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MORTGAGE INSURANCE EXPLAINED

January 24th, 2015 |  MORTGAGE INSURANCE EXPLAINED

Mortgage insurance is required on all FHA loans and on Conventional loans where there is less than 20% equity. This covers the Lender's risks. FHA charges the client with two forms of mortgage insurance. There is a 1.750% upfront mortgage insurance fee that is added to the loan and financed in, and a monthly mortgage insurance fee (recently lowered by the White House by 50 basis points despite the MI carriers rebuttal). So for example, what was a 135 basis points on a 90% + loan, is now 85 basis points (on a $100000 loan this reduces the monthly fee from $112.50/ mo. to $70.83/mo.). Conventional loans offer 2 types of MI to choose from: 1) traditional MI costs are based on credit score, LTV, zipcode, loan size, etc.,BUTt is still less than FHA MI costs.2) Lender paid MI charges about .250% extra more in the rate, BUT then there is no extra monthly MI costs. In the short term this means a lower payment for the borrower. Your Mortgage Broker can run the varios scenarios to see which plan is best for your client's needs for the short and long term. We can help, give us a call - DIVERSIFIED MORTGAGE BROKERS -26 YEARS SERVING CENTRAL VIRGINIA AND BEYOND-Tel: 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com  . WE EDUCATE & DELIVER !

CREDIT SCORES AND POTENTIAL BUYERS

January 17th, 2015 |  CREDIT SCORES AND POTENTIAL BUYERS

Credit scores can make or break a deal, BUT perhaps not as much as you have been led to believe.Yes, most lenders want a 640 score or better for their Conventioanl,FHA,USDA,or VA approvals,BUT there are lenders that will approve the buyer with less attractive scores. How about FHA,USDA,and VA approvals to 580 scores? How about FHA approvals considered to 530 scores? Yes, there are programs with slightly higher % rates to accomodate these buyers.We have these programs. Perhaps you do not know what to advise a client in order to help increase their scores, so that a purchase can occur in a few months and not be lost forever? Call us- DIVERSIFIED MORTGAGE BROKERS-SERVING CENTRAL VIRGINIA AND BEYOND FOR 26 YEARS- Tel: 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com  . WE EDUCATE & DELIVER !

VERY IMPORTANT MORTGAGE ANNOUNCEMENTS

January 9th, 2015 |  VERY IMPORTANT MORTGAGE ANNOUNCEMENTS

THERE ARE 3 IMPORTANT ANNOUNCEMENTS THAT WILL EFFECT YOU: 1) THE WHITE HOUSE IS PREPARING TO DO AN EXECUTIVE ORDER TO CUT FHA PREMIUMS BY 50 BASIS POINTS (this will allow less fees for a FHA loan and allow more buyers), 2) USDA IS CHANGING THEIR ELIGIBILITY AREAS EFFECTIVE 2/1 (this has been along time coming so make sure you know that your property is in an eligible area first-check the USDA site-http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do. 3) FANNIE MAE NOW OFFERS 3% DOWN PAYMENT FINANCING: purchase tranactions require that at least 1 borrower be a First-time homebuyer, the 3% can be a GIFT, 35% MI required ...but compare to FHA w/ 3.50% down and 135% MI.For all your mortgage needs call DIVERSIFIED MORTGAGE BROKERS- Tel:434-237-3143,Email: dbi4009@aol.com,   Web: www.diversifiedmortbrokers.com  .WE EDUCATE & DELIVER !

WANT MORE DEALS CLOSED-PLEASE READ

January 2nd, 2015 |  WANT MORE DEALS CLOSED-PLEASE READ

Are you tired of losing deals that never close? Make 2015 different! You need a CENTRAL VIRGINIA Mortgage Broker with 26 years experience--that offers MORE= GIVE US A TRY. What is different you ask? 1) Straight talk w/o false promises and hype, 2) Constant communication as to updates on loan approval thruout the process, 3) FAST closings- 3-4 weeks, 4) Availability via phone 24/7, 5) The lowest rates with the lowest Broker compensation around- we shop from many lenders, 6) CONV., FHA, USDA, VA, JUMBO, CONSTRUCTION, and SUBPRIME loans,7) MULTITUDE of NICHE products to get the deal done: VA to 560 scores, FHA to 530 scores, W2 loans w/o tax returns, 24 month bank statement loans as full doc, Flip home loans, Limited tradeline and limited credit score loans, 3% down CONV. loans, CONV. loans allow gift $ for downpayment, To be determined loans (before exact address is chosen), Singlewide & doublewide financing, 5-10 investment property loans, Recently out of bankruptcy or foreclosure loans, etc., etc.. Call DIVERSIFIED MORTGAGE BROKERS= Tel: 434-237-3143, Fax: 434-239-4852, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com    WE EDUCATE & DELIVER !!

The "REAL" Reason For The Season

December 19th, 2014 |  The "REAL" Reason For The Season

As we get ready for the 2014 Christmas hoopla, lets give thought for all we have, all we love, and the "REAL" meaning of CHRISTmas!!!! I hope all of you have the best CHRISTmas ever and a Happy New Year ! Diversified Mortgage Brokers,Tel: 434-237-3143, Email: dbi4009@aol.com Web: www.diversifiedmortbrokers.com

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Diversified Mortgage Brokers
100 Copley Place, Suite D Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)

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