Buy Before You Sell is Back!
The Buy Before You Sell Agreement lends a buyer the down payment, so they can close on the new home before they sell their current home.
Only the new mortgage is counted when approving a full income check loan for the purchase. The current mortgage payment is ignored.
Stated Income for CO-OPS!
Use business Bank statements & other alternate docs to qualify for a mortgage on a co-op for purchase/refinance in New York City.
Reverse Mortgages are also available on CO-OPS in NYC!
Financing mixed-use property these days has become a challenge.
Investment purchase with 25% down payment, using only future rent to qualify, without all the rules applied in traditional commercial lending.
Close with existing violations in place.
NO Phase I Environmental Report.
Gross rental (including future rent of vacant units) income compared to PITI (principal, interest, taxes & insurance) must be $1 to $1 to Debt Service.
Gross rental = or > than PITI = a qualified DSCR loan.
If your borrower has a very low interest rate on their first mortgage, a HELOC or 2nd loan is the only logical way to pull equity out of the property.
Full income check HELOC’s with 720+ credit score can borrow 90 - 95% of the equity in their home. Even with a 640 FICO, 85% of equity is available.
No income verification HELOC’s require 680 score.
You can borrow 75% of the equity of an investment property, 1-4 family, using many methods other than full income check, minimum 680 score.
Cash out on conventional loans to 90% without PMI.
This is available for any 1-4 family owner-occupied home.
Tip of the Week:
It is the annual open enrollment period for Medicare.
2025 will see an annual maximum of $2,000 out of pocket for Rx plans.
Decide which Medigap plan is best for each person:
Is your parent or grandparent capable of analyzing the options and making an informed decision based on their current medical needs?
Coverage and benefits change year to year.
100 days in a rehab facility will cost more than $20,000.
The more expensive Medigap Plans cover 100 days at no cost.
If your parent or grandparent has very few assets, you should see about having them become Medicaid eligible. Then, health care is available at minimal cost, including nursing homes and assisted living facilities.
Get them the help they may need to be sure that they apply correctly.
All AARP Medigap plans are underwritten by UnitedHealthcare and are standardized by the federal government.
So "Plan A" from AARP will have the same coverage as a "Plan A" from another insurer like Humana, CIGNA or AETNA.
Each Medigap plan is identified by a letter (A, B, C, F, G, K, L, M, N) which determines the level of coverage provided.
Plans like F and G generally offer the most comprehensive coverage, meaning they pay for a larger portion of your Medicare out-of-pocket costs, but also have higher premiums.
Plans like A and B have lower premiums but leave you responsible for a larger share of out-of-pocket costs.
Plans like K, L, M & N are considered "cost-sharing" plans, where you pay a percentage of the cost for covered services instead of the full amount, resulting in lower premiums.
Medicare does not cover any type of long-term care, whether you're in a nursing home, an assisted living community, or in your own home.
Quote of the Week:
"The bad news is time flies. The good news is you're the pilot."
- Michael Altshuler
Thanks,
Jeff Lafazan
About the Author of Jeff’s Common $en$e - Jeffrey Lafazan
Experience, Knowledge, Solutions & Customer Service, ALWAYS!!
Residential / Commercial / Bridge Loans
Renovation & New Construction
SBA business financing up to 90%
Reverse Mortgages up to $4 million
Investor, Commercial, Bridge & SBA loans available in all 50 states.
Go Rascal (NMLS #2072896) is licensed in 34 states and growing.
Join Team Lafazan with national reach.
GoRascal Inc. (NMLS #2072896) is a licensed mortgage broker
In AL, AZ, CA, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, KY, MA, ME, MD, MI, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, VA, VT, WA, WV, & New York
This communication is intended solely for licensed professionals and is not an offer to lend.
Cell # 516-375-3943
Jeffrey Lafazan NMLS # 69338
JLafazan@PrudentialB.com
JLafazan@GCFnyc.com
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