September 5th, 2014
- Our home is on 33 acres. We lease 11 of the acres to gentleman who farms them. We are interested in refinancing. On the secondary market or traditional mortgage market, yes. The property is considered income producing, and this is not currently allowed. I would review the file with our banking partner. They can think outside of the box.
- We are interested in purchasing a home. The price is 455,000, and we would like to do about 25,000 in renovations. What is the least money we could use as down payment on the property? The minimum down payment would be 10%. We do now have access to a program that will allow for a loan limit of 458,850 with renovations.
- We are buying a home - new construction. We are very concerned about the interest rates and what might happen over the next few months. What are options? You definitely have the option of an extended rate lock. First, we need to have a really good idea of when you will close. Extended locks do sometimes have cost, but as long as you close before lock expiration, funds are credited back to you on your settlement statement. With a long term lock you are either buying rate or time. In either situation, a float-down option is always a plus. With this option, 60 days prior to expiration of the lock, you may float the rate down if the market has improved. If not, you are protected by your original locked rate.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199