What You Need to Know About Condo Loans

Condominiums can be a great low cost, low maintenance solution when you are choosing where to live. Unfortunately, receiving financing for a condo can be more challenging than receiving a conventional loan on a traditional home. What You Need to Qualify Loan qualifications for a condo loan are often more stringent and there are a few things to consider when applying for a condo loan: You may need a larger down payment to get the best mortgage rate for your condo. The homeowners association for the condo complex may have additional financial qualifications before you can buy a unit in their complex. Lenders look at not only your financial standing, but also the financial standing of the developers. Different loan programs have different requirements for the condo developers. The condominium complex must hold a certain amount of HOA fees in… Read More

Let’s Hear Your Voice Contestant Winner Anounced

Chris Doering Mortgage has been a proud sponsor of the Let’s Hear Your Voice contest held for local Gainesville elementary and middle schools. Contestants were asked to submit a music video showing what a music program means to their school. There were many worthy entries, but ultimately Rawlings Elementary School won. Their victory meant $1100 in scholarships and a chance to meet Season 13 The Voice singer, Dylan Gerard. You can see their winning entry here. Our teammates Judd Davis and Chris Moebus were there to spend time with the victors and present their check. Congratulations to Rawlings Elementary on your fantastic victory, we were proud to be apart of it!  

Mortgage Fraud: Buyer Beware

Did you know that Florida is one of the worst states for mortgage fraud? In fact, the mortgage fraud levels in Florida are three times higher than the national average! What is Mortgage Fraud? The FBI says this about mortgage fraud: “It is crime characterized by some type of material misstatement, misrepresentation, or omission in relation to a mortgage loan which is then relied upon by a lender.” Any lie meant to deceive the bank into providing a mortgage loan is considered mortgage fraud. Victims of this crime can be devastated financially. Those who are already down on their luck financially are most commonly targeted for mortgage fraud. Knowing the common schemes perpetrated by these criminals can save you money and give you peace of mind. Lenders and buyers alike can commit mortgage fraud. Beware, and know that mortgage fraud… Read More

Financing Manufactured Homes: What You Need to Know

What is a manufactured home? For years manufactured homes were often thought of as synonymous with “mobile homes”, but they have become so much more. Manufactured homes are now a viable option for many families. They face more stringent building codes and are often indistinguishable from traditional homes. Before 1976, mobile homes were financed similarly to cars, but because the perception of what a manufactured home is has changed, there are companies that now offer more traditional home loans. “Manufactured” vs. “Modular” vs. “Mobile” Homes There are many different terms used around manufactured homes and it can get confusing in determining what is meant by a “manufactured” home. One major issue is perception, mobile homes are thought of as low quality, but today mobile and manufactured home construction is regulated by the Housing and Urban Development (HUD) branch of the… Read More

Should I Buy Mortgage Points?

What are Mortgage Points? Mortgage points, or discount points, are fees paid to the lender when you close on your home in exchange for a reduced interest rate. In essence, they are a down payment on interest when you purchase your home. One mortgage point usually costs one percent of your loan amount. For example, if your mortgage is $100,000, one point costs $1,000. Most lenders will let you purchase up to three points on your mortgage. What is My Breakeven Point? When trying to determine whether or not buying purchase points is right for you, first try to determine your breakeven point. The breakeven point is how long it takes to recoup the money you spent up front on discount points. Below is the formula used to determine your breakeven point: Points Cost ÷ Monthly Payment Savings = Months… Read More

Chris Doering Now Co-Hosting New Show on Sirius XM’s SEC Now

Local gator great and University of Florida Hall of Famer Chris Doering will host SEC Today, airing weekdays from 3:00 to 6:00 pm ET on the new SiriusXM SEC Radio.  In an announcement today by Sirius XM, the 24/7 channel dedicated to the Southeastern Conference will go live on March 5. “Growing up in Gainesville, I had the privilege to attend football, basketball, baseball and many other competitive SEC sporting events on a regular basis,” said Doering.  “I am very excited about the opportunity to align with the SEC and speak year round about what I feel is the best athletic conference in the country.  The SEC leads the way on so many fronts and this is just another example of their forward thinking and commitment to their fans. I am honored to be a part of the new Sirius XM channel dedicated to SEC sports.”… Read More

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