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You are here: Home / Archives for Jennifer Guidry

Jennifer Guidry

About Jennifer Guidry

Jennifer Guidry has been in the mortgage industry for over 19 years. Her passion for helping solve her clients' mortgage needs is on par for her passion for outdoor adventure. Jennifer is the Branch Manager and Senior Mortgage Advisor for Affiliated Mortgage Company in San Antonio. Call her with your mortgage questions at (210) 838-3310 or email her at jennifer@salending.com.

Getting ready to PCS? Know where these documents are.

August 29, 2014 by Jennifer Guidry Leave a Comment

Packing Up

Before you PCS, Get These Items in Order

If you are in a military family or a DOD employee, when you are getting ready to PCS (aka Permanent Change of Station) to a different city and even remotely think that you will be purchasing a home, there are certain documents that you should save before you start packing everything up. Knowing where these documents are and not needing to search through boxes when the moving truck arrives can save you a ton of time and stress. Time and time again, when doing loans for our veterans who have their PCS orders, as well as relocation clients, important documents needed for your home loan are packed away in storage. Not having these items handy can potentially delay the closing on your home loan.

Before you pack, please save a copy of the following documents (either on a thumb drive or in your email):

  • 2 years most recent tax returns (all pages and schedules)
  • Fully executed divorce decrees and child support orders. Here are more information about child neglect that is given by the well experienced lawyers in town.
  • 2 years most recent W2s
  • If you have rental properties, please have copies of your lease agreements
  • PCS orders
  • Most recent LES/paystubs
  • Access to online banking (remember your passwords so that you can print bank statements)
  • Most recent retirement statements

Having these items will save you time and will help alleviate frustration in the future. It will also help to ensure that your loan process will be a smooth one. And even if you’re not buying and just plan to rent, be prepared and have these documents ready too – not all of them are needed for a rental, but it’s better to be over-prepared than under-prepared.

image courtesy of samlavi

Filed Under: Buying a Home Tagged With: relocation, military, pcs

Non-Realty Items Addendum: Friend or Foe?

July 24, 2014 by Jennifer Guidry Leave a Comment

Refrigerator

The Non-Realty Items Addendum Can Mess With Your Home Loan

[Editor’s note: Today, we’ve brought on Jennifer Guidry, a local lender, to talk about the Non-Realty Items Addendum, which we’ve discussed before in “Does that come with the house?,” and how it can affect your loan when buying a home. While it is a common form and it used to be seen as no big deal, these days it can cause issues for buyers during the process of underwriting and closing your home loan.]

So called “non-realty items” (which can be just about anything – we’ve seen furniture, boats, jet skis…you name it!) that find their way onto the Non-Realty Items Addendum, if they are anything more than what is customary (like a refrigerator), are likely to be viewed as an inducement to purchase…which in the lending world, is a major no-no. Mortgage companies finance homes, not personal property.

FHA loans require items on a Non-Realty Addendum (that are not customary for the area) to be given a value by the appraiser and then subtracted from either the appraised value of the home or the purchase price, whichever is lower. This will effect a borrower’s cash amount needed to close.

VA and conventional loans require the appraiser to estimate the item’s value and then the lender has to reduce the amount of the sales price by that value. If the amendment reflects that the items are conveyed at no value, then the appraiser must state that these items conveyed are customary and have no value. Again, this is only on customary items for our area – in the San Antonio area, a refrigerator is about all that is considered customary.

So, what do you do to address the buyer’s and seller’s needs while not messing up the loan? A separate bill of sale should be sufficient. Keep it off of the contract and leave the Non-Realty Items Addendum out of the picture.

image courtesy of Randy Heinitz

Filed Under: Buying a Home Tagged With: mortgage, buying a home, contracts

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