Mortgage Blog

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?

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?

Understanding the Complexity of a Property Short Sale

Many people think a short sale primarily consists of simply selling your home with a realtor as part of a lender sanctioned transaction.  Others may view a Short Sale as an opportunity to get out of a bad investment or difficult financial situation.  Regardless of your position or objective, it is important to understand the relative complexities before you begin. A short sale is the process of selling your home that is underwater, netting out all major applicable selling expenses, and having your lender(s) agree to a net residual amount that is lower than the overall mortgage deb...

June 8th, 2015 | Short Sales, forgiven mortgage debt, Mortgage Deliquency, mortgage debt forgiveness act, Debt Mitigation, Understanding the Complexity of a Property Short Sale

Home Equity at Risk!

During the brunt of the recent mortgage crisis, when lenders nationwide faced unprecedented levels of mortgage loan delinquency in short periods of time, it was common to see delinquent mortgages sit with no adverse lender action.  The lenders did not have the time to focus on accelerating these loans and often let them sit with the equity cushion to protect their interest.Today, however, the lending environment has changed again.  No longer will a lender allow a loan to pass the 120 day default mark and do nothing.  Lenders are aggressively accelerating these loans and pushing ...

November 11th, 2014 | Short Sales, solutions for underwater properties, HECM Reverse Mortgage, foreclosure, forgiven mortgage debt, Home Equity at Risk!

Are Banks Too Big To Fail or Too Big to Follow The Rules?

How should we feel about homeowners possibly not getting a fair shake with their lenders? I think we can all agree that it is pretty clear that underwater homeowners and those struggling to make their payments want to be treated fairly.  Here is where we are with the mortgage crisis. Attached is an example of how homeowners are being treated.  After seven years, are they really getting a fair shake?  You be the judge. The lenders must play by the rules, especially those that agreed to the recent $25 billion plus settlement with the fifty state attorney generals.  For tho...

March 5th, 2014 | Short Sales, Mortgage Loan Process, Traditional Mortgage, Are Banks Too Big To Fail or Too Big to Follow The Rules?

Where Does One Turn First Absent the Mortgage Debt Relief Act?

Many are beside themselves while others have expressed a sense of panic to me regarding the expiration of the Mortgage Debt Relief Act and their decision to do a short sale.  The law, or otherwise termed grossly generous entitlement, is over.  I do not expect a retroactive continuation but who knows, anything is possible.  The question is “What do you do now?”. Taking no action just because the environment has changed may not be a good strategy. The answer in short is don’t panic.  The first place you should turn to is “Insolvency”. There is...

February 12th, 2014 | Short Sales, forgiven mortgage debt, solutions for underwater properties, mortgage debt relief act, mortgage debt forgiveness act, Where Does One Turn First Absent the Mortgage Debt Relief Act?

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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.