Deanna Valeo
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Gifts, Condos and Foreign Assignment (Oh My!) March 23, 2015

  Did you know a 5% gift (no funds of their own required) is okay for Conventional?   This must go Fannie Mae direct.  Many Banks have overlays on their underwriting and do not allow this.  It's a great way for borrowers with good credit to get the best rates and lowest cost mortgage solution.   Remember good credit is required we must get a DU approval. Condos you can do limited review with 10% down payment using Freddie Mac.  This is great b read more

97% of NC Housing Finance Agency loans are great for any buyer March 17, 2015

The North Carolina Housing Finance Agency (NCHFA):  NCHFA offers a 97% conventional loan, with a 2% down payment assistance, leaving only a 1% down payment required from the buyer.  Rates available at this link. Video Example of $200,000 purchase with 3% Seller Paid Closing Costs:  http://screencast.com/t/XSKQOOWlKB4Q  Here are the basics: - 97%  loan to value loan   - 2%  down payment a read more

My Parents Need Help, How Can I Buy Them a House for 5% down? March 11, 2015

When It's Time To Give Back Children can buy their parents a House for as little as 5% down : There is a little known mortgage product that allows children to buy a home for their aging parents and get owner occupied rates as well: even if the house is right next door.  This Fannie Mae product also allows parents to buy the same way for physically or mentally challenged children. Changes in demographics will drive the need for Millennial's and Gen Xer's to h read more

Two Great Ways to buy a house with 100% Financing February 17, 2015

Two great ways to get into a house with 100% financing: Did you know if you don't currently own another home there are two great ways to buy a home with zero down payment?  The key is finding the right home and negotiating seller paid closing costs: a great Realtor can help you make that happen. The first Type of loan is a USDA loan.  This type of loan if for areas outside of the city; as the metro area continues to expand we see more and more families wanting to m read more

More House with the Same Payment: FHA just got better! January 21, 2015

With the new monthly mortgage insurance announced earlier this month FHA, loans just became more affordable. FHA Loan underwriting is more flexible and now it will make more sense for buyers to use FHA when they purchase. FYI: We do 3% down payment Conventional loans for first time buyers too! Deanna Valeo Cell (704) 488-1421  NMLS 91421 Todd Croy Cell (704) 488-7763  NMLS 91428 We look forward to helping and putting s read more

Escrow Hold Backs Can Save Your Buyer’s (or Seller’s) Day October 20, 2014

Have you ever had a problem where a seller lacked the funds to do a required repair prior to closing? Even if you have never had this actually kill your sell, chances are you have encountered this situation in some variation and it made for some very stressful last minute maneuvering and delayed closings. An Escrow Holdback can save you these headaches and just might save your transaction one day. An escrow holdback is when funds (typically on the seller side) are held at close u read more

97% North Carolina Housing Finance Agency loans are great for any buyer October 15, 2014

The North Carolina Housing Finance Agency (NCHFA)has just released new details on its conventional loan product. As a refresher or for those unfamiliar; NCHFA offers a 97% conventional loan, with a 2% down payment assistance, leaving only a 1% down payment required from the buyer.  Rates available at this link. Here are the basics: 97%  loan to value loan  with 2% down payment assistance (2nd Mortgage) available, for a minimum of 1% borrower c read more

Get a new pool with your new house; A Pool Holdback can keep cash in your pocket September 15, 2014

HomeStyle Renovation make up our core mortgage products, but unique Escrow Holdbacks (including a POOL Holdback) are available as well. So you want a pool in your new house or an existing house. You have found the perfect house but it doesn't have a pool and you want to finance it into the purchase of your home. Most lenders do not allow for a "pool holdback" however First Choice Loan Services has a unique product which allows you to buy your house, get a pool quote and plans, i read more

Realtors: Know your Mortgage Loan Terms! August 27, 2014

Love this information from  Realtor.com  below is their glossary of terms with links to sites that expand on each of these. This is great stuff! Welcome to the  realtor.com ® mortgage terms glossary, featuring 47 frequently-used words and phrases you need to know as a home buyer or a homeowner. (Some definitions contain additional information, examples and answers to common questions. When available, click on mortgage terms to learn more on  realtor.c read more

Mortgage Rates : To Lock or Not August 20, 2014

Mortgages: To Lock or Not? Should you pay for an interest-rate guarantee? Some banks are encouraging home buyers to lock in mortgage rates to guard against rising interest rates; however, borrowers should be cautious: Interest-rate locks often come with fees that can eat into savings and can prove costly if rates go down instead of up.   What exactly are interest Rate Locks? Rate locks allow home buyers to guarantee a certain interest rate on their mortgage f read more

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