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Friday, December 8, 2017

FHA increases loan limits in nearly every area of U.S. for 2018

Mortgage Quest
a dba of McCormick Lending Group, Inc.
"Don't Overpay For Your Mortgage"

The new loan limits will take effect for FHA case numbers assigned on or after Jan. 1, 2018.
FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county.
Back in 2016, the FHA increased loan limits for just 188 counties. Then, in 2017, this number jumped to 2,948 counties that saw an increase. And now, the number of counties increased even further to 3,011 counties for 2018.
In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018.
However, in 223 counties, the FHA loan limits will remain the same.
The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or reverse mortgages, will also increase, rising from $636,150 to $679,650. Currently, the FHA regulations implementing the National Housing Act’s HECM limits do not allow loan limits for reverse mortgages to vary by MSA or county; instead, the single limit applies to all mortgages regardless of where the property is located.
The FHA’s minimum national loan limit, or floor, is currently set at 65% of the national conforming loan limit of $453,100. This floor applies to those areas where 115% of the median home price is less than the floor limit. Any areas where the loan limit exceeds this floor is considered a high-cost area, and HERA requires FHA to set its maximum loan limit ceiling for high-cost areas at 150% of the national conforming limit.
Click here for a complete list of FHA loan limits.
The news follows Federal Housing Finance Agency’s recent announcement that it plans to increase the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.



Bob McCormick, President

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 14362 N. Frank Lloyd Wright Blvd. #1000  Scottsdale, AZ 85260

Office 480-905-1135 
Toll Free 800-328-0144 
 Lending in Arizona and California 


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Wednesday, December 6, 2017

How to save $20,916 on your mortgage loan!

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Did you know that you will pay $20,916 over the life of a mortgage loan for every .25% higher interest rate charged?*

Are you getting a Good, Fair or Great Rate?

Having worked for a few of the large banks and mortgage banking firms prior to starting Mortgage Quest in May 2000, I learned how and why these mortgage companies need to mark-up their rates that are offered to the public: large overhead expenses including office salaries, commissions, large rent/office space, several layers of management, extra quality control costs due to large staffing, etc.

Mortgage Quest was established with a business model that has reduced these large expenses so that our operating margins are the lowest in the industry and the need to mark-up interest rates was eliminated:
  • I personally controlling our pricing model which generally saves our clients up to .25% - .50% or more on their rate versus the competition.

Visit me at www.McCormickLendingGroup.com to see how I can offer this.  Also, if you have a client that is shopping for the best mortgage terms I would greatly appreciate the opportunity to offer a rate/fee quote!


Bob McCormick, President

Toll Free 800-328-0144
Email- McCormickLending@gnmail.com

Lending in Arizona and California


* Example based on a 4% versus 4.25%, 30 year fixed rate loan at $400,000 loan amount.  Savings will depend on loan amount, term and rate

NMLS 175743 AZMB 0903631 CADBO 602J043  Equal Housing Lender

Tuesday, November 28, 2017

Alternarive Underwriting Guidelines - Portfolio Loan Programs


Mortgage Quest
a dba of McCormick Lending Group, Inc.


Even though our business model focuses on offering interest rates generally .25-50% lower than the competition we also offer these loan options to help your buyer's secure financing:

*Utilize Business Bank Statements For Income (No Tax Returns)

*Bridge Loans Available for Clients Needing to Purchase Before Selling

*Clients Over 62 Years Old With Low Income- Utilize a Reverse Mortgage for Purchase

*Liquid Assets in lieu of Income for Qualifying


*Limited Seasoning After Bankruptcy, Foreclosure or Short Sale

*10% Down and No PMI on Jumbo Loans Up to $750,000

*500 Fico Scores on FHA and 550 Fico for Conventional


*Quick Closing Private Money Loans


Feel free to contact me or visit us at www.McCormickLendingGroup.com 

Bob McCormick, President

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Toll Free 800-328-0144

 Lending in Arizona and California

"Don't Overpay For Your Mortgage"


AZMB#0903631 / CFL #603J043 / CO ID #20161226406 / NMLS #175743

Toll Free: (800) 328-0144 Fax: (888) 570-6740


Equal Housing Lender  

FHFA Announces Maximum Conforming Loan Limits for 2018

Mortgage Quest
a dba of McCormick Lending Group, Inc.
"Don't Overpay For Your Mortgage"


FHFA Announces Maximum Conforming Loan Limits for 2018
 
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $453,100FOR IMMEDIATE RELEASE
11/28/2017
 
Washington, D.C. - The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017.
 
USDA - Baseline limitThe Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters. According to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.
 
High-cost area limitsFor areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a "ceiling" on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2017, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $679,650 - or 150 percent of $453,100.
Special statutory provisions establish different loan limit calculations for Alaska and Hawaii. In these areas, the baseline loan limit will be $679,650 for one-unit properties, but loan limits may be higher in some specific locations.
 



Bob McCormick, President

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 14362 N. Frank Lloyd Wright Blvd. #1000  Scottsdale, AZ 85260

Office 480-905-1135 
Toll Free 800-328-0144 
 Lending in Arizona and California 


mb0903631 nmls175743 nmls179756 Cadoc603J043 Equal Housing Lender

Thursday, November 23, 2017

Industry Leading Low Cost Reverse Mortgages! (Lowest Margins and Costs)

Mortgage Quest
a dba of McCormick Lending Group, Inc.


As the owner of Mortgage Quest I control our pricing model and have lowered our margins and costs for our clients!

  • We offer extremely low margins and costs on our Reverse Mortgages  to help preserve as much equity as possible over the life of the loan (most reverse mortgage lenders do not offer this as they want to maximize their own profit)
  • For borrowers over 62 years old looking to purchase or refinance
  • Only have to qualify to prove ability to pay annual property taxes and insurance
  • You always keep title and own your home



Bob McCormick, President

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Toll Free 800-328-0144 
Email Me


 Lending in Arizona, California and Colorado

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  EQUAL HOUSING LENDER

Thursday, November 2, 2017

'No Income Verification' Reverse Mortgage (for Purchase or Refinance)

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Reverse Mortgage Snapshot

  • We offer extremely low margins and costs and have actual caps on the rate to help preserve as much equity as possible (Most reverse mortgage lenders do not offer this as they want to maximize their own profit)
  • For borrowers over 62 years old looking to purchase or refinance
  • Only have to qualify to prove ability to pay annual property taxes and insurance



Bob McCormick, President

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Toll Free 800-328-0144 


 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"


mb0903631 nmls175743 nmls179756 Cadoc603J043

Wednesday, October 18, 2017

Don't settle for a "Good" or "Fair" Rate. You deserve a "Great" Rate!

Mortgage Quest
a dba of McCormick Lending Group, Inc.


*As the Sole-Owner I control our pricing model and generally offer rates .25%-.50% lower than the competition!
(We don't "pad" rate sheets to pay for large overhead)

*Free Rate Float Downs On Locked Loans!

*We Hedge Our Investors (more competition equals lower rates for our clients)



Bob McCormick, President

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Toll Free 800-328-0144 



 Lending in Arizona and California

"Don't Overpay For Your Mortgage"



mb0903631 nmls175743 nmls179756 Cadoc603J043

Monday, October 2, 2017

Pick Your Own Loan Term To Fit Your Needs


Mortgage Quest
a dba of McCormick Lending Group, Inc.

Pick Your Own Loan Term!

Do you want to refinance as rates are lower but do not want to start the 30 year loan clock all over again as you have been in your current loan for 7 years?

Are you planning on retiring in 12 years and want to have a customized loan term that pays off your home when you retire?

Do you want to pay an exact set amount monthly and know when your loan will be paid off?




We can customize your loan term based on your preference and goals!
Terms range from 10 through 30 years!




Bob McCormick, President

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Toll Free 800-328-0144 

Visit Us Here

 Lending in Arizona and California

"Don't Overpay For Your Mortgage"


mb0903631 nmls175743 nmls179756 Cadoc603J043

Wednesday, May 31, 2017

Fannie Mae Eases Debt Ratio Requirements


Mortgage Quest
a dba of McCormick Lending Group, Inc.

New DU Version Eases DTI Requirements
Fannie Mae has announced changes in underwriting for loans submitted to its Desktop Underwriter (DU), Version 10.1.  The new DU version will be implemented on or after the weekend of July 29. The changes are outlined in release notes issued on Tuesday and will apply to new loan casefiles submitted to DU on or after the weekend of July 29, 2017. Loan casefiles created in DU Version 10.0 and resubmitted after the weekend of July 29 will continue to be underwritten through DU Version 10.0.
Among the more significant changes accompanying the new version are the following.
  • The maximum allowable debt-to-income (DTI) ratio that can be submitted in DU will be 50%. For DTIs between 45 and 50 percent, certain additional compensating factors will no longer be required. Cases exceeding a 50 percent DTI will receive an "ineligible" recommendation.
  • The criteria that determines the documentation required to verify a self-employed borrower's income will be updated and the number of DU loan casefiles eligible for the one year of personal and business tax return documentation requirements will increase.
  • The maximum allowable LTV, CLTV, and HCLTV ratios (LTV ratios) for adjustable-rate mortgages will be aligned with fixed-rate mortgage LTV ratios for all transaction, occupancy, and property types, up to a maximum of 95%. Additional information on the effective dates of this change will be available in the Selling Guide.
  • A loan casefile with a disputed tradeline that is approved with that information will no longer require further action. If such a loan casefile does not receive an Approve recommendation, the lender must determine the accuracy and completeness of the tradeline information. If the borrower is responsible and the information accurately and completely reports the account, then the lender may manually underwrite the loan if it is eligible. Tradelines reported as medical debt will continue to be excluded from the disputed tradeline identification and lenders are not required to investigate disputes.
  • DU is regularly reviewed to determine if its risk analysis is appropriate. Version 10.1 will include an update to this risk assessment and it is expected to increase the percentage of Approve/Eligible recommendations received by lenders, particularly those with DTI rations between 45 and 50 percent.
The new DU version will also contain changes in or will generate new messages about underwriting issues in the following areas:
  • Income and Employment Updates
  • Property Inspection Waivers
  • Student Loan Cash-Out Refinance
  • Employment Offers
  • Multiple Financed Properties
  • Site Condo Reviews
  • Timeshares
  • Homebuyer Education


Bob McCormick, President

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Toll Free 800-328-0144 

Visit Us Here

 Lending in Arizona and California

"Don't Overpay For Your Mortgage"


mb0903631 nmls175743 nmls179756 Cadoc603J043

Wednesday, May 17, 2017

Utilize A Reverse Mortgage When Purchasing (No Income Verification)*

Mortgage Quest
a dba of McCormick Lending Group, Inc.


No Cost Reverse Mortgage For Purchase

  • For borrowers over 62 years old looking to purchase 
  • Only have to prove ability to pay annual property taxes and insurance
  • Perfect for buyers that do not qualify under standard income guidelines (Fixed Income, High Debt Ratios, etc.)
  • No closing cost loans available!



Bob McCormick, President

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Toll Free 800-328-0144 



 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043

Monday, May 15, 2017

Fannie Mae Student Loan Debt Qualifying Guidelines



Mortgage Quest
a dba of McCormick Lending Group, Inc.


For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must include a monthly payment in the borrower’s recurring monthly debt obligation when qualifying the borrower. If a monthly payment is provided on the credit report, the lender may use that amount as the monthly payment for qualifying purposes. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment (which may be the case for deferred loans or loans in forbearance), the lender must calculate a qualifying monthly payment using one of the options below: (1) 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or (2) a fully amortizing payment using the documented loan repayment terms.




Bob McCormick, President

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Toll Free 800-328-0144 


 Lending in Arizona and California

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043


Sunday, May 7, 2017

95% Jumbo Loan - Excellent Rates!

Mortgage Quest
a dba of McCormick Lending Group, Inc.
"Don't Overpay For Your Mortgage"

95% Jumbo Loan - Excellent Rates!


  • Owner Occupied Purchase or Rate and Term Refinance
  • Loan Amounts up to $850,000
  • Standard PMI rates
  • 740+ Fico Score

Contact me for more information:


Bob McCormick, President

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 Toll Free 800-328-0144 
Email:  McCormickLending@gmail.com


Lending in Arizona and California



mb0903631 nmls175743 nmls179756 Cadoc603J043

Thursday, March 2, 2017

Introducing: The Conventional 1% Downpayment Program

Mortgage Quest
a dba of McCormick Lending Group, Inc.


Introducing: The Conventional 1% Downpayment Program


Borrower is only responsible for 1% down payment (Lender contributes other 2%)
No Income Limits
No PMI available
700 Fico and 43% maximum debt to income ratio



  • Contact me for more information:


    Bob McCormick, President

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     Toll Free 800-328-0144 


    Lending in Arizona and California



    mb0903631 nmls175743 nmls179756 Cadoc603J043

    Tuesday, January 24, 2017

    Lower Margins = Lower Rates For Our Clients!

    Mortgage Quest
    a dba of McCormick Lending Group, Inc.


    After reviewing the rates that are offered by several banks, mortgage banking companies and direct lenders we have noticed that our offered rates with Zero Closing Costs (No appraisal, underwriting, processing, title fees, etc.) are generally even lower than the competition's rates, even with they charge over $2,500+ in fees and costs!

    As I have mentioned before, these extra "fees" and "costs" are ultimately charged to the consumer via a higher rate or fees/costs by the lenders for extra profit as they have much larger overhead costs than we have (compensation splits with loan officers, office staff salaries, high rent, etc...).

    All mortgage lenders offer the same main product - the 30 or 15 year fixed rate mortgage.  The rate and costs that the consumer pays is 100% dictated by the bank or lenders pricing/profit/compensation model.

      
    This is why it is important for borrowers to compare rates with several lenders, as after the loan transaction closes it is the borrower who will be making the monthly mortgage payment.....not the bank or lender.




    Bob McCormick, President

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    Toll Free 800-328-0144 
    Email:  MortgageQuest@Cox.Net



     Lending in Arizona, California and Colorado

    "Don't Overpay For Your Mortgage"






    mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

    Private Lending with rates starting at 6.99%, Balloon Terms to 15 years and Loan Amounts up to $2,000,000!


    Mortgage Quest
    a dba of McCormick Lending Group, Inc.


    Even though our business model focuses on offering interest rates generally .25-50% lower than the competition we also can offer:

    • Private Lending with rates starting at 6.99%, Balloon Terms to 15 years and Loan Amounts up to $2,000,000!
    • No Income Verification
    • No Asset Verification
    • Equity Based
    • No or Low Fico ok

    Feel free to contact me or visit us at www.McCormickLendingGroup.com 

    Bob McCormick, President

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    Toll Free 800-328-0144

     Lending in Arizona and California

    "Don't Overpay For Your Mortgage"


    AZMB#0903631 / CFL #603J043 / CO ID #20161226406 / NMLS #175743

    Toll Free: (800) 328-0144 Fax: (888) 570-6740


    Equal Housing Lender