Mortgage and Portfolio Loan Guide

So Your EX Destroyed Your Credit…

Portfolio Loan

Post-Divorce Mortgage

I have seen it countless times. An otherwise “A grade” borrower is left with no mortgage options because their ex-spouse was extremely irresponsible with their finances while going through divorce. Resulting many times in no other option than having to file for bankruptcy, and even foreclose on their home.

For these types of situations there is hope!

FHA, VA, and conventional guidelines are set in stone. As brutal as it sounds, they don’t really care about the sob story. If you had a nasty divorce which resulted in a bankruptcy, short-sale, or foreclosure you’re pretty much between a rock and a hard place if you have any desire to be a homeowner in the next couple years.

So what can you do? You have been a homeowner since you graduated college 15 years ago. Are you really going to be forced to live with family, or rent? NO. Believe it or not, there are lenders out there that take a common sense approach to mortgage loans for people with bad creditlending. Lenders that will look at your situation from a common sense standpoint, and make every effort to understand exactly what led to the circumstances that you’re in. Lenders that will take into consideration that you fell on hard times, but are now back on your feet. These are the lenders that offer in-house portfolio lending. Lending designed to bring common sense back into the home financing world. Where you don’t have to fit inside the little black and white boxes of the strict government guidelines.

Imagine that?  Being treated like a human being instead of a statistic. What a refreshing concept?

So where do you start? The best thing to do is seek out a small-to-mid-size lender, bank, or credit union which offers portfolio loan financing. Find out what their requirements are for these unique loans. Find out what you can do to prepare as best you can. There are still going to be requirements to meet because they want to make sure you ARE back on your feet, and confirm that you do have the ability to repay the loan.

thumb-422147_640Some things to prepare yourself for when getting a portfolio loan:

  1. You’ll probably be required to put at least 10% down.
  2. Points may be required to cover the level of risk they are taking.
  3. Typically there is no mortgage insurance requirement 🙂
  4. You need to have a verifiable income.

 

Other situations when a portfolio loan may be your best option: unique property you’re looking to buy, self-employed less than two years, bad credit because of an isolated incident like a work injury, etc.



You thought you didn’t have a chance in the world to buy a home, but don’t give up. If you’re back on your feet, and you have at least 10% for down payment, home-ownership may be more within reach than you thought.

portfolio mortgage lenders

 

I invite you to reach out to me directly to see if a portfolio loan is the right fit for you.

At the very least I should be able to point you in the right direction.

 

real estate investment loans

Repair your credit today with Lexington Law

Do I Really Need a Realtor? LOL

Is a Realtor Necessary in this Market?

It’s 2014 for goodness’ sake! With so many mobile apps and websites, you literally have the world in the palm of your hand. Is it really necessary to use a Realtor when buying or selling a home? The answer is Yes! I’ve had the pleasure of working with Livingston County, MI expert, Wendy Hoover. Wendy was able to give me some feedback as to why having a Realtor in your corner is more important than ever.

Why do you need a Realtor?

The home buying process should be fun and exciting and is also one of the biggest financial investments you will make. It is important to have someone on your side to help you navigate through all of the ins and outs of finding your perfect home. It’s all about you…your needs, your dreams, your goals, your questions and your concerns. It’s important to chose a Realtor that you are comfortable with and who has your best interests in mind.

A good real estate agent will save you time, money and headaches. We guide you through the home buying process from start to finish. The first step is to talk to your lender to determine what type of financing would be best for your individual situation, and get pre-approved. In this market, good homes go fast so it is critical to have a pre-approval letter to submit with any offers you make. Most sellers won’t even look at your offer without knowing that you are a qualified purchaser.

The next step is to analyze your needs, search listings, and view properties. Your Realtor will have access to listings as soon as they come on the market, and will be able to guide you towards listings that will work for you and your financing so that you aren’t wasting time.

When you do find a home and are considering making an offer, your Realtor can research homes that have recently sold in the same area and are comparable to the home that you want to put an offer on. This will help you make an educated decision based on current market value. We will also counsel you on market conditions and trends so that you have the best chance of getting your offer accepted.

Your Realtor will negotiate the terms of the contract, coordinate inspections, resolve issues and work with the title company and lender on your behalf to ensure a smooth closing.

It really is a team effort, and there are many pieces to the puzzle. Whether you are a first time buyer or you are well seasoned in the real estate market, it always pays to have a good team on your side. To start searching for homes today, please feel free to visit my website or call me at 810-534-2026.

Insurance, and why you’re wasting money on it…

One of the joys of being a homeowner is having the appropriate insurance coverage to help you take care of significant damage to your home. Kyle Zimpleman, from New Hudson, MI, is the featured local expert who has provided some simple tips to make sure you’re not throwing away your hard earned cash on coverage you don’t need.

The 8 reasons you are most likely paying too much for homeowners insurance:

1. Land value isn’t excluded. It’s unlikely the land beneath your home will be stolen or burned in a fire. Insure the value of the home only.

2. You have a low deductible. Consider a deductible of at least $1000. If you can afford to raise it to $2500, you may save as much as 25-30%.

3. Your policy is outdated and you’re paying for coverage you don’t need. All too often, people pay for coverage they don’t need and even for items they no longer own.

4. You have a low credit score or errors in your credit report. Check your credit scores and make sure they are correct. If your credit has improved then see if you can be re-rated.

5. Your home isn’t safe. It may be lacking deadbolts, a smoke detector, fire extinguishers or a burglar alarm. Make those improvements and you should see a positive change in your premium.

6. You haven’t consolidated your coverages. You could save anywhere from 10-30%! Consider bundling your insurance needs with one provider.

7. You made small claims. Frequent claims can drive up rates. Don’t sweat the small stuff. Insurance is meant to protect from catastrophic loss. The guy sitting in the wal-mart parking lot offering to fix your tiny dent in your windshield for free will ask for your your insurance information. Might be best to skip on that one.

8. You have unnecessary extra coverage. Don’t buy coverage you don’t need. Earthquake coverage is unnecessary in most areas. Don’t schedule jewelry if it’s inexpensive, etc.

Kyle is the owner of the Zimpleman Agency which specializes in homeowners insurance in Michigan. At the Zimpleman Agency the main focus is proper insurance coverage for your situation in life. Therefore, it’s not about providing a quote but protecting you from the risks of everyday life. Their goal is to create a trusted relationship that you can count on as your insurance needs change over time.

Zimpleman Agency
56849 Grand River | New Hudson MI 48165
P: 248-716-6125
kyle@zimplemanagency.com