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The Mortgage Mashup Blog

The Mortgage Mashup Blog

Join us for discussion on current market news, mortgage trends and anything mortgage/real estate related!

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Fed Raises Benchmark rate; Higher loan limits for 2019

Posted on 24 December, 2018 at 10:25 Comments comments (11685)
Fed raised benchmark rate by another .25%. This is no surprise as it was expected. However what was surprising is that they indicated the projected steady increase in 2019 to curb inflation may simmer down some, which translates good for long term rates. Market has dipped some , with average 30 year rates in the 4.625% to 4.75% range. In other great news, Fannie Mae/Freddie Mac increased the loan limits for conventional loans. The new loan limits in most non high cost areas increase from $453,100 up to $484,350. High cost limits increased as well. For our surrounding counties, FHA loan limits increased some as well, but not as drastically as conventional loan limits. In the Palm Beach County area, where the FHA maxiumum was $345,000, increased slightly to $351,000. More news to come and exciting things as well! All the best, Vincent Fiordilino Territory Manager

Energy Efficient

Posted on 17 October, 2018 at 10:55 Comments comments (13160)

FHA and VA Energy Efficient Mortgages


The Energy Efficient Mortgage can be utilized in conjunction with the FHA, FHA 203(k) and 203(h) and VA loan programs and allows borrowers to roll up the cost of certain energy saving improvements into their mortgage with a single closing. Environmentally conscious homeowners can dramatically reduce their monthly energy bill and may even be eligible for local and federal tax advantages*.

• 100% of the qualifying improvements, such as Energy StarTM appliances, furnace/cooling systems, weatherization or replacing doors and windows can be financed up to the allowable limits.**

• Lower monthly utility bills usually offset the increased monthly mortgage payment.

• Potential greater resale value

• Potential federal and local tax advantages*

*Borrowers should consult their tax professionals.

**Cost-effectiveness of the energy improvement using Home Energy Rating System (HERS) guidelines is required. Cost effectiveness refers to the costs of the energy efficiency improvements that are less than the present value of the energy saved over the estimated useful life of those improvements.

VA Energy Efficient Mortgages can cover up to:

• $3000 in improvements based solely on the documented costs. OR

• Up to $6,000 provided the increase in monthly mortgage payment does not exceed the likely reduction in monthly utility cost. OR

• Amounts larger than $6,000 are subject to a value determination by VA. FHA Energy Efficient Mortgages can cover improvements that are the lesser of:

• The dollar amount of a cost-effective energy package (includes materials, labor, inspections, etc.) as determined

• 5% of: the value of: FHA appraised value of the property as indicated on the Direct Endorsement of Appraised Value; 150% of the national conforming loan limit; or 115% of the median area price of a single family dwelling as provided by FHA Connection

Happy Lending!


Vincent Fiordilino


Freddie Mac Home One Product

Posted on 9 August, 2018 at 20:50 Comments comments (14072)
Introducing the HomeOne Product. Unlike the HomeReady or HomePossible products that have income restrictions, this product does not. Your clients have broad and unique needs, HomeOne offers you a solution to help more first-time homebuyers achieve the milestone of homeownership, regardless of their income levels or geographic location. Both solutions ease challenges around available savings for down payment and closing costs, and reflect our dedication to responsible lending, sustainable homeownership and improving access to credit.  * Primary Residence  * 97% LTV (3% down-payment)  * No Income Limits  * At least one borrower must be a first-time homebuyer Exciting info to follow!. Vincent Fiordilino Territory Manager 561-745-3344

Some Good Market News?!

Posted on 14 February, 2018 at 0:30 Comments comments (6538)

If mortgage rates keep rising to break the 5% barrier, most homebuyers will go right ahead with their purchase anyway.

Just 6 in 100 prospective homebuyers surveyed by Redfin said they would halt their planned home purchase if rates were above 5%, although a further 27% would slow their search.

A quarter of respondents said that a 5% rate would make no difference to their plans, 1 in 5 would speed up their search and a similar share would look to cheaper neighborhoods or a smaller property.

If rates aren’t a problem, what is?

The survey was carried out in November / December 2017 when the tax reform debate was causing concern; 38% of respondents said it was their top worry.

This was an even higher concern among those in highly-taxed areas, especially California.

Those in Seattle and Portland were most concerned about affordable housing, which was also a big concern in Denver.

Three quarters of respondents nationwide thought home prices would continue rising in 2018, 25% said they thought the increases would be significant.

"Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin chief economist Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can't afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers."

More market update:

• Proposed HUD budget to boost homeownership, healthy homes

• Brokers are confident as long as they can attract agents

Stay Tuned for more info, 

Yours in service, 

Vincent Fiordilino

Territory Manager, Land Home Financial Service, Inc.


Renting your home during spring training

Posted on 7 December, 2017 at 22:45 Comments comments (10114)

In south florida, its turning the corner to that time of year where the weather is why people move to florida.  From the baseball world, its also the time of year when spring training athletes, staff, fans, etc are either looking to rent a home for spring training, or to list a home for rent.  On this weeks show, we had Holly Meyer Lucas, president of the Meyer Lucas Real Estate team, also a baseball wife, talking about an area of expertise.  Things to do, not to do (having cameras at your home spying on an athlete is not one of them)!.  Pitchers and Catchers report Feb 15ht, which means if they are renting a home, they need to get one now!  Holly is the local expert in this domain. She has "been there and done that" and now assists hundreds of people to make it a smooth transition.  

Stay tuned next week to more news regarding what is the correct way to approach this fine line of renting your home and how to "not be that guy" that embarasses your realtor. Also did you hear?? conventional loan limits were increased to just over $453,000+. Whoo hoo. 

Yours in service, 

Vincent Fiordilino

Territory Manager

November 28th Mortgage Mashup Show Recap

Posted on 29 November, 2016 at 9:05 Comments comments (15814)

On this weeks Mortgage Mashup, we talked about all kinds of good mortgage talk and news.  We talked about Black Friday and Cyber Monday. We discussed as well, the vote recount that is going on right now, and the confusion as to why it is getting done?  I still don't know the answer to that question.

In other news, rates have increased a total of about 1/2 point over the course of 2 weeks. THe largest 2 week jump in recent memory.  

We chatted as well about some of the basic credit do's and don'ts that people need to keep in mind when purchasing or refinancing their home. 

For a re cap of the show, click the link below!

Thanks and all the best. 

Vincent J. Fiordilino

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New USDA fees

Posted on 26 August, 2016 at 14:50 Comments comments (3410)

Exciting News!!! USDA is reducing their fees across the board . Starting October 1st, the upfront fee will be reduced from 2.75% to 1.0% of the loan amount and the monthly will be reduced from .50% to .35%. Example of what this means for you. A $200,000 loan previously had a fee charged by USDA that was rolled in to your loan of $5500. Now, that fee would be $2000. In addition, the monthly premium was previously $80.62 per month and now that will have dropped to $58.91 per month.


USDA is a great program as many properties are approved for this special financing which allows you to borrower up to 100% of the purchase price of a property. Most of Martin county is zoned USDA and lots of properties in Palm Beach county . Please contact me with any questions.




Vincent J. Fiordilino


[email protected]

Current Market Trend on Rates

Posted on 9 July, 2016 at 10:20 Comments comments (3700)

It is unreal what we have been seeing lately in regards to rates.  Taking one click on the 10 year Treasury note,{"range":"5y","allowChartStacking":true}, you can get an idea on where we are presently.  Take a look at where 5 year trends are, 10 year.  We are at all time lows.  To say take advantage of the rates, is an understatement.  What you were previously qualified for a month ago, and lets say a $220,000 mortgage, you would now have the same payment on a $240,000 mortgage now.  Talk about buying power.  

30 year rates are at historic lows.  15 year rates are at a level that I have not seen in my 14 years of being in the industry.  Every person with a 30 year loan, should contact me to see if they could convert to a 20 or even 15 year mortgage and cut tens or hundreds of thousands of dollars off of their loan. This could be life changing. 

Looking forward to your questions and comments.  
All the best, 


[email protected]


New FHA rule regarding student loans

Posted on 22 June, 2016 at 17:25 Comments comments (3177)

The new FHA guidelines has some good and bad things to the program.  Regarding student loans, no longer is the payment assumed to be at 2% of the loan amount of loans that are in deferrment.  So on a student loan of $40,000, that is presently in deferrment, you would have to qualify at an $800.00 monthly payment.  Kind of tough.  Now its been dropped to $400.00  The bad news is, often times, you are able to qualify for an income based repayment plan (IBR) which would be drastically less expensive.  Had a client recently on a $70,000 loan in which the IBR plan was at $125.00 . Unfortunately, that will not be allowed and would have to use the 1% dollar amount, unless a concrete dollar amount is already set in place. 

So, some good and some bad.

For all your questions, please call or email us directly. 

[email protected] or 561-745-3344

Boomerang Buyers

Posted on 22 February, 2016 at 11:15 Comments comments (2488)

Boomerang Buyers need to know ( a buyer coming back into the purchase market after a short sale , foreclosure, deed in lieu or bankruptcy).

What is my waiting period to purchase a home having gone through the above ?

If you are doing an FHA loan:

Deed in lieu , short sale , foreclosure is 3 years .

Ch. 7 Bankruptcy is 3 years. However if you have a foreclosure included in the BK , then it goes off the date of the last item. For example if you file for bankruptcy and include a mortgage that is currently in foreclosure. The bankruptcy could be discharged and 9 months later the foreclosure can be completed. In that case the waiting period would be three years from the date of the foreclosure NOT the discharge of the bankruptcy.

The federal back to work program allows for applying for financing after 12 months with special circumstances and criteria. Message me for details .

Conventional loan can be tricky :

Short sale , deed in lieu and bankruptcy waiting period is 4 years.

A foreclosure alone is a 7 year waiting period .

If a foreclosure is INCLUDED in a Bk, then regardless of when the foreclosure is completed , you go off the discharge of the bankruptcy . However , suppose you had a property go into foreclosure , the foreclosure was completed (auction sale and title is out of your name ) THEN you file for Bk and include the discharged debt in your BK , your wait period is now 7 years . Easy way to remember this is if you are currently going through foreclosure while going through your bankruptcy then your waiting period will be 4 years from the date of the discharge of the bankruptcy.

Similar to FHA loans , conventional has a special circumstance waiting period that can be reduced down to 3 years .

Email or message me with any specifics at [email protected] or call my office 561. 745. 3344