Published Interest Rates Misleading

by | Oct 25, 2016 | Mortgage Information, Other Information, Real Estate

There has been a lot of buzz lately regarding the difference between the published interest rate and the rate that is actually offered to borrowers. The interest rate published as the “average rate” by Fannie Mae and Freddie Mac is always lower than the actual interest rate offered by mortgage lenders or brokers. The reason for this discrepancy are loan level pricing adjustments “LLPA”. The published rate is the rate offered to borrowers with no negative loan level pricing adjustments. These can include credit score, loan to value, property type, and many other factors. When you are shopping for your next home loan keep in mind that you probably will not qualify for the “average rate” published on...

Fannie Mae Day 1 Certainty

by | Oct 24, 2016 | FHA Mortgage, Mortgage Information, Other Information, Real Estate, VA Mortgage

        Day 1 Certainty is a new offering Fannie Mae is giving their lender partners. This should mean greater speed and simplicity when lenders deliver loans to Fannie Mae. This will increase efficiency for lenders when verifying income, assets, and employment. There will also be additional improvements for customers eligible for a property inspection waiver (PIW). This efficiency should mean the an easier and more hassle-free loan process....

Are you eligible for a VA loan?

by | Jun 15, 2016 | Mortgage Information

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to help eligible veterans purchase a primary residence with long-term financing by offering more flexible credit terms. Veterans can qualify for a VA mortgage loan with up to a 103.3% loan-to-value ratio without paying private mortgage insurance and interest rates are lower than conventional loans. There is an up-front funding fee for a VA loan which ranges from 0 to 3.3% of the loan amount and is paid to the Veterans Administration. The up-front-funding fee for the VA loan can be financed into the loan amount, resulting in a higher loan to value ration than 100%; this fee is waived for veterans who are receiving 10% disability or more for their time in the service. In addition to the low down payment, debt-to-income ratios on a VA loan can go higher than a conventional loan. This means that a buyer can qualify for a higher monthly mortgage payment in relation to their monthly income than they could for a conventional loan. The maximum VA loan guarantee varies by county. Currently, in Lee County, Collier County and Charlotte County the maximum guarantee is $417,000 at a 100% loan to value. VA loans are the most lax when it comes to credit history: no foreclosures or short sales within the last 2 years (opposed to 7 and 4 for a conventional loan respectively) and bankruptcies must be 2 years from discharge of chapter 7 (opposed to 4 years for a conventional loan). Credit scores can go below conventional loan, but most lenders require a minimum credit...

Mortgage Rates Plunge to Three Year Low

by | May 12, 2016 | Mortgage Information

Mortgage rates plummeted to their lowest levels in three years this week. According to the Washington Post, weak first-quarter economic growth, persistent global economic worries and last week’s anemic jobs report all contributed to pushing down bond yields. Because mortgage rates tend to follow the yield on the 10-year Treasury, home loan rates retreated. D&V Home Mortgage offers VA home loans, FHA home loans, conventional home loans and jumbo home loans in Lee, Collier and Charlotte counties. If you are looking to get a mortgage loan in the Southwest Florida market, give us a call today to see if you...

RSW Sets Record Quarter

by | Apr 25, 2016 | Mortgage Information

According to an article published by the News Press “Southwest Florida International Airport (RSW) scored record growth in the first quarter of 2016, including a 7.5 percent year-over-year increase in passengers for March. In March alone, the Fort Myers airport served 1,269,961 travelers, making it “the single-largest month for passenger traffic in our 33-year history,” said Bob Ball, executive director for Lee County Port Authority. The passenger count trifecta is especially significant because, for the airport, 2015 “was the best ever,” Ball noted.” With such high demand in the beautiful SWFL market, property values are strong and homes are selling fast. Interest rates are still at extremely low levels, so now is the time to finance the purchase of your dream home. We have extremely low interest rates and we offer great products including: VA mortgages, FHA mortgages conventional mortgages and jumbo mortgages. For a free consultation on real estate mortgages in Fort Myers, Collier County, Charlotte County or the SWFL market, call us...