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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