Blog Articles from Allegiant Mortgage, LLC

The broker channel is still the best way for prospective homebuyers to get a mortgage. That’s the message of the Association of Independent Mortgage Experts (AIME), a new professional association for mortgage brokers.

Posted by Rose Tignor on May 23rd, 2018 12:08 PM
Posted by Rose Tignor on February 12th, 2018 6:06 PM

     Unless you're getting a 100% loan such as USDA Rural Development, VA Loan, or other local grant type programs, a down payment is going to be required to purchase a new home.  There are down payments as low as 1% on special Conventional Loan Options or 3.5% for FHA loans, and if you haven't stashed away the necessary cash over time then using your tax refund is a perfectly acceptable source of funds for your down payment.  Unacceptable sources for a down payment are gifts that have to be repaid, loans or payday loans, unverified cash deposits into your bank account, and several others.  Closing costs are calculated on purchase price and loan amount so you are not penalized or charged more for not having a full 20% down payment.
     The average 2016 Tax Refund is estimated to be around $3,120 with one-third of filers already having filed and awaiting their refunds.  Don't allow this opportunity to have a down payment pass you by!  If you're not ready to buy immediately, set up a savings account or separate bank account in which your refund can remain separate from your regular funds. This will reduce the likelihood that you will be tempted to use the funds.  
     We have FHA loan options available for credit scores down to 580 and VA loan options available with credit scores down to 560.  Apply Here and put that tax refund to work!
Posted by Rose Tignor on March 2nd, 2017 11:08 AM

     There aren't many 100% financing loan options available these days but one choice available to Tennesseans is the THDA Great Choice PLUS Program. While this is not a true 100% mortgage, the Great Choice PLUS Program provides qualified Tennesseans up to 5% downpayment and closing costs assistance to be used with FHA, VA, USDA-Rural Development and uninsured Conventional loans.  The 5% assistance is up from the previous amount of 4%.  A factor which has not changed with the new program is that homebuyer education is still required.  The easiest way to meet this requirement is to sign up for the online class.  To register for the online course, visit

     Great Choice Plus is technically a second mortgage, but it is not as complicated as it may sound. Since it is a 0% interest, non-amortizing, deferred loan, there are no monthly payments. The second mortgage loan is forgiven at the end of the term of the Great Choice first mortgage loan. If you choose to sell your home prior to the end of the loan term, or refinance your first mortgage loan, the second mortgage balance would be due.  This is another change from the previous version of the program which had a 10 year recapture period so that under the new program the recapture period is essentially the life of the first mortgage loan.

The following list outlines the minimum qualifications needed for the Great Choice Plus Program:

  1. Satisfactory credit history. THDA currently requires a 640 credit score. To find out your credit score, contact one of our approved lenders in your area. If your score is lower than 640, our homebuyer education counselors can help you with strategies to raise your credit score or visit our credit score resources page here.
  2. Household income not above maximum limits. Great Choice Loans are designed for low to moderate income Tennesseans. Income limits are based on the size of your household and county in which you will be purchasing your home. To see a list of maximum income limits by county, please click here.
  3. Purchase Price of home not above maximum limits. The Great Choice Loan Program is meant for modest homes, therefore maximum purchase price limits are in place and vary by county. To see a list of maximum purchase price limits by county, please click here.
 TO APPLY FOR THIS LOAN VISIT: or contact our office at 615-717-3185 for more information

Posted by Rose Tignor on February 13th, 2017 8:01 AM
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FACT: Rates have risen and there's no indicators that they are going back down.
  • Most borrowers stay in their mortgage for 5 to 7 years. 
  • ARMs allow borrowers to pay down principal faster.
  • A fantastic way to increase equity and drop PMI quicker.


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  • In the past, most ARMs featured heavy prepayment penalties. Now they don't.
  • Today's ARMs are amortized over the full term of the loan, so your borrowers will never be faced with a balloon payment.
  • ARMs also have readily identifiable caps, limiting the amount their rate can adjust.
Talk to your AE Today
Posted by Rose Tignor on February 10th, 2017 9:05 AM

Recently the CFPB published updated versions of the TILA RESPA Integrated Small Entity Compliance Guide and the Guide to the LE and CD Forms.  This update clarified that ALL seller charges are required to be disclosed on page 2 of the consumers closing disclosure, regardless of whether a separate CD is provided to the property seller.

In order to comply and avoid delays in issuing the initial Borrower CD, you should obtain a seller CD as well from your attorney or title company unless the attorney or title company would prefer to list all seller charges in Section H of the buyer CD that would work as well.

Posted by Rose Tignor on January 24th, 2017 12:42 PM

First-time buyers expected to increase say mortgage pros

Three quarters of mortgage professionals polled recently say that they expect first-time buyers’ market share to stay the same or increase by at least 3 percentage points in 2016.

New buyers are a key reason for tightening inventory according to respondents but there are still barriers to homeownership. Most (64 per cent) of respondents said that lack of a down payment was the top obstacle limiting access to mortgage credit; 16 per cent cited inadequate income; 9 per cent said home price; and 8 per cent said poor credit scores.

The high demand from first-timers, together with these barriers to mortgage credit, has led to a rise in piggyback mortgages, a concern for 49 per cent of respondents.

The survey was conducted by Genworth Mortgage Insurance at the Mortgage Bankers’ Association Secondary Conference in New York in May.
Housing counseling collab announced
A national collaboration of lenders, investors, real estate agents and housing counseling agencies announced today that they are joining forces to raise awareness of the opportunities and benefits of working with housing counseling agencies.

The groups, including the Mortgage Bankers’ Association and National Association of Realtors, will help to spread the word about housing counseling and how it can help would-be homeowners.

"Homeownership is an investment in the future, but consumers sometimes need a little extra help on the path to get there," said NAR President Tom Salomone. "Homeownership counseling is available to help consumers meet those challenges head on, and the Homeownership Collaborative will make more people aware that these services are available to them."
How the Presidential election is impacting housing
Three reports this week reveal how the forthcoming presidential election is having an effect on the housing market.

The first, from the California Association of Realtors, shows that historically there has been little impact on the state’s housing market from elections.

“Transitory political events such as presidential elections don’t drive the housing market,” said CAR president Pat “Ziggy” Zicarelli. “Market fundamentals such as housing inventory, affordability, interest rates, job growth, and consumer confidence are the real factors that influence the housing market.”
A separate poll, commissioned by CAR and conducted by The Futures Company think tank, revealed that 70 per cent of respondents who are considering buying a home want their presidential candidates to talk about housing affordability.

Finally, a poll by mortgage lender loanDepot found that 21 per cent say their vote will be influenced by housing and finance policy.

A third say that the candidates are not saying enough on the issue and a similar proportion say that the candidates are doing a bad job of setting out their policies on housing and finance. 

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Posted in:General
Posted by Rose Tignor on June 22nd, 2016 8:17 AM

It turns out homebuyers are really into barn doors.  

When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that feature topped the list. 

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium. 

Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016 and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.  

Here are the top 15 design features:

1. Outdoor Kitchen

Percent of homes that sell for above expected values: 3.7%

How many days faster than expected the home sells: 19

2. Tankless Water Heater

Percent of homes that sell for above expected values: 4%

How many days faster than expected the home sells: 43

3. Backsplash

Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 46

4. Granite

Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 38

5. Stainless Steel

Percent of homes that sell for above expected values: 4.2%

How many days faster than expected the home sells: 42

6. Heated Floors

Percent of homes that sell for above expected values: 4.3%

How many days faster than expected the home sells: 28

7. Frameless Shower

Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 38

8. Pendant Light

Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 48

9. Exposed Brick

Percent of homes that sell for above expected values: 4.9%

How many days faster than expected the home sells: 36

10. Craftsman

Percent of homes that sell for above expected values: 5.4%

How many days faster than expected the home sells: 14

11. Quartz

Percent of homes that sell for above expected values: 6.0%

How many days faster than expected the home sells: 50

12. Subway Tile

Percent of homes that sell for above expected values: 6.9%

How many days faster than expected the home sells: 63

13. Farmhouse Sink

Percent of homes that sell for above expected values: 7.9%

How many days faster than expected the home sells: 58

14. Shaker Cabinet

Percent of homes that sell for above expected values: 9.6%

How many days faster than expected the home sells: 45

15. Barn Door

Percent of homes that sell for above expected values: 13.4%

How many days faster than expected the home sells: 57


Posted in:General
Posted by Rose Tignor on June 14th, 2016 2:44 PM

TRID has caused a lot of problems for lenders – but it may be causing homebuyers to review their mortgage documents more carefully, according to a new study.

A study conducted by the American Land Title Association shows that there’s been a jump in the share of homebuyers who actually take time to review their closing documents. ALTA conducted the survey in two phases. First, the group assessed the closing experience of homebuyers prior to TRID implementation. Then the same information was gathered from homebuyers after implementation.

“Title and settlement agents went to great lengths to prepare and train staff prior to implementation of the regulation,” said Michelle Korsmo, CEO of ALTA. “The hard work of these professionals paid off as 92% of surveyed homebuyers are taking time to review their mortgage documents before the closing. This compares to only 74% of consumers who reported having reviewed their documents prior to the new regulation.”

ALTA did find that TRID implementation caused some closing delays – but according to survey results, the impact wasn’t earth-shattering. Prior to TRID implementation, 77% of closings took place on time. With TRID in effect, that dropped to 74%.

“Settlement agents reported that the top reasons for rescheduling a closing to another day were issues with lender underwriting, a delay from the lender and an issue with the three-day rule,” Korsmo said.

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Posted in:General
Posted by Rose Tignor on May 18th, 2016 9:16 AM

Mortgage savings that homeowners would have realized because of falling interest rates have been cut into deeply – and in some cases, canceled out entirely – by rising home prices.

Black Knight Financial’s monthly Mortgage Monitor report, released Monday, calculated how much per month it would cost to purchase a median-priced home. “All else being equal, interest rate declines would save borrowers significant money on a home purchase,” Black Knight stated in a release.

Unfortunately, all things are not equal, as Ben Graboske, Black Knight Data & Analytics senior vice president, explained. 

"Excluding home price movement, the interest rate decline since the start of the year would save borrowers approximately $44 a month when purchasing the median-priced home nationally,” Graboske said. “However, when you factor in estimated home price appreciation (HPA) – the most recent Black Knight Home Price Index Report for February showed annual HPA at 5.3 percent – those monthly savings fall to just $18.”

It’s not all bad news, Graboske stressed.

“The mortgage on a median-priced home is still more affordable than it was in December, despite rising prices, just not as much as one might expect given that rates are as low as they are,” he said. “This isn't to say that interest rate reductions aren't beneficial to buyers – they almost certainly are. If rates hadn't dropped over the past four months, it would cost an additional $28 to buy the median-priced home today as compared to December 2015. By and large, borrowers are still seeing net reductions in monthly payments across the country heading into the early home buying season. In some areas though, prices are appreciating so quickly that they may have fully offset any savings from rate declines. Assuming the HPA observed in February continues through March and April, it may actually cost home buyers more in monthly principal and interest to purchase the median-priced home in Washington, Colorado and Oregon than it did at the end of 2015, even with a 35 BPS drop in interest rates."

Original from:
Posted by Rose Tignor on May 3rd, 2016 1:03 PM


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