New Home Possible Advantage Loan Program

Why Choose The New Home Possible Advantage® Program? A responsible, low down payment mortgage option for first-time homebuyers and low- and moderate-income borrowers

When it comes to providing the greatest flexibility and mortgage options for low- or moderate-income homebuyers, Home Possible Advantage® is at the top of the list. Also perfect for first-time homebuyers, millennials and other underserved consumers, Home Possible Advantage helps put more qualified customers on the path to successful homeownership.

The Highlights:

  • Ideal For:
    • First-time homebuyers, move-up borrowers, and retirees. 
    • Families in underserved areas. 
    • Very low-, low- and moderate-income borrowers. 
  • Key Features:

    • Purchase and no cash out refinancing. 

    • Maximum 97 percent LTV and 105 percent TLTV ratios for Home Possible Advantage. 

    • Mortgage insurance options. 

    • Loan Product AdvisorSM or manual underwriting. 

    • No reserves required for 1-unit properties. 

    • Maximum credit fee in price of 1.5 percent. 

  • Borrower Benefits

    • Stable monthly payments with fixed-rate mortgages. 

    • Flexible sources of funds for down payment. 

    • Reduced mortgage insurance coverage levels for LTV ratios greater than 90 percent.

    • Minimum down payment of 3 percent allowed for Home Possible Advantage. 

Ready to get started?

Have some questions and want to talk about your personal options?

couple_painting_gold_1500x538.jpg

Investing In Our Most Important Asset: Our Team Members

Taking care of our Clients, Team Members, & Community. Those are the values of Directors Mortgage and we are kicking off 2018 with a big investment in our most important asset: our Team Members. The individuals that make up the Directors Mortgage family are responsible for where our company has gone in our first 20 years, and more importantly, where it will go in the next 20 years. With the rollout of the Directors Mortgage Team Member Profit Sharing Plan, a long-time vision of Mark J. Hanna, our founder & CEO, has come to fruition.  

"This is something that I have been striving to offer team members for almost two decades, and it is exciting to have this new benefit for our DM team. It's more than just a company profit sharing plan, we're taking care of our valued team members by helping them plan for their future."
- Mark J. Hanna

The Profit Sharing Plan will include all eligible Team Members from every department and they will be rewarded for our success in 2017 and every year moving forward. The plan is designed to strengthen the already deep roots within our existing team and ensure we attract only the best in the industry to provide an unparalleled experience to our clients as they navigate the home loan process.

For more information, visit our Contact Us page. 

Think you'd be a good addition to our team? Check out our Team Members page for resources and to apply.

Office_People_gold_2500x1600-01.jpg

New Tax Law - 5 Effects to Homeownership

New year, new tax laws. With Congress' recently passed tax reform, here are five effects that might be seen by homeowners:

1. Mortgage Interest Deduction

The mortgage interest tax deduction is touted as a way to make homeownership more affordable. It cuts the federal income tax that qualifying homeowners pay by reducing their taxable income by the amount of mortgage interest they pay. Beginning in 2018, the deduction is scaled back to interest on debt up to $750,000, instead of $1 million, for people who buy homes on or after Dec. 15, 2017.

  • Tax Law Through 2017: You may deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married filing separately) on your primary home and a second home.
  • Tax Law Beginning in 2018: For homes bought before Dec. 15, 2017, no change. But for homes bought Dec. 15, 2017, or later, you may deduct the interest you pay on mortgage debt up to $750,000($375,000 if married filing separately).

2. Property Tax Deduction

The former tax law eased the pain of paying property taxes by allowing qualifying taxpayers to reduce their taxable income by the total amount of property taxes they paid. Beginning in 2018, the deduction is limited to a total of $10,000 for the cost of property taxes, and state and local income taxes or sales taxes.

  • Tax Law Through 2017: You may deduct the property taxes you pay on real estate you own.
  • Tax Law Beginning in 2018: You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state and local income taxes or sales taxes.

3. Home Equity Deduction

On top of the mortgage interest deduction, the former tax law added a deduction for interest paid on home equity debt “for reasons other than to buy, build, or substantially improve your home.” So, for example, if you borrowed from a home equity line of credit to pay tuition, the interest you paid was tax-deductible. Starting in 2018, the deduction is eliminated for interest paid on home equity debt.

  • Tax Law Through 2017: You may deduct interest on up to $100,000 of home equity debt ($50,000 if married filing separately).
  • Tax Law Beginning in 2018: Eliminates the deduction for interest on home equity debt.

4. Mortgage Interest Deduction For Second Homes

You may deduct interest on mortgage debt on your primary home and a second home. The new law keeps this part of the former tax law in place, although it reduces the amount of eligible mortgage debt, as seen in item No. 1 above.

  • Tax Law Through 2017: Deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married filing separately) on your primary home and a second home.
  • Tax Law Beginning in 2018: Deduct the interest you pay on mortgage debt up to $750,000 ($375,000 if married filing separately) on your primary home and a second home.

5. Moving Expenses

Under the former tax law, you could deduct some moving expenses when you moved for a new job. You had to meet complex criteria involving distance and timing of the move. Beginning in 2018, only active-duty members of the armed forces will be allowed to deduct moving expenses.

  • Tax Law Through 2017: Deduct some moving expenses if you meet distance and time requirements.
  • Tax Law Beginning in 2018: Only active duty members of the armed forces may deduct moving expenses.

Have questions? Contact your Sr. Mortgage Specialist but please keep in mind that we are not tax professionals and any personal tax advice needs to come from your personal CPA. Need a recommendation? We can help!

Make the Most of Your Holiday Season

The calendar rolling over into December always signals the start of the holiday season. The Pacific Northwest has everything to offer from extravagant light displays to Santa themed pub crawls. Here is a list of the best holiday events in your region.

Seattle/Bellevue

Snowflake Lane - You don't get the title "Most Festive Town in America" by The Huffington Post for nothing. If you haven't seen Snowflake Lane holiday parade, now is your chance! From November 24 - December 24, this spectacle invades downtown for a nightly show featuring toy solider drummers, exhilarating music and even snow.

Woodland Park Zoolight - This annual tradition brings alive one of the oldest zoos' in the country with over 600,000 LED lights. You'll get to see some of your favorite nocturnal animals at night and get your picture with Santa.

The Nutcracker - A timeless holiday classic makes its return to Seattle. The ballet has already received fantastic reviews from The Seattle Times and a must see this holiday season.

Bellevue Ice Skating - Re-live your childhood and lace up your skates with the family at the Bellevue ice skating arena. Free lessons, family skate nights and group parties are just some of the nightly events located at Bellevue Ashwood Park.

Kitsap County & Pierce County

Point Defiance Zoolights - Ride a camel, enjoy delicious treats or ride the carousal featuring animal displays such as hammerhead sharks and sea turtles. Bundle up and see masterpiece 3D animal designs.  

The Christmas Revel - Bring the family and friends for lively concoction of folk tradition and high art. This Christmas musical features gripping story telling with the regions best singing and dancing with holiday cheer.

Columbia Gorge/Hood River

The Polar Express - Your favorite holiday story comes to life with this once in a lifetime event. Your children get to wear their pajamas and embark on a journal to the North Pole. This train ride features dancing chefs serving cookies and hot cocoa with Christmas carols to get the holiday cheer flowing.

Skamania Lodge - All during the month of December, Skamania Lodge will be holding different holiday events for the entire family. You'll find everything from Gingerbread house building, art showings, holiday themed cocktail hour and more!

Oregon Coast

Wishes and Candles Holiday Concert - Hosted by the Central Coast Chorale, this year will be hosted at the Yachts Commons. Join them for a celebration of holiday cheer. Admission is free with a suggested $10 donation.

Central Oregon

Carriage Rides at the Old Mill District - Enjoy complimentary rides from Santa in his slay with Cowboy Carriage benefiting Kid's Center.

Winter Gala at Sunriver - This annual winter gala promises an elegant evening with fine dining, live entertainment, dancing and networking. A silent auction will be held with all proceeds going to Sunriver Women's Club. 

Portland

SantaCon - The 4th annual SantaCon will start at Splash Bar or Kells Irish Pub. All proceeds from the event will go to the Portland Police Sunshine Department. The theme this year is "Festival of Lights" so dress up in your favorite holiday gear and help light up the holidays.

Festival of Lights at The Grotto - The Grotto's Christmas Festival of Lights is the largest Christmas choral festival in the world. With nearly 160 holiday concerts, this family oriented holiday tradition is sure to spread holiday cheer in Portland.

Zoo Lights at The Oregon Zoo - It wouldn't be the holidays in Portland without a visit to the Oregon Zoo's annual winter festival, ZooLights. As you walk around the zoo, you'll see a dazzling display of more than million and half lights, and experience your zoo in a whole new light. In addition to visiting elephants, penguins and other animals, you can ride the popular lighted train and enjoy dinner from a variety of food carts. Little ones may want to ride the carousel, and Santa will be availalble for photos each night.

Holiday Ship Parade - For 15 years, the Willamette river has been home to the holiday ship parade. More than 60 boats have signed up this year promising a new twist on a holiday tradition. 

"Fall Back" Reminder

This Sunday, November 5th at 2:00am, Daylight Savings Time ends. 

Remember to set your clocks back one hour.

Did you know...

  • The United States didn't start until 1918, which we adopted from our Canadian neighbors from the North.  

 

  • The U.S. Chamber of Commerce was the major backer for the policy. They argued that Americans getting off work while it was still light out meant they would be more likely to go out in the evening.

 

  • In 1966, President Lyndon B. Johnson signed the "Uniform Time Act". This set in place the standard six months of Daylight Savings Time and six months of Standard Time. States had to either adopt Daylight Savings or opt out. Hawaii and most of Arizona are the only states that do not practice this policy.

 

  • By 1986, the U.S. started observing seven month - the extra month added between $200 million and $400 million to the golf industry and barbecue equipment manufacturers. Since 2005, the U.S. has been observing eight months of Daylight Savings Time.

 

Sources
Acker, Lizzy, The Oregonian, and OregonLive. When does daylight saving(s) time 2016 end? Get ready to change your clocks this weekend. OregonLive.com, 4 Nov. 2016. Web. 4 Nov. 2016.
Waxman, Olivia B. The real reason why daylight saving time is a thing. TIME.com, 4 Nov. 2016. Web. 4 Nov. 2016.

 

The Tax Collector Cometh

It's that time of year... the tax bills are hitting your mailbox.

The good news is, these taxes are tax deductible on your federal tax return so keep the statement to give to your CPA next year.

If you’ve received a YELLOW bill, that means the county knows you are not in charge of paying it; no action is needed on your part.

If you’ve received a GREEN bill, that means the county thinks you are in charge of paying it.

Did you get a green bill but have an escrow account?

If your loan closed in the last month it is very likely that the county just didn’t get the message in time.

If you closed in September with a first mortgage payment of November, then the escrow company will be paying your bill and you will get the 3% discount.

If you closed earlier than September but believe your taxes are included in your payment (check your mortgage statement for money collected in an escrow account), then call the servicer of your mortgage and make sure they got the bill.  Write down who you talked to and when right on the bill. 

If you got the green bill because you are in charge if you pay by the 15th you will get a 3% discount.

Protect Your Investment

Your home is your largest investment. A blocked heating vent, a damaged roof, leaking window frames — all of these can go from minor issues to major issues if they're not addressed. The following are home maintenance projects you’ll want to stay on top of, because maintaining these items is much more affordable than replacing them in an emergency. 

ROOF
It lasts a long time, but not forever. On a dry day, look over your roof for missing or broken shingles. Next, look for signs of leaking in the attic and crawlspaces under the roof. Trim back any overhanging branches to keep squirrels and other potential home invaders at bay. 

FOUNDATION
A damaged foundation can cost thousands of dollars to repair. Water damage is the most common, so keeping gutters clear and ensuring downspouts drain away from the home is crucial. Overly dry weather can cause problems too, leading to cracks and to earth pulling away from the foundation. If you see any cracks along the walls or notice doors becoming difficult to shut, you may already have a big problem. Another symptom of foundation issues, surprisingly, is slow-draining sinks and tubs, so be sure to call in a professional if you notice this problem. 

HVAC
You don’t want to be caught needing your heat or A/C and suddenly realize it has broken down. Regular seasonal maintenance checks are a must to keep your HVAC in good working order and get the longest lifespan out of it. Vents should be cleaned and seals checked, and you can replace the filters yourself. Have a professional come in twice a year, ideally in spring and fall, for cleaning and maintenance.

WATER HEATER
Most water heaters employ a large, insulated holding tank to ensure there’s plenty of hot water on hand. A leak or a blockage could mean sudden flooding and major water damage. Over time, naturally occurring minerals in the water, as well as sand and grit, can build up in the bottom of the tank, reducing the efficiency and capacity of your water heater. It can also plug the drain and interfere with ongoing maintenance, leading to early failure. With few moving parts, repairs to a water heater generally cost a couple hundred dollars; replacement, however, is going to be closer to $1,000. 

SEWER LINE
When a sewer line is clogged or broken by tree roots and debris, you’ve got an expensive — and disgusting — mess on your hands. These issues can cost in the tens of thousands of dollars to repair, so maintenance is critical to avoiding a disaster. The older your home, the more critical it is to get regular inspections.

Regular maintenance on your home is a means of protecting your investment. Of course, these are only a few of the regular maintenance jobs required to keep your home running smoothly and comfortably. You can download seasonal checklists that will guide you through all the maintenance and inspections you can perform to keep your house at its best. If you do choose to make repairs, upgrades, or replacements, I’m happy to show you the benefits of a line of credit to help you keep your house in tip-top shape.