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The Mortgage Programs Most Americans Don’t Know About (But Should) · The Jon Sanchez Show

• Jon G. Sanchez, CEO: Good Tuesday afternoon to you. Welcome to the Jon Sanchez Show on New Stock which it's a pleasure to be with you and a pleasure to be with my co-host. We got one of two today. One of these days we're going have all three again. I promise. I promise. Not going to be this Thursday, so you're going have to wait till next week to have all three. They busy boys. They are busy boys. Dwight Mallard of OnCue Home Loans. How are you, my friend? Good. ⁓ Missed too, buddy. ⁓ Missed too. Hopefully you had. Did you have a good trip? Good. Glad to hear it. Dwight Millard: We're all three. I'm doing fantastic, Jon. I missed you guys on Thursday, thanks. Yeah, yeah. You know, gotta, yeah, happy. I did, I did. Happy wife, happy life, right? So I, yeah, so I owe you for that one. I didn't have to cut out somewhere and go, I appreciate you. I appreciate you. ⁓ a give, right? It is. Yeah, yeah. But me being gone, the market's done okay, right? So it's. Jon G. Sanchez, CEO: That's the name of the game, brother. That's the name of the game. Exactly. Yeah. See, see, that's, that's the advantage of great friendship. It really is advantage of great friendship. That's, that's good. Well, we missed you. And you know what? Yeah. You want to head out buddy? Yeah. You want to head out? Yeah. We we're doing, we're doing just fine. You know, it's, it's, it's remarkable. Do I to sit back and sit here? And I was thinking about this, getting ready for the show. You you look at, you look at. Dwight Millard: Go away again. Go away again. Yeah. Jon G. Sanchez, CEO: how resilient our economy is. And when I say economy, I mean stock market mixed into that same word. And you sit here and you look at all the things that are going on, the market just brushes that aside. I never in a million years would have thought when the news came out on Saturday that we're taking over the Strait of Hormuz. You could have viewed that as a positive or as a negative, right? And this market has taken it 100 % as a positive. We closed at a record high on the S &P 500, almost, I should say, almost. We touched it in today, but didn't quite close there. you look at the strength of the stock market. You look at ⁓ mortgage rates are finally starting to do in your favor, in our listeners' favor. ⁓ look at everything coming around. And again, I used the analogy on the show yesterday, and it sounds so corny, but I'll use it again. ⁓ a little engine that could, right? It just keeps going and going. And almost to sit here and think, imagine if we didn't have all the BS that we're dealing with on a global basis. Dwight Millard: Mm-hmm. Jon G. Sanchez, CEO: And we just really stuck to the fundamentals of this market where things could be. I I was joking this morning on one of my stock updates. I think we could easily be back to 50,000 on the Dow. We're at, 48,535. That's not that far to go if we continue this momentum that we have, right? Dwight Millard: Mm-hmm. Yeah. Mm-mm. Mm-mm. Yeah, well, I love to keep every day, you know, another record-setting day, but, Jon, amazing, you know, and you've actually alluded to this, you know, and I know you talk about it. I mean, all the fundamentals are there, you know, you get a headline, I mean, that's a big headline, you know, taking, you know, going after Iran and like that, but you've talked about this pent-up demand for... Jon G. Sanchez, CEO: Yeah. Yeah. It's been a while. Yeah. Sure. Dwight Millard: I mean, people, when you look at, you go back to the 08, 09, 10 crisis, right? Just, it took us a long time to recover from that. Then you finally feel like you recover, right? And you start to see the wealth start to come in, then COVID hits, right? And it knocks you 10 more steps backwards. Now we're a few years out of that where people now are ready to really just embrace their financing, their wealth, you know, whatever that... Jon G. Sanchez, CEO: Yes. They They did. Mm-hmm. Yes. Yep. Yep. Mm-hmm. Dwight Millard: objective is, think that's, you know, and then you get a little hiccup like Iran, know, and we're still going to have some of those things that you can't predict. the market, to your point, I in any other time, this would have been probably a really unstable environment. And we saw the downs, but you kept saying, just look, we'll it out. We'll just get, we'll get through it. ⁓ Yeah. So I Jon G. Sanchez, CEO: Absolutely. Yes. Yeah. Hang in there, stay diversified, ride it out. exactly. Well, I think that came into my mind when were mentioning the 08, 09, 010 time periods and things, and I'm there thinking, my mind's going, OK, what's different? What's different? What's different? And the number one thing that comes ⁓ to my Dwight, is we didn't AI at that point. And I don't mean that it's changed our lives and made us more productive and so on and so forth. What I mean is we didn't have it as almost an investing class in and of itself, right? You look at these companies, how many new companies there are out there, hundreds if not thousands, the revenue that firms are able to generate. Now, I mean, you the numbers. Goldman Sachs yesterday, JP Morgan today, Wells Fargo today, earnings season begun. These companies are making massive, massive amounts of profit that they only dreamed of before. ⁓ Why? Dwight Millard: Yeah. Yeah Jon G. Sanchez, CEO: They've got fewer people, they've got technology that's making them more profitable, more efficient. so it's a new world. And that's the part that's ⁓ If we can just kind of get past all this ⁓ stuff. the point I wanted to make before we let everyone know what our topic is today is the thing that strikes me is how, ⁓ I wish could figure out a perfect word to describe this. So bear with me as I try to just put the words together. how this market to every word that the Trump administration says. You be down, oil can be up, so on and so forth. And all that has to come out is a true social post or some headline a new source of a ⁓ phone call a CNN reporter had with the president saying, and this is what did it today. we're basically thinking having a second round of negotiation talks with Iran. ⁓ And what does market do? It takes off. What does oil do? It tumbles. Just off of that, I keep calling it the golden carrots that are out there. And that tells you back to the, you just said two words or three words, pent up demand. That just shows you investors want to be invested in this market. The capital is there, the liquidity is there, the fundamentals are there. It's just were hesitant, of course, because of the Iranian situation. But all you got to do is say, you know, this is happening or. Dwight Millard: Yeah. and Yeah. Jon G. Sanchez, CEO: I mean, can you imagine the Navy comes out and then the Trump administration says, yeah, the US Navy has just reported that Strait of Hormuz is clear of all mines and traffic is flowing. Holy moly. Folks, if you're sitting on the sidelines right now, or we're going to talk about here in a moment on the mortgage side of things waiting, the house buying side of things waiting, you're going miss the boat because I'm telling you, this market is going to rip. ⁓ The stock is going to rip higher. The mortgage rates are going to tumble. The bond market is going to go up. Everything is going go. Dwight Millard: Yeah, yeah, yeah. Jon G. Sanchez, CEO: Holy moly, that was really worth the pain that we went through for the last six weeks or seven weeks, however long it's gonna be at that point. No one's factoring that in. Dwight Millard: Well, know, Jon, and he may go down as master chess master, right? I he may go down. I you never till it's over. But I mean, even bringing, what was it, and the US today, or Israel today, Israel, ⁓ it's never I these are things that I think the global world love to see, right? I mean, this only solidifies maybe a unity or at least some. Jon G. Sanchez, CEO: Yeah. Israel, Right. Dwight Millard: stability, I guess, you ⁓ you start to see. Jon G. Sanchez, CEO: I think you're being too soft when you say that, love to you, I'm sorry cut you off, but I think you're being too soft to say that. I think it really boils down to this. It's the military might that the United States of America has. ⁓ If think about that, yeah, right? And you can come back and say, ⁓ great negotiations or great this, but the bottom line is, who in the heck's going to mess with us, right? mean, he could God help us this happens, but he could go country to country to country. ⁓ Dwight Millard: Well, we demonstrate, Jon G. Sanchez, CEO: and do whatever he wants to do because you got two major players that can compete with us on a military basis. You've got Russia which ⁓ don't even know if they can even compete anymore ⁓ you've got China right? No one really knows what they're really really capable of because they've stayed out of everything ⁓ other than that he it's like the coast is cleared. I love your analogy of the chess side of things but ⁓ don't think it's just know kumbaya I think it's people are going you know what? They're pretty powerful of what they can do. Look what they just did to Iran and they can do that to just about anybody. And it's like, Hey, we better play nice. You know, let's be in the same playground in the same sandbox is what my point is. No, no disrespect to you by any means, but, but yeah, I just think it's ⁓ the, military muscle has been shown and he kind of get, get pretty impressive. Dwight Millard: Yeah, yeah, yeah, yeah, yeah. Pretty impressive too. mean, Jon, were, I was reading a thing about going in and rescuing that second pirate. I mean, that traditionally can't be done, what they did. What they did and the way they did it. Jon G. Sanchez, CEO: Yes. Yeah. Oh, no, no, no. said something like 150 aircraft were involved. mean, just aircraft alone, not to mention how many personnel. Yeah, you're right. You're right. So it's very interesting time, no doubt about it. And it's starting to feel good, my friend. It's starting to feel good. And all of you are my friends. It's starting to feel good right now that we're starting to see light at the end of the tunnel. Of course, things can change. Just obviously, as we said, with a true social post or with a headline or. Dwight Millard: Yeah. Yeah. Yeah. Jon G. Sanchez, CEO: Anything like that. Dwight always say when he ⁓ I have the joke and I say, what kind of day was it? It was a record setting day. And do I always say afterwards? Enjoy it while you can because you never know. Don't take it for granted. Don't get cocky. Don't get arrogant. ⁓ Don't out ⁓ over skis as the saying goes, as far as your risk tolerance, your asset allocation. Stick to plan. Stick to a diversified portfolio. ⁓ you've heeded our advice and you've picked up and picked and chose ⁓ of those names when they were down, where the world felt like it was coming to an end. And you're being rewarded now in most cases. So yeah, got a smile on our face today, don't we, my friend? ⁓ Your smile looks as good as always. So let me you what we have lined up for you. So based upon everything that we just said, let's get down to the business side of things today. After the stock market recap, I've asked Dwight, Dwight Millard: Yeah, we do. Amen. Jon G. Sanchez, CEO: to do something that we haven't had a chance to do because again, there's been so many obviously other headlines. But I think it's a really good time. Back to my point that something great happens like the straight getting open, that's what I see is the next major milestone. And thing rips like I think it's going to and the bond market skyrockets, rates go down. We want you be prepared, right? We've been preparing you all along, but this is your next hurdle to be ready for. If you are in the market, ⁓ to buy or even to sell, but really on the buy side. So what I've done, I've asked Dwight, I said, look at buddy, I need you to go back and blow the dust off of your playbook of loan programs that are available out there, right? It's probably been, I don't think we've even done it in 2026. There are so many programs folks, that Dwight is gonna enlighten you on. You're in for a major treat today because let me tell you this. If you think you need a perfect credit score, if you think you need 20 % down, you think you need a traditional job to buy a home, I want you to think again, because what this man is going to share with you today is going to break all of that, right? He's going to come out today ⁓ say, wait a minute here, bottom if you have a desire to buy a home, there is a program for you. Good credit, bad credit, big down low down payment, it doesn't matter. But you cannot go on the internet and go, Dwight Millard: Mm-hmm. Mm-hmm. Jon G. Sanchez, CEO: ⁓ what programs are out there? You go to a man like Dwight that's got 40 years of experience that no matter what he gets the deal done, I've seen it happen over and over again with clients. The man can work miracles. So not only does he have, and especially now that you're with OnCue Home Loans, you have an additional plethora of tools in Snap-on toolbox ⁓ you have available. And so you're going to be sharing that with us today. And again, break that misconception because here folks, Dwight Millard: You Mm-hmm. Jon G. Sanchez, CEO: Here we are, we're only mid-April, right? We were just getting into the buying season and so on and so forth. And now things are starting to shape up and calm down on a global basis. Dwight, there couldn't be any better time right now to enlighten us on what's out there at this point. And like I said, I know you got some new programs now that you're with OnCue. Dwight Millard: Yep. Yep. I agree. Yeah, Jon, and we're going to go through it. And it's been probably too long. It's always good to have a refresher course because I mean, this people are There's a mistake, a myth out there of what you need to get in. And we'll cover, you kind of maybe the way I would go at the progression of what loan program I go here and here. And I think people get a true feel of what that looks like. But six hundred thirty five programs, Jon, we got something for everybody, right? ⁓ Jon G. Sanchez, CEO: Yes. Yes, that's right. Yes, that's what we want. I love it. Cannot wait. Is that all? Just 6.35? Unreal. All right. When we come back, we're going to get down to the stock market, give you a recap of what happened today briefly, some of the movers and so on and so forth. And then we'll get into our topic, the mortgage programs most Americans don't know about, but they should and they will. Thanks to Mr. Millard. Let's turn it over to Kristin Snow. She's in the Right Now Traffic Center. Hello, Kristin. Dwight Millard: 635, I know that ⁓ Jon G. Sanchez, CEO: Welcome back to the Jon Sanchez Show on New Stock 780K, which with Dwight Mlard of OnCue Home Loans, Aaron Clark is tied up. He's actually not tied up, but he's making money. He's doing some business right now, Dwight. He's closing a deal right now. So of course we want him doing that. Of course we want him there. All right, once again, we're gonna get to our topic here momentarily. The mortgage programs, most of you don't know even exist, but you should because there's a lot of, like Dwight said, 634. Don't worry, we're not gonna bore you with those. Dwight Millard: Yeah, mm-hmm, yep, yep, there he is, there he is. Right. Jon G. Sanchez, CEO: One thing we are going to do before I get to the stock market side, Dwight's going to go through really kind of four, we'll it primary demographics of those of you out there. First time buyers, the move up buyer, the investor, and course, those are self-employed, ⁓ because those all have challenges in and of themselves. So Dwight's really going to focus in on those and then obviously a bit more. But if you fall into those categories, do not miss. the upcoming segment here. Okay, so let's get to the stock market side. So once again, Trump administration said we're getting ready for the second round of negotiations with Iran. Market got excited, market rallied. And also, as I'll share with you in a moment, we had a really calm PPI report this morning. So all those things factor together, give us one heck of a day. 318 point gain on the Dow Jones Industrial Average, 0.66%, total close of 48,535. NASDAQ rose 455 points, 1.96%, and the S &P up 81 points, or 1.18%. I should mention the Russell 2000, the small cap's a nice move here, Alexei and this, 1.32%, gain up 35 points. On the oil front, down $7.66, do I? $7.66 decline, 91.31 a barrel, need a couple more days like this, we'll kind of get back to that 70 range where we want Dwight Millard: Mm-hmm. Yeah. Jon G. Sanchez, CEO: Gold was strong $88.10 increase 4854.90 an ounce four basis points my friend I know you know this one down four basis points on that 10 year to yield a 4.26 bring us up to date on the mortgage side Dwight Millard: Mm-hmm. Yes, so I missed you on Thursday, but if you just go back, what, 10, maybe two weeks ago, we were at 6.6, right? I mean, on the 30-year fix, which is when the big part of the conflict was going on. Today, we're down eight basis points, according to Morgans News Daily, 6.31. Jon, we broke the 6 % bearer on the governments, 5.9588, even your 15 years at 5.96. So those are big, big. Jon G. Sanchez, CEO: Amazing. Yeah. Dwight Millard: I guess, you know, points you want to get to, but it's, you're starting, you know, just even this kind of movement you start to see and you're coming into the great part of the year where that real estate activity happens, you couldn't ask for a better gift right now. And it's not done. I mean, we finished up 25 basis points good, you know, in terms of the mortgage backed securities. So if it carries over to tomorrow, you're just going to keep rolling. So, I mean, we'll take it where we can. Jon G. Sanchez, CEO: Yes. Right. Right. Beautiful, beautiful. Yeah, I love it. Great. 631, I love that. I'm the 30 year. All right, love this also. Here's some of the big movers I wanted to share with you today. And this is what we like seeing, the big, the major tech names, some of the mag seven names, et cetera. Moving on up, we'll start with Meta, big day today, $27.92 increase. And I'm not gonna bore you with all the reasons. It's just strength, bottom line. There are some individual stories, but bottom line, just strength, right? They're gobbling up these names that have been beaten up. Big move on Meta, $27.92 increase, 4.4%, 662.46 a share. You had Amazon, man, they are just rolling, really starting to pick up some momentum. $9.08 increase up 3.79 % to 248.97. They're gonna give Elon Musk another run on the satellite side of things. They purchased Global Star, GSAT is the symbol, meaning Amazon purchased them. I think it was about $11 billion price tag, but Global Star moved. global start up $7.02, 79.91. That was a 9.63 % increase. So Wall Street liked that news. Again, we know that Amazon wants to compete in the Starlink world. And so this was a major acquisition for Amazon to get them closer there. Very impressive with Nvidia. We're knocking on the door of $200 a share. Remember, we spent a lot of time in the 171.80 range during this conflict. Today up $7.15, 3.78 % increase to 196.46. Chip stocks starting to move besides Nvidia Micron $39.10 gain, a little over 9%. And then once again, we had the banks. Citigroup was a standout after topping earnings numbers. Stock rose $3.37 to $129.65. JP Morgan had a really strong earnings report, but it was kind one of these, know, sell the news, you bought the rumor side of it. But they just issued great numbers, but finished the day down $2.56 to $3.1112. Wells Fargo mixed report there, wasn't great, wasn't bad, lost $4.91 to $81.73. And then we saw the airlines, I'm surprised they didn't move more, but they were moving to the pre-market before even oil started to move today. There are rumors that, well, actually it wasn't a rumor, it was confirmed by Bloomberg that the CEO of United Airlines floated the possibility of a merger with American Airlines. So those stocks moved, especially American, up 8 % today, 90 cent gain to $12.13. United rose $1.97, 2.07%. So those were the big movers going on today. Where do we sit on a year-to-date basis? Boy, this is amazing. It's sneaking up real fast, folks, especially on the small cap side of things. Listen to these numbers here today. We got the S &P up 1.8. So everybody's positive now. The S &P's up 1.8 for the year. Nasdaq's up 1.7. The Dow's higher by 1%. But, Dwight, those small caps, the Russell 2000, which, you know. They're the big movers on the upside. They're the big movers on the downside. But remember, they're usually a market leader. You watch what the small caps do. gives you a good indication of the direction. 9 % gain. Went from negative to now up 9 % just in roughly a week or so. So that is a big, big move already just being mid-April. 9 % gain for the rest of 2000. So again, very much of a positive there. Just want to sneak in the PPI report. Measure of inflation, of course, on the wholesale side. That's got the momentum going this morning. Dwight Millard: Wow. Jon G. Sanchez, CEO: Remarkably, it caught everybody off guard. Very light numbers. This is March's data. So from February to March, PPI was up only a half a percent over month. They were looking for a 1.1 % increase. Year over year, kind of a nasty number up 4%. But the Wall Street game, less than expectation, ⁓ year over year, the estimates were up about 4.26 % right around there. So you out food and energy. We're only up 1 tenth of a percent month over month. Dwight Millard: Mmm. Jon G. Sanchez, CEO: and you're over a year up 3.8. So once again, you can see how much oil impacts the calculation there. Dwight Millard: Jon, that is just amazing, like you said, surprisingly. I mean, it brings the Fed back into play now. ⁓ normal wisdom say all of ⁓ this would create something else, ⁓ yeah, maybe the Fed comes back into play again. Jon G. Sanchez, CEO: Yes it does. Yes it does. And that's why your rates went down today. Yep. You know what they're saying was the counteraction to why the inflation was lower? Higher than expected, or higher than normal tax returns. Now you may think, okay, so the consumer's got a little bit more money in their pocket, they can go out and spend more. I don't know ⁓ that analogy ties together, but that's what a lot of the news sources were saying today is. Yeah, a lot of money floating around the system at this point. And again, PPIs on the wholesale side of things. Wasn't such a great number on the CPI side a few days ago. But other thing, the consumers got a lot of cash in their pocket right now, higher than expected tax returns. And yeah, that kind of fueled ⁓ the baby spin, which creates inflation. ⁓ I know how that ⁓ scenario out, but ⁓ I write the story on it. yeah. There you go. Of course they are. ⁓ Dwight Millard: Spend baby spend right? Yeah, yeah, I don't know either right? Maybe they're just paying off their debt Jon, maybe they're just paying their bills. Maybe they're just paying their bills. ⁓ Yes, there you go. Jon G. Sanchez, CEO: They're not going to buy anything. They're going to do the smart thing. They're saving, they're investing, and they're paying off their debt. Yeah. wink. All When we come back, the mortgage programs, most of you are not aware of, but we're going to make you aware of them when we come back with Dwight as he goes through some of the most important programs. Then we'll focus in on the demographics. First time buyer, move out buyer, self-employed, ⁓ and investor. Let's turn it over to Jack Saban. He's got news, traffic, and weather. Hello, Jack. Welcome back to the Jon Sanchez Show on New Stock 780k, which with my dear friend and yours, Mr. Dwight Millard of OnCue Home Loans. Aaron has the afternoon off as he is hard at work. Once again, a great day in the market. 317 or 318 gain on the Dow. Nasdaq rose 455, S &P up 81. All right, once again, as we said at the beginning of the show, we think, again, as this Iranian conflict, at least for the moment, begins to calm down and we're seeing reaction, obviously, in the stock market, the bond market in a positive. We're seeing oil prices coming down. We want to prepare you this, as the boys have been saying over and over again, this should be a really good spring buying season, spring summer buying season. So we thought it would be an excellent time for Dwight to go back and really kind of refresh our memory on all the different programs that are out there. just remember, our goal is to break a misconception. You don't need perfect credit score. You don't need 20 % down payment. You don't need a traditional job. ⁓ lot of things that were all brought up, especially those of us that are older, those are gone, right? There's so many great new programs out there. So ⁓ Dwight's kind of just refresh this on some of the most common programs, ⁓ and he's gonna narrow into some demographics of first-time buyers, investors, ⁓ the buyer, and the self-employed. So take it away, my friend. Dwight Millard: Mm-hmm. Yeah. Yeah, so Jon, so most of we do, you to qualify for. I mean, right, no matter what program we talk about. So it's gonna debt to income, it's gonna be credit, job history, those type of things that you were talking about. what's, yeah, so credit still is king. Just make sure if you haven't looked at a credit report in a while, I'm here for one, get online, whatever you gotta do, kinda know what your credit profile is, especially if you're thinking about getting in the game. Jon G. Sanchez, CEO: All the basics. Dwight Millard: as a first time repeat doesn't matter. but with that, because that's what's going to drive not only your products that you can go into, but it's also going to drive interest rate, mortgage insurance, your homeowners insurance, it's going to drive everything. so if it me, Jon, and I'm sitting there going, let's start with the first time home buyer. First of all, I'm eligible for VA, I'm going VA, right? I've earned it. I'm going, I know you're a big proponent of the veteran administration. If you have a Jon G. Sanchez, CEO: Yes. Dwight Millard: eligibility. Let me check it if you don't know. It's easy. It's online now. But VA, it's 100%. No mortgage insurance. has upfront VA fee, but that's minimal. They let you tack it on. And if disabled in a percentage, sometimes that's removed. So 100 % VA all the time. Love veterans. It's just the way go. And as a matter of Jon, it's a way to go even for a repeat buyer, like you said, a move up. If you got a VA on the existing one, you're going to keep that house, let's get rid of it. Let's get it back into a conventional, use a VA on your purchase. Right? Yeah. I mean, it's going to cost you a few dollars for the refinance. you got a conventional loan, you can go use the VA on the new one. Jon G. Sanchez, CEO: Mm-hmm. ⁓ good point. Good point. Real quick on that point, I want to throw this out, see if you agree with this. I know a couple people that have VA loans and they get phone calls, proactive phone calls from their lenders or VA lenders telling them when it's time to refinance. ⁓ that common? Dwight Millard: Yeah, yeah, so it's, so because it, well, and it's in a, ⁓ you know, it's probably an AI and it generates all stuff, but ⁓ it's an interest rate reduction loan. It's an Earl is what they call it. It's very easy on VA. don't have to requalify anything. It's so, so easy. So that's why they kind of targeted on that. But ⁓ the other too, that I, even on a and I want to get too far on this, but you can actually have you know, still remaining benefits and use on another house. Jon G. Sanchez, CEO: Okay. Okay. Dwight Millard: So you, you know, typically it's difficult. So if you bought a house for 300,000, I'm just using a number, 300,000, and now you're looking down the street, maybe at, or, you know, across town or in a VA, you still have some eligibility. So let's see how much eligibility you still have. So it's not always you can only use, you only have, that you can only use your VA on one house. Yes, you can use it on, yes, you can actually have more benefits to use even on a subsequent purchase. Jon G. Sanchez, CEO: What do mean? can only use it once. But you can only bottom link, you can only have one VA loan at a time. Dwight Millard: one VA, you can have multiple. but it's a maximum threshold that you can have to stay with it on your eligibility. But typically to your point, most of the time it is one because of just the sheer number. So secondly then, Jon, let's go into my favorite and that is if you've got great credit scores, I mean I'm talking 747, 67, 80, 5 % down conventional. Do not tie up your money. First time home buyers, even repeat. Don't tie up the money if you have high credit scores because Jon G. Sanchez, CEO: Okay. I see. Okay. Okay. Talking first time buyers now. Dwight Millard: What you will get is you'll get a tiered mortgage insurance premium which is really low with a high credit score. you have the ability to get rid of mortgage insurance, you can self remove it down the line. So, you know. That gives you the bandwidth if you only put 5 % down. again, another 5%, you gotta explore how much it really changes your payment. It's not gonna be a lot, but people discover. in my humble opinion, if you've got great credit scores, explore the 5 % down conventional You'd be blown away. ⁓ Jon G. Sanchez, CEO: But the argument's gonna be, the argument people are gonna always, you I know you hear it obviously a lot, but then I've got PMI. Dwight Millard: You got PMI, but you can always get rid of it under conventional. you always have that ability. But Jon, you have a, yeah, 75 to 80 depend on the investor. But Jon, if you look at it, you know, the self removal depending on, again, if you have high credit scores, you would be blown away. Sometimes the premium's only $49 a month. Jon G. Sanchez, CEO: once you have at least what, 80 % equity? Dwight Millard: I mean, versus putting a whole lot more money down and tying up the capital, I'd rather have them call you and say, go make this other 15 % work for me. But I love it. Jon G. Sanchez, CEO: Okay, so that's the strong credit score about the average person who's yeah. Dwight Millard: So the average credit score then, you either start flirting with, I put higher amount down on conventional or do I default over to FHA, which I love too. is 3.5 % down, and it will give you flexibility in credit scores all the way down to 580. some even lower, and it'll give you a little more flexibility on your debt to income ratios. It will go over a 50 where conventional will not. So your debt to income, bottom ratio, all your debt in divided by your income will go to a 55, 56. It's amazing, Jon. Yeah, and for those that are struggling with an FHA getting an approval, it's amazing if you put an extra 1.5 % down, so you do a 5 % down FHA, it's amazing. Jon G. Sanchez, CEO: Amazing. Amazing. Mmm. Dwight Millard: Pandora's box opens up because now, yet the reason being is because now you're not the highest, not the, you know, the highest LTV, the one and a half, it's amazing what it does. ⁓ why we're, ⁓ yeah. But even, ⁓ let's stay on FHA for a second. We've talked about this, What incredible way to go by multi-units, one to four units, ⁓ using FHA loan, three and a half percent down. ⁓ Jon G. Sanchez, CEO: Really? Yes, right. Incredible. So even still at 5%, yeah, it's very low. Thank you, I was gonna bring that up. Dwight Millard: you have to occupy one of the units, but no better way, no better financially to go buy a multifamily if you're prepared and willing to live in one unit ⁓ to buy through FHA. Jon G. Sanchez, CEO: And remember, folks, that FHA limit varies depending upon certain areas. Dwight Millard: The units, and the units and the number of units. And break, I'll go ahead and bring up, when we come back, we'll bring up Washoe County and give them an idea, but it's an amazing, tied with all that, Jon and Oya, we got to, ⁓ yeah. ⁓ Jon G. Sanchez, CEO: Can I add one more point that think our listeners probably want to know? So back to the multi-unit, again, I was going to bring that up, so I'm so glad you did. long ⁓ you have to always occupy, let's say it's a four-plex, do you always have to occupy one of those four units? Or you do it for a year or two, move out? ⁓ Yeah, Dwight Millard: Mm-hmm. Life changes, you know, I mean, yeah, I mean, that's the intention. Life changes, you move out of the area, you know, but yeah, that's it's, you know, and again, you know, I've said this as long as you're making your payment and there's no hiccup. I don't know if they have the resources go door knocking like they used to do, but but but your intent, you have to move in and you really want to move in because you don't want to create ⁓ down the line, I mean, they I mean, nobody. Jon G. Sanchez, CEO: Okay. Okay. Okay. Okay. Dwight Millard: Nobody's watching over you and following you to work and all that. ⁓ along with those conventional FHA, Jon, we have down payment assistant programs. So state of Nevada has a couple. Every state has down payment assistant resources. What they're to do is give you money for your down payment and or your closing costs. In return, you're to get a little bit higher rate. Jon G. Sanchez, CEO: Yeah. Yeah. squeeze one more in. Dwight Millard: but it gets you into the property. So it's a little harder to qualify sometimes because your rates gonna go up. So if you don't really have a debt to income ratio problem, it's a fantastic product to use the DPAs are amazing. One one is USDA. There's income, yeah, there's different, yeah, there's some restrictions on those. That's why they're tough. There's income, yeah, but USDA, talk about that one real quick. That's for the rural counties, Lyon County, believe it or not, you get down into Douglas County. Jon G. Sanchez, CEO: Mm-hmm. And there's an income threshold before you qualify for that program. Yeah, love them. Yep. Dwight Millard: Olive Lion qualifies, it looks, walks and quacks like a VA loan, but you don't have to be a veteran. It's no money down, minimal... mortgage insurance, it's a fantastic program, but in 2014 they kind of did some regulations that, you know, kind of separated so not everybody qualifies for it. I mean, it's a credit, they have to have certain credit trade lines and things like that, but if it's eligible, USDA at least explore it. The rates are fantastic, they follow government rates and it's 100 % financing. All of Lyon County. Jon G. Sanchez, CEO: Right. Absolutely. Beautiful. Love it, love it. And I remember you saying some of Washoe County, believe it or not, right? Some pockets, yeah, yep, exactly. right, we'll come back. We'll talk about those of you that are the self-employed, right? You always think that's a big challenge? Not quite the case. Dwight, we'll wrap us up on our mortgage programs you should know about. Let's wrap it up, speaking of which, with Kristen Snow in the Right Now Traffic Center. Hello, Kristen. Dwight Millard: Yeah, there's some pocket areas in North Washoe. Jon G. Sanchez, CEO: Welcome back to the Jon Sanchez Show on Newstalk Jack, our producer, played a little Van Halen for us, Dwight. I know you can't hear it, but the old high school days on that song. ⁓ Fun my friend. Dwight Millard: Love it. ⁓ yeah. ⁓ yeah. Yes. 775-240-2022. Jon G. Sanchez, CEO: Thank you, sir. right, we talked about the first time buyer programs. We talked about a little bit on the move up side of things. Let's talk about the investor and the self-employed. Dwight Millard: Yeah, so the Investor Jon, it's pretty simple. The traditional is you can go as little as 15 % down on a conventional. can only go conventional, and that lets you buy the fourplex with FHA and live in one. So that's the good, you still would have a little bit of MI, but it gets you in with, you you still gotta qualify, but it you in a little as 15 % down. There's another program out there called the Debt Servicing Program. It allows you to buy an investment property as long as the rent. on the property comes in a dollar higher than what your mortgage payment would be. So there's really no qualifying. So get people like that that maybe just open up self-employed business or something like that, doesn't qualify, but they have money to put down. You put it down and go on a DSN. Now typically there's a trade off. The rates are gonna be higher and things like that. Typically there's no mortgage insurance, it does you, ⁓ gives you product. Yeah, yeah. So then they, go to the self-employed. That tends to be a tough one for a lot of people. So traditionally, Jon, the self-employed needs Jon G. Sanchez, CEO: Wow. That's incredible. That's incredible. Yeah. Dwight Millard: two years tax returns basically in that same line of We're gonna we're gonna also they're corp S corp C corp We're gonna need the business tax returns as well just to make sure that the business is alive and kicking So you average those two years and they don't qualify ⁓ Then where most of it breaks down for the self-employed individual, right? Because they don't qualify because the income they say they make a hundred But they by the time you get down to the bottom of they're making a thousand a month, ⁓ right? So get all of that So there's a couple things to that number one is the first thing that people need to remember if you've been in that same line of work You've owned the business for five Jon G. Sanchez, CEO: Yeah, of all the write-offs. Dwight Millard: years plus, we can get away with just one year tax return. if there is like, say for example, 24 you had an awful year, but you've owned the business since 19 or something, 25 was a great year, I don't have to use 24, I can get away with just 25. Yes, yes. So just kind of keep that in mind. If it's tough, if you get into position where you can't qualify, even if you go to one year tax returns, Jon G. Sanchez, CEO: Mmm. Mm-hmm. Mm-hmm. That is a huge advantage, Dwight Millard: Jon, believe it or not, we have a one-year 1099 program, which means that if you're a 1099 employee, we take a 10 % deduction is all, and we use that as your income. There's a no ratio loan with 25 % down, Jon. I can do a no ratio loan. I don't have any income on it. And finally, you've got the bank statement loans, you know, that are... all these are very aggressive, Jon. They have come to a, you know, so there's really not a no-doc where they don't verify assets and all this. ⁓ So it's and basically assets on a of these, they're, you so there's a way. These self-employed, you know, I'd always try to go the best way, the traditional but if not, there are avenues to explore. And there's more and more coming around the corner. Jon G. Sanchez, CEO: Mm-hmm. There is a way. And also, we didn't have time to get to it, maybe another show, do it. You some incredible loans on manufactured homes also, which is a ⁓ boom area right now. Dwight Millard: Yeah, one time construction clothes on the manufacturer. Yeah, amazing products. Jon G. Sanchez, CEO: There you go. So the bottom line folks, we don't expect you to be an expert, but now you know roughly what's out there. All you gotta do is pick up the phone, call Dwight. He can direct you into the proper loan program that's gonna be very, very best for you. One more time, Dwight, on that phone number. Dwight Millard: Yeah, 775-240-2022. Jon G. Sanchez, CEO: You are the king, man. Thank you. I appreciate you so much. Enlighten us on that, Dwight. That was awesome. Great job, as always. And I will be back with you tomorrow on the Jon Sanchez Show. God bless. Have a great afternoon. Dwight Millard: Thank you, Jon.