Open House Sunday 2-4pm!

Author: Terra  //  Category: Just for Fun, Lending, Miscellaneous, Real Estate

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Just like NEW!! Edmond Home $159,777

Author: Terra  //  Category: Just for Fun, Lending, Miscellaneous, Real Estate

stag flyer

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Mortage Memo: Rental Income by Taylor Ortiz with Spirit Mortgage

Author: Terra  //  Category: Lending, Real Estate

Weekly Mortgage Memo

Today’s Topic: Rental Income

 

Sometimes our clients want to rent their primary residence and buy a new home.  They generally

assume they can count the rental income to offset their mortgage payment.  That was the case

prior to 2008 but since then it’s gotten much tougher.  If they can’t count the rental income it

can be tough on the ole’ debt to income ratio (DTI) for our client to have two house payments

counted against them. Here then is the matrix (imagine that) of what has to happen for our

client to count future rental income from their current residence.

_________________________________________________________________________________

        Loan Type            Documented equity in                Result                   Reserve Requirement

                                     their existing property

 
Fannie/Freddie (Conventional) Less than 30% No Rental Income Counted. 6 months payments on both homes.
30% or Greater 75% of rental income can be used. 2 months payments on both homes.
FHA Less than 25% No Rental Income Counted. No requirements
25% or More 75% of rental income can be used. No requirements
Veterans Administration No requirement 75% of rental income can be used No requirements
HUD184 (Native American) 25% equity Can’t use rental income.  Qualify with both payments and document previous home rented. No Requirements
USDA – Rural Dev Nothing documented but they really frown on this.
Notes:
  • Reserve Requirements
Liquid assets.  Checking, savings, stocks, bonds and retirement accounts. 
  • Documented Equity
Generally speaking this is either 1)appraisal or 2) price they purchased the home.
 
  • FHA Exception
If the borrower is relocating or being transferred by their current employer FHA will accept rental income from home their leaving without any equity requirements.

_____________________________________________________________________________________

Info provided by Tom Davies

Interest
Markets Rates Equities (stocks) Commodities
Last Week 4 Dow Jones Industrial 17,573 Oil 78.65
Today 4 Devon 65.03 Natural Gas 4.41
FHA Today 3.75 Chesapeake 23.41 Gold 1,178

 

Taylor Ortiz
Mortgage Loan Officer

Edmond Mortgage
2575 S Kelley Pointe Parkway Suite #180,
Edmond, OK 73013
Office phone: 405-513-7805
Mobile phone: 405-509-1064
NMLS# 449866

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Thank a Veteran Today

Author: Terra  //  Category: Just for Fun, Lending, Miscellaneous, Real Estate

We Americans should never forget the sacrifices veterans made to protect our way of life.  Thank you to all the veterans that have served our country and protected our freedoms. We will forever be thankful! Happy Veterans Day!

 
veterans-day-poem-for-preschool

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Open House Sunday 2-4pm

Author: Terra  //  Category: Just for Fun, Lending, Miscellaneous, Real Estate

edgewood blog

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Are you going to Mistletoe Market?

Author: Terra  //  Category: Just for Fun, Lending, Miscellaneous, Real Estate

Have you ever been to Mistletoe Market? If you haven’t, you have been missing out! Shop more than 100 select, unique merchants at this highly anticipated event, benefiting community projects of the Junior League of Oklahoma City. You will not be disappointed!

On-line sales for general admission tickets have closed but tickets can always be purchased at the door.  You can stop by the Junior League office Monday – Friday between 9 and 2 to purchase your tickets at 1001 N.W. Grand Blvd. Oklahoma City, OK 73118 Phone (405) 843-5668.

Wednesday, November 5 – Preview Party
6-10pm – $50 per person
Tickets can still be purchased on-line here or by calling our office.

Breakfast with Santa – please call 405-843-5668 for availability.

General Shopping Hours:
Thursday, November 6 – 9am to 8pm
Friday, November 7 – 9am to 8pm
Saturday, November 8 – 10am to 5pm

General Admission tickets are $8 per person and $5 for seniors over 65 and children between the ages of 3-12.

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Fall Back 2014

Author: admin  //  Category: Just for Fun, Real Estate

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Halloween Trick-or-Treating Tips

Author: Terra  //  Category: Just for Fun, Real Estate

Halloween-21

Halloween and Trick-or-Treating is this FRIDAY! Are you prepared to pass out candy or take your kids in Trick-or-Treating?! Turn your front porch lights on if you are passing out candy to children and turn your lights off if you are not! Halloween provides a day to dress up, get some exercise going door to door, hang out with friends, go to festivals and go to parties!

Pointers for Trick-or-Treaters:

  • Don’t eat too much candy!
  • Wear reflective tape or carry a light
  • Wear a costume that fits to prevent tripping
  • Plan your route in advance
  • Wear comfy shoes
  • Look before crossing the street
  • Children should walk from house to house with an adult
  • Sword, sticks, and other costume accessories should be short, flexible and soft
  • Examine all treats to make sure they haven’t been tampered with or to make sure there is not a chocking hazard
  • Don’t ever enter a home for safety

If you are driving the night of Halloween PLEASE watch out for kids going from house to house and drive SLOW!

HOPE YOU HAVE A HAPPY HALLOWEEN!!!

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Come see us in your costume this FRIDAY from 2:30-4:30PM for a sweet treat and a photo!

Author: admin  //  Category: Just for Fun, Real Estate

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Open Houses Sunday

Author: admin  //  Category: Real Estate

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