Michigan Mortgage News from Michigan Mortgage Lender Inlanta

Grand Rapids Guild Mortgage Inlanta Team Scores Recognition Trifecta

April 4th, 2017 by Ima Admin

Teamwork Takes Grand Rapids Mortgage Lenders to Next Level…

The Grand Rapids Guild Mortgage Inlanta Team wants to give a big shout out to its customers across West Michigan for helping it rank in the top 10 nationwide, with the Jonathan Arnold Team winning top producer for the entire company for the third year in a row.

“This is truly a team effort,” said Jon Arnold, branch manager in Grand Rapids. “We executed the plan we had in place to create a great customer experience. It took a team effort, from managing deadlines to communicating the process to customers and ensuring we exceeded expectations. It’s something we’re really proud of and will always be striving for,” he said.

Jon is an active member of the Grand Rapids Association of Realtors, the Michigan Mortgage Lenders Association, and the Women’s Council Realtors. He credits his community partners and the outstanding work of his teammates for the company’s continued trajectory. Most recently, Jon has received the “Rising Star” Award from the MMLA recognizing members in the industry who have excelled in their profession.

Katrina Cole is “One to Watch”

Katrina Cole of Guild Mortgage Inlanta, Grand Rapids MI as a 40 under 40 Meanwhile, teammate Katrina Cole has added a personal triumph to the first two honors by being named one of the MMLA’s 40 under 40. She serves as VP of the West Chapter of the MMLA, Co-Chair of Marketing on the West Michigan Chapter of the Women’s Council of Realtors, 2016 Strategic Partner of the year for West Michigan WCR, and the 2016 National Magazine Next 40 Mortgage Professionals to Watch.

Through these organizations, Katrina aims to foster a better understanding of the lending environment for realtors, and ultimately, a smoother transaction for clients by bridging any knowledge gaps between lenders and realtors. She’s been passionately involved in the WCR and the MMLA’s mission to attract young professionals and expand the exchange of information within the housing industry.

“I’m so proud but also humbled to be part of these types of organizations and recognized by so many great people in our industry. They’re always striving to be the best. They keep leading by example and getting more and more people involved in understanding what is best for our community as well as our industry as a whole,” Katrina said.

Cheers to Katrina for taking the Inlanta program to a new level of community involvement.

Backed by Inlanta Innovation

The team also credits the innovation of its parent company, Inlanta Mortgage, which continues to lead the field with innovative products like its 581-Score and No-Score programs. Headquartered in Brookfield, Wis., Guild Mortgage Inlanta was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Guild Mortgage Inlanta offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Guild Mortgage Inlanta also offers numerous state bond agency programs.

Grand Rapids Mortgage Company Introduces Doctor Home Loan Programs

April 1st, 2017 by Ima Admin

Image of doctor representing Grand Rapids Mi Mortgages for Doctors - Physicians Grand Rapids is home to a burgeoning medical industry, and Inlanta Grand Rapids is excited to announce its new Doctor Loans program! It is no secret that doctors take on a lot of student loan debt to pay for medical school. If you are one of these everyday superheroes, you may be experiencing difficulty achieving your dream of homeownership as a result. Have no fear – Inlanta is here to help! We now have two loan options for qualified borrowers through our Doctor Loans program, designed with your unique needs in mind.

Our new program includes low down payment requirements, from 3% – 5%, and can exclude deferred student loan debt from calculations, which extends your buying power. The program is designed to cover medical, dental and orthodontic professionals. We are able to use new contracts to assist in qualification if you will start your contract within 60 days of close.

Read more to learn the program options and specifics or contact us for a personalized review of your eligibility.

Get Information on Doctor Loans

Read the rest of this entry »

Get the Guide: 5 Secrets to Winning in a Tight Real Estate Market

March 13th, 2017 by Ima Admin

Jonathan Arnold, Branch Manager of Grand Rapids mortgage lender, Inlanta, has written the definitive guide to help prospective homeowners find their dream homes and win their bids in the most competitive real estate market in West Michigan history.

“It’s unbelievable. Even though the warm spell was followed by a cold snap, the real estate market isn’t waiting for March 21st to celebrate spring. We’re having our own March madness, and it’s not on the court,” Arnold said.

The region’s real estate market, ranked No. 4 in a recent survey of the nation’s hottest housing markets by Trulia.com, saw 13,593 single family homes exchange hands last year, a 3.7 percent increase over 2015. But the “hot” market also means a serious shortage of inventory that has would-be home-buyers scrambling to outbid the competition. Right now, the Grand Rapids Real Estate Association estimates that there is only 1.3 months of inventory and that there are fewer than 1,353 homes on the market year-to-date in Kent County.

If you’re ramping up to celebrate spring with a home-hunting fling, you’ll want expert help to get the jump on the competition. Follow this link to read and download his guide.

5 Ways to Love Your Home

March 13th, 2017 by Ima Admin

5 Ways to Love Your Home

So, you’ve found your dream home – or at least the one with the potential to be your dream home. However, you may be feeling like something is “missing” or that your house just doesn’t feel like a home yet. Like any good relationship, the feelings you have about your home will ebb and flow, but you don’t have to abandon ship if you’re not feeling the love right now! We’ve put together a list of 5 ways you can put some love back into your home and fall in love with it all over again.

Make it personal.

Display photos of your favorite memories with family, friends, and/or your significant other. Paint an accent wall in your favorite color, or use that color in your accessories. Create an art gallery to display your kids’ artwork in a creative fashion. Showcase your Star Wars lightsaber collection (or any of your other favorite collectibles). Whatever makes you, you, give it its own special place in your home where you will see it regularly. Adding a personal touch goes a long way in making your home feel like your own.

Read the rest of this entry »

New – Guild Mortgage Inlanta offers Govt. Loan Options for Credit Scores as low as 581 & No Score Option

February 21st, 2017 by Ima Admin

Family in new home to depict Guild Mortgage Inlanta Grand Rapids new low score program for government-backed mortgages

Grand Rapids mortgage lender, Inlanta, has new ways to help FHA, VA, and USDA home buyers qualify for government-backed loan programs, even if they have less-than-perfect credit, or in some cases, no credit rating.

“We know that people are more than their credit score,” said Jonathan Arnold, a branch manager and loan originator with Inlanta. “There are people who have never missed a payment, but come in with 581 credit scores. Meanwhile, there are people finishing up bankruptcies that have a score of 650. Sometimes the credit score just doesn’t tell the whole story.”

The new program, unique to Inlanta, allows for eligibility with scores as low as 581 — about 60 points lower than most other banks and lenders. But the lower threshold doesn’t mean automatic approval or imply subprime loan status.

“This is a 30-year fixed government-secured mortgage. It is designed to help people whose credit score may not tell their whole story – the people who’ve fallen through the cracks but truly deserve a home loan,” Arnold said.

For example, Arnold was recently able to assist a veteran who was earning a middle-class income and had a lower credit score simply because he doesn’t borrow money or use credit cards.

Low Credit Score Triggers Manual Underwriting

One of the reasons Inlanta is able to offer consideration to people with lower credit scores is because the company is willing to undertake manual underwriting, which is looked at more closely. For example, it’s critical that there are no outstanding, unpaid, non-medical collections, and that debt ratios are within guidelines. Careful consideration of all factors leads to better odds of approval.

“The government products are overlaid by investors risk tolerances. We want to make good loans. Our experience shows that it’s very possible to make a good loan to people who on the surface might otherwise look unqualified. People shouldn’t be punished for avoiding debt,” Arnold says.

Can You Qualify For a Mortgage With No Credit Score?

Young people who’ve never had credit and new immigrants are two groups of people who assume that home ownership eludes them until they establish credit. Yet owning a home is one of the safest, fastest ways to build financial security. One way to quickly developing a credit score is to get a non-secured credit card. But there are other ways to help turn the dream of home ownership into reality. With Inlanta’s new, government-backed No Score program for FHA, VA and USDA candidates, the company will qualify borrowers using non-traditional lines of credit, such as Insurance Premiums, Cellphone Bill, Rent History, and Utilities (water, internet, electricity).

“We’re happy to be able to help qualifying individuals achieve the dream of home ownership with this product,” Arnold says. “Owning a home is the best investment you can make.”

For the No Score program, applicants must be otherwise eligible for FHA, VA or USDA government-backed programs, borrowers must meet all qualifying criteria, including debt-to-income ratios. Pricing will be affected and may mean higher cost to the borrower. This program is not to overcome bad or delinquent credit history.

*VA loans are available for eligible veterans only. **Income and property restrictions apply on USDA loans.

Get Information on the 581 or No Score Programs

Quick Facts on USDA, VA & FHA Programs & Eligibility

USDA: Rural Home Loans/Mortgages

No down payment required
closing costs can be financed into loan
30-year loan at fixed rate
must buy home in USDA eligible area: town population under 20,000
flexible credit history requirements
first-time home buyers eligible

*property and income restrictions apply

VA: Veterans Administration Home Loans/Mortgages

no down payment
no private mortgage insurance
cash reserves not required
closing costs and prepaid expenses can be paid by seller
streamline refinance available

*program available to veterans only

FHA: Federal Housing Authority Home Loans/Mortgages

low down payment
gift funds allowed
cash reserves not required
flexible credit history requirements
closing costs can be paid by seller
flexible debt-to-income ratios
streamline refinance available

Michigan Housing Shortages

January 26th, 2017 by Inlanta Staff

Where have all the homes gone?

On a national level there are only 1.65 million homes for sale equating to about 3.6 months of inventory, down from 3.9 months last year at the same time. In an ideal situation, there will be six months of inventory to provide for healthy and well balanced market. The National Association of Realtors (NAR) provided the info-graphic at the left comparing where existing home sales where in 2015 compared to 2016.

The city of Grand Rapids continues to be one of the hottest housing markets, thus causing a severe lack of available homes for sale. According to The Grand Rapids Association of Realtors (GRAR), there where only 1.7 months of inventory for sale at the end of 2016.

With these bleak levels of inventory home buyers must be prepared to act quickly, expect multiple offers and potentially need to offer over list price to get their dream home.

What does all this mean?

There is clearly a need for more homes on the market for sale.
It is important as a potential home seller to know all your financing options. Can you buy before you sell?
Make sure as you are fully pre-approved, not just pre-qualified.
As a potential home buyer it is important to know if renovating an older and/or outdated home is an option for you.
Bottomline is you need to be well informed and be well aware of all the options available to you before making the decision to buy and sell in today’s market.

How can Guild Mortgage Inlanta help you?

The Inlanta team is here to create a long-term relationship that starts with a great conversation. It is important to learn up front what is most important to you, what makes the most sense for your life circumstances and what long term goals you have. Our proactive approach means getting to know your story, so together we can meticulously prepare the best mortgage loan for you.

Lets Start the Conversation Today.

FHA and VA Increase Loan Limits for 2017

December 12th, 2016 by Inlanta Staff

fha_va We’re very pleased to announce that loan limits have increased for both Federal Housing Administration FHA loans and Department of Veteran Affairs VA loans. Any applications filed on January 1, 2017 or later will be subject to the limit increase.

Read this post from Guild Mortgage Inlanta to get the full story on the increase and why it makes 2017 a great year to buy a home. Then, contact us to discuss your options or begin your application today!

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.

VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

Maximum Conforming Mortgage Loan Limits Increase

December 1st, 2016 by Inlanta Staff

Maximum Conforming Mortgage Loan Limits where increased by The Federal Housing Finance Agency (FHFA) from $417,000 to $424,100 for the first time since 2006. In higher cost counties the mortgage loan limit will increase from $625,500 to $636,150.

“The Housing and Economic Recovery Act of 2008 (HERA) established the baseline loan limit of $417,000 and requires this limit to be adjusted each year to reflect the changes in the national average home price,” read the statement from FHFA. With this increase along with rising home prices is an indication that the housing market has returned to pre-recession growth.

With this increase in home loan limits homebuyers have an option of choosing a conventional home loan over jumbo loans which provides more favorable loan terms resulting in real savings to the consumer over the life of the mortgage.

All these changes only have an affect on mortgage loans that are closing on or after January 1, 2017. One advantage our Guild Mortgage Inlanta Team has is that we are a direct mortgage lender with Fannie Mae and Freddie Mac and are able to start taking your loan application and lock your rate today.

Ten Great Fall Decorating Ideas

November 1st, 2016 by Inlanta Staff

fall-decor-tips_550x280 Fall is officially here and you know what that means – cooler air, warmer clothes, fun seasonal activities, football, and a change in scenery. For many, changes in scenery are not only outdoors, but also in their home. Fall decorations are all about warmth. Incorporating warm colors, such as reds and oranges, and warm aromas, such as pumpkin, apple, orange, cinnamon, and other spices, make for a cozy home during the autumn season. Here are some décor ideas to help make your home feel like the perfect fall getaway!

Read the rest of this entry »

Jonathan’s Journal: November 2016

November 1st, 2016 by Inlanta Staff

jonathan-family-barn

You’re Invited:
Client Appreciation Event, Nov. 17th 4:30-7:30PM
Rockwell Republic, 45 S Division Ave, Grand Rapids, MI 49503
RSVP: katrinacole@inlanta.com

Hello!

I hope you have been enjoying the fall season, your families, and your homes! If you are anything like me this is the time of year when you make sure you have completed all those dreaded annual “check-ups”.

Just like most people when I hear the phrase “checkup”, my “I don’t want to do that” sensors immediately start to go off. The term “checkup” is innocent enough but it can be associated with varying levels of pain, discomfort and scariest of all: the unknown! Of course for me anyways these feelings and associations all happen in the blink of an eye, subconsciously. As a parent of two, it certainly is my job to help my children understand the benefits of getting a checkup and to help them overcome the fear, the uncomfortableness and the potential pain of the dreaded exam. So, in that parental spirit and without further ado, here are my five reasons why doing a mortgage checkup is less painful than a medical checkup and something every homeowner should have on their annual to-do list:
Read the rest of this entry »