Simplifying the homebuying process to relieve stress and confusion. Homebuyers don't need to feel overwhelmed about getting a mortgage or home loan. I give you real facts, with no BS about everything mortgage! I'm Jen Hernandez, a residential mortgage loan officer since 1995. In today's world, there is an over abundance of information, and as a home buyer it is easy to get overwhelmed and unsure of what is accurate!?
I'm here to ensure you feel confident in the purchase of your next home.
The goal for the channel is to bring you accurate information so that you can make the most informed decisions during your home buying process. We have helped thousands of families become homeowners with our proven process.
Useful info - THANKS for the video. I was almost thrown back when your guest said "FUNNER" (yes, it IS in the merriam-webster, but...) but glad we let it go.
Property tax in Texas is a rip off. First the counties assess the value of your property, they set the tax rates, and collect the funds. So there are many chances for corruption. To my knowledge, the state has intervened three times and arranged for property tax relief which results in a temporary relief; but the counties not getting as much revenue then raise property values to the max allowable, and raise tax rate so they are soon (within a couple of years) getting their revenue back to the same level or higher. Also, I have lived in three counties over my years here...each one seems to have a different rate structure even with having a similar valued home. In one county my taxes were around $3500...moved to a different county for a same valued home and my tax bill is $5000. IMO, the state needs to either eliminate property taxes; or the state needs to take over the entire property tax process - in order to make it fair and equitable. In the process make the counties get used to a set amount of funds - and then need to learn to live within budgets provided.
Thanks for watching. Could it have been an escrow shortage? If you look at your loan balance at the transition, be sure that is correct. They MUST send via us mail a summary of any increase. I’m guessing it’s escrow. Let me know!
I figure the authorized user would only help them get there credit started.My daughter is 10 is a authorized user on my cc.I plan on geeting her a secured credit card when she turns 18.I started and manage a custodial account for my daughter.Will that help with credit or approval when she buys a house? Thanks for your show.
What options would you suggest to someone looking for a construction loan? We own the land free and clear (appraised at 600K) but can’t qualify for a conventional construction loan due to the DTI because of our talented CPA.
Hi! So you must be self employed then. On construction, the non QM loans which is where bank statement loans sit, don’t exist. On construction you need to have full documentation. Sorry but other than paying cash or waiting until tax returns show more money, that’s all I can suggest.
So in my scenario, $750k = construction cost $180k = land value Appraised value = $930k LTV of 80% on $930k is $744k Construction cost - 80% LTV $750k - $744k = $6k?
Yes you are correct!!! so basically the bank will finance all the construction cost except 6000, do you want to keep in mind though that they’re gonna want a contingency to pad the cost so if you construction contract is 750, does that include contingencies already? Also, in addition to that 6000 out-of-pocket you’ll have closing cost out-of-pocket
Thanks for the info! I'm still a little confused about funds needed to close if you own the lot outright. Does the value of the lot actually count as your downpayment or do you have to come in with funds to close? And can you recommend a construction loan officer in Washington State? This would be for an investment.
Hello! Thanks for the question, the lot price does count as your total equity, basically they’re gonna do an evaluation of the property and the lot plus the structure is going to equal a certain amount. From there, they’re going to multiply by 80% ( most lenders want 20% equity) and then will deduct your lot loan, and whatever is left over is amount they will finance. Investment property construction financing is extremely hard to find and you’ll need to look for a localized or regional bank in the city where you’re doing the construction.
Hi there! If you mean income tax… check with your tax professional. If you mean property tax, the exemptions will depend on your state and occupancy. Investment property usually has no property tax benefit. While a primary residence occupancy in most states has a reduction in tax as a benefit.
Thx for watching- I made this 4 yrs ago after I had a client unaware until almost closing that she had to take over the loan of the panels. That would have denied her loan either xtra debt. The seller ended up taking the panels. True story!!!!
I was told because that i am my mothers POA that i cant receive money for caring for my mother. She has rectal cancer and a stroke victim. I don't know what to do.
Oh my gosh, I’m so sorry to hear this, though there are elder law attorneys in your state that can advise on this kind of thing. I would definitely check it out. The caretaker income process I believe fairies from state to state. Also a home healthcare agency Might be able to assist you. That’s what the person I interviewed is. He’s got a home healthcare agency. I’m so sorry I’m not sure if this is helping you.
I live in California. I recently got a non-renewal on my homeowners insurance. Been calling many insurances but they won't take me due to risk of brushfire in my area. Some say I have to get two policies. One with California fair plan just for fire coverage....close to 5k and then second policy for $1500 to cover water, liability and theft coverage. Too expensive. Not sure what to do.
Hi! I asked an insurance friend here in Texas had to answer your question and here’s what she said…. She’s not 100% sure about California, but that the best thing to do is to try several independent agents. She said that since brushfire insurance, there is equivalent to us here in Texas having to have wind coverage --which other words --it’s pretty much mandatory then it is a high possibility that you can only qualify for this as a separate policy and not mixed together with your regular homeowners. I hope that this helps you understand, but I would get some names from friends and family of different agents there in the California area.
My brotherchas stage 4 copd need care giver medicare doesnt pay said he needed custodial care how can i get paid in wa state he cant even tie his shoes
Oh gosh, I’m so sorry, the person I interviewed is a home healthcare expert and he might know where to point you in the right direction in your state. You can email him here. admin@providersoftexas.com
Loved loved loved this conversation and the simplicity of language used by the interviewee to explain complex home scenarios! Thank you for sharing the knowledge. Being a CA resident has its ups and downs like any other state. Here, insurance companies are fleeing due to the risk of wildfires.
How does a seller credit affect a conventional loan? I.E. clients putting 50% down on 400k loan, and getting 2600 in seller credit for repair. Shouldn't effect the loan at all, just less money need to bring to close, right?
Hi! The 2600 is applied to the max allowable limit. Correct, it will lower the cash to close. Just to elaborate.....When you put 25% down or more, you can get up to a 9% credit from the seller. So you are good. It does not matter what the credit is for (repairs for example) it is a seller concession. For your future knowledge, the seller credits cannot exceed the actual closing costs and prepaid expenses.
I think the written law states Non Citizens can qualify. Can you please see if this is true since this is an election year most voters who are first time homebuyers might be shocked that these requirements are structured for Non Citizens rather then USA citizens.
its just away to take your ssi ssdi away thay came to my house and now i got ss up my ass and food stamps. i dont know what im going to do cuase thay know i dont have money to hire a lawer. i guass ill be homeless and starve to death
😩 that’s harsh, it’s so far from the truth, I’ve just got 29 years in lending and all I wanna do is educate people that’s it, take care and thanks for tuning in
Hi rickybobby6606- in most cases yes. Not all though. Each of the programs have different ins and outs. The ones with lower rates require reserves and also a lower debt to income. IF you are looking to buy in TEXAS would love to help you! Reach out www.loanwithjen.com/contact
Hey myFICO community, I woke up this morning to an incredible surprise-PINNACLE CREDIT SPECIALIST hit my report, and my scores jumped from 564 to 792!!! I applied for and got approved for a CAP1 Quicksilver one with a $4,000 SL (wish I would have waited another day. Lol). This is my first time ever reaching a score this high-I’ve always been in the low to mid- 500s at most, I really appreciate PINNACLE CREDIT SPECIALIST for helping me get this high. What cards would you recommend I apply for, given my current situation? Any tips on maximizing my credit profile from here would be greatly appreciated! Thanks in advance for your advice and recommendation!
Hi Jennydiez8020- did you know that 20% down on a primary purchase is NOT the requirement? As a first time buyer, 3% down is available to everyone, if you qualify, and if a 2nd time buyer, then 5% down. Here is another video about it . Thanks for watching! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tFL4pt6Vc0o.htmlsi=pgUwOqkd1xrzP9ED
Thanks for the feedback brittany- land with houses on them are more valuable to the market in general. True, land goes up in value, usually based on location, but there is little use for land by iteself. Did you know most banks dont like to loan on land by itself? You bring up an interesting debatable topic! Giving me an idea for another video. Thank you!
Hi seankelker2740- yes you are correct, increase in prices, insurance etc is becoming an issue. This is a really interesting topic. At what point is the appreciation and the wealth you are building in appreciation (as you stated) outweigh to lagging wages? I think if more people bought within their affordable range, and more conservatively, you can see homeowning as a future savings plan. ya know? Unfortunately there are some out there that push the limits on their lending limits. Thanks for taking the time to comment!
you bring up an interesting point. My fear is that once rates come down again at some point, it will happen again. Lets hope we just have a balanced market
Your calculation is flawed. If you didn’t itemize your deductions and took the standard deduction instead, you would still be reducing your taxable income. You should make a comparison between standard and itemized deduction to determine the real life benefit.
that is an exellent question. HELOCS are not a standardized product. They are usually done my local or regional banks in your area. One may concentrate mostly on credit score, and another, may require no more than 3 lates in 3 years. So really will depend on your credit SINCE the modification. I would supsect that 3 years is enough time to pass as long as you are rebuilding your financial profile. If you need any referrals in Texas for a HELOC lmk- here is my contact info www.loanwithjen.com/contact
