Join Directors Mortgage In Our Support of Jackie Wiles' Pursuit of Gold!

Chris Egan, KING 11:18 AM. PDT May 18, 2017

The countdown is on: Just 267 days before the Winter Olympics in PyeongChang, South Korea begin.

There are several northwest athletes with good chances to represent the U.S. in the Winter Games. U.S. Alpine Ski Team member and two-time U.S. Downhill champion Jacqueline Wiles is hoping to compete in her second Olympics.

Wiles, 24, who went to Canby High School and now lives in West Linn, stood on her first career World Cup podium in January in Austria.

The two-time U.S. national downhill champ who competed at the 2014 Olympics started skiing when she was 2 years old and racing when she was 5 years old.

"I think I love skiing so much, because you get that feeling of going fast and feeling the wind in your face, and you have that free-flowing feeling, " said Wiles.

Wiles grew up skiing at Mount Hood, but when she was 15, she decided she needed a change, so she started training at White Pass.

"Sometimes you need to change the stimulus, have other coaches, something is not clicking, have that self-audit and realize I need to make a change," said Wiles.

And it's at White Pass where Wiles would meet ski coaches Kevin McDevitt and Matt Morrell.

"She was lightning fast, greasy fast, and maybe didn't have all the skills put together yet, and that was a battle for her and us, but she put the time in," said Morrell.

Wiles' career was taking off, but McDevitt said she needed to take one more step before being able to ski with the best in the world.

"You have to get in the gym. You have to become a bigger, stronger, athlete, because everybody is a good skier at your level, so if you want to move up, you got to get stronger and want it,” said McDevitt.

While her coaches at White Pass believed, Wiles still had her doubters.

"I had a couple coaches on the national team tell me I wasn't going to make (it), and I didn't listen to them, but I knew my dream and knew I could make it if I wanted it,"  said Wiles. "Believe in yourself and work hard, and if you have those two things, you can do anything."

© 2017 KING-TV

http://www.kgw.com/sports/olympics/white-pass-feels-like-home-for-us-ski-team-member-jackie-wiles/440850021

Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt

Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home

Aleksandrs Rozens

202-752-7916

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced new policies that will help more borrowers with student debt qualify for a home loan. These innovations address challenges and obstacles to homeownership due to a significant increase in student loan debt over the past decade and provide access to credit for qualified borrowers. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude non-mortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports.

“We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.”

Innovative Solutions for Making Homeownership Affordable for Borrowers with Student Debt 
Because there is rarely a “one size fits all” approach to this issue, the policies announced provide options to borrowers based on their individual circumstances:

  • Student Loan Cash-Out Refinance: Offers homeowners the flexibility to pay off high interest rate student debt while potentially refinancing to a lower mortgage interest rate.
  • Debt Paid by Others: Widens borrower eligibility to qualify for a home loan by excluding from the borrower’s debt-to-income ratio non-mortgage debt, such as credit cards, auto loans, and student loans, paid by someone else.
  • Student Debt Payment Calculation: Makes it more likely for borrowers with student debt to qualify for a loan by allowing lenders to accept student loan payment information on credit reports.

 

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

- See more at: http://www.fanniemae.com/portal/media/financial-news/2017/student-loan-debt-6546.html#sthash.1iUGKuZd.dpuf

An FHA Loan Might Be the Product For You!

Directors Mortgage offers the Federal Housing Administration Loan (FHA) to our clients who may want a low down payment option with with flexible mortgage guidelines. The features of the FHA Loan include: 

  • Borrowers can purchase a home with ad own payment of as little as 3.5%
    • Zero out-of-pocket funds for down payment possible, using gifts/down payment assistance programs
  • Easier to use gifts for down payment and closing costs than with other loans
  • Flexible qualifying ratios means that you can buy more home
  • May be assumable by the buyer, if approved by the mortgage servicer
  • FHA offer leniency for borrowers with less than perfect credit
  • NEW! County loan limits have been increased!
  • Great option for first-time homebuyers or those looking to refinance
  • Federally insured to help borrowers purchase a home they would not otherwise be able to afford!

Ready to get the process started and get into your new home? Find the office nearest to you and contact us today!

Common VA Loan Myths

VA Appraisals take over a month.
Directors Mortgage just got a VA appraisal back in 6 days!
Note: each county/city has different VA appraisal turn times, however, a significant increase has been seen in most areas.

I only have one chance to use my VA loan.
Veterans can use their benefit multiple times throughout their life. Actually, there’s no limit!

I can only have one VA loan at time.
Veterans who currently have a VA loan may still have "remaining entitlement" to use for another VA loan. The VA does allow veterans to have two VA Loans at the same time, as long as the max entitlement is not exceeded.

VA loan benefits expire if they are not used.
No. Your VA entitlement doesn't expire and you can use as many times as you want. Your entitlement never expires. However, your Certificate of Eligibility may need to be renewed. We can help you obtain your current Certificate of Eligibility.

I’m only eligible for a VA loan if I have perfect credit.
VA Loans are more lenient than conventional loans when it comes to your credit history. Generally you’ll need a minimum 620 FICO score.

VA loan appraisals are a nightmare.
The VA appraisal isn’t terribly different from the average conventional appraisal and can go very smoothly, especially if you are pursuing a home in good condition. Each city/county has a different VA appraisal turn time, however we noticed a significant increase in most areas.

I can only use my VA loan to purchase a home.
VA loans can be used to refinance too and up to 100% of the home’s value in some cases!

Using a VA loan is a lengthier process.
There’s a lingering misperception that VA buyers are weighed down by bureaucracy and paperwork. The reality is greater automation and efficiency, and other improvements in recent years have helped the VA Loan Guaranty Program more than keep pace.

All Veterans are guaranteed a VA loan.
In order to qualify for a VA Loan there are specific service conditions each borrower must meet. To see if you meet these minimum requirements contact us for assistance in ordering your Certificate of Eligibility.

Surviving spouses aren’t eligible for the VA loan.
Qualified surviving spouses may be eligible for a VA loan and may be exempt from paying the VA funding fee.

You have to have a down payment to use a VA loan.
The VA loan is one of the few mortgages available that allows for a 0 down payment. Most qualifying service members who purchase within VA loan limits don’t make a down payment.

I can’t get a VA loan if I’ve had a bankruptcy or foreclosure in the past.
You may be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure.

Join Directors Mortgage in honoring out Veterans who we waive our $895 underwriting fee for. We would love to serve your next VA buyer!

Directors Mortgage and USA Direct Funding named Top Mortgage Company in Northwest

National Mortgage Professional Magazine just released their list of America's Top Mortgage Employers and we are excited to announce Directors Mortgage and USA Direct Funding were named the 2nd best employer in the Northwest!

In 2016, we were also named the #1 medium corporate philanthropists by Portland Business Journal and #109 in annual gross revenue by Oregon Business. This caps off a very successful year for the company and we couldn't have done this without our wonderful team members that make Directors Mortgage a top mortgage employer in the Northwest.

 

 

Tax Deductible Items for 2016 Mortgages

Congratulations on your mortgage closing! Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2016 tax returns:

Points Paid on a Home Purchase in 2016

Closing Disclosure Page 2, Section A - If the origination charges on Page 2, Section A of the Closing Disclosure include points paid to your mortgage company in exchange for a lower interest rate, you can deduct those points in the year paid… even if they are paid by the seller. Other fees in this section (application, underwriting, processing, etc.) are NOT tax deductible. Only bona fide points are deductible if they are expressed as a percentage of the loan amount and paid in exchange for a lower interest rate.


Points Paid on a Mortgage Refinance in 2016

Closing Disclosure Page 2, Section A - If the origination charges on Page 2, Section A of the Closing Disclosure include points paid to your mortgage company in exchange for a lower interest rate, you can deduct those points in the following manner:

  • You can deduct over the life of the mortgage all points paid on the portion of the mortgage proceeds that were not used for home improvements (for example, if you refinance your mortgage to reduce your interest rate, but do not take any cash out for home improvements).
  • You can deduct this year all points paid on the portion of the mortgage proceeds that were used for home improvements (if you received cash-out and are using that cash-out for home improvements). Remember, any points paid on the portion of the mortgage NOT used for home improvements must be spread out over the life of the loan. For example, assume you refinance an old $200,000 mortgage into a new $300,000 mortgage and walk away with $100,000 to be used for home improvements. In this case, 1/3 of your points are fully deductible this year and 2/3rds of your points are deductible over the life of the loan.

As outlined above, other fees itemized in this section are NOT tax deductible.

Upfront Mortgage Insurance

Closing Disclosure Page 2, Section B - You can generally deduct upfront mortgage insurance on FHA and conventional loans over 84 months if you qualify for the mortgage insurance deduction. However, you may be able to fully deduct the VA funding fee and/or the RHS guarantee fee on your 2016 tax returns, if:

  • You qualify for the mortgage insurance deduction, and,
  • If your loan was guaranteed by the Veterans Administration or the Rural Housing Service.

Property Taxes (Actual and Pro-rated)

Closing Disclosure Page 2, Section F - Property taxes itemized in this section are generally tax deductible in the year they are paid. However, property tax escrows in section G are NOT tax deductible until they are actually paid by your mortgage company to the municipality (city, state, county).

Pre-paid Interest

Closing Disclosure Page 2, Section F - Mortgage interest is calculated in arrears. This means that your monthly mortgage payment actually covers the month that just passed. For example, your February payment covers the interest for the month of January, your January payment covers the interest for the month of December, and so on. Oftentimes, when you refinance a mortgage or buy a new home, you “skip” a month’s worth of mortgage payments. That is why you sometimes pay "pre-paid interest" or “daily interest charges” in Section F of the Closing Disclosure. These daily interest charges cover the interest for the current month. If your mortgage interest is deductible, then pre-paid interest that you pay in this section is also deductible (this will be included in the 1098 statement that you receive from your mortgage company).

Previous Year Points Not Yet Deducted

You may be able to deduct the remaining portion of the original points paid on an old mortgage if you refinanced that old mortgage in 2016. For example, assume you paid points on a refinance transaction 3 years ago. You probably were not able to deduct all the points you paid in the year they were paid. Instead, you had to spread that deduction out over the 30-year life of your mortgage. So, assume you’ve deducted 3/30ths of those points so far, and you refinanced your mortgage again in 2016. You can now deduct the remaining 27/30ths of those old points that you have not yet deducted.

Pre-Payment Penalties

A pre-payment penalty paid on an old loan would be deductible on your 2016 tax returns as long as the new loan was taken out with a different lender than the old loan.

Other Closing Costs

Closing costs not mentioned above are not tax deductible. However, they are added to your “tax basis” for purpose of calculating your capital gain when you sell the property. In other words, you may be able to reduce your capital gains tax (if applicable) when you sell the property in the future because your home purchase closing costs get added to your cost basis.

Distinction Between a Qualified Residence and an Investment Property

Everything mentioned above pertains to a mortgage transaction involving a primary home or vacation home that is elected as a “qualified residence” for tax purposes. If your transaction involved an investment property, see IRS Publication 527.


PLEASE NOTE: THIS ARTICLE AND OVERVIEW IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL, TAX, OR FINANCIAL ADVICE. PLEASE CONSULT WITH A QUALIFIED TAX ADVISOR FOR SPECIFIC ADVICE PERTAINING TO YOUR SITUATION. FOR MORE INFORMATION ON ANY OF THESE ITEMS, PLEASE REFERENCE IRS PUBLICATION 936.

 
 
 
 


Information deemed reliable, subject to change, this is not an intent to lend. MLO#3240