WELCOME TO RIVER DAVES PLACE

LOANLADY HERE!!!

Wendi

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Happy Monday everyone. I just wanted to post our new program that we recently launched. It is our in-house Jumbo program. Minimum 10% down, NO Mortgage Insurance, primary and second honme. I'm licensed in AZ and CA. Please call me direct to discuss (909) 455-6271.

This will be the thread that I will continue to update.
MAXEX Jumbo.jpg
 

HNL2LHC

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It says Hawaii on the flyer but you are only AZ and CA?
 

RiverDiva

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Thanks for the #loanlady name. I love it :)
Thanks for starting this thread Wendi. I get several RDP clients that call me with lending questions. I hope they will find this thread helpful and use it to ask questions when they are getting ready to purchase or refi.
 

LhcBrad

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Hi Wendi
I am curious how long Appraisals are taking?
 

bonesfab

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Can you do self employed refi?? just wasted 3 months with who my mortage is with now..
 

Wendi

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Hi Wendi
I am curious how long Appraisals are taking?
They are taking 2 weeks in AZ, however I just ordered one last week and had it back in 3 days, go figure. I quote all my clients two weeks, if we get in back sooner, that is a bonus.

CA about a week.

Thank you,
 
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Wendi

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We recently rolled out our OTC Construction Loan program. I'm currently in the middle of doing my own loan with this program and happy to say it has been pretty smooth thus far. Hoping to close 1st week of December.

UP to 95% LTV, Primary and second home available, Qualify once, up to 12 months build, low fees, modify down to the market interest rate at time of close. You can include lot and build in one loan. If you own the lot that can be used towards your equity to reduce your loan to value.

I'm licensed in AZ and CA. Call me today (909) 455-6271
One-Time-Close OTC CLIENT (1).jpg
 

boatnam2

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Is it even possible for one to refi is they are on disability ?
 

Wendi

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Best Practices For a Loan Approval
If you encounter a special situation, it's best to mention it to us right away so we can help you determine the best way to achieve your goals.

DO's
DO call us if you have any questions.

DO provide requested documentation promptly and in its entirety.

DO continue living at your current residence.

DO continue making your mortgage or rent payments.

DO continue to use your credit as normal.

DO keep working at your current employer.

DO keep your same insurance company.

DO stay current on all existing accounts.

DONT's
DON'T change your employment status.

DON'T make any major purchases (car, furniture, jewelry, etc.).

DON'T change bank accounts.

DON'T make any large cash deposits into your bank accounts.

DON'T transfer any balances from one account to another.

DON'T close any credit card accounts.

DON'T consolidate your debt onto one or two credit cards.

DON'T apply for new credit or open a new credit card.

DON'T max out or overcharge on your credit card accounts.

DON'T take out a new loan or co-sign on a loan.

DON'T pay off any loans or credit cards, charge offs, or collections without discussing it with us first.

DON'T finance any elective medical procedure.

DON'T join a new fitness club.

DON'T open a new cellular phone account.

DON'T start any home improvement projects.

DON'T have your credit pulled or dispute any information on your credit report.
 

Ziggy

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Best Practices For a Loan Approval
If you encounter a special situation, it's best to mention it to us right away so we can help you determine the best way to achieve your goals.

DO's
DO call us if you have any questions.

DO provide requested documentation promptly and in its entirety.

DO continue living at your current residence.

DO continue making your mortgage or rent payments.

DO continue to use your credit as normal.

DO keep working at your current employer.

DO keep your same insurance company.

DO stay current on all existing accounts.

DONT's
DON'T change your employment status.

DON'T make any major purchases (car, furniture, jewelry, etc.).

DON'T change bank accounts.

DON'T make any large cash deposits into your bank accounts.

DON'T transfer any balances from one account to another.

DON'T close any credit card accounts.

DON'T consolidate your debt onto one or two credit cards.

DON'T apply for new credit or open a new credit card.

DON'T max out or overcharge on your credit card accounts.

DON'T take out a new loan or co-sign on a loan.

DON'T pay off any loans or credit cards, charge offs, or collections without discussing it with us first.

DON'T finance any elective medical procedure.

DON'T join a new fitness club.

DON'T open a new cellular phone account.

DON'T start any home improvement projects.

DON'T have your credit pulled or dispute any information on your credit report.
All these make sense except the "don't join a fitness club" thing. Can you elaborate on why this is a no-no(outside of adding a new revolving acct)?
 

Springfield

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All these make sense except the "don't join a fitness club" thing. Can you elaborate on why this is a no-no(outside of adding a new revolving acct)?
Zig I think adding debt will change your qualifying ratio's and might throw you out of qualifying.
 

Wendi

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All these make sense except the "don't join a fitness club" thing. Can you elaborate on why this is a no-no(outside of adding a new revolving acct)?
Hey Ziggy, you don't want to add any debt to your ratio's. But yeah most of the gyms now deduct from your bank account. So yeah that one is useless in my opinion.
 

Wendi

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Fannie Mae and Freddie Mac increase conforming loan limit to $548,250

Most areas: The Federal Housing Finance Agency announced on November 24, 2020, that the new baseline conforming loan limit for Fannie Mae and Freddie Mac mortgages in 2021 will be $548,250 for one-unit properties in most areas in the U.S. This is a 7.5% increase from 2020’s limit of $510,400 and marks the fifth consecutive year of increases from the FHFA.

High-cost areas: The new loan limits for one-unit properties in FHFA-designated high-cost areas will range from $548,251 to $822,375. The baseline loan limit for Alaska, Hawaii, Guam, and the U.S. Virgin Islands will be $822,375 for one-unit properties

These increases are significant for homebuyers and homeowners! These higher loan limits keep homebuyers in step with the rising housing market. With conforming loans, homebuyers can purchase homes with lower down payments and more competitive rates! Homeowners can access more equity in their home by allowing them to borrow up to the increased conforming loan limit.

This is great news! Call me with any questions you may have.
 

Wendi

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CA Counties
Riverside $548,250
San Bernardino $548,250
San Diego $753,250
Orange County $822,375
LA County $822,375

Arizona Counties $548,250
 

Wendi

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Hope everyone had a great Thanksgiving. We were off the grid in Glamis and it was the most crowded I've ever seen. No busy weekends for this girl again.
 

Wendi

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I'm going to be getting my Nevada license. I will be able to help any NV members here. I'll let you all know when it is final.
 

Wendi

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Follow my business page for updates on what is going on in the mortgage industry and Academy Mortgage.
 

SKIDMARC

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What are the rates right now? And how long will they stay? I might be looking to refi after the first of the year. My interest rate now is 3.75 I believe.
 

Wendi

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What are the rates right now? And how long will they stay? I might be looking to refi after the first of the year. My interest rate now is 3.75 I believe.
Several things need to be considered in a quote. So when you have time give me a call (909) 455-6271. It depends on LTV, FICO, loan amount etc.
 

hallett21

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We recently rolled out our OTC Construction Loan program. I'm currently in the middle of doing my own loan with this program and happy to say it has been pretty smooth thus far. Hoping to close 1st week of December.

UP to 95% LTV, Primary and second home available, Qualify once, up to 12 months build, low fees, modify down to the market interest rate at time of close. You can include lot and build in one loan. If you own the lot that can be used towards your equity to reduce your loan to value.

I'm licensed in AZ and CA. Call me today (909) 455-6271 View attachment 943993
curious on this if you need drawings approved by city before you could issue the loan?
 

CobraDave

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What’s the current rate on the loan while building?


Sent from my iPhone using Tapatalk
 

Wendi

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What’s the current rate on the loan while building?


Sent from my iPhone using Tapatalk
My construction loan was locked in at 4.75 my loan o value was 60%. They range from 4.75-6.5 again depending on your loan to value. Keep in mind at certificate of occupancy you can float down to that days market rate.
 

Wendi

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Construction Loan items needed.
1608734771934.png
 

rivergames

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Hello sir! We are doing well. Hope you are too :) Merry Christmas to you and the entire Games Family!
Merry Christmas to you and the rest of the Cook Fam! Hopefully see you guys around New Years!
 

Wendi

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Reminder: New Loan Limits go into effect 1/1/21 HAPPY NEW YEAR
Conventional:

The Federal Housing Finance Agency (FHFA) has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum baseline conforming loan limit for one-unit properties will be $548,250, an increase from $510,400 in 2020.



For high-cost 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. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 — or 150 percent of $548,250.



As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2021 in all but 18 counties or county equivalents in the U.S. The following charts contain the general loan limits and High-Cost Area loan limits for 2021:



Units​
General Loan Limits​
Contiguous States,
District of Columbia, and Puerto Rico​
Alaska, Guam, Hawaii, and U.S. Virgin Islands​
One​
$548,250​
$822,375​
Two​
$702,000​
$1,053,000​
Three​
$848,500​
$1,272,750​
Four​
$1,054,500​
$1,581,750​


Units​
High-Cost Area Loan Limits​
Contiguous States,
District of Columbia, and Puerto Rico​
Alaska, Guam, Hawaii, and U.S. Virgin Islands​
One​
$822,375​
Not Applicable​
 

Wendi

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If you haven't refinanced in the last 8 months now is the time. Rates are still at all time lows. If you have a VA loan, we need to check your rates. No appraisal and no money out of pocket. Call me today 909-455-6271. I'm licensed in AZ and CA.
VIRRRL .jpg
 

Wendi

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Happy Monday everyone. I just wanted to post our new program that we recently launched. It is our in-house Jumbo program. Minimum 10% down, NO Mortgage Insurance, primary and second honme. I'm licensed in AZ and CA. Please call me direct to discuss (909) 455-6271.

This will be the thread that I will continue to update.
View attachment 943301
This program has been suspended temporarily. Sorry guys!
 

Wendi

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Tax Refund 2021.png

If a down payment is what is standing in the way of you purchasing a home, consider using your tax refund! Make 2021 your year by taking advantage of LOW rates and available low down payment options. Call me to discuss (909) 455-6271.
 
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