P&L Mortgage Loan for Self Employed Borrowers Looking for an alternative to qualifying for a mortgage versus using the traditional tax returns. The Profit & Loss Loan (P&L) allows self employed borrowers to qualify on an accountant prepared P&L, bypassing traditional income verification. The P&L mortgage loans significantly reduces the complexity of the loan application process by eliminating the need for exhaustive tax returns, 4506-C forms, or extensive bank statements. Avoid the hassle of providing Tax Returns to qualify for a mortgage and call the John Thomas Team today at 302-703-0727 to get started or APPLY ONLINE.
Conventional Loan Limits 2024 have increased to $766,550 for a 1 Unit Property. This is a 5.56% increase when compared to the Conventional loan Limit for 2023 of only $726,200. The Conventional High Balance Loan Limit for 2024 also increased and is now $1,149,825. The conventional loan limit is the limit for the maximum amount you can borrower before it becomes a Jumbo Loan. Take advantage of these higher loan limits today by giving the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE.
The Federal Housing Agency announced the release of its much anticipated New FHA Loan Limits for 2024 effective with FHA case numbers assigned on or after January 1, 2024. This is exciting news for aspiring homeowners as it increases purchasing power for FHA borrowers. FHA set a new higher floor loan limit so all FHA loan limits have increased for 2024. If you want to apply for FHA Loan please give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE.
Key Highlights of the 2024 FHA Loan Limits
FHA Loans have a maximum loan limit set each year by the Department of Housing & Urban Development (HUD). HUD released the new loan limits in Mortgagee Letter 2023-21. The FHA Loan Limits apply to the following FHA Loan Types:
VOE Loan Program only requires a verification of employment (VOE) only for income qualification, No other income documents are required. This loan program can be used by employees to qualify for a mortgage loan with only a VOE for purchase, rate & term refinance or a cash-out refinance. In the dynamic landscape of real estate and mortgage financing, staying ahead of the curve is crucial for both homebuyers and industry professionals. One innovative solution that has gained traction in recent times is the Verification of Employment (VOE)-Only loan program. You can get started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.
Bridge Loan HELOC leverage your current home’s equity to ensure smooth home transitions with no home sale contingencies. For homeowners embarking on the exciting journey of buying a new home while still holding on to their current property, the challenges can be quite demanding. This is where Bridge Loan HELOCs (Home Equity Line of Credit) come into play as a valuable financial tool. In this blog post, we’ll delve into the world of Bridge Loan HELOCs tailored to homeowners who need to unlock the equity in their current home to facilitate the purchase of their dream home. Get Started Today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.
Building your dream home from the ground up is an exciting journey, but it often comes with its own set of challenges, especially when it comes to financing. Jumbo One Time Close Construction Loans offer a unique and convenient solution for those looking to build their dream home in a luxury market that will exceed the conforming loan limit. In this blog post, we will explore the key features, benefits, and considerations of jumbo one-time close construction loans. If you would like to apply for a Jumbo OTC Construction Loan give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE.
Foreign National Loans for purchase or refinance of investment properties in the United States by International borrowers. Are you a non-U.S. citizen dreaming of owning property in the United States? The American real estate market has long been a beacon of opportunity for investors and homeowners from all over the world. However, securing a mortgage as a foreign national can be a complex and daunting process. The good news is that there are specialized loan programs designed to make property ownership in the U.S. a reality for non-residents. The John Thomas Team with Primary Residential Mortgage is proud to offer financing for Foreign Nationals for non-US Citizens to invest in the United States Real Estate Market, give us a call at 302-703-0727 to get started or APPLY ONLINE.
PRMI Welcome Home Down Payment Assistance Program provides up to 5% down payment and closing cost assistance to home buyers. You can get an FHA 101.5% financing by combing the PRMI FHA first mortgage with the 5% DPA Loan. This program is great for first time home buyers and repeat home buyers. Get Started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.
PRMI Welcome Home Down Payment Assistance Program Guidelines
The Guidelines for qualifying for the Welcome Home DPA Program are as follows:
- Available with PRMI FHA Loan or PRMI USDA Loan
- Minimum 620 Credit Score
- No Income Restrictions except USDA Loan guidelines
- Temporary Interest Rate Buy Down Options
- Do NOT have to be a First Time Home Buyer
- Available Nationwide except NY
- Second Mortgage Loan for Down Payment & Closing Costs
- Repayable and Forgivable Options for the DPA Loan
What are the Eligible Property Types for the Welcome Home Program?
The PRMI Welcome Home DPA Program allows borrowers to purchase properties that are on the eligible list. The following are eligible property types for the DPA program: