- 1441 N Harbor City Blvd - Melbourne - FL - 32935
Veteran Owned, Veteran Operated and Veteran Focused.
We’re here to make the VA home loan process a whole lot easier, with tools and expertise that will help guide you along the way.
A VA Loan is a home loan that is guaranteed to Veterans by the United States Department of Veteran Affairs.
As part of a program to help our veterans become homeowners, the Department of Veteran Affairs stands behind VA loans and guarantees that a portion of the loan will be repaid to the lender should you be unable to make your mortgage payments.Because of this, lenders are willing to provide loans with incredibly attractive terms for those who qualify.
Because of the more flexible guidelines regarding income, credit, and documentation, VA loans incredibly accessible for veterans and active duty military.Most active-duty members qualify after around 6 months of service, and some may qualify in as little as 90 days during war periods. Even spouses of military members who passed away during their service may also apply.
Most loans require at least a small down payment to buy a home, however VA loans are an exception to this rule. VA loans allow for 100 percent financing of the home’s purchase price, which means no down payment is required.
Mortgage insurance is typical for buyers who put less than 20% down on their home. This protects the lender should the buyer default on their loan for any given reason. However, VA loans do not require mortgage insurance which makes VA loans incredibly affordable over time.
VA loans are assumable, which means that the loan can be transferred to the next homebuyer should they qualify. This adds significant value to a home, especially in a rising-rate market.
The VA places limits on what veterans can be charged for closing costs. Because of this, some costs must be covered by other parties in the transaction. In fact, the seller may even cover some of the closing costs as part of the negotiation process.
Mortgage Loan Originator
NMLS ID# 476628
P: 321-722-7506
Mortgage Loan Originator
NMLS ID# 996628
P: 321-417-0260
Mortgage Loan Originator
NMLS ID# 659727
P: 321-722-7502
Mortgage Loan Originator
NMLS ID# 1684545
P: 321-417-0271
Mortgage Loan Originator
NMLS ID# 1448245
P: 321-722-7513
Mortgage Loan Originator
NMLS ID# 996627
P: 321-722-7514
Sales Manager
NMLS ID# 331186
P: 321-757-3570
Loan Officer Assistant
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: What is PITI?
PITI is an acronym for your payment and it stands for principal, interest, taxes and insurance. Principle is the part of your payment that reduces your loan balance. Interest is the part of your payment that goes to paying the interest on your loan. Taxes and insurance are the amount of your payment that is escrowed to cover the costs of your property taxes, and the cost to insure your property.
Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! So please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!
When someone says a VA Loan is assumable, they mean that VA Loans can be transferred to the next homebuyer should they qualify. This adds significant value to a home, especially in a rising-rate market.
VA loans can be assumed by other veterans, as well as by non-veterans. There is a process for this, and the assumable loan must meet guidelines, and the assumption must go through the current servicer of the loan.
Thank you for tuning into this Joe Knows Mortgages MINUTE. If you have any home loan related questions, we want to hear from you! So please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!
If You Have Debt, Can You Still Qualify for a Loan?
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: If you have debt, can you still qualify for a loan?
Between car loans, student loans, and a few credit cards, it can be easy to feel like you may have too much debt to qualify for a mortgage. This is not necessarily true. The best way to figure out how much debt you can afford to carry is to calculate your debt-to-income ratio, or DTI. Calculating your DTI is simple. Simply add up your recurring monthly debt obligations such as a car payment, minimum credit card payments, student loan payment, and anything else that you are required to pay on a monthly basis that shows up on a credit report. Things like electric bill, water and phone do not count. Take your total and divide that by your gross monthly income, or your income before taxes. The resulting number is your DTI. Typically, lenders will want your debt to income ratios to be under 45%, however, there are some loan types that will go higher. A lender will take this number and factor in your potential mortgage payment.
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: Does it take longer to get a VA loan compared to other loans?
With the right lender, a VA loan shouldn’t take much longer than any other loan. In fact, Morgan Financial is averaging just 13 days from application to clear-to-close on all loans, including VA loans. The key is choosing a lender that knows the process and the military. A local and veteran-owned lender like Morgan Financial is your first step to securing the right VA loan with great rates and great terms.
Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”.
This week, we answer the question: What is the difference between Conforming and Nonconforming loan?
When it comes to conforming vs non-conforming, we look to our good friends Fannie Mae and Freddie Mac. A conforming loan means that the loan meets the specific criteria that allows Fannie Mae and Freddie Mac to buy them. A non-conforming loan is one that doesn’t meet the criteria and isn’t allowed to be purchase by our friends Fannie and Freddie. These types of loans are sometimes referred to as portfolio loans.
Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”.
This week, we answer the question:
What is a portfolio loan?
A portfolio loan or portfolio mortgage is a loan that a lender makes, and then keeps the loan to service for the life of the loan. It becomes part of their Investment portfolio.
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If you have any home loan related questions, we want to hear from you! SO please comment down below!
Also, please feel free to like and share this information with your family and friends.
See you again next Monday!
What is the difference between a fixed and adjustable rate? When you have a fixed rate, this means that throughout the life span of your loan, your interest rate won’t change. If you were to choose to have an adjustable rate on a loan, your interest rate could change periodically, depending on what type of adjustable rate loan you choose. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”.
This week, we answer the question:
“Does my spouses credit score matter?”
If you plan on using both you and your spouse’s income to jointly qualify for a loan then, yes your spouse’s credit score is taken into consideration. If you were to choose to exclude their income, and exclude them from the loan, then only your credit score will be evaluated.
Thank you for tuning into this Joe Knows Mortgages MINUTE
If you have any home loan related questions, we want to hear from you! SO please comment down below!
Also, please feel free to like and share this information with your family and friends.
See you again next Monday!
Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”.
This week, we answer the question:
What are Fannie Mae and Freddie Mac?
No they aren’t actual people. Fannie Mae is also known as the Federal National Mortgage Association and Freddie Mac is just another name for the Federal Home Loan Mortgage Association.
Fannie Mae and Freddie Mac are government-sponsored enterprises. This shareholder-owned corporation was created by Congress in 1938 to provide stability, liquidity and affordability in the mortgage market as part of President Roosevelt’s New Deal. They are now our nation’s largest purchaser of home mortgages.
Basically, Fannie and Freddie purchase Mortgages from lenders, so that the lenders have more money to lend out. They then securitize the loans and sell them as mortgage backed securities to investors.
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