I'm a Senior Mortgage Loan Officer and I specialize in finding a way to YES!
I love helping real people fire their landlords and begin building generational wealth through purchasing their first home.
I specialize in
Prior to becoming a lender I spent 15 years in Law Enforcement.
Most of my assignments were in special operations - including Vice Narcotics, SWAT and the US Marshals Task Force.
I left in 2020, but brought the skills of communication, problem solving under stress and trusting in the fundamentals into this industry - which I still believe are the basics of success.
It's sad to say, but this industry has some bad actors. I see far too often companies and individuals who capitalize on misinformation.
I can't control what the industry does, but I DO control how my clients are treated!
I'm an East Carolina University graduate - Go Pirates!
Fitness is an important part of my daily routine with the gym and Brazilian Jiu Jitsu.
I enjoy traveling and a good adventure. I even gave Tiger Shark diving with Shark Week's Andy Casagrande.
I love a good bourbon - Blantons and Jefferson Ocean are my favorite.
I am a faith centered person, and I enjoy reading productivity books.
My goal is to earn your trust every day!
Did you know that your income plays a part in not only your mortgage approval process, but also in your interest rate?
Conventional loans have a product called Home Ready. It's a conventional loan that has a lower interest rate and lower mortgage insurance than a traditional loan. It's based on a predetermined income for each county. Down
Did you know that your income plays a part in not only your mortgage approval process, but also in your interest rate?
Conventional loans have a product called Home Ready. It's a conventional loan that has a lower interest rate and lower mortgage insurance than a traditional loan. It's based on a predetermined income for each county. Down payments are as low as 3% - 5%.
It's a way Fannie Mae/Freddie Mac try to incentivize affordable housing.
VA loans are offered to eligible Active Duty as well as separated veterans and their spouses.
To be eligible you must have a Certificate of Eligibility from the VA - don't worry I can help you get a hold of that.
VA loans require NO down payment and NO mortgage insurance.
Added benefit - as a lender...I do NOT charge a lender fee/origination
VA loans are offered to eligible Active Duty as well as separated veterans and their spouses.
To be eligible you must have a Certificate of Eligibility from the VA - don't worry I can help you get a hold of that.
VA loans require NO down payment and NO mortgage insurance.
Added benefit - as a lender...I do NOT charge a lender fee/origination fee on VA home loans!
**Pro-Tip : Navy Fed and Veteran's United charge up to 2% in fees.
Down Payment Assistance loans are run through NCHFA (North Carolina Housing Finance Agency).
Each lender who participates must be certified in their loan programs - I am.
Down payment assistance provides $15,000 dollars toward a down payment and/or closing costs.
An important fact to note - they utilize funds from NCHFA to provide a second mortgage that does not require monthly payments.
A little known fact is that FHA has an option for 100% financing.
This is similar to how the NCHFA down payment assistance works, except here you are paying the first and second mortgage - financing 100% of the home.
The benefit is that it is much easier to qualify for than NCHFA. It allows for lower credit scores, higher DTI ratios, as wel
A little known fact is that FHA has an option for 100% financing.
This is similar to how the NCHFA down payment assistance works, except here you are paying the first and second mortgage - financing 100% of the home.
The benefit is that it is much easier to qualify for than NCHFA. It allows for lower credit scores, higher DTI ratios, as well as co-signers, but has a higher interest rate.
It's still a great way to get into a home.
All lenders are not the same.
This is the one person who protects your money and secures your future home -choosing the right one must be done carefully!
Considering a big box corporate lender like Navy Fed, Veterans United, or Rocket Mortgage?
Their rate may not be as honest as it appears...
Your credit score is a numerical value that gives a lender a rating of how likely you are to pay back a debt. Each loan has a different minimum credit score - but the higher the better.
Loan to Value is the percentage of your home's value that you are financing. If your down payment is 5% of the value, your loan is 95% of the value.
DTI is a ratio used to ensure you are not over leveraged and can reasonably make the monthly payment. It's based off total monthly debts divided by gross monthly income. Each loan has a different maximum ratio - staying inside of it is key.
Assets refer to available money that can be used for down payment and closing costs. Typically this is money in savings/checking accounts, but can also be gift funds.
Your escrow account is an account for you - held by your mortgage servicer. It contains funds for the renewal and payment of your yearly homeowner's insurance and property taxes.
Appraisers are independent contractors, chosen at random, who provide an impartial assessment of how much the home is worth. They also determine if the home meets minimum property standards per each loan.
Contrary to what many people are told, the Federal Funds Overnight Rate does not control mortgage rates.
It sets the standard for what banks charge each other which filters down to items like credit cards, auto loans, personal loans, etc.
However, mortgage rates are determined by completely different factors.
A mortgage is actually a bond traded on Wall Street. The official term is called Mortgage Backed Security (MBS).
Interest Rates offered to home buyers are determined by the risk appetite institutional traders on Wall Street are willing to offer for these bonds.
Once a mortgage is completed, it is sold to an institutional investor where it is turned into a Mortgage Backed Security.
Large amounts of MBS's are purchased by hedge funds, retirement plans, and 401K providers as a way of having fixed investments that pay regular dividends.
This is what keeps the housing finance market liquid and allows mortgage companies to continue to fund mortgages for home buyers.
Please reach me at kjennings@lower.com if you cannot find an answer to your question.
ABSOLUTELY NOT. Most primary home loans start at 3% - 5% down.
VA home loans require no money down and the availability of down payment assistance gives buyers flexible options.
Zero. You'll never be asked by me to pay for a pre-approval.
If you go under contract you will have upfront costs such as inspections, appraisals, and deposit money to the sellers, but all costs outside of that are collected when you close.
To issue a pre-approval you will need a credit report on file.
Credit pulls are inquiries and they drop off usually after 120 days. Independently, they don't really amount to much but they can compound if you have a lot of items and inquiries on your report.
A good rule to follow is if your credit is fine, pulling a report will be fine.
3808 Park Ave, Suite 100, Wilmington, NC, USA
Kelly Jennings - Lower Local Mortgage NMLS 2003818
3808 Park Ave, Suite 100, Wilmington NC
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