Family Opportunities Loan Program

Are you interested in purchasing a home for your child or parent but can't qualify on your own?
Is your purchasing power limited due to down payment requirements for investment properties?

Take a look at Directors Mortgage’s Family Opportunities loan program!

Our Conforming Financing option allows you to be considered an owner-occupant for these loans even if you already have a primary residence if you are either (a) parents wanting to provide housing for your physically handicapped or developmentally disabled adult child, or (b) wanting to provide housing for your parents who are unable to work or don’t have sufficient income to qualify on their own.

Contact your Directors Mortgage Loan Specialist today with any questions about how this program might be beneficial to you and your family!

Now You Can Qualify For Even More!

Just this week, Fannie Mae has loosened their income limits in conjunction with their HomeReady program.  Until recently, the majority of properties in Oregon and Washington were located in areas that were limited to 80% of the Area Median Income (AMI) limit for the county the property was located in.  With the improvements made this week, the 80% designation is no longer in effect, meaning that more borrowers can qualify for the benefits of the HomeReady program, which include:

  • Minimum 3% down payment required for 1-unit properties!
  • Gift funds allowed for down payment and closing costs!
  • Unlike regular conforming loans, the borrower does NOT have to be a first-time homebuyer!
  • Reduced mortgage insurance for clients putting less than 10% down!
  • Rates as good or better than regular conforming rates, depending on down payment and credit score!
  • Program-specific income source availability (boarder income, rent from an ADU, and non-borrower household income) to allow for more borrowers to qualify!

Contact your Directors Mortgage Senior Mortgage Specialist today to discuss how this program can improve your client’s purchasing power!

Relocating? Take A Look at Directors Mortgage's Professional Loan!

We understand that relocating for a new job can be a stressful experience, and more so when you have to buy a new home. Most lenders require that your client must have started their new job before allowing their home loan to close, which can cause even more stress if they wish to move and get settled ahead of time. 

Directors Mortgage's Professional Loan Program is here to help!

With a mutually executed employment contract between your client and their new employer, our Professional Loan program will allow for your client to:

  • Close on the purchase of their new primary residence up to 90 days before they start employment. 
  • Provide your client with the peace of mind that comes with eliminating the need for moving twice. 
  • Give your client relief from the hassle of trying to start a job and move at the same time. 

Head over to our Resources page to see how this product compares to others

Contact your Directors Mortgage Senior Mortgage Specialist today for more details! 

Did You Know - VA Jumbo Financing

As many of you know, the Veterans Administration (VA) has helped provide 0% down financing to the brave men and women who have sacrificed to serve our country.  What you may not know is that VA provides jumbo financing as well, often with less down payment required than normal jumbo financing requires, at rates typically lower than jumbo as well!

Assuming the Veteran has their full entitlement at their disposal, their down payment would be calculated by taking the purchase price, subtracting the conforming loan amount limit (currently $417K for a one-unit property) and multiplying that by 25%.  For example, if the purchase price is $650,000:

($650,000 - $417,000) x 25% = $58,250 down payment required.

So the next time you have a jumbo client, make sure to check and see if they are a Veteran…if so, you can increase their purchasing power through the small down payment and low rates of a VA jumbo loan!

For any further questions, contact your Directors Mortgage Senior Mortgage Specialist!

 

Happy 4th of July From Directors Mortgage!

How Will You Be Spending the 4th?

4th of July Facts

1. How many people signed the Declaration of Independence on July Fourth?

Two.

2. What day did most signers of the Declaration of Independence actually sign the document?

Aug. 2, 1776.

3. Did you know which president was born on July 4? 

It was Calvin Coolidge, the 30th president, in 1872.

4. Which three presidents died on the Fourth of July: 

They were three of the first five presidents: John Adams, Thomas Jefferson and James Monroe. The second president, Adams, and the third, Jefferson, both died in 1826, the 50th anniversary.

5. Most of the Founding Fathers agreed that July Fourth is the correct day to celebrate America’s independence from Great Britain -- except one. Who is it and why? 

Adams thought July 2, the day the Second Continental Congress voted in Philadelphia to declare independence from Britain, would be the day patriots celebrated. “The Second Day of July 1776, will be the most memorable Epocha, in the History of America,” Adams wrote on July 3. “It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.

6. When did the Fourth of July become a legal federal holiday? 

1870. Then, in 1938, Congress reaffirmed the holiday to make sure all workers received full pay.

7. Is there something written on the back of the Declaration of Independence?  

Yes! It’s said the following is written upside down and backwards:  “Original Declaration of Independence dated 4th July 1776.” It’s not known who wrote it, or when. In Revolutionary War years, parchment was rolled up, so this probably served as a message.

8. The Nathan’s Fourth of July Hot Dog Contest has become an annual tradition. How did it start? 

It’s a pretty cute story: Legend has it that four immigrants got into an argument over who was most patriotic. To prove themselves, they ate as many hot dogs as they could handle -- because nothing says America like excess.

9. America isn’t the only nation that celebrates the Fourth of July. Which other countries do, and why? 

It might sound odd, but if you celebrate the Fourth of July outside the U.S., you still might see fireworks in Denmark, England, Norway, Portugal and Sweden. This is because thousands of people emigrated to the U.S. in the early 1900s. Some European celebrations on the Fourth take place near tourist destinations -- to attract U.S. travelers -- or near American military bases.

10. When were fireworks first used to celebrate July Fourth? 

1777. Congress chose fireworks as a way to celebrate the first anniversary. They were ignited over Philadelphia. The celebration also included bonfires and bells.

11. How many people lived in the U.S. when the Declaration was signed?

2.5 million.

12. What baseball player threw a 4-0 no-hitter against the Boston Red Sox on July 4, 1983?

New York Yankees pitcher Dave Righetti. It was the first no-hitter in 27 years.

13. Which newspaper first printed the Declaration of Independence? 

The Pennsylvania Evening Post

14. Which president first held a Fourth of July celebration at the White House?

Thomas Jefferson

15. Which country gained independence from the United States on July Fourth? 

The Philippines did in 1946.

#DMCares Recent Community Success

Caddies 4 Cure

Directors Mortgage partnered with Caddies 4 Cure to help raise over $2 million towards art therapy at Randall Children's Hospital at Legacy Emanuel and the Oregon Chapter of the National Multiple Sclerosis Society.

Bellevue Relay for Life

We are very proud of our Directors Mortgage Bellevue branch for being awarded the trophy for Top Fund Raising Team in the Relay for Life - Bellevue, Washington Event on May 21.

As a team, including the $2,500 Corporate Matching, they raised $5,816 for the Fight to End Cancer!

Chippin' In For Bend

We helped raise over $22,000 during the 4th Annual Chippin' In for Bend Golf Tournament! Proceeds went to Bend Habitat for Humanity so they can build more homes to change lives! 

Donate Life Northwest Tabor Trot

Nathan Westerlund and his teamhelped raise $3,185 to support programs that educate and inspire appreciation for organ, eye and tissue donations.

New! Weekly Loan Status Emails

We are excited to announce that Directors Mortgage is now sending weekly loan status emails to all of our clients! These emails are simply the next step in creating a smooth and simple home buying process by keeping everyone updated each step of the way. Every Friday, we'll be sending an email to our client, the buyer's agent, the seller's agent, and the escrow officer that will outline at which of the following steps the loan is as of that afternoon:

  • Application Started
  • Sent to Underwriting
  • Conditional Approval
  • Approved
  • Docs Sent
  • Closed

This is just the next step to show that Directors is Focused On You!

Coming Soon - HomeReady Program!

A new program will be hitting the marketplace soon, and we here at Directors Mortgage wanted to give you a sneak peek at the highlights!

Fannie Mae’s HomeReady program is designed for creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.  It has numerous borrower-friendly features, such as:

  • Up to 97% LTV purchase financing for 1-unit properties – borrower does NOT have to be a first-time home buyer like they do on a standard Fannie Mae transaction (though they may not own any other real estate at the time the loan closes).
  • No minimum borrower contribution (1-unit properties); use flexible sources of funds such as gifts, grants, Community Seconds and cash-on-hand.
  • Lower than standard mortgage insurance coverage for LTVs from 90.01-97% to provide for cheaper monthly payments.
  • The ability to utilize sources of income unique to the HomeReady program, such as rental income from an accessory dwelling unit.

Directors Mortgage is excited to be able to offer this program to your clients when it becomes available.  Stay tuned for more information, and contact your Directors Sr. Mortgage Specialist if you have any questions!