted.

Because longer terms spread payments out more slowly, they lower the monthly payment but massively increase total interest paid.

Below is a simple example to show how total payments change by loan term.

✅ Example: $300,000 loan at 6% interest
15-Year Mortgage

Monthly payment: ≈ $2,531

Total paid: ≈ $455,682

Total interest: ≈ $155,682

30-Year Mortgage

Monthly payment: ≈ $1,799

Total paid: ≈ $647,514

Total interest: ≈ $347,514

40-Year Mortgage

Mo...

Here are the main types of events that typically cause the 10-year yield to drop:

Economic slowdown or recession signs

Weak GDP, rising unemployment, or falling consumer spending make investors expect lower future interest rates.

Example: A bad jobs report or slowing manufacturing data often pushes yields lower.

Federal Reserve rate cuts (or expectations of cuts)

If the Fed signals or actually cuts rates, long-term yields like the 10-year typically decline.

Markets anticipate lower inflation and slower growth ahead.

Financial market stress or geopolitical tension<...

🏦 1. Fed Rate vs. Market Rates

When the Federal Reserve cuts rates, it lowers the federal funds rate — the rate banks charge each other for overnight loans.
That directly affects:

Credit cards

Auto loans

Home equity lines of credit (HELOCs)
These tend to move quickly with Fed changes.

🏠 2. Mortgage Rates

Mortgage rates are not directly set by the Fed — they’re more closely tied to the 10-year Treasury yield, which moves based on investor expectations for:

Future inflation

Economic growth

Fed policy i...

1. FHA Streamline Refinance

Purpose:
Simplify refinancing for homeowners who already have an FHA loan — lowering their rate or switching from an ARM to a fixed rate with minimal paperwork and cost.

Key Features:

No income verification usually required

No appraisal required in most cases (uses the original home value)

Limited credit check — just to confirm good payment history

Must benefit financially (lower rate, lower payment, or move to a more stable loan)

Basic Rules:

You must already have an FHA-insured loan

...

Here are alternative ways to qualify for a mortgage without using tax returns:

🏦 1. Bank Statement Loans

How it works: Lenders review 12–24 months of your business or personal bank statements to calculate your average monthly deposits (as income).

Used for: Self-employed borrowers, business owners, gig workers, freelancers.

What they look at:

Deposit history and consistency

Business expenses (they’ll apply an expense factor, usually 30–50%)

No tax returns or W-2s required.

💳 2. Asset Depletion / Asset-Based Loans

How it works: Instead of income, your assets (like...

A third mortgage is an additional loan secured by the same property after a first and second mortgage already exist. It’s essentially a third lien on the property, which means it’s in third place to be repaid if the borrower defaults — making it riskier for lenders.

Because of this higher risk, third mortgages typically:

Have higher interest rates,

Offer smaller loan amounts, and

Require strong borrower profiles or solid property equity.

🤖 How AI Is Transforming 3rd Mortgage Lending

AI tools can make offering third mortgages much more...

Great question — the 10-year U.S. Treasury Note (T-Note) is one of the most important benchmarks in finance, and it’s tightly linked to interest rates. Here’s a breakdown of how it works and why it matters:

1. What the 10-Year Treasury Is

 Speed & Efficiency

AI Underwriting:

Processes applications in seconds to minutes.

1.Can instantly pull data from multiple sources (credit reports, bank statements, income verification, property valuations, etc.).

Ideal for high-volume, standardized cases.

Human Underwriter:

Takes hours to days, depending on complexity.

Manually reviews documents, contacts third parties, and applies professional judgment.

Slower, especially for complex or edge cases.

2. Data Handling

AI:

Uses algorithms and machine learning to analyze massive datasets.

Can detect patterns humans might miss (e...

Excited to share a major update that will make the homebuying process more secure and less stressful.

President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. 
What's Changing?
For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to...

Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh:

1. Interest Rates

If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money.

Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month.

2. Loan Term Goals

Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments ar...

1. Getting Leads from AI

AI can help you find and qualify homeowners who may be interested in a second mortgage (home equity loan or HELOC). Common approaches:

Predictive Analytics – AI models look at property values, loan-to-value (LTV), credit trends, and household income estimates to flag homeowners who may be equity-rich but cash-flow constrained.

Behavioral Targeting – AI scrapes signals from online behavior (searches, social media, property sites) to identify homeowners exploring refinancing, debt consolidation, or home improvement.

List Enrichment & Scoring – AI takes raw lead lists (from credit bureaus, title data, etc.) and ranks...

Great question. Markets don’t usually wait until the Fed actually cuts rates to react — they move in advance, based on expectations.

Here’s how it works:

Forward-looking nature of markets – Bond yields, stock prices, and mortgage rates are influenced by what investors think will happen, not just what has already happened. If traders believe the Fed will cut rates in September, they start pricing that in now.

Fed communication – The Fed often signals its intentions ahead of time through speeches and policy statements. If Chair Powell or other Fed officials strongly hint at a cut...

Yes — shopping for your homeowners' insurance annually is generally a smart move.

Here’s why:

1. Rates change more than you think.
Insurance companies regularly adjust premiums based on inflation, claims data, weather patterns, and even changes to your credit or risk profile. A company that was the cheapest two years ago might now be in the middle of the pack.

2. Your coverage needs can shift.
If you’ve renovated, added security systems, bought expensive personal items, or paid off your mortgage, you may need to adjust your coverage — and some insurers may rewa...

Program Overview
Borrower Contribution: You pay 1% of the purchase price as the down payment.

Lender provides a 2% grant, bringing your total to 3% down, which is the typical minimum for conventional loans.

For example, on a $250,000 home:

You pay $2,500 (1%)

Lender adds $5,000 (2%)

You start owning 3% equity from day one

Eligibility Requirements
To qualify for ONE+, you must meet all of the following:

Income: At or below 80% of your area's median income (AMI)
National Mortgage Professional

Credit Score: Minimum FICO® score of 620
Duration: 00:04:02

A 40-year interest-only fixed for 10 years mortgage is a specialized loan product with the following structure:

🔹 Loan Term: 40 Years
Total length of the mortgage is 40 years.

🔹 Interest-Only Period: First 10 Years
For the first 10 years, the borrower only pays interest on the loan.

No principal is paid down during this time (unless the borrower chooses to).

Monthly payments are lower because they do not include principal repayment.

🔹 Fixed Interest Rate: First 10 Years
The interest rate is fixed during the 10-year interest-only period.

This provides payment stability...

When the 10-year Treasury yield goes down, it generally signals lower interest rates and increased demand for safe-haven assets like U.S. government bonds. Here’s what typically happens across different areas of the economy and markets:

🔻 Why the 10-Year Treasury Yield Drops
Increased demand for bonds: Investors buy Treasuries during uncertain times (e.g., recession fears, geopolitical risk), which drives prices up and yields down.

Expectations of lower inflation or interest rates: If the Federal Reserve is expected to cut rates or inflation is cooling, yields tend to fall.

Weak economic outlo...

 Key Characteristics of a Mixed-Use Property:
Feature Description
Use Types Typically includes residential, commercial, retail, office, and sometimes hospitality or industrial components.
Zoning Must be zoned for mixed-use by the local municipality.
Layout Different uses are separated vertically (e.g., retail on bottom, housing on top) or horizontally (different sections of the development).
Ownership Can be owned by an individual, company, REIT, or government entity; may be leased or sold as separate units.
Financing Considered commercial real estate; underwriting depends on the income mix and proportions of use types.

🏢 Common Mixed-Use Exam...

Businesses can borrow more cheaply to invest in growth.

💸 2. Consumer Spending Increases
Since borrowing is cheaper and savings earn less interest, people are more likely to spend money rather than save it.

This can boost demand for goods and services, helping to stimulate economic activity.

🏦 3. Savings Yield Less
Savings accounts, CDs, and bonds typically offer lower returns.

This can push investors to move money into riskier assets like stocks or real estate in search of higher returns.

📈 4. Stock Market Often Rallies
Lower rates can mean higher corporate...

During the mortgage process, several disclosure documents are provided to help you understand the terms of the loan, your rights, and the costs involved. These disclosures are required by law and are designed to promote transparency and protect you as a borrower. Here’s a breakdown of the key disclosures you'll receive:

1. Loan Estimate (LE)
When: Within 3 business days of submitting a loan application.

Purpose: Provides a summary of the loan terms, estimated interest rate, monthly payment, closing costs, and other fees.

Key sections:

Loan terms (rate, type, prepayment penalty, ba...

Buying a new home while keeping your current one can be a smart investment strategy—but it does come with financial challenges, especially when it comes to managing debt. Here are ways you can offset or manage the debt to make this dual-home scenario work:

🔑 1. Rent Out Your Current Home
Offset: Use rental income to cover the mortgage on your existing home.

Pros: Helps cover the mortgage or even generate cash flow.

Note: Lenders often count a portion of projected rental income toward your debt-to-income (DTI) ratio.

💰 2. Use Equity from Your Cur...

A Specific Power of Attorney (POA) for a mortgage closing is a legal document that allows one person (the principal) to authorize another person (the agent or attorney-in-fact) to act on their behalf only for the purpose of completing a mortgage transaction—typically when the principal cannot be physically present at the closing.

Key Points of How It Works:
✅ Purpose-Specific Authorization
The document limits the agent’s authority strictly to the mortgage transaction, such as signing loan documents, the note, deed of trust, and other closing forms.

It does not grant broad financial powers...

Here’s a simple and clear breakdown of how AI is making second mortgages easier for homeowners and lenders alike:

🔍 What Is a Second Mortgage?
A second mortgage lets homeowners borrow against their home's equity, without replacing their existing mortgage. Common types:

Home Equity Loan (lump sum)

HELOC (Home Equity Line of Credit)

🤖 How AI Makes Second Mortgages Easier
1. Faster Approval Times
AI streamlines credit, income, and property evaluations.

Cuts days or weeks off traditional underwriting.

2. Smarter Risk Assessment
Machine learning analyzes borrower profiles...

We offer 2nd mortgages on primary, secondary, and investment properties
we do purchases or refinances on Conventional, FHA, VA, and Non- Qm mortgages, We do Reverse Mortgages, Construction Permanent loans, FHA203k, and Conventional Renovation loans.
Let me know how we can help you or someone  you know

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

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Buying a condo is different from purchasing a single-family home, and it's important to understand the unique considerations involved. Here’s a comprehensive list of what you should know before buying a condo:

1. Understand What You're Buying
Ownership: With a condo, you own the interior of your unit, but share ownership of common areas (lobby, pool, gym, etc.) with other residents.

HOA (Homeowners Association): This governing body manages shared areas and enforces rules.

2. Evaluate the HOA
Fees: Ask for the current monthly fees and whether they’re likely to increase.

...

Buying a new home while keeping your current one can be a smart investment strategy—but it does come with financial challenges, especially when it comes to managing debt. Here are ways you can offset or manage the debt to make this dual-home scenario work:

🔑 1. Rent Out Your Current Home
Offset: Use rental income to cover the mortgage on your existing home.

Pros: Helps cover the mortgage or even generate cash flow.

Note: Lenders often count a portion of projected rental income toward your debt-to-income (DTI) ratio.

💰 2. Use Equity from Your Cur...

Locking in your interest rate can be a smart move under the right circumstances—especially when there's economic uncertainty, like tariffs, geopolitical tension, or volatile inflation.

Here are a few key considerations to help you decide:

✅ Reasons to Lock in Now:
Rising Rate Environment: If inflation is persistent and the Fed continues to signal rate hikes (or holding rates higher for longer), mortgage and loan rates might increase.

Market Volatility: Tariffs and global economic uncertainty can lead to unpredictable swings in rates. Locking in now protects you from upward movement.

You’...

 I do Residential Mortgages in the State of Florida only, that is where I am licensed. Most of my business is from Pinellas, Hillsborough, and Pasco County. I am doing more loans all over the State as time goes on.  I love to go to my closings and will drive up to 1 hour to be there at your closing. I do Fnma/FHMC, FHA, VA, C/p, Nonqm mortgages.  On the Commercial side the whole Country is open and if you are having difficulty with your lender and not going anywhere, go to www.ddamortgage.com and complete a for...

When choosing a mortgage lender, it's important to carefully compare several key factors to ensure you get the best deal and the right fit for your financial situation. Here’s who you might consider and how to evaluate them:

1. Types of Lenders to Consider
Banks: Traditional option; may offer relationship discounts if you have accounts there.

Credit Unions: Often have lower rates and fees; membership may be required.

Mortgage Brokers: Shop multiple lenders on your behalf but may charge a broker fee.

Online Lenders: Often streamlined and convenient; compare their ra...

A bridge loan is a short-term loan used to "bridge the gap" between buying a new home and selling your current one. It's typically used by homebuyers who need funds for a down payment on a new home before their existing home sells.

Here's how it works:
You own a current home and want to buy a new one.

You haven't sold your current home yet, so your cash is tied up in its equity.

A bridge loan gives you access to that equity—before the sale closes—so you can make a do...

How it works: Short-term, high-interest loan based on property value, not personal credit.

Pros:

Fast funding (days instead of weeks).

Less strict underwriting.

Cons:

Very high interest rates (often 8%–15%+).

Short loan terms (often 6–24 months).

7. Seller Financing (if you're buying another property)
How it works: If you own a property free and clear, you could "sell" it and carry financing, creating cash flow and upfront cash through a down payment.

Pros:

Passive income from note payments.

Cons:

Risk...

When you're buying a home, it's not just about affording the purchase price or down payment. You’ve got closing costs, moving expenses, and all the “surprise” things that come up after you move in — like needing a new appliance, fixing a plumbing issue, or just furnishing the place.

Keeping some cash reserves is smart. A good rule of thumb is to have at least 3-6 months of living expenses saved after the purchase, just in case life throws a curveball.

Are you thinking about buying soon or just planning ahead?

tune in and lear...

Are you a salaried employee, hourly, self-employed, or a contractor?

Do you receive bonuses, commissions, or overtime? How consistent is that income?

Can you provide recent pay stubs, W-2s, or tax returns?

Self-Employment (if applicable):

How long have you been self-employed?

Can you provide two years of business tax returns and profit/loss statements?

🔹 Funds to Close Questions
Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include:

Source of Funds:

How...

With the recent dip in mortgage rates, you might be contemplating whether refinancing your mortgage is a prudent move. Currently, the average U.S. rate for a 30-year fixed mortgage stands at approximately 6.64%, marking the second consecutive weekly decline .​

Key Considerations for Refinancing:

Interest Rate Reduction: A common guideline suggests that refinancing becomes beneficial if you can lower your interest rate by at least 1% to 2%. Even a 0.5% reduction can be worthwhile, depending on your loan amount and term.​

Break-Even Point: Calculate how long it will take for your monthly savings to offset the clos...

1. FHA Loan (Federal Housing Administration Loan)
Credit Score Requirement: As low as 500 (with 10% down) or 580+ (with 3.5% down).

Best For: First-time homebuyers and those with lower credit.

Pros: Low down payment, flexible credit requirements.

Cons: Requires mortgage insurance premiums (MIP).

2. VA Loan (Veterans Affairs Loan) (For eligible military members & veterans)
Credit Score Requirement: No official minimum, but lenders may require 580-620+.

Best For: Veterans, active-duty military, and qualifying spouses.

Pros: No down payment, no private mortgage insurance (PMI), competitive interest rates.

Cons: VA...

As of March 24, 2025, the Federal Reserve has maintained the federal funds rate at a target range of 4.25% to 4.50%. This decision reflects the central bank's ongoing efforts to balance economic growth with inflation control. ​

Looking ahead, Federal Reserve policymakers anticipate implementing two quarter-point rate cuts later this year. These projections suggest a cautious approach in response to expectations of slower economic growth and elevated inflation, partly influenced by recent tariff policies. ​

However, it's important to note that these forecasts are subject to change based on evolving economic conditions, and there is some disagreement among policymakers regarding the...

The difference between warrantable and non-warrantable condos primarily relates to whether a condominium project meets the eligibility requirements set by Fannie Mae, Freddie Mac, or other government-backed entities like the FHA (Federal Housing Administration) and VA (Veterans Affairs). These classifications impact the availability of financing for buyers.

Warrantable Condos
A warrantable condo meets the lending guidelines set by Fannie Mae and Freddie Mac, making it easier for buyers to secure conventional financing. To be considered warrantable, a condo project typically must meet the following criteria:

Owner-Occupancy Ratio – At least 50% of the units must be ow...

AI is transforming the mortgage industry in several ways, making processes faster, more efficient, and more customer-friendly. Here are some key impacts:

1. Streamlining Loan Origination & Underwriting
AI-powered algorithms can quickly analyze an applicant’s financial history, credit score, and risk factors, reducing the time it takes to approve loans.
Machine learning models can assess alternative data (such as rental payment history and utility bills) to approve borrowers who may not have traditional credit histories.
Automated underwriting systems can detect inconsistencies or potential fraud more effectively than manual review.
2. Enhancing Customer Experience
AI-driven ch...

A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage, where the homeowner makes monthly payments to a lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.

Key Features of a Reverse Mortgage:
No Monthly Payments: Borrowers receive payments instead of making them, though they must continue paying property taxes, homeowner’s insurance, and maintenance costs.
Loan Repayment: The loan balance in...

When you apply for a loan, you receive several important disclosures that outline key terms, costs, and your rights as a borrower. These disclosures are required by law to ensure transparency and help you make informed decisions. Here are some common disclosures you might encounter:

1. Loan Estimate (LE)
Provides details about the loan terms, interest rate, monthly payment, and closing costs.
Must be provided within three business days of your application for most mortgage loans.
Helps you compare loan offers from different lenders.
2. Truth in Lending Act (TILA) Disclosure
Explains the total...

A DSCR loan (Debt-Service Coverage Ratio loan) is a type of real estate investment loan primarily used for income-producing properties. It evaluates a borrower’s ability to repay the loan based on the cash flow generated by the property rather than the borrower’s personal income or credit score. Here’s a breakdown of how it works:

1. Debt-Service Coverage Ratio (DSCR)
Formula:
DSCR
=
Net Operating Income (NOI)
Total Debt Service (TDS)
DSCR= 
Total Debt Service (TDS)
Net Operating Income (NOI)
​
 
Net Operating Income (NOI): The property’s income aft...

A second mortgage is a loan taken out against a property that already has an existing mortgage. It allows homeowners to tap into their home equity, which is the difference between the home's market value and the amount owed on the primary mortgage. Here are some key points about second mortgages:

Types of Second Mortgages
Home Equity Loan – A lump sum loan with a fixed interest rate and repayment term.
Home Equity Line of Credit (HELOC) – A revolving credit line with a variable interest rate, similar to a credit card.
Pros of a Second Mort...

A rapid rescore is a service offered by lenders to quickly update your credit report with the latest information, potentially improving your credit score in a matter of days rather than waiting for the usual reporting cycle. Here’s how it works:

How Rapid Rescoring Works:
Correct Errors or Update Balances – If you've recently paid off debt, had incorrect information removed, or made other positive changes, a rapid rescore can update your credit report faster.
Lender Requests the Rescore – You can’t request a rapid rescore on your own; a lender must do it for you. Duration: 00:04:34

An appraisal waiver with Fannie Mae (FNMA) is part of their Desktop Underwriter® (DU®) system. It allows eligible borrowers to bypass the need for a traditional home appraisal as part of the mortgage approval process. This can save time, money, and simplify the loan process. Here's a breakdown:

What Is an Appraisal Waiver?
Definition: It’s an offer to waive the traditional appraisal requirement for certain loans, relying instead on data and models from Fannie Mae’s property valuation tools.
Purpose: Streamlines the loan process, reducing delays and costs associated with appraisals.
How Does It Wor...

1. Assess Your Financial Health
Credit Score: Check your credit score (usually 620 or higher is required, though higher scores get better rates).
Debt-to-Income Ratio (DTI): Calculate your monthly debt payments compared to your gross monthly income (lenders typically prefer a DTI below 43%).
Savings: Ensure you have enough for a down payment (typically 3-20%) and closing costs.
2. Gather Financial Information
Lenders will need the following:

Proof of income (pay stubs, tax returns, W-2s/1099s).
List of assets (savings, investments, retirement accounts).
Details of current debts (credit card balances, student loans, etc.).<...

Down Payment & Savings: A larger down payment can reduce your loan size and help lower the impact of higher interest rates. If you have substantial savings, it could make sense to buy now, as you’ll likely have more equity and lower monthly payments.
2. Long-Term Investment
Housing Market Trends: If you plan to stay in the home for several years, you might benefit from the property appreciation over time, even with higher interest rates. Historically, real estate tends to appreciate in value over the long term, although this can vary by location.
Refinancing Opportunity: If interest ra...

What if you had access to a solution that allows your clients to eliminate their home sales contingency? They could make non-contingent or cash offers on a new home, while also removing their current mortgage payment from qualification. This would enable them to tap into their homes equity for down payments, closing costs, or even debt payoff—all while giving them up to 6 months to sell their current home for top dollar.

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What if you had access to a solution that allows your clients to eliminate their home sales contingency? They could make non-contingent or cash offers on a new home, while also removing their current mortgage payment from qualification. This would enable them to tap into their home equity for down payments, closing costs, or even debt payoff—all while giving them up to 6 months to sell their current home for top dollar.

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


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Working with small businesses in your community is a great way to build local relationships, foster economic growth, and contribute to the development of the area. Here are several ways you can collaborate and support small businesses:

1. Support Local Shopping
Buy Local: Make an effort to purchase from small businesses rather than large chains. This helps circulate money within the community and supports job creation.
Encourage Others: Share your positive experiences with friends and family, and encourage them to shop locally as well.
2. Offer Your Services or Skills
Freelance Work: If you have...

To structure your loan effectively and qualify for a mortgage, there are several steps you can take to improve your financial situation and increase the likelihood of approval. Here’s a comprehensive guide:

1. Check Your Credit Score
Why it matters: Your credit score plays a significant role in mortgage approval. Lenders typically prefer a score of 620 or higher, though higher scores (700+) are ideal for getting better rates.
How to improve: Pay off any outstanding debts, avoid late payments, and reduce your credit card balances. You can also check for errors on your credit report and di...

A condo questionnaire is a critical document that lenders use during the mortgage approval process for condominium purchases. It provides detailed information about the condo complex's financial health, rules, regulations, and overall condition. Problems with the condo questionnaire can create delays or complications during the closing process. Here are some common issues that might cause problems:

1. Financial Health Concerns
High percentage of owner-occupancy: Many lenders require that at least 50% (or more) of the units in the complex be owner-occupied rather than rented. If a condo complex has too many renters, it could impact the lender’s wi...

Closing in December:
Tax Deduction for Current Year:

If you close in December, you may be able to deduct property taxes and mortgage interest on your current year’s tax return. This can reduce your taxable income and potentially lower your overall tax liability.
Pro-rated Taxes:

At closing, you’ll typically reimburse the seller for property taxes they’ve already paid for the portion of the year you’ll own the property. This means a smaller tax payment upfront, but you assume responsibility for the next year’s taxes sooner.
Year-End Benefits:

C...

Predicting interest rate movements in 2025 depends on various economic factors, including inflation, employment trends, central bank policies, and global financial conditions. Here's a general overview:

Key Factors Affecting Interest Rates:
Inflation:

Central banks like the Federal Reserve adjust interest rates to manage inflation. If inflation stays high, rates may remain elevated. If inflation moderates, there could be a case for lowering rates.
Economic Growth:

Strong economic growth might keep rates steady or higher, while signs of economic slowdown could lead to rate cuts to stimulate activity.
Central Bank Policy:
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We can close your loan in December, we need just a min of 2 weeks and we all work together
loan application taken
appraisal ordered
documents uploaded,
title work ordered
insurance chosen

We can make it happen based on teamwork and working together

Our process is stream-line to where we move on all cylinders and concentrate on meeting all closing dates

Technology has made that possible and for us to steer the ship to the finish line

tune in and learn at https://www.ddamortgage.com/blog<...

When a property appraisal comes in lower than the agreed-upon purchase price, it can complicate financing for the buyer. Here's what typically happens for FHA, Conventional, and VA mortgages:

1. FHA Mortgages
Impact of a Low Appraisal: The loan amount is limited to the lower of the purchase price or the appraised value. A low appraisal means the buyer must:

Renegotiate the purchase price with the seller.
Pay the difference in cash.
Walk away if the contract allows it.
Required Repairs: FHA appraisals assess both value and property condition. If issues arise...

The Florida Small Business Emergency Bridge Loan Program is a state-funded short-term loan program that provides immediate, temporary assistance to small businesses impacted by a disaster, such as hurricanes, floods, or other emergencies. Administered by the Florida Department of Economic Opportunity (DEO), the program is designed to "bridge the gap" by offering quick financial relief to small businesses until longer-term resources, such as insurance claims or federal disaster assistance, are available.

Key Features
Loan Amount: Loans typically range from $1,000 to $50,000, although this can vary depending on the specific disaster and available funding.

Interest Rate...

Lender's 1% Down Payment program is designed to make homeownership more accessible for eligible first-time buyers by lowering the upfront costs typically required for a mortgage. Here's a breakdown of how the program generally works:

How It Works
1% Down from the Borrower: The borrower contributes just 1% of the home purchase price as a down payment.
2% Contribution from Lender: Lender covers an additional 2% of the down payment, allowing the borrower to start with a total of 3% equity in the home.
Eligibility: Borrowers must meet certain income and credit score requirements. The program often targets lower-income buyers...

The FHA 203(h) program is a Federal Housing Administration (FHA) loan specifically designed to help people affected by natural disasters, like hurricanes, purchase or rebuild a home. It provides an accessible way for victims of federally declared disaster areas to find stable housing quickly by offering favorable terms compared to traditional mortgages. Here’s a breakdown of how it works and its benefits:

Key Features of the FHA 203(h) Loan
Eligibility Requirements:

You must be a homeowner or renter whose home was destroyed or severely damaged in a disaster within a federally declared disaster ar...

A second mortgage for an investment property is a loan taken against the equity in a property you already own, specifically one that is not your primary residence. It allows you to tap into the equity of the investment property to finance other expenses, like renovations, additional property purchases, or paying off higher-interest debt. Here are key points to consider:

1. Understanding Second Mortgages
Definition: A second mortgage is a loan that uses the equity in a property as collateral. It is subordinate to the first mortgage, meaning if you default, the first mortgage is paid off...

After a hurricane, the process of closing on a mortgage may be impacted due to potential damage to the property or delays caused by the storm's aftermath. Here are the next steps to take:

1. Assess Property Damage
Inspect the Property: The first step is to assess if the property sustained any damage during the hurricane. This can be done by the buyer, seller, or a licensed inspector. Some lenders may require a re-inspection before closing.
Appraisal Updates: If there is significant damage, the lender may need a new appraisal to determine the property's current value.<...

The Federal Reserve influences interest rates in the economy, but its actions may not always align with the actual rates individuals or businesses experience in the market. Even if the Fed cuts its benchmark interest rates, other factors can cause rates, such as mortgage rates or bond yields, to rise. Here are some key reasons why rates might go up despite Fed rate cuts:

1. Inflation Concerns:
If inflation expectations are rising, lenders demand higher interest rates to compensate for the loss of purchasing power. Even with a Fed cut, inflationary pressures may push long-term rates up...

Purchasing flood insurance, even if you're not in a designated flood zone, can be a wise decision for several reasons:

1. Floods Can Happen Anywhere
Floods are not confined to high-risk zones. In fact, more than 20% of flood insurance claims come from properties outside of high-risk flood zones. Severe storms, hurricanes, or even rapid snowmelt can lead to flooding in areas considered low or moderate risk.
2. Climate Change and Unpredictability
Climate change is making weather patterns more unpredictable. Areas previously unaffected by floods may become vulnerable due to changing rainfall patterns or rising sea levels...

When the Federal Reserve (Fed) cuts interest rates, it is usually intended to stimulate economic activity. Here's what typically happens when the Fed lowers its benchmark interest rate:

1. Lower Borrowing Costs
For Consumers: Lower rates make borrowing cheaper for consumers, particularly for loans such as mortgages, car loans, and credit cards. This often leads to increased spending and investment by consumers, which can boost economic growth.
For Businesses: Companies can borrow at lower rates to invest in new projects, hire more workers, and expand operations. Lower borrowing costs can encourage business growth and investment.
2...

Following the 10-year treasury yield, it has gone from 4.9 down to 3.64, the market is ahead of the Fed in anticipating a rate cut this month, so the drop in rates has already been baked in. When the Fed drops it will be a .25 or a .5 and the market will react to that drop in a positive or possibly a negative way.
Is it time to refinance your home? That is a great question, are you going to consolidate debt, cash out, or do a rate-term refinance. It is really a phone call to see where you are at...

An FHA (Federal Housing Administration) mortgage is a popular home loan option, especially for first-time homebuyers or those with limited down payment funds or less-than-perfect credit. Below are the pros and cons of an FHA mortgage:

Pros of an FHA Mortgage:
Lower Down Payment:

FHA loans typically require as little as a 3.5% down payment, making homeownership more accessible for buyers who may not have substantial savings.
Flexible Credit Requirements:

Borrowers with credit scores as low as 500–580 (depending on the lender and loan terms) can still qualify for an FHA loan. This is...

First-time Homebuyers are able to purchase a home with a 2/1 Buydown at the wholesale lender's expense. If you purchase a home and the interest rate is say 6.375%, the 2/1 buydown allows you to pay 4.375% for the first year, then 5.375% the second year, and then 6.375% for the remainder of the loan
Normally the seller would pay the interest difference for year 1 and year 2, now the Wholesale lender will pay that expense so it is not a negotiating feature for you on the purchase of the home. It is paid for by your lender and does not have to go to...

I have Helocs on primary, secondary, and now Investment properties.
How exciting to tap into the equity on your investment property without having to refinance the first if you have that nice low interest rate.
If you have a low interest rate, do the Heloc and see if the blended rate is lower than refinancing the first.
The time will come when you can refinance both of them when the rates really do come down in the future.
Thought it was pretty exciting to now have this product available to you
Let me know...

We know when the interest rates drop the following will happen
1. refinancing to a lower rate
2. consolidating debt into one lower payment
3. First-time home buyers will be coming out to buy
4. There will be downsizing of homes with the lower rates
5. There will be upsizing on homes with the lower rates

18 to 29-year-olds still living at home will be buying. With all that great news that also means there will be a lot more printing of money which will cause everything to go up in price, Things will be more expensive with...

The Government is printing 1 trillion every 100 days, we are over 35 trillion in debt today, and we are spending 1/3 of the debt is interest payments of total revenue coming in, next year it will have 1/2.
so I feel the probability of rates coming down is great at some point down the road.
You can see the 10-year has come down from 5% to 3.81%, which is significant and the market is telling you that something isn't right
We have over 1.2 trillion in credit card debt, the time will come when refinancing will make sense, and downsizing or upsizing will...

Paying off your mortgage earlier can save you money on interest and give you financial freedom sooner. Here are some strategies to help you achieve this goal:

1. Make Extra Payments
Biweekly Payments: Instead of making one monthly payment, make half of your mortgage payment every two weeks. This results in 26 half-payments or 13 full payments each year, effectively making an extra payment annually.
Extra Monthly Payments: Add extra money to your monthly mortgage payment. Even a small amount can significantly reduce the loan term and interest paid.
Lump-Sum Payments: Apply any windfalls, such as tax...

Whether to get flood insurance outside of a designated flood zone depends on various factors, including your location, property value, risk tolerance, and financial situation. Here are some points to consider:

Flood Risk Outside of Flood Zones: Even if you're not in a high-risk flood zone, flooding can still occur due to factors like heavy rainfall, clogged storm drains, or infrastructure failures. FEMA reports that over 20% of flood insurance claims come from properties outside of high-risk areas.

Cost of Insurance: Flood insurance is generally less expensive for properties outside of high-risk flood zones. Weighing the...

Why is it that when you pull your credit scores it is usually not the same as when you have one pulled for a mortgage?
Credit Karma is a great source but the scores are usually not spot on the value is that when you make payments or make changes the scores will change and a great tool to monitor the scores. Also, when you look at Discover or what you have with your bank again not the same as when pulling for a mortgage. The great news is that you have an idea of where your scores...

The concepts of real estate portability and homestead are key aspects of property tax laws in some jurisdictions, notably in states like Florida. Here's an overview of each:

Real Estate Portability
Real estate portability, particularly in the context of Florida, refers to the ability of homeowners to transfer some or all of their accrued property tax benefits from one home to another within the state. This concept is part of Florida's Save Our Homes (SOH) benefit.

Key Points:
Save Our Homes Cap: Limits the annual increase in the assessed value of homestead property...

I like to see what is available for you by getting your age and the approximate value of your home. Once we have that and go over what you may have available, we encourage you to get take the Gov't class which costs about $190. You have a 3rd party that goes over all the details of a Reverse Mortgage making sure you understand everything and it makes sense.
When that is complete, I will meet with you at your home and go through all the documentation that is required to be signed I also ask that you have...

After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect:

Why You Receive More Junk Mail
Public Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell products and services related to homeownership often purchase these public records to target new homeowners.

Credit Inquiries: Mortgage lenders typically make a hard inquiry on your credit report when you apply for a mortgage. Credit reporting...

How long has it been since you have lived in your home? what did you pay for it back then and what is the value today after all of the home appreciation?
Maybe it is time to call your insurance agent and ensure you have replacement coverage.
Our home has been our wealth over the years and I think it is important to make sure you are well covered.

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

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VA Mortgages have no monthly PMI, they have a funding fee that goes on top of the loan and it varies from a first-time VA buyer to a second-time user if there is a certain percentage of disability then no funding fee.
With an FHA Mortgage, there is an upfront funding fee of 1.75% and a .55 factor for monthly PMI.
Now for Conventional Mortgages, there is no upfront funding fee only a monthly PMI and that depends on your credit scores and down payment on your home.
With an excellent credit score, the monthly PMI factor can...

For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional.
Now for FHA the loan limit is $498,257.  you can buy a home for $516,328 putting 3.5% down now
A VA mortgage can go up to $2,000,000 with no money down.
100% financing up to $2,000,000
With the cost of everything going up, it is nice to see the Government increasing the loan limits to accommodate the higher prices

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

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A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation:

Key Points of a Residential DSCR Loan:
Debt Service Coverage Ratio (DSCR):

The DSCR is calculated by dividing the property's net operating income (NOI) by its total debt service (e.g., mort...

I learned a hard lesson on a loan last year, I had a borrower who was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always to have the loan run to see if you get just one year's return.
Having one Year's return makes it less complicated less documentation...

Mortgage brokers are intermediaries between borrowers and lenders, offering assistance in finding and securing mortgage loans. Here's what they typically provide:

Access to Multiple Lenders: Mortgage brokers work with a variety of lenders, including banks, credit unions, and private lenders. This allows them to offer borrowers a range of options to suit their needs.

Expertise and Guidance: Brokers have in-depth knowledge of the mortgage market, including various loan products, interest rates, and qualification requirements. They can provide personalized advice based on your financial situation and goals.

Loan Comparison and Selection: Brokers analyze your...

There are two main types of FHA 203(k) loans:

Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations.

Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms.

Some key points about FHA 203(k) loans:

They require a down payment of at least 3.5%.
The property being renovated must be...

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios
2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one.
3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA?
So really 3  different types of vehicles that can get you into a home or get home improvements included in the financing or a Reverse Mortgage for t...

The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels
is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the future
the cost of everything is going up and not stopping and you will see inflation continue to gain ground once again. Time to put the house in order...

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available.
I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher and rates as well. But if you have these programs available and the payment is affordable then the probability of refinancing down the road is in your...

Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 trillion annually next year. I say rates will have to come down in order for the Gov't to pay the interest expense, kicking the can down the road so...

Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers.

Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit.

Loan Limits: VA loans do have loan limits, which vary by county and are set by the Department of Veterans Affairs. Borrowers can still use a VA loan for a home purchase that exceeds the county loan limit, but they may need to make a down payment for...

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a
New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home.
An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home will not pass inspections and this way you can buy your home and get the work completed.
You must have...

You have Conventional Mortgages, FNMA/FHMC, FHA, VA, Reverse Mortgages, Bank Statement loans, DSCR, Reverse Mortgages,  and 1099 mortgages.
Depending on your particular situation, could be a choice based on
credit scores, income, funds to close
Buying a home using Bank statements to qualify for a mortgage
Buying a home using a 1099 only to qualify for a mortgage
Using rental income to qualify for a mortgage
Or being a first-time home buyer with just 1% down to purchase a home

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

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What if you refinanced your lower-rate first mortgage into a higher rate but consolidated all of your debt into one low payment. Getting rid of credit cards, car loans, installment loans, and student loans. What would your savings be a month and how much would you save? Then if property values were ever to plummet and rates came crashing down. Just go back to 2007 when we were able to refinance everyone on the HARP program. I just break things down to worse-case scenarios and how you can stay ahead of the game with your finances no matter what.
<...

First-time homebuyers put down 1%, and the lender gives you 2%  towards the down payment, no strings, and no liens. You have 3% down and now work on getting the seller to pay closing costs of up to 3%.
Working on a loan right now where the purchase price is $238,000,  the 1% down is $2,380 the lender is giving $4,760 and the seller is paying 6,000 of closing costs. so the remaining closing costs are 2,000.
The total out-of-pocket for the buyer is 4,380 for this home
How much does it cost to rent after paying first, last, and deposit?
You must be below the me...

Bridge loan to acquire, renovate, and stabilize a multifamily investment property. When the rents are under the market and the units are outdated. This program allows you to acquire a property below market value and make cosmetic upgrades to increase rents.
how about capitalizing the fit-up of retail/office investment property?
We also have flip-fix loans for residential.
6 to 24 months
loan amounts from $250k to 20 Million
Interest only
1 to 3-week closing times
tune in and learn more at https://www.ddamortgage.com/blog
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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...