Mortgage Blog

The New Jumbo Reverse Mortgage Advantage

After the radical changes the government insured HECM Reverse Program experienced last October, the private reverse market has really stepped up to its calling.  The private label Jumbo Reverse has become a very affordable and flexible loan program with a new emphasis on helping homeowners qualify with a much broader application spectrum.  As an example, today an eligible homeowner can use a Jumbo Reverse to buy a new home.  In the past, the private reverse programs were designed solely for refinancing and only as a second option when the HECM program was not available.  ...

June 12th, 2018 | Jumbo Reverse Mortgage, HECM Reverse Mortgage, HECM for Purchase, private label reverse mortgage, The New Jumbo Reverse Mortgage Advantage

How the Government Can Improve the HECM Reverse Mortgage Program Without Changing It

The current version of the government insured Reverse Mortgage is much more restrictive than in the past with regards to how much equity is available to homeowners.  The latest changes that were enacted last October were directed at saving the government money from loan losses on property sales.  The real underlying problem has been longevity and how to forecast it while still offering a generous program to meet the needs of retirees and seniors.  After all, these two groups need a flexible means of tapping into their piggy banks to supplement retirement and they aren’t li...

May 8th, 2018 | Non-recourse loan, Reverse Mortgage, Retirement Planning, HECM Reverse Mortgage, How the Government Can Improve the HECM Reverse Mortgage Program Without Changing It

Self-Employed Workers Face Mortgage Hurdles - WSJ Article

It is true that the Self Employed borrower normally hits a wall when it comes to qualifying for a mortgage when asked for their Federal tax returns. The process by which your accountant works their magic is the often the exact opposite of what the lenders want to see with regards to income. After a long exercise of averaging income in conjunction with preparing a year to date profit and loss and reviewing allowable add backs the self-employed borrower usually gets stuck not qualifying. The borrowers run businesses and earn income but they just are unable to satisfy the lender requirements for ...

April 19th, 2018 | self-employed borrower, bank statement loan, Mortgage Loan Process, Traditional Mortgage, Self-Employed Workers Face Mortgage Hurdles - WSJ Article

QM versus Non QM...What is its significance for you?

A Qualified Mortgage (QM) represents a definitive set of qualifying criteria as defined by the government under Federal Dodd Frank regulations.  You can think of this as a prism, more or less, with the perfect loans by definition falling inside the protective prism and all of the other loans falling outside into the Non QM or Non-Qualified Mortgage bucket. The difference between QM and Non QM to you could be something as subtle as a slightly higher debt to income ratio or slightly lower credit score or profile.  A QM loan may have the most attractive rate and cost profile for yo...

April 5th, 2018 | Non QM, Mortgage Loan Process, Specialized Forward Mortgages, QM, foreclosure, Short Sales, QM versus Non QM...What is its significance for you?

How To Use Hard Money Short Term Loans To Your Advantage

Hard Money loans are commercial real estate loans that are short term in nature for business and investment purposes.  One of the key advantages of these type of loans is quick access to non-qualifying financing.  This type of loan is ideal for a person or a company, such as an LLC, that wishes to buy a foreclosure at the courthouse steps as a short term investment. Many properties in this category need repairs and their condition would not qualify for traditional financing due to appraisal requirements.  It could also be a resale where the property needs work in order to resell...

February 21st, 2018 | Hard Money Loan, Construction Loan, Commercial Real Estate, Investor Loans, Real Estate Investment Loans, How To Use Hard Money Short Term Loans To Your Advantage

Do you need a shot of Non QM to get you over a Housing Crisis Hangover?

Maybe this is just what the doctor ordered.  Remnants from the crisis, such as a Short Sale, Foreclosure, or even possibly a bankruptcy, could still be holding you back.  Quality Mortgages (QM) defined is that square box of perfection that you must fit in to get many mortgages today.  Many significant credit events under QM loans require up to seven years to be eligible.  However, the market is now calling out to you.  It’s ever changing and adapting to the presence of need.  A newer category called Non QM is evolving to meet the needs of people for loans th...

February 20th, 2018 | Non QM, Specialized Forward Mortgages, foreclosure, Short Sales, bankruptcy, QM, Do you need a shot of Non QM to get you over a Housing Crisis Hangover?

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Jefferson Mortgage Group LLC

2536 Leeds Rd.
Oakton, Virginia 22124
703-319-2198
FAX: 703-773-6946
info@jeffersonmortgage.com
NMLS: 935554

Located in Fairfax County, Virginia. Serving all of Virginia, Maryland, DC & Pennsylvania. 

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Jefferson Mortgage Group LLC is licensed in Virginia, Maryland, DC & Pennslvania.
Virginia State Corporation Commission License Number MC-5659 and the Pennsylvania Department of Banking & Securities #46259 
The DC Department of Insurance, Securities, and Banking License #MLB935554
Maryland DLLR License #21586

An Equal Housing Lender

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.