Keeping Your Current Home While Buying Another: New Guidelines Apply

 

Keeping Your Current Home While Buying Another:  

New Guidelines Apply 

 

 

     In recent weeks, there has been some very good news in home financing for homeowners that choose to retain their primary home (or can't sell because they're underwater) while pursuing the purchase and financing of a new home ...

 

     Underwriting Guidelines that play a predominant role in the financing of these types of purchases have now been relaxed.  New Guidelines now allow a more manageable level of funds (less than before) be required to buy and close on these new homes.

 

     The housing decline that took place between 2008 to recent times resulted in a tightning of lending standards.  However, Market Values have now recovered and rebounded in many, if not most, of the country.  

 

     Recognizing this, plus the fact that there is now more stability in the economy, Fannie Mae and Freddie Mac have lowered the "Reserve" Requirements made upon Buyers choosing to retain/rent their current residence, but buying and moving to a new home. 

     

     Lending Guidelines define Reserves as:  Funds held back (in Reserve) in a savings, retirement, or investment account AFTER considering all the funds needed for Down Payment and Closing Costs.

 

     One month Reserve is equal to:  The TOTAL MONTHLY Housing Expense of any/all Real Estate owned.

 

     That Total Monthly Housing Expense referred to includes:

  •  Principal & Interest Payments
  •  1/12th of the Annual Real Estate Taxes & Homeowners Insurance
  •  Monthly Mortgage Insurance
  •  Homeowners Association Dues (as expressed in monthly amounts)


     FORMER Guidelines typically required:  6 Months Reserves for each and every property.  That amount made qualifying more difficult for some Buyers.  

     Plus, Buyers still needed to come up with the necessary Down Payment needed for their new home purchase.

 

     NEW Guidelines have been revised downward:  New requirements now require only2 months Reserve (as a Rule).  

 

     In some cases:  The 2 months Reserve is not required at all.  Those cases are dependent on:

  • Loan-to-Value Ratio
  • Credit Scores
  • Debt-to-Income Ratio

 

     If you're looking to move or buy another home ... and are presently "Underwater" or lacking a back-up savings fund ...

 

     You may be the perfect candidate to buy under these new Guidelines!

 

     Contact me for more information regarding these new Guidelines, your eligibility for financing, and the options that exist for your home buying today. 

 

 


*  Hoping to buy a home in the greater Chicagoland area?  Contact me today.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:


Gene Mundt

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

Comments

Gene, for once Fannie Mae made a positive change.  The other positive change to this guideline was doing away with the LTV requirements on the departing property and only needing to show a signed lease to be able to use the income right away. 

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 3 years ago

Hi Gene - That's very good news. We often have buyers who need to hang on to their existing home as a rental investment for a variety of reasons. This will help. Thanks for the heads up!

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) about 3 years ago

Gene this is very good news indeed. I have one particular client in mind that this may help tremendously. They just closed on their Phoenix home 3 months ago and he just found out he's getting relocated to another state. Now he'll have an easier time of chosing to rent this home out for awhile and make the purchase of a new home too. Thank you for writing about this as I'm meeting with them this week to discuss their situation. Timing could not be better!

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) about 3 years ago

Wow!  This is really good news.  We purchased a second property last year and it was pretty brutal with the lending requirements.  

Posted by Francine Viola, In Tune with your Real Estate Needs - Olympia WA (Coldwell Banker Evergreen Olympic Realty, Olympia WA) about 3 years ago

Interesting to say the least...I wonder how many will get into trouble with both homes

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) about 3 years ago

Good news to hear Gene and it will help many with the new lending guidelines on the homes....no one right now but someone is soon to pop up to hear about these guidelines.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 3 years ago

I tried to re-blog the good news, Gene, but somehow I lost the formatting and it looked a little too condensed. I will share this news with clients.

Posted by Steffy Hristova, Tempe AZ Realtor - Your Home Close to Your Work! (HomeSmart Elite Group Tempe AZ Tel: 480-966-9353) about 3 years ago

Excellent! Thank you for the information. I have a few clients who want to buy/sell rather than sell/ buy :-)

Posted by BethAnn Long, Realtor, CRS, e-PRO, Spokane Wa Real Estate (RE/MAX Inland Empire) about 3 years ago

This is great news.  I know there are sellers that are going to welcome this change.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 3 years ago

Every once in a while they get it right, George Souto ...

Very glad to hear that it will be beneficial to you and your clients, Dick Greenberg ... exactly what I hoped for.

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Please let me know how it turns out for you, Anna Banana Kruchten ... or even better, follow-up with a post here on AR for all to follow!

I think you have a blog format to tell your story, Francine Viola ... and alert others to this change ...  I hope you use it as it will benefit others.

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

I'm hoping it actually does the opposite, William Feela ... time will tell ...

Another "tool" in your toolbelt, Ginny Gorman should you run across this scenario ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Steffy Hristova ... thank you.  I hope it proves beneficial.  But please let AR - Bob Stewart know of your difficulties in re=blogging.  I was having issues too ... and they want to know so they can correct them ...

Great, BethAnn Long ... the sooner these options are known, the better ...

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

I believe so too, Joan Whitebook ... I have a few that were finding the previous guidelines too challenging.  The changes will be welcomed ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

That is great news and thank you for sharing.  Does this also apply for purchasing and refinacning investment properties?  I own several single family rental properties and in the past had to have the 6 month reserves.  Great post and very informative.

 

Myers & Myers Real Estate

Posted by John Myers, Your Trusted Real Estate Advisor (Myers & Myers Real Estate, Inc) about 3 years ago

I think that's a dreadful idea myself.  6 months reserves should be the minimum.  

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 3 years ago

This is really important information Gene and we thank you.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 3 years ago

Gene, this is great news for those who were on the skinny side of qualification but showed logical merit in being soundly capable. It's a nice barrier reduction.

Posted by Chuck Willman UtahHomes.me, Utah Homes (Utah Homes) about 3 years ago

Good morning Gene. We knock guidelines a lot these day, but for once they got this one right. Great job sharing the information and a well deserved feature.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 3 years ago

If I were a buyer, I'd be very uncomfortable if I only had two months reserves - I would feel it was too risky. That being said, this certainly will help more people purchase the next home.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) about 3 years ago

Gene - this is good news.  I had not been following it.  Will we be seeing more second homes again.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 3 years ago

Thanks for sharing:

Fannie Mae and Freddie Mac have lowered the "Reserve" Requirements made upon Buyers choosing to retain/rent their current residence, but buying and moving to a new home. 

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) about 3 years ago

Very good news that Fannie and Freddie lowered the reserve requirements.  

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 3 years ago

Good morning Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com ,

Congratulations on a well deserved featured post. Thanks for the good news..very informative! I have several sellers right now buying first and selling their home next..they do have their homes paid off which makes it easy ut in our market sure makes it easy for those sellers wanting to make one move!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) about 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com 

This is good news  (I think) for many potential buyers who are having problems selling, or want to buy  new home while selling theirs and avoid the problenm with trying to get a contingent offer accepted, and who can truly afford it. Hopefully those who qualify and move forward can, in fact, handle the financial burden.- some will not be able and then there will be a problem. Will it become too easy to qualify?

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) about 3 years ago

All specifics aside, I'm just really glad to see the needle moving in the right direction again.  

Posted by Rob Spinosa, Vice President of Mortgage Lending, Marin County (Guaranteed Rate, Marin County, CA) about 3 years ago

With "requirements" loosening does that translate into increased risk of another 2007/2008 fiasco?

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) about 3 years ago

Bookmark...feature...applause !  Excellent topic choice...and oh surprice (not) well written !!!

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 3 years ago

Wait - how can a homeowner who owns an underwater home ever qualify for a new home?  Am I misunderstanding something?

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) about 3 years ago

This is definitely someone you want in your contacts file this Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com 

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 3 years ago

Very interesting!  This may help in my personal goal to acquire more investment property.

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) about 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com This should make a lot of buyers happy. Thanks for the update.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 3 years ago

I understand your concern, Tammy Lankford ... but think there are now stricter guidelines for mortgage approval overall in place that should counterbalance them ...

Glad you found the article informative, Noah Seidenberg ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Completely agree, Chuck Willman ... these applicants won't bypass the scrutiny of approval, but that scrutiny will be more common sense based ...

Thanks, Joe Petrowsky ... totally agree.  And we must give credit where credit is due.  They got it right ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

There will be those that still feel they need to wait, Kat Palmiotti ... and that is understandable.  But there is a new option for those that want to move forward.  A choice is available for each ...

Grant Schneider ... this is on primary residence only.

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Thank you, Sham Reddy ...

I think so too, Roger D. Mucci ... options available is a good thing ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

You make a good point, Dorie Dillard ... this will most likely effect some market areas more than others.  Still options are now available for exploration and choice ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Although I agree with relaxing the 6 month guideline I think it should have been revised to 3 months instead of 2. 

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) about 3 years ago

There are still many boxes that must be "checked off" prior to mortgage approval, Jeff Dowler CRS ... certainly far more than prior to the housing downturn.  That should eliminate many of the fears regarding the new guidelines ...

So true, Rob Spinosa ... an indication that common sense direction may be more in sight ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Tony and Suzanne Marriott ... there is little comparison to be made between the finding of mortgage approval now and what was in play during the previous time.  That is a good thing .. and should eliminate those issues from coming back into play ...

Thank you Sally K. & David L. Hanson ... that is high praise coming from YOU!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Good info..thanks

Posted by Brad Lauritzen (Contempo Lending, Inc.) about 3 years ago

Gene, this is an interesting change, but if I were advising a buyer, I'm not sure it would be the best idea to take advantage of this.  And once the reality of carrying two homes hits, the dearest, sweetest clients can turn into freaked out maniacs.  

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 3 years ago

That's really good news! I like the trend toward making it easier to get loans. 

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) about 3 years ago

Thanks for the info.  I have a situation where this information will be very helpful.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 3 years ago

Gene, This has to be welcome news to a lot of buyers!  We're potentially moving in about 3 years and targeting paying off our existing home completely just so we won't have extra hurdles to clear.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) about 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com - for a change, advantage to consumer!

Though somehow I feel, the stricter guidelines were safer - not sure why.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) about 3 years ago

I think, it is a good start, I expect more news like that;

this one is a good news for those who want to downsize yet, stuck with large payments.

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Calabasas CA (Barcode Properties) about 3 years ago

That is great news for some, Gene.  Over the last month or so I've had many more customers temporarily with 2 homes.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) about 3 years ago

Margaret Goss ... Underwater doesn't mean you're not qualified to buy a home.  Underwater is a property value issue and doesn't reflect the quality of credit the owner has necessarily.  You can still have good credit and assets.  As long as you can qualify for the new debt on top of the current debt, purchasing options exist.  An approval is truly dependent on the individual's credit and assets still retained ...

Gene 

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

As always, you're my loyal and vocal supporter, Richie Alan Naggar ... thank you!

This offers options and possibilities to many, Ralph Gorgoglione ... glad to hear you may be one!

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Michael Setunsky ... I agree. This will be welcome news to many that harbor hopes of moving on ...

Understand your hesitancy regarding this issue, Nicole Doty - Gilbert Real Estate Expert ... but this is what the powers-to-be decided upon.

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Thanks, Brad Lauritzen ...

Patricia Kennedy ... For those wishing to move on ... and fully aware of the ramifications of  owning 2 homes in this manner, the options exist.  Truly an individual's decision and preference ... but at least the option is there to consider.

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

I've seen quite a few articles touting a "loosening" of credit, as of late Karen Fiddler, Broker/Owner.  Not sure if that is the case ... or if we are growing use to the new "norm" regarding approvals and documentation.  Either way, more are aware and educated regarding navigation of the process ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Exactly what I love to hear, Joan Whitebook ... and very glad the info will prove useful ...

A very worthy goal to have, Liz and Bill Spear ... and glad to hear that the info might prove beneficial personally AND professionally, if needed ...

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Praful Thakkar ... definitely  more restrictive, to be sure.  And they eliminated many from hopes of moving on.  Time will tell is it ultimately  makes it safer ...

It opens up options for consideration .. definitely true, Inna Ivchenko ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

I've had more too .. and many more inquiring, at minimum Women of Westchester Working Together.  Ultimately the answers will lie in the individual's financial and credit scenarios as to whether they can take advantage of this loosening of guidelines ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Good to see mortgage brokers such as yourself taking advantage of AR to post info so real estate agents and brokers are made aware of the changes in guidelines.  Being on the wholesale side of lending myself, I appreciate it when news that affects our industry is shared that will affect borrowers, buyers and sellers.  Keep it up! 

 

 

Posted by Trent Dalrymple (248) 854-0625, Helping Mortgage Professional's Lend Nationwide! (Texana Bank) about 3 years ago

Once again we see the reason why I say, every mortgage is unique and buyers need to sit down face to face with a lender like Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com or myself to look at "options" (Gene's favorite word) that fit their situation instead of a do-it-yourself website.

Posted by DEANNA EARLY - - ( NMLS # 268590 ), Virginia Mortgage Loan Originator (American National Bank and Trust) about 3 years ago

Thanks so much for your thumbs up and kind words, Trent Dalrymple .  Education and info is my main focus when blogging.  Just makes the process easier and more enjoyable for ALL concerned ...

Glad to meet you!

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Lovely word, isn't it, Deanna Early?  And the more options, the better!  Always appreciate your input and comments ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

I had no idea! Wonderful of you to share this rich information, Very kind of you to share this. I am sure i'll be able to use it some day.   Are you licensed to write loans in Michigan?

Posted by Nancy Robinson Ranked #6 in MI, #10 Century21 Realtor in the US, #16 in the World (Century 21 Town and Country) about 3 years ago

Hi Gene.  Very informative especially the six month reserve now at one month.  Thanks.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 3 years ago

Nancy Robinson ... Thank you for your question!  My company, American Portfolio Mortgage Corp. IS licensed in Michigan.  I am presently in the process of obtaining my individual LO license, have tested, and should have that process completed within a month (approx.).  Again, thank you for your inquiry.  I would love the opportunity to speak at your convenience ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

You're welcome, Conrad Allen ... glad you found it beneficial ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

That is good news, Gene. I will have to check with my local lenders and see if they are up on it.

Posted by Toni Weidman, 26 Years Selling Homes in New Port Richey, FL (Sailwinds Realty) about 3 years ago

Participate