September 27th, 2013
Time for more Q&A! Please always feel free to send in your questions, I am happy to address them immediately. I hope you find this information to be a true resource. Let's get started...
- I understand FEMA is releasing new or updated guidelines with regard t flood insurance. Do you have any information on that? Actually, yes I do! The FEMA information is attached. Please carefully review and let me know if you have any questions.
- We are interested in refinancing our home. We have a 415,000 mortgage on a home worth about 1.2mil. We would like to take as much cash out as possible. What are our options? Once you get into jumbo territory, the rules change. All programs will have cash out limitations based upon appraised value, which then gives us your loan-to-value. Limitations of 300,000-400,000 are pretty much the max.
- I am purchasing a new home using my VA eligibility. I would like to renovate the property a little bit and make energy efficient improvements. Can you tell me about Energy Efficient Mortgages? Energy Efficient Mortgages or EEMs allow a borrower to add in renovation or repair costs into the mortgage. Appliances are not considered part of the renovation. Items such as hot water heaters, HVAC units, solar heating or air systems, new windows or vapor shields are some of the examples. Repairs or renovations over 3,000 in cost, require additional documentation to determine that the increase to mortgage payment is not more than the savings for improvements.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690