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Why Now is the Time to Buy a Home

June marks one of our favorite occasions, National Homeownership Month. Recognized by The White House, we like to take this time to celebrate and highlight all of the homeowners nationwide, but especially our family of individuals who we’ve helped achieve their homeownership dreams in the North Central Florida area including Gainesville, Ocala, Jacksonville, Orlando and more.

Achieve the American Dream

The real estate industry is constantly evolving and at Chris Doering Mortgage, we strive to keep up with these changes. We’re committed to being transparent about the available financing options for our clients to set them up for the best success in owning a home. Becoming a homeowner is often the ultimate achievement for Americans; a testament to the American Dream. It doesn’t just stand as a roof over their heads, it stands as an investment for the homeowner for the present and the future.

Now is a great time to begin exploring the possibilities for buying a home. With a wide selection of homes available now in the summer months, you can find the home of your dreams. Even if you are not ready now, the Federal Reserve indicates potential interest rate cuts for the remainder of the year; a welcomed sign for the mortgages of new homebuyers. While these interest rate cuts may not sound large, they will quickly add up when paying off a 30-year fixed-rate mortgage. Whether you’re a first time homebuyer or a seasoned buyer, we want to celebrate National Homeownership Month and homebuyers everywhere.

To further celebrate National Homeownership Month, we’d like to share some of the many economical, physical, and social benefits to buying.

Benefits of Ownership

  • Predictability – Owning a home gives you a predictable fixed monthly mortgage cost, rather than a changing rental rate
  • Stability – Owning a home prevents you and your family from having to continue moving or facing the risk of eviction
  • Retirement – Owning a home provides a source of income into your retirement whether you look to use the house for yourself or to rent it to others while you travel the world
  • Privacy – Owning a home provides a higher level of privacy to you and your family by not having to share walls and listen to your neighbors or vice versa
  • Customize – Owning a home lets owners make continual changes to their place of residence for their dream home; a luxury not available if renting
  • Pride – Owning a home offers a sense of pride and community connectivity as you will be a valued member of the community for longer and able to make friends with your neighbors

To learn about some of the many other economic benefits of owning a home like tax benefits or equity, check out our blog post “Renting? 4 Reasons Why You Should Buy a Home.” If you’re considering beginning your home buying journey, make sure to learn about the countless benefits!

Home ownership is a challenging but rewarding process for everyone. Our team of mortgage professionals are here to help you navigate the process. Now celebrating our twelfth year in the mortgage lending industry here in North Central Florida, we offer a variety of flexible options helping local homebuyers. From home loans like FHA loans or VA loans to refinancing options, our team of consultants can help you choose the best financing option.

While not every month can be National Homeownership Month, we always like to take the time to celebrate the homeowners in our community and beyond. If you’re interested in learning more about the variety of financing options we can help offer in owning a home, contact our team. Let us know how we can help!

Mistakes Made When Buying a New Home

Press Release – Chris Doering Mortgage Welcomes Jennifer Doering

Gainesville, FL December 2, 2015 – Chris Doering Mortgage is pleased to announce that Jennifer Doering has joined their team as the company continues to grow to meet the mortgage financing needs of the area. Jennifer brings more than 10 years of experience in the real estate industry which will provide a unique perspective for the company’s mortgage customers. Most recently Jennifer worked as a leasing associate for south Florida-based Stiles Realty, representing global real estate investment giant, Guggenheim Partners, to lease a high-profile office building in downtown Miami. (more…)

Why Did I Get Denied for an FHA Loan?

The Top Reasons for an FHA Loan Rejection

Young Couple looking for new homeAs a first time home buyer or even as a seasoned one, you may find that there are still terms or processes that need further explanation. Today, we will be discussing potential reasons why a prospective homeowner might get denied for an FHA loan.

Although the reasons listed below, may be the most popular, remember that there are multiple facets that go into receiving final approval for a loan. Take these points as ways to better prepare or even improve upon general standards from lenders.

Home Mortgage Vocabulary

First, let’s define the primary roles and keywords within the home-buying process:

  • Borrower: This is you, a person seeking an FHA loan in order to purchase a home.
  • Lender: An FHA loan, like any other private loan, can come from a bank, credit union, or mortgage company.
  • Federal Housing Administration (FHA): This particular agency is under the Department of Housing and Urban Development (HUD) and has the primary role of providing insurance to the lender in case the borrower defaults. It is important to note that the FHA does not distribute money to the borrower, but stands in, much like a cosigner.
  • Automated Underwriting System (AUS): A system that most lenders use when approached to obtain an approval for an FHA loan. Loan officers or underwriters submit all of the necessary information from the borrower (debt, income, credit score, etc.) into the program and it can “approve” or “refer” the borrower. You may receive a “refer” instead of an “approve,” and in this case, the lender will generally need to look at more details of your credit history, your finances, and possibly require further explanations of troublesome areas, if any.
  • Compensating Factors: These are the components that make up your entire story, such as, large assets, steady job, good history of paying bills on time, money saved, or even taking into consideration a good reason for bankruptcy or foreclosure. These factors help the lender get a better picture of your future ability to pay back a loan.

Reasons for an FHA Rejection

What are the other factors that could contribute to the lender not approving the FHA loan in the end? There are three popular reasons you have been denied for an FHA loan–bad credit, high debt-to-income ratio, and overall insufficient money to cover the down payment and closing costs.

Bad Credit

Bad credit refers to your credit score. We recently discussed how to protect your good credit, and this is exactly why! The government recommends a 500 or higher credit score for an FHA loan, but lenders can set their own standards, which tend to be higher than the government’s requirements. Many lenders will want to see a score of at least a 600 unless the borrower has some compensating factors.

Too Much Debt

If your debt-to-income ratio is high, this will ultimately be a red flag for lenders. The HUD Handbook 4155.1 states that: “The relationship of total [debt] obligations to income is considered acceptable if the total mortgage payment and all recurring monthly obligations do not exceed 43% of the gross effective income.” Most people are not aware of their debt-to-income ratio, and if this is you, most mortgage companies and other private sectors are happy to assist in this area. Again, some lenders may accept a higher percentage, even up to 50% if the borrower has enough noteworthy compensating factors.

Not Enough Income

This reason might coincide with the last, but it cannot be forgotten that it is especially important to have enough money saved to be able to cover the down-payment and closing costs of the house. This is another reason why FHA loans are denied. The lure of a nice low 3.5% down payment is one of the reasons why many seek out an FHA loan; however, be informed that if certain criteria from above are not met, the percentage of the down payment required may increase.

Looking for More Information?

If you were denied for an FHA loan, don’t stop there. Educate yourself further by seeking out a professional in the business. Our team at Chris Doering Mortgage Company can further help you get the resources you need to be approved and into the home you desire! Call us today!

Ways to Protect Your Credit

Protect Your Credit With These Seven Effective Tips

In the current economic climate, credit is more important than ever in the process of lender decision-making. Unfortunately, credit is also more vulnerable than ever to being stolen, tampered with, or breached due to the widespread accessibility of the Internet and significant advances in modern technology.

When our society relies so heavily on a form of financing that is rather susceptible to foul play, how do you ultimately protect yourself? Luckily, taking certain precautionary measures can dramatically lessen your chances of becoming another statistic in identity theft or credit card fraud. Here are several simple steps you can take to protect your finances and your identity.

Seven Steps For Protecting Your Credit

  1. Go Prepaid for Online Shopping
    Kim Zetter from Wired.com points out that using prepaid, loadable credit or debit cards for internet purchases can add a thick layer of security over your actual finances. You can load an approximate amount onto the card that will cover the purchase in question, and after the funds have been withdrawn, you can banish the card for good. If you shop online frequently, you can also keep it around for future uses. Likewise, you can use pseudo credit card numbers to mask your real numbers. Financial institutions such as Bank of America, Citi Bank, and Discover offer this type of service because if online hackers can carry false or mysterious identities, then you should be able to as well.
  2. Check Your Credit Card Activity Often
    These days, you don’t have to wait for your credit card statement to come around through postal mail to know exactly what’s going on with your credit activity. You can log on to the credit card company’s website and observe the activity in real time. Larry Magid from Forbes.com urges consumers to stay on top of their credit by checking their accounts on a regular basis. Of course, you will always see a virtual general breakdown of purchases and payments that you have made in the past. However, if you notice any unusual or unfamiliar activity, it is suggested that you notify the credit card company immediately.
  3. Use a Fraud Alert to Your Advantage
    Fortunately, you have the option of placing a fraud alert on your credit report if you either sense suspicious activity or want to strengthen the protection of your finances. Credit bureaus often offer this feature free of charge, and Richard Barenblatt from Who Lends Here notes that it can protect you from disastrous scenarios that may happen down the road. Once the fraud alert has been placed on your account, lenders will need to go through a rigorous set of steps to confirm your identity before lending money or opening new lines of credit. This might be a bit of a nuisance for you, but imagine how useful it will be if a criminal attempts to steal your identity. This is why a fraud alert is completely necessary.
  4. Avoid Identity Theft Protection Services
    These days, almost any credit card company can be a provider of identity theft services, and these services are apparently the “be-all end-all” of your finances. These companies use scare tactics to convince consumers that they will eventually become victims of identity theft without their paid protection. What’s worse is that companies will charge anywhere from $100-$300 for annual coverage. What consumers don’t know, however, is that it is rather easy to do what these companies are doing for virtually no cost. If you ever come across an offer from a reputable company for free credit monitoringConsumer Reports urges you to take advantage of it. If the service is only offered for a limited period of time, be sure to cancel before it before the trial ends.
  5. Know How to Identify a Phishing Scam
    For many victims of fraud, the entire fraud process typically starts with a suspicious-looking email. In order to identify the scams these emails contain, follow these tips provided by Consumer Reports:

    • Examine the sender. You should immediately take precaution with emails that originate from unknown or fishy sources.
    • Study the content. Is the body of the email littered with grammatical errors? Emails originating from trusted sources will almost never have any sort of errors in spelling or grammar.
    • Determine what type of information is being requested. Specifically, if you are being urged to return lots of information about yourself (namely your name, address, phone number, date of birth, gender, etc.), avoid the email at all costs.
    • Hover over links before clicking them. This will help you determine the real destination of the link in question. If you’re being urged to click a link originating from your bank or credit card company, visit their website instead and navigate to the website section from there. As a rule of thumb, you should avoid clicking links in emails at all costs.
    • Avoid emails that request money in return for even more money. This type of scam can take many shapes and forms, but they all possess the same principle once they’ve been watered down.
  6. Use Cash, Cash, and More Cash
    USA Today reminds consumers that one of the only tried-and-true ways you can protect your credit is to use cash whenever possible. If you can avoid swiping your card, then it might be best to just leave it in your wallet. Even though security analysts work around the clock to strengthen retail databases, there are also hackers working the same amount of hours learning how to break these defenses down. Therefore, it might pay to make more frequent stops at your bank ATM.
  7. Get a Free Annual Credit Report
    Lastly, you should always take advantage of a free periodic credit report offered by AnnualCreditReport.com. Occasionally checking in on your credit report will keep you updated on any suspicious activity, and you can immediately report it to the credit bureaus and associated lending companies as soon as you notice it. You can pay a bit out of pocket to keep closer tabs on your credit, but this should only really be necessary if you’ve had problems with fraud in the past or if you suspect that there is currently foul play at work.

One Step To Learning More

Your credit is not just important for the home buying process: it is important for many other significant decisions and purchases you may want to make at any time in life. Therefore, it is essential to do whatever you can to protect your credit, so to learn more about how your credit comes in to the home buying process as well as more about how you can protect your credit, contact Chris Doering Mortgage today.

Chris Doering Hired as Analyst for SEC Network

Chris Doering One of the SEC Network’s Analyst for the 2015 Season

Friday, August 21, 2015

The SEC Network has released its studio and game commentator roster for the 2015 season and among the newest hires is local Gator great Chris Doering.

It’s hard to find the words to express how excited I am about this next phase of my involvement with the Southeastern conference,” said Doering. “I have passionately been involved with the SEC my entire life and am extremely grateful to continue my association in this capacity.

Doering said as a kid he watched the SEC greats and dreamed of one day following in their footsteps. He was fortunate enough to have the opportunity to carry out that dream at the University of Florida and play amongst the best of the best. Now, joining the SEC Network as an analyst covering what he refers to as the greatest conference in the country, the dream continues.

“I feel truly blessed. It is rare to be able to live out your dreams and for these opportunities, I am humbled and honored,” said Doering. “I would like to thank my family, friends and colleagues that have supported me through this amazing journey. I aim to make them proud.”

In addition to his broadcasting career, Doering manages a full service mortgage company, Chris Doering Mortgage, a division of Loanwise, headquartered in Gainesville, FL.

Official news release from the SEC Network follows:

SEC Network Hires Three New Studio Analysts

SEC Network has set its studio and game commentator roster for the 2015 season. The network ushers in its second football season with a deep returning line-up of commentators and three new studio analysts. Former Southeastern Conference standouts Chris Doering, Jabari Greer and Clint Stoerner are joining the team to provide in-studio analysis on Saturdays and throughout the week in SEC Now.

New Hires and Studio Line-Up

SEC Network’s three new analysts are well known for their football careers in the SEC and will bring their on-field playing experience to commentary surrounding the network’s exclusive college football games.

  • Chris Doering: Florida Hall of Fame wide receiver with three SEC Championships (1993, 1994, 1995) and seven years in the NFL
  • Jabari Greer: A two-sport athlete at Tennessee, breaking Volunteer records in both football and track & field; played ten years in the NFL and won a Super Bowl with the New Orleans Saints in 2010
  • Clint Stoerner: Arkansas quarterback, played in the NFL for five years for the Dallas Cowboys (4) and Miami Dolphins (1)

The trio will join a rotation of studio commentators that includes returning analysts Booger McFarland, a two-time Super Bowl winning defensive lineman and first team All-American at LSU, and Matt Stinchcomb, first round draft pick and two time All-American at Georgia. The line-up will rotate throughout the week on the network’s news & information show SEC Now, and for halftime shows and wraps on football Saturdays, all from the Charlotte, N.C. studios.

SEC Network’s traveling pregame show SEC Nation returns for its sophomore season Saturday, Sept. 5, at Arkansas, with host Joe Tessitore, second-year analyst Marcus Spears, radio host Paul Finebaum, reporter Kaylee Hartung and the addition of the 2010 BCS National Championship quarterback Greg McElroy (previously providing commentary in-studio). In addition to their traveling role on SEC Nation, McElroy and Spears will also appear regularly on SEC Now and The Paul Finebaum Show.

Game Commentators

SEC Network’s 45 exclusive football games will be voiced by a full returning line-up. The first three weeks of SEC games at noon, 4 p.m. and 7:30 p.m. were announced earlier this summer.

Legendary sportscaster Brent Musburger, ESPN analyst and Good Morning America contributor Jesse Palmer and sideline reporter Maria Taylor continue as the network’s lead commentating team for a second season. Analysts Andre Ware and Stinchcomb are set to switch booth partners, with Missouri alumni Tom Hart calling games alongside Heisman Winner Ware, and play-by-play veteran Dave Neal with Stinchcomb.

Full list of ESPN commentating teams here.

First three weeks of college football scheduled on SEC Network:

DATE TIME (ET) GAME NETWORK
 Thu, Sept 3 8 p.m. Western Kentucky at Vanderbilt SEC Network
Sat, Sept 5 Noon Louisiana-Monroe at Georgia SEC Network
Noon Tennessee-Martin at Ole Miss SEC Network Alternate
4 p.m. Bowling Green at Tennessee (from Nashville) SEC Network
4 p.m. Southeast Missouri State at Missouri SEC Network Alternate
7:30 p.m. New Mexico State at Florida  SEC Network
7:30 p.m. McNeese State at LSU SEC Network Alternate
 Sat, Sept 12 Noon Jacksonville State at Auburn SEC Network
4 p.m. Middle Tennessee at Alabama SEC Network
4 p.m. Toledo at Arkansas (from Little Rock) SEC Network Alternate
7:30 p.m. Kentucky at South Carolina SEC Network
 Sat, Sept 19th Noon Nevada at Texas A&M SEC Network
4 p.m. Northwestern State at Mississippi State  SEC Network
4 p.m. Austin Peay at Vanderbilt SEC Network Alternate
7:30 p.m.  Florida at Kentucky  SEC Network

Full SEC football schedule for first three weeks here

The SEC Network

The Southeastern Conference and ESPN have a 20-year agreement through 2034 to create and operate a multiplatform network which launched August 14, 2014. The new network and its accompanying digital platform carry SEC content 24/7 and featured more than 1,400 live events the first year. The network televises over 45 SEC football games, more than 100 men’s basketball games, 60 women’s basketball games, 75 baseball games, and events from across the SEC’s 21 sports annually. Programming includes in-depth commentary and analysis in studio shows, daily news and information, original content such as SEC Storied, spring football games, and more. The network has 70 million subscribers in the US and is also available in more than 50 countries throughout Europe, Middle East and Africa via ESPN Player, ESPN’s sports streaming service in the region. Hundreds of additional live events from various sports are offered exclusively as SEC Network+ events via WatchESPN and SECNetwork.com through authenticated access from AT&T U-verse, Charter, Comcast, Cox, DIRECTV, DISH, Google Fiber, Suddenlink, Verizon FiOS and members of the NCTC, NRTC and NTTC.

To tweet official SEC Network Release: http://es.pn/1J8lrmw

For more information please contact Tricia Garzon, representative for Chris Doering and Chris Doering Mortgage, at The JAG Agency, Inc. tricia@jagagency.com or call 352-240-3542.

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