Category: News

Benchmark Partners with Team Never Quit for the 2018 Patriot Tour!

Benchmark Mortgage is proud to announce our partnership with Team Never Quit.

This year, we will be hitting the road with the 2018 Patriot Tour! Our Team is proud to have changed the way VA lending is done, and we take a “never quit” attitude with our veterans and their dreams.

NO MORE will the veteran be taken advantage of. We have a heart and passion for our veteran community, and we pride ourselves in making the home financing experience amazing. Setting the industry standard for 20 years, we are proud to have helped make the American Dream of home ownership become a reality for more than 100,000 Americans. Home ownership has always been the American dream and we believe that no one is more deserving than those who have served our country.

The Patriot Tour features retired Navy SEAL Marcus Luttrell, author of the New York Times bestseller “Lone Survivor” ,a riveting tale of the heroic sacrifices made by Marcus and fellow SEAL Team members assigned to Operation Red Wings in Afghanistan; Taya Kyle, author of ‘American Wife’, Executive Director of the Chris Kyle Frog Foundation, and wife of the late U.S. Navy SEAL Sniper Chris Kyle; retired U.S. Army Capt. Chad Fleming; and retired Navy SEAL and ultra-marathon runner David Goggins.

The Patriot Tour brings together things worth protecting, and things worth celebrating: Family, Service, Sacrifice, and Community. We are excited to be joining the Patriot Tour with these amazing heroes. Stay tuned for more exciting updates as we tour the country, coming to a city near you!

Benchmark Introduces New Program to Expand Options for Medical Professionals

by I Am Benchmark

Benchmark has launched a new mortgage product that is customized to the unique career and financial outlook of professionals in the medical field. Last year, we launched the Medical Doctor Loan Program to better serve medical residents and doctors. Now we have further expanded our options for medical professionals to include jumbo loan amounts up to $2 Million with our Preferred Medical Professional Program.

The new Preferred Medical Professional Program is tailored to meet the needs of medical doctors within 10 years of residency, dentists and veterinarians OR newly licensed medical residents/students who are currently employed or starting new employment within 60 days of closing.

At Benchmark, we understand what it has taken to get to this point in your medical career, so we designed our new Preferred Medical Professional Program to maximize your money, and even to exclude student loan debt in certain cases:

Loan Amounts up to $2 million¹
Student loan debt that is deferred for at least 12 months may be excluded from Debt-to-Income (DTI) calculations
Purchase and limited cash-out refinances
Loan-to-Value (LTV) up to 95%²
Available on 5/1, 7/1, 10/1 + 15/1 Adjustable Rate Mortgages (ARMS)

¹ minimum loan of $453,101 in most areas
² LTVs ≥ 90% requires Lender Paid Mortgage Insurance

Want to learn more about your home financing options available through Benchmark? Get in touch with me.Find your branch to get started.Select your loan officer to get started.

Ark-La-Tex Financial Services, LLC 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. NMLS ID #2143 (www.nmlsconsumeraccess.org) 972-398-7676. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. (https://benchmark.us)

Announcing “The Veterans Homefront by Benchmark”

by I Am Benchmark

NO MORE

These are the words that Benchmark has adopted when it comes to Veteran lending. Benchmark is proud to kick off The Veterans Home Front initiative which aims to do right by our Military men and women. The veteran lending space has long been a marketplace in which Veterans have been taken advantage of, have not been given proper service, or have been subject to predatory lending. Benchmark believes that our heroes who choose to serve this nation deserve the outstanding service that Benchmark has been providing since 1991. We are dedicated to doing right by the veteran, and have created an educational course that will certify our Loan Officers to be VA Certified. This certification will ensure that we not only get the veteran in the best loan product for them, but also are able to assist our veterans with maximizing their VA benefits.

Visit The Veterans Homefront
https://theveteranshomefront.com

Benchmark is the proud founder and title sponsor of Boot’n & Shoot’n (bootshoot.com), a veteran giveback event that has been called “The most patriotic day in Texas” by former Texas Gov. Rick Perry. To date, Boot’n & Shoot’n has raised over $4 Million and has been able to provide over 30 scholarships to veterans so they can receive state of the art treatment for traumatic brain injury and post-traumatic stress from The Brain Treatment Foundation. We are excited to kick off this initiative that will allow Benchmark to welcome our veteran heroes home.

Learn more about Boot’n & Shoot’n at bootshoot.com.

HUD Announces New FHA Loan Limits

by I Am Benchmark

Yesterday, December 7, 2017, the Federal Housing Administration announced that for 2018, 3,011 out of 3,141 counties in the U.S. (~96% of all counties in the nation) will see an increase in FHA loan limits.

Ceilings and Floors

In high-cost areas, the FHA’s loan limit ceiling will increase this year to $679,650, up from $636,150, providing a $43,500 increase. In addition, the floor will rise from $275,665 to $294,515, an $18,850 increase.

Reverse Mortgages

The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or reverse mortgages, will also rise with the loan limit ceiling from $636,150 to $679,650, for an $18,850 increase.

Next Year

FHA case numbers assigned on Jan. 1, 2018 or later will be subject to the new loan limits.

HUD’s Press Release: https://www.hud.gov/press/press_releases_media_advisories/2017/HUDNo_17-110

Conforming Loan Limits Set To Increase For 2018

by I Am Benchmark

Last year, the conforming loan limit was set to increased to $424,100 for this year (2017). Now, most of the United States will see an increase for single unit properties to $453,100 for 2018.

The HERA (Housing and Economic Recovery Act) indicates that the baseline conforming loan limit should be adjusted with the change in the average home price in the United States every year.

According to the FHFA (Federal Housing Finance Agency):

According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.

A loan is considered “conforming” when it conforms to Government-Sponsored Enterprise (Fannie Mae and Freddie Mac) guidelines.

In light of the recent announcement of the S&P CoreLogic Case-Shiller Home Price NSA Index increase from last year, and FHFA’s seasonally adjusted, expanded-data HPI increase, this conforming loan limit adjustment is a welcome change for home buyers in high valuation markets.

To learn more about this increase, you can read the press release from the FHFA by going to https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx.

National Home Price Index Up 6.2% In Last 12 Months

by Steve Remington

Source: September S&P CoreLogic Case-Shiller National Home Price NSA Index Up 6.2% In Last 12 Months

Recent Analysis of the September HPI figure show as a 6.2% annual gain in home prices, up 5.9% from the previous month. Several large markets that were hit hardest in the financial crisis are reporting the highest gains, including San Diego (up 8.2%). 15 of the 20 major cities posted increases before seasonal adjustments, but all 20 reported increases after seasonal adjustments.

On the bright side, these price increases continue to be fueled by a strong economy, low mortgage interest rates, and a low inventory of homes; however, continued price increases and low inventories can put pressure on affordability for some people.

Steve Remington
Chief Operations Officer at Benchmark

Here Is How You Can Help Victims Of Hurricane Harvey

by I Am Benchmark

The following is where you can divert your attention, donations, and time (if permissible). We know that people are generous and want to know how to help those in need. This list was first published by Texas Monthly (http://www.texasmonthly.com/the-daily-post/ways-can-help-people-hurricane-harvey) It has been adapted to be a quick glance sheet.

Help Children

The Texas Diaper Bank — assembling relief kits for families with small children.

The Driscoll Children’s Hospital — is located in Corpus Christi, open, and has power. They are accepting financial and blood donations.

Help Pets

The SPCA of Texas — is taking in hundreds of animals. Donate to help cover costs, or open your home to animals who need somewhere to go before they can be reunited with their families.

Austin Pets Alive! — is accepting cash, to keep operating, volunteers to foster animals, and pet supplies: large plastic or metal bins with lids to store food, leashes and collars, cat litter, large brooms, cat-specific beds, and liquid laundry soap. (no crates or pet food at this time)

Help With Medical Needs

Portlight — is working to ensure that people who require medical equipment and assistive technology have what they need after they evacuate, and to make sure that they are able to get to safety. They accept donations via PayPal.

Direct Relief USA — offers prescription drugs and other medical supplies. They’re accepting financial contributions.

Provide Food

(via the Houston Press):

Houston Food Bank
832-369-9390
houstonfoodbank.org

Galveston Food Bank
409-945-4232
galvestoncountyfoodbank.org

Food Bank of the Golden Crescent (Victoria)
361-578-0591
victoriafoodbank.org
Closed Friday

Corpus Christi Food Bank
361-887-6291
foodbankcc.com

Southeast Texas Food Bank (Beaumont)
409-839-8777
setxfoodbank.org

Food Bank of the Rio Grande Valley (Pharr)
956-682-8101
foodbankrgv.com

Brazos Valley Food Bank (Bryan)
979-779-3663
bvfb.org

Central Texas Food Bank (Austin)
512-282-2111
centraltexasfoodbank.org

San Antonio Food Bank
210-337-3663
safoodbank.org

To Help The Homeless

The Houston Coalition for the Homeless — shelter for the homeless in Houston, up-to-date information about shelter space availability, the best fit for each one, and how to get there safely. Accepting financial donations.

To Help Those Displaced

List your home on Airbnb for free — (with no service fees to anyone) Most listings are in Austin, Dallas, and San Antonio. Consider listing your space.

Trusted World — operating three shelters in Dallas which need donations, supplies (clean clothing, non-perishable food, toiletries, diapers, and baby formula), and volunteers.

Global Giving — trying to raise $2 million to help those affected by the storm. Provides food, gas, clean water, hygiene products, and shelter in the short-term, and then funnels the remaining resources to local organizations to facilitate long-term recovery.

H.E.B. — doesn’t accept donations, but the supermarket chain provides emergency response services, mobile kitchens, and disaster-response units to affected areas. (Now collecting donations at the register for the American Red Cross, The Salvation Army, and Feeding Texas.) Many stores in affected areas (including the entire Houston area) are closed.

Benchmark Introduces the Medical Doctor Loan Program

by jacymh

Benchmark understands that life moves quickly, especially if you’re in the medical field. That’s why we go the extra mile to accommodate your busy schedule and unique financial outlook.

Benchmark is now offering a program geared specifically toward doctors! The program is for borrowers with a medical license who would like to use future income to get a home now. It allows for up to 95% loan-to-value with a minimum credit score of 680. Individuals with student loan payment debt, have the potential to exclude student loan payments when calculating loan-to-value if you have a minimum credit score of 720, and your student loan payments are in deferment or forbearance a minimum of 12 months after the note date.

To be eligible, at least one borrower on the loan must have one of the following designations, and they must start employment within 60 days of closing:

Medical Resident
Medical Doctor (MD)
Doctor of Dental Science (DDS)
Doctor of Dental Medicine (DMD) and dental surgeons specializing in oral and maxillofacial surgery
Doctor of Optometry (OD)/Doctor of Ophthalmology (MD)
Doctor of Podiatric Medicine (DPM)
Doctor of Osteopathy (DO)

Let Benchmark make the process of buying a home easy. We will be with you every step of the way home.

Facebook Introduces Targeted Real Estate Advertising

by I Am Benchmark

Calling it “Dynamic Ads for Real Estate,” Facebook describes the service,

Facebook’s dynamic ads for real estate leverage cross-device intent signals to automatically promote relevant listings from your inventory with a unique creative on Facebook.

This is the first time the social media giant has ventured into Real Estate specific advertising, raising potential concern for platforms specializing in the niche industry. With this move, Facebook offers direct advertising access to real estate professionals who can now show relevant properties to a target audience on a platform that they already use.

Benchmark’s own Marketing Director had this to say,

Facebook entering the real estate space is huge for the every day Realtor. They will now have the ability to reach targeted, potential buyers with accurate information that comes straight from the listing agent as the source. – Garrett Finkelstein

The Future of Real Estate Ads?

Whether this poses a threat to existing niche vertical advertising platforms remains to be seen, but one thing is for certain: the advertising landscape is changing at Facebook.com.

With more Millennials interesting in buying homes, this comes across as a step towards reaching the audience where they are, in a way that is automatically optimized for both advertiser and customer alike.

HUD Mortgage Insurance Premiums Reduction Indefinitely Suspended

by I Am Benchmark

[This is an update to our previous blog post here]

Merely moments after being sworn in as our nation’s 45th President, President Trump’s HUD indefinitely suspended the MIP reduction of 25basis points, that was scheduled to begin on January 27th.