Debloke Finans

What Documents Are Needed When Applying for a Mortgage?Buying a home is one of the most exciting things you will do in your lifetime; however, you will need to get your financial house in order before packing to move into your new one. And the best way to do that is to learn some home-buying basics and about the mortgage process, as well as the documents you will need to have in order if you want your loan to be approved.So let's go over the documents and some of the other things you will need to get mortgage approval. Below we are going to cover the most common loan options available, as well as a few other helpful programs that might be beneficial to you. What you will need for a Conventional Mortgage A conventional mortgage is one that is not guaranteed or insured by a goverment agency such as in the case with Federal Housing Administration (FHA) or a Department of Veterans Affairs (VA) loan. And a conventional mortgage usually has a fixed rate and term. Here is what you will need when you apply for a conventional mortgage.Lending Requirements for a Conventional Mortgage         A FISCI score at least 620        A 5%-20% down payment ( in most cases). You will need to put at least 20% if                you  want to avoid paying PMI (Private Mortgage Insurance)         You need to have an acceptable debt-to-income ration.         Have a loan amount that is higher than that FHA loan limit. Documents Needed to Appy for a Conventional MortgageCurrent and previous W-2s for each applicant.Pay stubs for each applicant.Bank statements for each applicant if you don't have a joint account.A gift letter if you were gifted your down payment.A list of all your current debts and assets.If you rent, you will need proof that you paid your rent on time.Credit reports for each applicant.Your profit and loss statements if you are self-employed.Proof of any additional income you might have.A copy of the sales contract signed by all parties.A copy of your divorce decree if applicable.A copy of your bankruptcy paperwork if applicable.Ki dokiman ki nesesè lè w ap aplike pou yon ipotèk?Achte yon kay se youn nan bagay ki pi enteresan ou pral fè nan lavi ou; sepandan, w ap bezwen jwenn kay finansye ou an nan lòd anvan anbalaj yo deplase nan nouvo ou a. Ak pi bon fason pou w fè sa se aprann kèk bagay de baz pou achte kay ak sou pwosesis ipotèk, ansanm ak dokiman w ap bezwen genyen yo si w vle prè w la apwouve.Se konsa, an n ale sou dokiman yo ak kèk lòt bagay w ap bezwen pou ipotèk apwobasyon. Anba a nou pral kouvri opsyon prè ki pi komen ki disponib, ansanm ak kèk lòt pwogram itil ki ta ka benefisye ou.Sa w ap bezwen pou yon ipotèk classiquesYon ipotèk konvansyonèl se yon ipotèk ki pa garanti oswa asire pa yon ajans gouvènman tankou nan ka a ak Federal Housing Administration (FHA) oswa yon prè Depatman Veteran Affairs (VA). Ak yon ipotèk konvansyonèl anjeneral gen yon to fiks ak tèm.Men sa w ap bezwen lè w ap aplike pou yon ipotèk konvansyonèl.Kondisyon pou prete pou yon ipotèk konvansyonèlYon nòt FISCI omwen 620Yon peman 5% -20% (nan pifò ka yo). W ap bezwen mete omwen 20% si w vle evite peye PMI (Private Mortgage Insurance)Ou bezwen gen yon rasyon akseptab dèt-a-revni.Gen yon montan prè ki pi wo pase limit prè FHA sa a.Dokiman ki nesesè pou aplike pou yon ipotèk konvansyonèRanpli deklarasyon taks pou de dèn

In this episode we introduce our newest team member Rubin Dolce.  We also discuss a battle with a lender to get our client approved. Finally we briefly discuss interest rates.

#credit #deblokem

Ki sa ki se yon nòt kredi ?Rezilta imaj pou nòt kredi cfpbYon nòt kredi predi konbyen chans ou gen pou peye tounen yon prè alè. Yon modèl ki fè nòt itilize enfòmasyon ki soti nan rapò kredi ou pou kreye yon nòt kredi. Konpayi yo sèvi ak yon fòmil matematik - yo rele yon modèl nòt - pou kreye nòt kredi ou apati enfòmasyon ki nan rapò kredi ou.#atisayisyen #ayisyen #deblokefinans #deblokem #haitianfood #haitianmusic #diaspora #mokikle #haiti #haitianfood

This show was recorded on July 1, 2019.We celebrated Haiti's win with a music mixHaiti came back from a two-goal halftime deficit, shocking Canada 3-2 at NRG Stadium in Saturday evening's quarterfinal match to secure their first-ever place in the 2019 Concacaf Gold Cup semifinals.After the mix we talk about how to structure your life insurance with not only living benefits but with a variety products

Where the buyer pays additional discount points or makes a substantial down payment in return for a below market interest rate; or the seller offers 3-2-1 interest payment plans or pays closing costs such as the origination fee. During times of high interest rates, buy-downs may induce buyers to purchase property they may not otherwise have purchased.

Schedule a home inspectionOnce you've chosen a home, schedule a home inspection appointment as soon as possible. You want to have plenty of time to resolve any problems.What to do nowFind a home inspectorChoose an inspector with a reputation for being honest and thorough. You want someone who will give you a complete and honest assessment of the physical condition of the home.Ask friends or family in your area to see if they have an inspector to recommend. Ask what about their experience, specifically, leads them to recommend the inspector.You can also look for inspectors online. Check reviews from other buyers.Schedule an independent inspection for the home as soon as possibleYou want to know as soon as possible if there are any major problems with the home so you can decide whether or not you still want to buy the home. Also, if additional inspections are needed, you'll want to have plenty of time to get them completed.What to knowYou should choose the home inspector yourself and plan to pay the inspector directly at the time of serviceYou want an independent home inspector who is accountable to you and will give you a complete inspection and an honest opinion. If the home inspector is being paid by someone else or not paid until closing, the inspector might underemphasize any problems with the home.You may be able to negotiate with the seller or cancel the sale based on the inspectionIf repairs are needed, you may want to negotiate with the seller about who should make or pay for the repairs. Depending on the terms of your purchase contract and local market conditions, the seller may or may not agree to pay for the repairs. If your purchase contract is contingent on a satisfactory inspection, you have the right to cancel the sale without penalty if you are not satisfied with the results of the inspection.How to avoid pitfallsDon't buy a home without having it thoroughly inspectedInspections are for your protection.If there are serious flaws, such as a cracked foundation, you may decide that you don't want to buy this particular home after all. If your purchase contract is contingent on a satisfactory inspection, you should be able to cancel the sale without penalty.If there are parts of the home that are damaged or worn out, you may want to negotiate with the seller to have these fixed before you move in, or to give you a credit for the cost of the repairs.Don't choose a home inspector without checking their historyDepending on your area, home inspectors may not be required to be licensed. Before choosing an inspector, ask for references from prior customers and look up the inspector with your local Better Business Bureau (BBB) and any state or county licensing authority.

What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important?Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.  For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2,000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6,000, then your debt-to-income ratio is 33 percent. ($2,000 is 33% of $6,000.)Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage.There are some exceptions. For instance, a small creditor must consider your debt-to-income ratio, but is allowed to offer a Qualified Mortgage with a debt-to-income ratio higher than 43 percent. In most cases your lender is a small creditor if it had under $2 billion in assets in the last year and it made no more than 500 mortgages in the previous year.Larger lenders may still make a mortgage loan if your debt-to-income ratio is more than 43 percent, even if this prevents it from being a Qualified Mortgage. But they will have to make a reasonable, good-faith effort, following the CFPB's rules, to determine that you have the ability to repay the loan.

Rapò dèt-a-revni ou se tout peman dèt ou chak mwa divize pa revni mansyèl brit ou. Nimewo sa a se youn nan fason pretè yo mezire kapasite w pou jere peman mansyèl yo pou remèt lajan w planifye pou w prete a.Pou kalkile rapò dèt-a-revni ou, ou ajoute tout peman dèt ou chak mwa epi divize yo pa revni mansyèl brit ou. Revni brit ou pa mwa se jeneralman kantite lajan ou te touche anvan taks ou ak lòt dediksyon yo te retire. Pa egzanp, si w peye $1500 pa mwa pou ipotèk ou ak yon lòt $100 pa mwa pou yon prè oto ak $400 pa mwa pou rès dèt ou yo, peman dèt ou yo se $2,000. ($1500 + $100 + $400 = $2,000.) Si revni mansyèl brit ou se $6,000, lè sa a, rapò dèt-a-revni ou se 33 pousan. ($2,000 se 33% de $6,000.)Prèv ki soti nan etid sou prè ipotèk yo sijere ke prete ki gen yon pi gwo rapò dèt-a-revni yo gen plis chans jwenn nan pwoblèm pou fè peman chak mwa. Rapò dèt-a-revni 43 pousan enpòtan paske, nan pifò ka yo, se rapò ki pi wo a yon prete lajan ka genyen epi li toujou jwenn yon ipotèk ki kalifye.Gen kèk eksepsyon. Pou egzanp, yon ti kreyansye dwe konsidere rapò dèt-a-revni ou, men li gen dwa ofri yon ipotèk kalifye ak yon rapò dèt-a-revni ki pi wo pase 43 pousan. Nan pifò ka kreditè w la se yon ti kreyansye si li te gen mwens pase 2 milya dola nan byen nan dènye ane a epi li te fè pa plis pase 500 ipotèk nan ane anvan an.Pi gwo pretè yo ka toujou fè yon prè ipotèk si rapò dèt-a-revni ou plis pase 43 pousan, menm si sa anpeche li pa yon ipotèk ki kalifye. Men, yo pral oblije fè yon efò rezonab ak bon lafwa, swiv règleman CFPB a, pou detèmine ke ou gen kapasite pou remèt prè a.Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.  For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2,000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6,000, then your debt-to-income ratio is 33 percent. ($2,000 is 33% of $6,000.)Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage.There are some exceptions. For instance, a small creditor must consider your debt-to-income ratio, but is allowed to offer a Qualified Mortgage with a debt-to-income ratio higher than 43 percent. In most cases your lender is a small creditor if it had under $2 billion in assets in the last year and it made no more than 500 mortgages in the previous year.Larger lenders may still make a mortgage loan if your debt-to-income ratio is more than 43 percent, even if this prevents it from being a Qualified Mortgage. But they will have to make a reasonable, good-faith effort, following the CFPB's rules, to determine that you have the ability to repay the loan.

Real Estate Lingo in Haitian Creole that includes appraisal, interest rate, deposit, closing cost and more

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input.The proposed rule, published by the Department of Housing and Urban Development late last week, would change repayment provisions for FHA borrowers, allowing lenders to recast a borrower's total unpaid loan for an additional 120 months. HUD said that this option could prevent “several thousand borrowers a year from foreclosure.”By prolonging the length of the recast mortgage from 360 months to 480 months, borrowers will have more sustainable monthly payments, the department said. The proposed rule noted that a lower monthly payment will help bring a borrower's mortgage current, prevent imminent re-default, and of course, help borrowers retain their home.The proposed rule will specifically be beneficial for FHA borrowers who recently exited government-mandated forbearance but are struggling to make their mortgage payments because of COVID-19 related financial hardships.Alongside of benefitting borrowers, the rule would also reduce losses to FHA's Mutual Mortgage Insurance Fund as fewer properties would be sold at a loss in foreclosure or out of FHA's real estate owned inventory, HUD said.A recent report published by the FHA revealed that as of December 2021, 7.28% of FHA loans were seriously delinquent, down from a seasonally adjusted high of 12.04% in March 2021. However, the rate is still elevated compared to pre-pandemic times.

What Is Preforeclosure?What Can A Homeowner Do To Stop Foreclosure?

What is a 203k loan?Whether you are looking to refinance your home in order to renovate it or to buy a fixer-upper and use additional funds from the loan to increase its value, a 203k loan is a great option. Section 203k is a type of FHA home renovation loan that includes not only the price of the home, but includes funds to cover the cost of renovations. This allows you to borrow money based on the future value of your home, allowing you to amortize the cost of the repairs and upgrades into your investment.The 203k is a FHA loan with renovation feature. The major difference is that the costs that are estimated for your renovation will be held in an escrow account. You will be able to release funds to your construction team as the renovation milestones are met.No matter if your home renovations are large or small, necessary or optional, a 203k loan allows the following benefits:The loan may be used for updating, modernization, or total renovation of your home.You are able to combine renovation costs and first mortgage with either fixed rate or adjustable rate FHA 203k mortgage.All repairs are done after closing the 203k loan.The loan amount is based on the appraised value of your home including the proposed renovations.A 3.5% down payment is all that is required for purchases.You have the ability to use a 203k loan for improvements on a refinance or purchase.

In light of the condo collapse in Surfside, FL we discuss Condo reserves.Florida's condo statute requires an association's annual budget to include reserves for “capital expenditures and deferred maintenance … [including but not limited to] roof replacement, building painting, and pavement resurfacing,” and any other deferred maintenance or replacement cost exceeding $10,000.We also discuss the crisis in Haiti and try to find solutions.

In this episode, we discuss a seller trying to back out of he signed.   He said sue him, and that's exactly what the buyer did.

Juneteenth is a federal holiday in the United States commemorating the emancipation of enslaved African Americans. It is also often observed for celebrating African American culture. Originating in Galveston, Texas, it has been celebrated annually on June 19 in various parts of the United States since 1866.The shackles have been removed physically, but do they exist mentally or financially?  Let's discuss.

Types of Term Insurance:Level PremiumIncreasingDecreasingRenewable Term InsuranceConvertible Term InsuranceReturn of Premium InsuranceNo Medical Exam Life InsuranceVariations on term life insurance include options that meet the needs of business owners, separated couples, and mortgage holders. Let's get into some details for the different types of term insurance.LevelA level term policy is the most basic type of term insurance. The premiums never increase, and the amount of the death benefit remains the same throughout the entire term.Term policies are typically sold with terms of five to 30 years, in five-year increments.Some companies do offer single-year policies that renew annually, which is a type of renewable term life insurance. They're technically level policies since the premium remains the same throughout the term. However, since each term is only one year, you may see annual rate increases.DecreasingDecreasing term insurance is sometimes called mortgage protection insurance. The benefit decreases every year of the term.Ideally, you'll be paying down the balance on your large debts (like a mortgage) during your life insurance term. As your debt obligation shrinks, so does the amount of coverage you need.The premiums don't decrease with the benefit as you might expect. Instead, decreasing policies offer a much lower annual premium from the beginning and stay level throughout the term.RenewableRenewable term policies allow you to extend or renew your policy for an additional term after the expiration date with no new medical exam.Some renewable policies automatically renew every year up to a specific age (typically 65). Policies that renew annually usually see premiums increase each year as well.Other policies automatically renew for your original term length once the first one ends.ConvertibleA convertible term policy lets you convert your temporary coverage into a permanent policy with the same face value at any time during the term, usually without a new medical exam.Converting from term to whole insurance will increase your premiums (as discussed earlier). Some insurers also place age limits on conversions. Most won't let you convert after age 65.Return of Premium (ROP) Term Life InsuranceReturn of Premium (ROP) term life insurance is a relatively new product that combines the advantages of traditional term life insurance such as affordable, guaranteed level premium periods (10, 20 or 30 years), with a return of premium feature.

UnemploymentFlorida's Department of Economic Opportunity announced that the state will withdraw from the Federal Pandemic Unemployment Compensation Program, removing additional funds from those who receive unemployment payments.The DEO made the announcement with a post on Twitter that stated the withdrawal will take effect on June 26.The Federal Pandemic Unemployment Compensation Program gives people who are currently on unemployment a $300 weekly payment from the federal government in addition to the state's unemployment payment — which is a minimum of $32 and a maximum of $275.CALL US AT 954-543-8062RefiNow Expands Eligibility to Help More Homeowners Reduce Their Monthly Mortgage PaymentWASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today issued additional details about its new RefiNow™ option, which is available for qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021. Initially announced April 28 by the Federal Housing Finance Agency, RefiNow makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payment.“Lower-income borrowers typically refinance at a slower pace than higher-income borrowers, potentially missing an opportunity to save on housing costs. Fannie Mae's new RefiNow option will help more homeowners refinance by removing some of those barriers, improving affordability, and promoting sustainable homeownership,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Risk Officer, Fannie Mae.Requiring a reduction in the homeowner's interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner's monthly mortgage payment.Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.Waiving the 50 basis point up-front adverse market refinance fee that Fannie Mae otherwise charges to lenders on balances at or below $300,000.CALL US AT 954-543-8062Life InsuranceWhat are the different types of life insurance?Types of life insurance generally fall into two categories: term life insurance and permanent life insurance.Term life insuranceTerm life insurance provides protection for a specific period of time (the term). This is often 10, 20 or 30 years. Term life insurance makes sense when you need protection for a specific amount of time--for instance, until your kids graduate from college or your mortgage is paid off.Term life insurance typically offers the most amount of coverage for the lowest initial premium. This makes this type of life insurance policy a good choice for those on a tighter budget.Permanent life insurancePermanent life insurance provides lifelong protection for as long as you pay the premiums. It also accumulates cash value on a tax-deferred basis, which you can tap into to buy a home, supplement your retirement income, cover an emergency expense and more.Because of these additional benefits, initial premiums are higher than what you'd pay for a term life insurance policy with the same amount of coverage.You Might Want a MixDepending on your circumstances and financial goals, sometimes a combination of term and permanent insurance is the answer. Get an idea of the types of life insurance policies that could work for you

In this episode, we discuss adding a non-occupant co-borrower on your application.  We also discuss avoiding the use of a straw buyer and how not to become a straw buyer.  If you don't qualify for a mortgage on your own, can adding a co-borrower help you qualify?Adding a co-borrower to your home loan application can increase your chances of mortgage approval.A co-borrower can increase your qualifying income if your debt-to-income ratio is too high.A co-borrower with excellent credit can strengthen your application. However, all borrowers must meet minimum credit score requirements for a mortgage.A co-borrower is on title to the property and obligated by the mortgage. Co-borrowers don't have to live in the home. Many loan programs allow non-occupant co-borrowers. Note that non-occupant co-borrowers are not the same as co-signers. Co-signers do not go on the property title. Co-borrowers do.A straw buyer is when two or more people conspire to get one person who has strong credit and income to purchase a home under their name. Straw Buyers come into play because the actual home buyer for the subject property does not qualify for a residential home loan.This practice is illegal and is classified asmortgage fraud which felonyThe federal government sees the use of straw buyers was one of the reasons for the real estate and mortgage meltdown of 2008They take cases of straw buyers extremely seriouslyHowever, many folks do not consider this a crime intentionallyMany take it more like helping out a friend, relative, or family member to become homeownersThere are many generous folks who help othersUnfortunately, using their name to help a friend, relative, or family member qualify for and close on a home loan may cause some serious consequences for all parties

Haitian American Entertainer Jessie Woo talks about growing up as Haitian American.  Jessie gives advice on how to make it, and persevere.Jessie talks about being yourself, work hard, and dream up a new dream.