All posts by Todd McManigal

We chose the name MortgageMates because every buyer and every Realtor need to have a Friend in the Business. We specialize in SEC 184 loans for Native Americans, JUMBO Loans, VA, FHA and USDA loans as well as Conventional loans.

Spouses and Occupancy

The VA allows for a spouse to fulfill the occupancy requirement for an active duty military member who is deployed or who cannot otherwise live at the property within a reasonable time.

Unique situations may arise where the spouse of a veteran can fulfill the requirement if employment issues are making reasonable occupancy difficult.

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Deployed service members, both single and married,can provide what the agency considers “valid intent” to occupy. This applies when they’re deployed from their permanent duty station. This provides a degree of necessary flexibility for homeowners who are  actively serving our nation both at home and abroad.

It’s important to note that VA lenders are required to factor in the cost of a couple’s separate living arrangement. That means any rental costs or other expenses associated with the separate housing situations can be factored into the overall debt-to-income ratio and other key metrics.

There is an additional special feature for VA Streamline refinance loans. In these cases, veterans only have to certify that they previously occupied the home. For example, a veteran who buys a home with a VA loan and then gets transferred overseas can rent out the home and still refinance that existing mortgage based on prior occupancy.

 

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“Mortgage Monster … or Mortgage Mastermind?”

                              ToddZillaLoans.com

Cornerstone Home Lending, Inc.  NMLS # 1224262

Todd McManigal    505-918-1028    NMLS # 267557

 tmcmanigal@houseloan.com

VA Occupancy Requirements

VA loans are Owner Occupied loans, meaning  borrowers are expected to live in the properties they purchase.

For most borrowers, that is not a problem, but the issue of occupancy is important, and can cause confusion.  This is especially true for first-time home buyers.

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While VA loans are flexible, government-backed loans, Veterans can’t use one to purchase investment properties or vacation homes. Nevertheless,  the advantages of a VA home loan typically make it the best loan available.

Because VA loans are meant for the purchase or refinance of the borrower’s primary residence, the VA has developed occupancy requirements to ensure owner occupied home ownership.

Occupancy Requirements

Veterans and active duty personnel who secure a VA loan must certify that they intend to personally occupy the property as a primary residence. As a result, home buyers typically have 60 days to occupy the home after the loan closes.  The agency considers this a “reasonable time”.

Occasionally, buyers may find that two months isn’t enough time. The VA does allow homeowners to go beyond that 60-day mark under certain circumstances, however, occupancy at a date beyond one year is generally unacceptable.

Occupancy rules can be especially important for active duty personnel.

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godzilla02

“Mortgage Monster … or Mortgage Mastermind?”

ToddZillaLoans.com

tmcmanigal@houseloan.com

American Mortgage & Equity Consultants, Inc.  NMLS # 150953

Todd McManigal  505-918-1028   NMLS # 267557

Rio Rancho Perfection!

7020 Vatapa Road NE, Rio Rancho, NM

2409 Square Foot    4 Bedrooms      2 Baths

 

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Southwest charm with Vigas! Impressive grand room includes dramatic Kiva fireplace with 10” ceilings.

Gorgeous kitchen cabinets & counters, island & work area.  Inviting master suite with spa like tub, plenty of storage in large walk in closets.

Nestled on a half acre lot. Room for RV or boat. Enjoy the beautiful and relaxing Sandia Mountain Views.

Listing Agent:  Maria Candelaria  Legacy Homes Realty 

We have found that home buyers love to search the MLS.  We have made it possible for you to search any criteria necessary to locate the perfect house in the perfect neighborhood.

Click Here and Maria will assist you with Free MLS Access

Highlands Ranch Beauty

485 Angus Way, Highlands Ranch, CO     4259 Sq Ft       6 Bedrooms        4 Baths $609,000

 

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Property Description
Live Large, Live Comfortably, Live In Style!! This 6-bedroom 4-bath 2-story Contemporary Home.
Too Many Features To List All.   Some Of The Highlights Include: 8-person Spa (included); 7-tier Outdoor Waterfall And Amazing Private Back Yard That Backs To Open Space With Mountain Views.
Walk-in Wine Cooler (360 Bottle), Finished Basement That Includes Wet Bar, Custom Home Theater (all Included), Main Floor Living Includes Gourmet Kitchen, Large Greatroom With Full Surround Sound, Formal Dining Room, Study And Main-floor Bedroom.
Upstairs You Will Find An Amazing Master Suite With Deck, And Four Additional Bedrooms; All Large And All With Walk-in Closets. Seeing Is Believing; Schedule Your Showing Today!!

 

We have found that home buyers love to search the MLS.  We have made it possible for you to search any criteria necessary to locate the perfect house in the perfect neighborhood.

         Free MLS Search Here

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“Mortgage Monster … or Mortgage Mastermind?”

 ToddZillaLoans.com

tmcmanigal@houseloan.com

Featured Listing by Bernadette Matthiensen

18 Leibel Court, Los Lunas, NM  87031  $399,500   MLS  #809750

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Listed by:  Bernadette Matthiensen

ALFRESCO KITCHEN! PRIVATE COURTYARD ready for that DELUXE ALFRESCO KITCHEN Piped for Built In Gas Stove/Grill~Sink~Hot & Cold Water, as well as Water Feature…Build that Water Fountain you have always wanted or that Coy Pond.

This home designed for Indoor Outdoor Living.Entertain in the Private Courtyard or take full advantage of the Views from the Patio off the Dining Room!

Both are Perfect for entertaining guests.  Kitchen sports Prep Sink for preparing those amazing Hor d Oeuvre’s while enjoying the Views.

Chill your Wine in the Beverage Cooler. Display your favorite wine glasses in a glass door cabinet.  Outdoor acoustics add ambiance.

Top off the evening with a soft glow from the gas fireplace…Entire House Audio IN/OUT,  Handicap Doors as well as oversize Halls.

Free Mortgage Pre-Approval and Interest Rate Quote

For a tour of this home email Bernadette Matthiensen at bernadette777@comcast.net  or  call here at 505-804-1372

Zero Down and LOW Payment!

If you are tired of renting but want a payment as small as rent — this is your house!

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To find out how low the payment can go!   CLICK HERE!

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  “Mortgage Monster … or Mortgage Mastermind?”

ToddZillaLoans.com

tmcmanigal@houseloan.com

NMLS#  267557     Branch NMLS #  1224262

 

 

Why a Pre-Approval is Necessary!

We all love to look at houses that are for sale.  We may be in the market to purchase now or we may be in a future market but either way the first step is always to get Pre-Approved!

Did you know that Realtors will not accept any offer from a potential buyer without a Pre-Approval letter signed by a well known lender like myself?

In fact most Realtors are trained to not even show you a house until they know that you qualify.

Getting people qualified is my job!

Get Approved

Once you are Pre-Approved, I will issue a letter to your Realtor and only then will they start showing you homes, it’s just how they work!

Think about how important this actually is!  What if you qualify for a house of $150,000 but you are looking at houses for $200,000?  Even if you put an offer in at $180,000 and got it accepted, you would not get an approval for a loan–make sense?

Take just a moment and email me for a Quick Application.  I will let you know how much you qualify for–then you can start working with the Realtor.

Are you a Veteran?  CLICK HERE

Are you a Native American?  CLICK HERE

All others CLICK HERE

 

 

 

 

 

 

Veterans Housing Dreams Fulfilled Here!

Many years ago the real estate industry coined the phrase “The American Dream” when encouraging families to own their own home.

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VA Loan Specialist Make dream possible!

Today, that dream is still alive.  Low interest rates and steady home prices have helped people who have rented most of their lives to step forward and become proud homeowners.

Sometime during WWII, the US Government noticed that while many families did indeed become homeowners, It was difficult for Veterans to do the same.   Welcome to the VA Loan!

Now more than ever, Veterans can leave their landlords behind to accept the keys to their own home.

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Get your keys right here!

The VA Loan still has a zero down payment, lower monthly payments due to no MIP and you can purchase in any desired location with no income limits or special qualifying.

The VA Loan is our passion!  It brings great satisfaction to us every time we assist a family achieve their dreams.

GET MORE INFORMATION HERE or simply email Todd at todd.mcmanigal@amecinc.org

UNM Area Townhouse

This spacious UNM area townhouse is perfect for the student wanting to be close to the UNM Law or Medical schools

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Very quiet location with great freeway access.  This house is close to everything!

For a showing please comment below or call Todd 918-1028.