Jan 21, 2017|
House Plans by Countybank Mortgage
Automatically Generated Transcript (may not be 100% accurate)
It's. When welcome to house plans glad you could be with us this morning and Katie increase in the house Staten now much our youth I'm doing are right it's been a long time I hadn't been here and for a week and yeah we were. We had to share last week analysts roof and a we did our I had a sound weird how so and talked to a client as we became me and that was Leeson his daughter to about how she's first time home buyer which is kind of been the theme of culture we'll talk live about it absolutely and show that he said dad they were driving around against. Saturday mornings two weeks ago maybe. And government industry we CO and he said you got to listen these guys it is trying to encourage your back how she sure didn't. And he says it was it was another re Ryan and I said yes and we kind of got it. Weird streak it was lightly at our Christmas party the other Tommy may mortgage Christmas party and we take as Saturday often end. Christmas and in New Year's and in the snow came and so it was kind of a weird little Harry I don't know if we are taken a month off I've. I did I did have a good time during the holiday yeah it's nice to relax but and our back in the saddle ready to roll anywhere is hope must overcome some believable but we've been. It's been kind of a crazy start and new year course in new. President took office yesterday. And pacers won the national everybody Clinton and I went on them of their right manner that is. I. I'd Iraq met in my house and I'm sure everybody had me ask. It was in the to me against the world and that's a few so I gather now it's us against the world there was. So congratulations to talk about that a little bit last week because tiger yet so it was the first time in 35 years my wife thought our you know I'm bed at eleven at 1250 yeah I'm I would again in the end at 1248 coming gimme a regularly eat let me enjoy this enjoy this event 35 years I was there last time. You know in this commenting get together but it was. It was quite an entertaining game Guillen it's always nice to see if funds for volume and you wonder are you wonder how many people actually get to do we're bags you know yeah 81 and in seventy years left me generally generally you know our our one of our underwriters he was have been yeah I was I was at the first one you know and a mom brother had to fly out Tuesday morning to get to Dallas wild and so we. He there was just no way to work it out so I was gonna go with him in the reality is that movie going to be you know if you can give me in Dallas at 9 o'clock on pianists that's not. Our yes Ali you know and it in 1981 when you're. What's 46 or our Carolinians know that our 6:16 am. It was then that didn't sound right that he. Is this amazing you and you're sixteen you're like let's do it oh yeah well here and hear what's. Crazy is our member like it was yesterday simply because. We had no chance to win yeah we will know the whole time Nebraska is just me Nebraska Nebraska is gonna kill long. And you just got to play Eliza stumbled a little bit but you know I. Our members staying in after the gains. And everybody chanting ACC because we were just you know we will have football conference right so we didn't have a chance and and I do you remember like it was yesterday that you know 35 years is too long way yes definitely a pattern I don't percent as. Yeah. I area but that was it was a lot of fun at a good time in. In and they wouldn't again yes right so anyway I don't wanna wait another thirty patent and China ahead fortunate. Well it's been it's been a kind of a yes hard to believe that January is. Two thirds of the way dime you we are the which we first or whether you almost 112 got almost went twelve behind us that yeah crazy now as it flies and it. You know. You an hour talk. Before the show a little political. Stuff happened and obviously with the new president beached things he would he does. But one of the things that happened though one of the last things that the Obama administration did is they came out and announced. Sometime in the last month that they were gonna cut. The mortgage insurance premiums. For FHA incentive for for those those that don't know that much about FHA if you get an FHA loan. The government basically will ensure that all right and you pay a monthly MI premium and you also pay a funny legally an annual premium that you pay one time when right when you get it. And you know obviously the price of that premium has a lot to do with your payment and says. Over the years I don't use it over the years that you not done on the probably changed in 25 times. Yeah out and down and doesn't plan on permanent non turn right here and they try to you they've changed changed the structure in the way that they are. They're done and so we get back from the sprinkle talk a little bit about what went home it was kind of inter sting because. I felt like it was a political move to begin Wie is right and just kind of force. Kong's hang in this thing that he would be because he didn't have time to think about it yet. Every variation to say in this course there's a lot of things it probably happened here in the first hundred days of the generic term. It the instinct can have a direct effect on hiring shop how are excited yeah. It let us sort of edit shark are ridiculous and house plans. JC Chris here from county may mortgage give us a ring at 866. Or fortune or seventy about 53. Welcome back you're listed in the house plans JD Chris hear from Carrie Mae mortgage we are taking your phone calls and texts today. Just ask you give us a colony 66. 44 twos 7553. Is a toll free number we'd love to hear from me you've got a question about buying selling anything to do with real estate. Of course a text line is open as well a lot of people like to just maybe text. They're questioning NS seven winds three or seven. We guiding answering the questions or comments she may have. In regards to mortgage lending or real estate. Here in the upstate. And Dahlia Chris is saying is indeed the dom the theme that I'm seeing anyway. Well really catchy themes as we head into the new year. With the guy increase in interest rates that we sell between the election in the end of the year it has sort of planned out you know we've headed into the new year. From but a lot of first time homebuyers and instructions seemed to be the two. Kind of themes in the course that's true grabber of inventory fresher and they we've got the numbers we're gonna talk a little bit about you know another record year here in the of state. As far as who sold and in a year over year increase and of course. I'm reading Robert rice and Rowan yes unbelievable serve bomb you we talk a little bit about it their huddle downtowns. We again. But the market is definitely healthy yes you know staying up against the best waited. Yeah I would agree a 100% you know you were talking we were talking earlier on the break about the FHA premium change which is. You know it's not always a first come home our program it's not specifically designed for first time home buyers that it is designed to improve. Homeownership and when you're looking at that FHA program the mortgage insurance that you pay. The monthly mortgage insurance as well as the the one time fee that you pay. As a lot to the cost by care and right now you coroner from Rome but if you do a regular thirty year fixed. Three and a half percent than. You're paying in 85 basis point rice. For the mortgage insurance is so you would take that point 85 multiplied by your loan amount so we'll see in a 100000 dollar loan amount you pay an entity about. Take get a fifteen about about twelve and that tells you what you monthly fee is. And of course over the years that that has been as has over one it sometimes right one point three yeah and then has been his Lowe who probably in the if DC's badly as something like that and of course. They change it because that they are mandated they being hood mandated to keep a certain amount of money. Inside of the fines to guarantee the loans yeah and that's kind of how they controlled flood gates as to what they collect and then not. You know for years. Your mortgage insurance would go away on an FHA loan when you get it down to 78% of the original. Value yeah. And then probably four or five years ago this did not. We don't German Yale whistle if you don't there for forever and says it is highly unlikely that if your first time home buyer that you would get a or anybody they get an FHA loan and keep it for the long talks. That's true you and I don't ask one of the most important conversations at typically have with Elian in their first time come by very one he's getting into an FHA loan at the beginning. You print three and a half percent neon is gonna take ten or eleven years teeny way. Making your regular payments to continue lag it down to that 78 pursue in her or whatever. Your or when you're talking about that 78% of the original original value I think a lot of people when they start talking about drop and MI they think about appreciation right but. That math. Is done on the original bag he. Yet that's exactly right so you know it's gonna take you that long anyway of course history in in statistics batteries have tell us. That you know most people always stay in their mortgage for for five to seven years and still on average in and and you know. First time homebuyers especially. You know. You buy houses may be young Miree couple. Maybe don't have kids yet in April again I have kids. We gonna ask two key edging up two point to Kia assure that number is right and you had a house in by the beginning is not the house that you're gonna in the or wine. On typically you're going to be an increasing. Income level. You know wall a little more Algerian in the low morehouse when they remind me. And so you know when people hear that permanent PMI had mostly PM IA does. For I'll bring them out a little bit but yeah I would tell you that nearly lessened at the tech. Prepare mentally for them well yes yeah that's right I can get. That's a mortgage terms yeah glossary. Yeah I would underwriter for the about the long to get married and now digital tablets and I hear. When there are freaking out that's a Mazar Al I don't have returned the owner thought. Now legislation nice gesture an underwriter freaked out our economy. Anyway since you're right they they think about when you're sitting near Tom know how longer I have to pay that course you got to be straight out with a mentally geeky this long forever in the interest forever or if you yell at least the title at all but yeah I would. I would venture to say lesson probably 3% of the lions maybe less in the yeah that you have enough as an FHA in a you stay in for thirty years make you payments the end of for 360000. Inning that you paid paid exactly old noted the incident. Well and and of course when you know when you look at the appreciation that we've had over the years. You know part of that customized mortgage solution is talking about the future you know what are you getting now what are you gonna do later. You know how is your life can change power a year how how's the way you Lee gonna change. And and I think you're right passes I would say in our area if you go back and look at some of those FHA loans that. We did three years ago most of those people have rolled out my home. And and gotten rid of their FHA loan in the media into a conventional loan. To get away from the permanent. Financing anyway because he had appreciation going on which you know doesn't take. Take into account the automatic cancellation right if it did cancel. And so you know it just makes thing rested to use this is told to get into the house. And then to look at other options. You know when you come along yet and I think some people say well you know why in the world would you want to do that it. You know one of the advantages of an FHA loan is is that the the down payment. Can be gifted. Says that three and a half percent can come from a gift. From a family member and a war. You know who in some cases you can use down payment assistance to get that three and a half percent but also because those loans are in issue work. By the government. They tend to have and I know you do this every day that I don't of the Lister they tend to have a better rate. Yes own your own your FHA your VA in your USDA they tend to have a better rate because they're guaranteed. So there's less risk in those loans and what what kind of rate differential would you see. The you know it without having numbers right front ME I think SH JEU may be a three and a half comparing apples to apples as your conventional in mind before you can be as much as a half point your. Yeah maybe three eights of a point so. You know there's there's a lot of opportunity to get a little better Raytheon FHA Emmy people would say is not a bad product at all and it's great of course Christian leader last week when Keith was here we talk a little bit about the Federal Home Loan Bank. And in county bank in the relationship that we haven't some of the new products that are coming out. In regards to some of the careers of some of the things we're going to be here in the next few weeks. And it is just a Lotta opportunity here for you know if you don't have a whole lot of money saved. There may be some serious historians. You know in that regard. And you MSHA. Is very lenient about him where the down payment comes from right. So near to me it's it's it's not a bad program and all their little more stringent maybe on the property itself. Yeah maybe some of the qualifiers and in things that you need to property needs to have it right have you appeal to pay your whatever might be that. You know there's a lot of great. Interest rates are at different FHA lynch. Absolutely listen if you've got a question about buying selling anything to do with the rules that we are looking for your call today. You can reaches an 866447. 553. That's 86644. To 75 feet three. Or you can choose to text over to 71307713. Is seventh the text line is open we would love to hear for me this morning. Talking a little real estate well loved. You know come out this you know keep that thing said it best when he said is probably going to be the year the first time home buyer. We tend to forget that we looked at millennial. Generation. That they actually lived through a real estate downturn yes you know they heard their their parents talk about it K were upside down in this house. What are we gonna do the right and so I think to have a little bit different opinion. About real estate is today you know I'm I don't think it is to guarantee. Now let's not act in go to ten are generate your in my generation it's it's some. You know it's part of your. Asset portfolio you know is always in nearby house is gonna appreciate son you're gonna pay they owned. You gonna get your tax benefit for doing so and he knows part of your overall portfolio that you have your comment and you never even doubted it for ever doubt differ second of course you know the end. We had a downturn and of course you know. Greeneville was very insulated. In you know we talk about downturn we didn't have near as they don't turn that a lot of theories in the country experience sure. On so we recovered a little quicker it was just you know it was really gave it. Yeah I got that question this week and I think keep him Keith pointed out. Quite often that that he year the actual real estate recovery yes happened in June of 2011. And lead to think about how long ago six years ago dollars as compared to some of the things you're reading now but other parts of the country where. They're just starting to come out of my house right now six or seven years. And here they are just coming. Well here's you know one of the things to give crystal clear is welcome back in the huddle that we had. Downtown the army with a lot of our frank folks in the insurers folks and you know we were telling him hey look at what's happened in 20122013. 141516. And when you look at the numbers and agreeable MLS year over year in how we've had an increase year over year in really record years last two or three year right. Is pretty unbelievable. You know how strong the nicest strong steady great yet and it's not to and we talked about this you know before the the downturn before it was sort of arena they still financing options and some of the while dumb you know exotic products that you see out Theodore which you know is really not a knee and that the south theory more energy which is a good thing it is it is an armed. You know I think there's some. Please some aggressive programs out they're four. If you have a little less than stellar credit some of those catcher arrangement on it the same time I think there's enough other products as well as the what would call prime products and that you know enough for everybody. Yeah absolutely Lou we did ask for some tests questions got a couple over here. The first question is a key and you taken FHA loan. With more than 3% down to achieve a lower interest rate so. How. So instead of Clinton 3% down on your FHA loan. Put 10% down maybe union FHA loan and in the answer is yes she canned goods but in the FHA market the the loan to value doesn't have as much impact as it does in the conforming mark well the. True and eight in other in interrogators magnate PMI if you do get in 90%. I'm one thing is indeed FHA gets an old rules where it was falloff after eleven years I think it is somewhat right that's right so that's a positive opinion if you're gonna put the 10% down with the interest rates tend to stay about the same. On conventional energy do you give more of a premium in a lower rate for the more money you put down especially up to about 40%. But. You know SN is originally much static. Yes if you're doing and if you're putting that 10% of their own and FHA loan to it to each of the you're not in unnecessary release the that. That that rate dropped right K you you are gonna see the M instead of it be in for ever goes away in eleven years eleven years a long time. But on the conventional. If you go from putting 3% down or 5% down to putting 10% down. It has a much bigger impact on your interest rates all right conventional side of the world yeah and and part of that customize where actually she you know it's funny we cannot. You and I kind of check each other because sometimes I'll see alone you're coming down the piper alone that alone officer has come in on the fight I'll call you guy. Take a look at this were doing. An 8% down FHA right sure the units as well this is the way that we want to do it or. We're doing a 12% down because there's always a reason yes and try and and it's all about the customized mortgage solution because it could be related to credit score today Disney related to the you know if you're trying to do a 90% loan with a a 622. Credit score conventional move and it may still beating your benefit. To jump on the FHA turning. No I absolutely so you know if you're Jeff dear. You talk into a mortgage brokerage journey mortgage bankers some sort. You make sure that they're giving you two or three different options and discuss in the pros and cons of each deal because there's probably a reason. Scholarly Easter is when I'm talking to somebody hears while we're not going this for duration yes here's why I think this is the best option for you. I'm you know I think you bring of a very good point part of that customize mortgage solutions to talk about what you shouldn't be too and yet that's exactly that's right and in other guys don't do that you're exactly right senate. They will talk a little bit about that after the break and then we got another text as well that we'll talk talk about when we come back you'll listen the house plans christened JD from Toni Mae mortgage. We appreciate our listeners and techsters out there today give us a ring in 86644. Twos seventy bad 53 that takes on as open as well as seven went three or seven. That's 71307. Will be back right after this. Who welcome Matt house plans glad you could be with us today were talking a little real estate you get a text question about buying selling anything you do your real state. Hit this 71307. That 71. In three seven. Are few like to talk to lahood have an in person you can reaches an 866442. 7553. Would love to talk to you yeah we do have a couple of text questions or not. You know the first thing we got today was talking about can you put more down to get a better rate on an FHA. And the answer to that is it doesn't really the day on payment on the FHA may have a little impact that it's not really driven that way yet that's more of a conventional for. Nominee yet it is it is and of course you know one of the things to to think about one FHA is they are very limited when I'm very limbs that's our award. They do have a maximum loan amount so young here in the status. You know I just went from 270 wanted to to 75 and some change bright so if you're gonna do a liar in this more than 275000. Then you're not going to be able to do an FHA lending anyway. Because that's the absolute Max that they can day. No no income limitations. Right there's no income limitations or anything like that is just. You know if if it's a lower amount more than 275. Then missed out in a day off and I think JAF tags itself. And so the next question is in this agree question is how much that I expect for closing cost and 180000. Dollar. Mortgage loans and and so I think we need to talk about this in two parts of the first part. Is let's talk about all the costs that are not controlled by the lender UK. And so you're gonna have your attorney fees which to close the lone title insurance and things of that search yet cause and I would say that that 180009. Alone is gonna rose sixteen under eighteen and details title giving off attorney and of course in the state of South Carolina. You pit yes you be in the client you have the right to pick which attorney you wanna do word attorney preference state. We have attorneys that we use that charge about what you get you know and then we have attorneys that do a one C. 650 dollars in the cover everything except for. The title search maybe in the title insurance do you and says that pricing can vary but that is not controlled by the lender that's controlled by you the customer about taken bit. I would say anywhere from twelve to 18100 yet he's only that that part of it yet. The next question is are you gonna set up best gracious and and those are not. Closing cost we often times get customers confused about well your your charging me we're not charted this is your money. Pitcher put minimum account to set aside to pay he. They lose. Texas and taxes and insurance. So at county bank. If you walked in the go Lawrence and instead you know I just want your standard out of the box. I'm price. We would charge 998 dollars. Plus the credit the and the appraisal fees you both to create fear in the prison for your going to a third party however. Part of the customize mortgage solution is to talk about. How you can impact that and and what you've got to work we have so. Just as an example on the sometimes JD you'll see it contract come through we're the sellers agreed to pay five or 6000 dollars in clothes and colleagues. And it might be a good time to use some of that money to pay a discount about the rate. Yes exact record pace of interest about the radiant and don't know what you Hamadan sort of thing and of course yet appraisals. You appraisals and rainy somewhere between you four to 40600. Depending on the type of property in what type of appraisal has to be Dylan and you know that sort of thing so. You know I tell her by feeling good rule of thumb especially 180000. Isn't yet 3% number yup if he 400 dollars a year playing yet inspections. Yup you are you getting a termite inspection are you getting them inspect your. Are you getting any radon in space she is a lot of different things is are well inspection Joseph there's a lot of different things out they're saying. While the question just says how much should I expect. On I like to use it 3% number. It does as a rising gas line as a guideline doesn't work in all situations. But if you're going into a learning he says hey I've got three and a half percent putting on the on an FHA lane and I don't enemy more than them. How about a 180000 dollars. You know 3% that we can structure that one dude in a way to Wear an entity 400 you know coverage. Yeah on the the other thing to remember too is I didn't mortgage professional is gonna give you two or three different options. What were they were by and that rate down Chris the other way where maybe it's a situation where maybe the lenders gonna pay some of those closing calls for you sure. That was going to be my next point so it's a two part question is what are the cost. And that's most the lender cost and everybody else's cost and then that does more important question is do and how are you gonna pay for rise. That's when it comes to do you pick the right program. Do you prick picks the right structure. Right and that is what a high quality loan originators should do for you sit down and work through those options because. If you say you're going to be their three years. It's different than if you say absolutely going to be there forever yes it's it's different you know there's so many different ways to structure it. And that's all part of that customize mortgage solutions that that you get account aiming mortgages. Hey let's figure that out together yeah and then I'll give you my advice in the and you can do that you wanted to. You know his keys would say right now I'd say you know what you really need is a team of professional staff because I edgy get there earlier that you structure all that the process short. The better the loonie is going to be for you here goals and OJ I get a quick example for years to the next questioner caller. You know if you. Say you didn't say no your current home before you bought your new home. But when you do silly you're gonna pay that won't home. So when you're talking to me about why won't the lowest possible interest rate no you don't cheat you wanna hire. Interest rates where I pay all the closing Kolb yes so that says that the international this is her usual Internet gadget the so. You know it's all about structure and loan structure yet. Listen we got our first car crystal skull overbilling Greer hey bill how are you. Good morning. I just stood at about ten minutes ago and was wondering if instead of talking so much about that Beijing conventional agenda or the most popular. There's a VA mortgage applicable here. Tell us absolutely VA mortgage is I want in my favor yeah I mean. It's obviously you know gives back to those that gave does number wind. But number two it also has that vary that much lower interest rates because his gear NT by the government. And unlike an FHA if you qualify for the veteran for the VA loan. You can get a 100%. Yet whether you're cashing out Mona re fond. Or if you're buying and so it is a very special program for very special folks and probably mining JD he's favorite wont to do because it is such as such a good rate in such a loan to value. Yeah and one thing I'll say to bill on VA lineage has had a fairly large what they refer to as a funding fetus roll into the learned. Brian however few have mania percentage of disability. On the net funding fee is waived. VA lancer it's a great great program and as I and it doesn't have monthly and test them monthly mortgage insurance. On volume one of the things that I think is a very underrated product. Is on that 100% cash out refinance at a VA will allow. On TNT for any of the veterans that are out there that maybe has some credit cards or other debt or maybe they wanna do home improvements or anything like dad. On this program is by far and away the best program that you would find on that it would be a great opportunity for for any of our veterans. You didn't know. We say this to JD one of the other things that VA loan offers that I really like is if you go to refinance that VA loan later so if you're going from a VA loan. To another VA loan. You also get a discount on all those. Funding season things that Collins and her old yep it's an interest rate reduction loan. And he also get a fast tracked on the processing in the appraisals so. It's a great loan for those they gave does to give back in the young men and I certainly appreciate you bringing it up bill it. So you've mentioned the finding entries are a little bit higher than conducts aren't they day is at the yeah include all those. Closing costs and stuff. Note the funding fee. Is on top of all that but they will allow you to finance and AM. So if you're doing what they call subsequent use so say you've used your BA before and you sold that house and now you're buying Guillen. The VA fee is a 3.3 percent right. Of of the loan amount but it is financed in the loan amount and it's a one time see that goes into that guarantee place. The you know and then. Dependent upon whether you were regular military or not. If this the first time your use and it is the difference the and so each situation nature and has a different fees that and it to JD's point. If you are a disabled veteran and you don't get charged the fee at all. Okay I'm assuming a qualification. It. Credit score is loan to value our you know the. Loan back he's not an issue but they're more lenient on credit scores as well so yeah absolutely let's say we gotta go into this hard break bill. I appreciate your brain that loan have a great weekend. We're gonna head into our final break of the day we've got several tennis questions here to answer about USDA and some other items. Will hit them when we get on the backside will be right back after this. Welcome back you're listed in the house plans JD Chris here from county bank mortgage. Keith Carty is out today but he'll be back hopefully next week and we'll surgery this week we wish Keith all the best in his recovery. And a grand hard for Mary you are here in the house I feel bad for Miree born indicate that. The fact you probably love him in Mormaset that's right you probably he will be back next week he said he's a tough elements and anyway but great question that we really appreciate the call and I inquiring about the VA land which is one of the com. Lends another that we are gonna talk a little bit about your journey and in a one think about it FHA question there was someone who'd have mentioned. They were purchasing. OK 2000 really really good questions so eight under plus score. Buying 400000. Put 950000. Dollar bouncing and you get. You get below the 275. Yep and so the question is can save half a point in raid if I do that you know he answer is UKS. But and but you need to do the math right you you are gonna pay. The monthly or lunch yet in suit how we do that math throw quit well. I can say it is like I can I've done that example I guess if I had this question for one of my clients here in the last few months. On it doesn't work out of the is due aid because the PMI's higher than the interest rate you're saving so what I mean is is battling to compare apples apples a halve point may save you. Eighty dollars a month and payment but the mostly PM high as a 110 dollars Haider whenever yeah arm around 215 the monthly just the monthly Emma. But it is a 177 mine right so and says and that never goes away yet well it would go away and oh yeah you empathize and understand that eleven or eleven years times when 77 is a lot more than the after so you know that's it that's a great example. Why Unita customized more into right interest rate mean it may be better. But balloon may not be the right ones for you. Nancy you know and that's another example Yahoo! has situations where veteran O'Connor in May be one of the VA loans gonna ask you that question yeah and native maybe they have 20% to put dale. Well yet interest rate on the VA line may be much better however. Although it doesn't have monthly PMI has it funding fee if you're confused at funding the money instead of but the doors of the gala may be buying your rate down on the conventional insurance that way. The convention would be better so she is something yet to look at yet and it. And of course now I will say this if you were a disabled veteran yes the VA would be the way to get f.s and his situation because. You'd be exempt from the funding feces get the mean age of the the better rate. And you get the flexibility of that that that VA program. But you don't. Have to pay the funding featured disable right but you're right if you were if you are using it again. You know say you abused your VA before new years ended Guillen. That 3.3 percent is going to be 8250. Dollars that you got to pay this never refunded so right you close and pay it off when he hit the lottery and head off the next day you don't get the tailback Arian my cell it you don't you still so. You have to do all that math for me to make sure that it really makes sense and in most cases. When you compare here. A lot of money down and you look Canada FHA. And you're looking at a conventional it's almost always better to go convention. And in the last option now the last sort of factor that that nobody talks about because early hasn't come into play in twenty years or more. Easy assume abilities are both FHA and VA aliens yes and if I mollify you have to qualify it's not automatic right so you know it could be a situation there's lines can be assumed mobile. And with the rising interest rates. You market the way it is. There may be some situations down runner indeed my prediction is that that you assume ability may come back in the play a little bit on some of these BI as. Lately you know one thing that. Can often be missed we economists and ability to his arms yeah some arm products are so mobile so. You know if you're thinking about water rates can be three years should now. You have an assumed mobile arm might help you sell your house in the future yes I'm trying to think about listen we got a couple questions here about USDA that we will ask that as well that was got the phone lines first absolute we have Phillip on the line from Greenville I thought how are you. Good morning Terry guys doing. This is a drill down specific question that ironic self ready. In case a lot of bodies here. Okay it's let's just say Jimmy galaxy far far away or someone has one of those medical chart all our credit report you know what is the best way to beat. It debt and I'm sure it got so Bert. Are better and well first of all we knew move into South Carolina you automatically give it three medical collections the and certainly yeah buds yeah how big is it. 600. Yeah how old is it. Just over here and that windy think you're gonna buy. So it's not 820 days. Most of most I'll be honest most of the time on a medical collection. On India's 600 dollars it be a situation now it may affect your credit score a little bit. But it will not affect your ability to buy depending on what you're down payment he has. So you know if you're putting 5% now conventional lens or discuss news writer med medical collection like it's not even near. Now will say if it was a non medical college in the rule would be different yeah but medical collections. Because they're generally occur based on arguments over who's going paved with the insurance companies. You're fit you get some more of a free pass. I believe people should pay with a Lou but I think we just let it laughed in your case until after the longs closed again. And then maybe pay and who wants bomber get on a payment plan with them me as a settle a bounce out forget that might take two or 300 dollars yankees go away. But that you're not gonna have to pay it closes long leisure credit scores and did (%expletive) yeah. It. And email out to you this you know FHA lions. I think. Has take say it is but. I think on FHA loans as always you don't have an haggard ever thousand dollars and I think medical or excluded from that bows out all right. So I think in that situation as well you'd be okay. Very penetration by so our. Although I have never what do you pre qualifier when your raid about you can always email me at ask JD can only make mortgage dot com. We love to talk to the end and a healthy Elena times writes I appreciate it Kyle. Thank you Melissa we got two questions about USDA the first phones easy. Do you do on the answers yes yes we did yes we do USDA. For the listeners that. That does not mean that you have on a farm known okay USDA. Is both in commerce strict and the end location restrictive so. First thing about a USDA lone easy getting a look the address of the nation address qualified. Second thing you got to do is you gotta look at this a little different than most and we you have to look at the entire. Household income. For anybody that lives in the household over eighteen looking and yet to figure out what their ideas and make sure that number is not to hack. Right so you gotta go do those two things that the issue to the question is yes we do. The next question is if you've got a USDA loan will vote with the insurance premiums go away or does it stay there for the life of the loan. And the answer is it stays there for the life of alone on the USDA it is. They they. I can't remember what they called it but there's. It's not they don't call territory we can't college you know law yeah it is just anti hero yeah yeah some kind of funky thing but the bottom line Asia pay him forever to participate Newport area is based ice it is out HA and borrower is a little smooth and a couple of constitute the app and and so sometimes because you do get a better rate. You are better off just stick with it yet but you should you should have somebody who's now what I will say about USDA it's a great you know it like you said it is income restricted. So in many situations. Tom eighty is its household income so a lot of times even if you're climb by yourself and you make 40000 dollars a year. In your husband or wife makes 40000 dollars a year and even if they're not on the learned. That would disqualify you I think the limit is 72 used to be three city for them and ray stone. Stanley sizes right there's differ any of factors. But again. You can get you you can go to Google just news putting US TA. Eligibility. Housing or whatever and you can you can actually punch in the address. Right and in India will tell you if that particular area and there's a lot of USDA area around here. On you from our office on Pelham Reggie and doled out three miles yeah I think a lot of people will be surprised when they were looking and. The address that you'd be surprised that it was actually ENUSDA. Area little on the area does move it does it you generally any annually and you'll be reassessed. But I think you'd be surprised if you give search. What areas actually allow you misty day yes and then none no loan limits size. Now because there is a limit on income it can it can be prohibitive once you get about but we've done some in the two hundreds. No absolutely and it is there's there's. They got some weird little rules to be used to be you could have a pool and yeah now HA can have 20%. Liquid assets in the bank and be able to qualify for conventional. And on there's they got the kid have a additional living area on the primary you cannot. I have. It. You can't the the appraisal is very specific seeking ahead and eat any kind for the property. That could lead to the the I can tell income producing rights are for instance if you have a garage with a garage apartment above a problem. We've actually had one get disqualified because they had a man cave of categorize incisive look. It's got us as not a stay at a microwave and refrigerator. And a keg here and they said Lou here's a deal somebody could live there and you could rent that and says even the potential of being able to rent it disqualify the property yes once again. 100% loan. Great loan for. You know first time homebuyers especially if you're by and one of those areas. And you know if you're looking say you're looking on line you're using only one searched. You can always like JD sage can go to the USDA. And you can you can actually punched dangerous tendency to qualify us right and then of course if you have any questions about any of these programs you talk about the day you can always email JD. That's what I was gonna say no we've had a lot of people. No a lot of our listeners out there thinking about buying into the game. Obviously inventories are inventory levels are still very low hearing agree on that's the biggest challenge that we're finding that people need. But interest rates are still really did thirty years stakes in the left the worst twenty year fakes in the upper threes fifteen your face in them low to mid threes. Well it suggests is just email me at ask JDS AS KJD. At county bank mortgage dot com if you're thinking about. And getting pre qualifier just wanna sit down and talk. Yeah that's one of my favorite things and it was just sit down all conference talk about their goals and agendas have a command will sit there and do that I've got two or three appointments this week already where people are just getting into the game Saturday. And in the if you wonder at T this is something not always find amazing is there a lot of people that think they Kia by right. And it's because they they haven't asked the questions or don't be afraid to ask because what we say is. It's not a matter if it's a matter win yep that's exactly right so. Anyway illicit Chris another good show appreciate all of our listeners and textures out there. If I knew what catches during the week you can always call us at 331 home. That's 331466. Story we're going to be back next week hero house plans we appreciate everything.