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Tim Regan - Scottsdale Lender

@timknowsloans

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🗣️ Fluent in Mortgages
🧓Dad > Creator > Connector
📍 CHI ➡️ PHX
👨‍💻Board Member @statefortyeightfoundation
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Want to buy your next home without selling your current one? This could be a game changer.

A recent Fannie Mae guideline change may make it easier for homeowners to keep their current home as a rental property while qualifying for a mortgage on their next home.

Previously, using rental income from your departing residence could mean finding a tenant, getting a lease signed, and proving the lease was actually in effect.

Now, in certain situations, a lease may not be required.

Instead, your lender may be able to use a Form 1007 Rent Schedule, an appraisal, or market rental data supported by comparable rental properties to determine the market rent.

Then, 75% of that market rent may be used to help offset the mortgage payment on your current home.

So if you’re thinking about buying a bigger home, keeping your current home, and turning it into a rental, this is definitely something worth discussing with your mortgage professional.

And because apparently qualifying for your next mortgage wasn’t complicated enough, now we get to explain Form 1007. 😂

Follow me for more mortgage tips, home-buying strategies, and ways to help you qualify for your next home.

#homebuyertips #homebuying #timknowsloans taken in Scottsdale, Arizona by @timknowsloans

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a month ago

How much you need for a down payment when buying a home is one of the most commonly asked questions I get. I want to give the standard break down of each Minimum Required down payment for all the different the loans types. If you’d like more info comment “MORE” below.

Let’s get started⬇️

FHA 👉🏼 3.5% Down Payment if you have a 580+ FICO. 10% Down Payment if your FICO score is between 500-579.

VA 👉🏼 0% Down Payment as long as you are eligible for a VA loan and do not have any charges entitlement. An example of charged entitlement is you don’t own a house currently that you’re not going to sell before buying the next. But honest in some cases you could get multiple VA loans with ZERO down payment but be sure to check with me before assuming. VA Loans have no minimum FICO score requirement but many lenders have an overly which means that make the rules on what their minimum FICO requirements are for a VA Loan.

Conventional 👉🏼 3% Down Payment if you are a 1st time homebuyer. 5% Down Payment if you are NOT a 1st time homebuyer. You typically need a 620+ FICO to be eligible for a Conventional Loan

USDA 👉🏼 0% Down Payment but keep in mind USDA loans can only be made in certain rural areas. You typically need a 620+ FICO for this type of loan.

Jumbo 👉🏼 Typically 10% is the minimum Down Payment but Jumbo Loans are unique. Each lender essentially makes up their own guidelines on how they would like to lend. If you are buying a home that requires a Jumbo Loan you definitely want to talk with me a little earlier in the process so we can be sure to find not only the best terms but so I can find the path of least resistance among the Jumbo Lenders to ensure you have a smooth buying process.

Non-QM 👉🏼 This one varies depending on the situation. Examples of a Non-Qm are, using things like bank statements, 1099’s, a properties expected rent, or even fully stating the income VS qualifying with your normal paystubs or tax returns.

All amounts exclude potential closing costs. This post is for informational purposes only. It is not a commitment to lend. #homebuyersguide #downpayment #phoenixrealestate #relocatingtoarizona #houseshopping #homeloans taken in Phoenix, Arizona by @timknowsloans

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2 years ago

The #1 reason you won’t get approved for a home loan is debt to income. This is the amount of your monthly debt payments divided by your gross monthly income.

The amount of debt is not as important as how much it costs you to pay for that debt each month. Keep this in mind as you prepare to purchase a home. #homeloan #mortgage #howtobuyahouse #homesforsalescottsdale #letsbuyahouse #mortgagefaq #timknowsloans by @timknowsloans

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4 years ago

Here and there by @timknowsloans

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a day ago

Well… somebody hit the pause button.

Fannie Mae and Freddie Mac announced a voluntary waiver pushing the UAD 3.6 implementation requirement to May 19, 2027.

That gives lenders and appraisers additional time to prepare for what is a pretty significant change to the appraisal process.

And for borrowers, the hope is pretty simple:
fewer disruptions + fewer delays + fewer unnecessary costs.

So if you were thinking, “Wait… weren’t we supposed to be dealing with this already?”

You’re not crazy. 😂

UAD 3.6 just got extended.

More time to prepare. More time to test. More time to get it right.

And yes… I’ll be watching it so you don’t have to. You’re welcome. #timknowsloans by @timknowsloans

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16 days ago

‼️BREAKING NEWS, ARIZONA‼️
We’ve just increased our Entrepreneur Grant Program funding to $75,000! That’s more money going directly to the small businesses that make this state what it is.

But here’s the thing: to apply, you need to attend the Entrepreneur Speaker Series. And Saturday is your 🚨LAST CHANCE🚨

📍 The Duce, Downtown Phoenix (or join us on Zoom)
📅 Saturday, Sept 26 | Doors 8:30am
🎤 Day 2 Theme: Set Yourself Apart

⭐️BONUS: For those in the room, we are giving away $1,000 in microgrants.

Grant applications open Sept 27.

We want to fund you. Saturday is how you get in the door.
#statefortyeightfoundation #arizonasmallbusiness #entrepreneurship #timknowsloans taken in Phoenix, Arizona by @timknowsloans

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23 days ago

Just a Scottsdale Mortgage guy, trying to help you out. I’ve been blessed to be in this industry over 25 years and have helped hundreds of families with their mortgage. These are things I’ve said over and over this year. Save & share this. #timknowsloans taken in Scottsdale, Arizona by @timknowsloans

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a month ago

$50,000 in grant funding is up for grabs.

Entrepreneur Speaker Series host by State Forty Eight Foundation is back. This event is FREE to attend in person and online.

9/12 & 9/12
9am-3pm
The Duce
525 S Central Ave
Phoenix, AZ
#arizonasmallbusiness #phoenixsmallbusiness #entrepreneurship #timknowsloans #statefortyeightfoundation taken in The Duce by @timknowsloans

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a month ago

Ever wonder what it would look like if a Loan Officer had to give a press conference? 🎤😳 #mortgagehumor #loanofficerlife #timknowsloans by @timknowsloans

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a month ago

Homebuyers!! Save & Share this video!!

What loan is right for you?

Comment below ⬇️

#homeloans #homebuyers #timknowsloans #letsbuyahouse #phoenix taken in Phoenix, Arizona by @timknowsloans

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2 months ago

Down payment is one of the biggest hurdles to homeownership so let’s talk about it.

Here is what you actually NEED to know:

🪖 VA loans -> Zero Down Payment options are available to current military members and veterans who are eligible.

🤠 USDA -> Zero Down Payment I’d in a designated USDA area so it is location specific.

👨‍💼 Conventional -> 3% down for First Time Home Buyers. 5% down for non-FTHB.

📄 FHA -> 3.5 % down minimum. Many down payments assistance programs work with FHA loans to you can buy a home with little or no down payment. Ask me about BOOST.
#homeloans #downpayment #homebuyers #learnoninstagram #timknowsloans taken in Phoenix, Arizona by @timknowsloans

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2 months ago

Trying to time the market is a lot like trying to catch a knife!
#marketcrash #foreclosures #timknowsloans by @timknowsloans

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2 months ago