Getting to Know Silverleaf: St. Johns Newest Community Part 2

April 20, 2020

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The Silverleaf amenity center has something for everyone with pools, dog parks, tennis and pickleball courts, a splash park and much more.

 

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Getting to Know Silverleaf: St. Johns Newest Community Part 1

April 16, 2020

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I am so happy to introduce you to an exciting new community in Northern St. Johns County called Silverleaf. The location is ideal with easy access to I-95 and State Road 9B.

 

Silverleaf is situated on over 8,500 acres with over 3,500 acres of natural preserves. There will be single-family homes by Riverside Homes, Ashley Homes and Mastercraft Builder Group. Dream Finders Homes will be building single-family homes and townhomes.

 

I got to explore the community with Matt Roberts and Chris Wood of Riverside Homes. The entrance in the video is off of County Road 210 and is now open so you can come in and see the model homes being constructed in Silverleaf Village. The entrance off of State Road 16 is supposed to open late spring or early summer.

 

 

If you have an interest in being one of the first to live in Silverleaf, please contact a Davidson Realty agent for information.

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Is a Down Payment Assistance loan right for you?

October 15, 2019

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Not having enough cash to make a down payment on a home is a common concern. But it doesn’t have to be the end of the road! I recently spoke with Mark Sherman of Atlantic Trust Mortgage, who provided valuable insights on another option: a DPA (Down Payment Assistance) loan.

 

Mark said in addition to understanding the ins and outs of traditional loan products (e.g. Conventional, Jumbo, USDA, VA, FHA), mortgage brokers are also responsible for being well-versed in a variety of niche and first-time homebuyer products. This includes knowing how and when these alternative products are valuable to buyers.

 

Key among these products is the DPA loan. Though there are 3% down, 3.5% down and even 100% conventional, government and USDA financing options, some buyers still can’t cover the down payment and closing costs. However, they might have good credit and the necessary income to qualify for the monthly payment.

 

For these buyers, Mark says the DPA portion of their financing is provided as a “second” mortgage “grant” that requires no payment (or a reduced interest-only monthly payment). Then they can apply the funds from their “grant” to their down payment and closing costs. In many cases, the buyer needs no cash at closing.

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How Federal Reserve Rate Decisions Impact Mortgages

September 23, 2019

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As mortgage loan originators, we are often the first phone call when customers hear the Fed (Federal Reserve) has “cut rates” during one of its Open Market Committee meetings.

 

Typically, if the Federal Reserve makes a cut, usually .25% at a time, it is designed to stimulate short term interest rates, encourage investment by businesses and encourage consumers to make durable goods purchases like automobiles, appliances or recreational vehicles. It is also meant to encourage homeowners to dip into home equity for home improvements, debt reduction or possibly college expenses for a child.

 

Short-term financing rates move in the same direction as the Federal Funds rate. So if you are considering a 3-5 Year adjustable rate mortgage (ARM), you may see a dip in those rates. I like to refer to these downward cuts as a “loosening” of credit.

 

As for fixed rate loans at 15-30 Year terms, the Federal Funds rate does not always have an impact. They are not directly linked to each other.

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Lender Tip of the Month: Ease Loan Process with Communication & Organization

July 29, 2019

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Thanks to technology, gone are the days of the slow, clunky mortgage lending process! We can now speed the process and better track the significant number of required documents with relative ease.

 

George Stone, Loan Originator with Jet HomeLoans, has some great tips to help you utilize technology to improve your experience. Here are George’s tips for a smooth loan process:

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Once you are under contract you will likely have just days to make a “Loan Application.” Basically this means you should speak with your lender right away and be sure that they have the required items to process your loan.

 

Documents that are required are things like your paystubs, your most recent 2 years of W2s and/or tax returns, your bank statements, and your un-expired government ID.

 

Send photos of required documents

Lenders accept photos for these items like your ID and your paystubs. Simply take a clear picture that is nice and straight with your cell phone and forward that along in an email or text.

 

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