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The Mortgage Mashup Blog

The Mortgage Mashup Blog

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

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]

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

Saturday Morning Blues

Posted on 10 October, 2015 at 15:50 Comments comments (3094)

Happy Saturday.  It seems like weekends with young children are filled with busy busy activities.  Not much winding down going on these days, re charging the battery.  To make things even better, scrolling through the internet, we are fed negative after negative piece of information.  While I don't disagree our country is at odds with one another, I think ultimately the feeling of negatively is brought to light by lots of media outlets.  We used to have a rule when I was young, that after 3 negative pieces on the news (murder, robbery, etc) we would change the channel.  Scroll through your basic homepage of lets say Yahoo, or MSN.  How many of the top articles are things related to ISIS, issues with crimes, videos of people video taping a fight, instead of breaking one up, videos of people making cops out to be the even villains, instead of praising them for putting their lives on the line each and every day. 

Do your part. Ignore the negativity.  Search the internet for the feel good, heart warming stories, instead of reading about The Kardashians, or as I like to call them, societies waste of a famous family. 

On the lighter side, the first week of TRID is behind us.  Like anything it will take some getting used to.  Make sure your mortgage professionals are working hand and hand with your realtors and title companies.  Now more than ever, we are all working as a team. 

Contact your trusted mortgage professional, VIncent Fiordilino, for all your mortgage needs.  561-745-3344 or via email at [email protected]




Posted on 5 October, 2015 at 15:40 Comments comments (8144)

Clients, associates, realtor friends, what's all this fuss  about the new TRID that is in full effect today? Just another regulatory change designed to make us all go crazy smile emoticon However, have no fear. Click on the link for all your helpful information and how we have it all under control. Happy Monday.

Yours in service, 

Vincent J. Fiordilino

Branch Manager

PERL Mortgage, Inc

Jupiter, FL  33477

No Longer have to close out revolving debt for Fannie Mae??!!

Posted on 27 May, 2015 at 14:05 Comments comments (3989)

Big news from the world of Fannie Mae today. You no longer have to close Revolving debt to qualify for a loan. In the past, if you were doing lets say a cashout refinance and were consolidating some credit cards. If those credit cards being paid off were necessary to get your loan, then in the past, those cards needed to not only be paid in full at closing, but needed to be closed.

Now, such accounts do not need to be closed as a condition of excluding the payment from the debt to income ratio! This is big news for clients that were worried about losing points, rewards, etc. or just the ability to keep the card open. As it states in the Fannie Mae lending guide:

"If a revolving account balance is to be paid off at or prior to closing, a monthly payment on the current outstanding balance does not need to be included in the borrower's long-term debt, i.e., not included in the debt-to-income (DTI) ratio. Such accounts do not need to be closed as a condition of excluding the payment from the DTI ratio."

For more information, please go to the fannie mae site using the following link:

As always, your's in service,

Vincent J. Fiordilino.

[email protected]


Are you a 1st Time Homebuyer?

Posted on 5 February, 2015 at 0:05 Comments comments (1635)

What is the definition of a "first-time home buyer"?

An individual is to be considered a first-time home buyer who

(1) is purchasing the security property;

(2) will reside in the security property as a principal residence; and

(3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period. 


The above is Fannie Mae and Freddie Mac’s definition for who is considered a 1st time home buyer.


Your borrower(s) will need homebuyer education with this program. 


Contact me for more information.

*** Vincent J. Fiordilino, Branch Manager, PERL Mortgage, Inc, of Jupiter, FL. . Phone:800-905-5069***