Per Diem Income

Can per diem income be used on your mortgage loan?

This question is as answered on a case by case basis. Generally per diem is given a reimbursement of expenses. In this scenario, the income cannot be used for qualifying for a mortgage. When speaking with a lender, it is very important to distinguish up front how the per diem is paid. Lenders look at the following:

1. Is it a reimbursement of expenses?
2. Is it steady income every pay period?
3. Is it expected to continue?

Contact me today for more information!


Danielle Hifko
New American Mortgage
910-581-6398

Why? Here is Your Answer.

Why do mortgage companies ask for so many items? Here is an explanation of why they need specific items!

-Bank statements – It is usually required to provide two months of bank statements

                  1. Review average balances – if your account shows $100 average but your monthly payment is increasing $200, this is a red flag

                  2. Look for any large deposits – deposits that are not direct deposit payroll must be verified over a certain amount to make sure you have not borrowed money to help qualify

                  3. URL/Teller signature and stamp – this is often required to help validate the statements

                  4. Full account numbers – to match accounts up to your name

-Paystubs with Year-To-Date Income – to verify how much you have earned all year – your pay could be $15.00/hour, but by having the year to date income we can see that you have not missed a significant amount of work throughout the year.

-Divorce/Separation/Child Support paperwork – we need to insure what alimony or child support is being received or distributed.  This is a vital part of the approval process because it can affect the outcome of the approval. 

-Awards letter for retirement/disability/social security – even though we will see it deposited monthly into the bank account, we still need the awards letter to verify the true award amount being given.

Contact me today for more information!

Danielle Hifko

New American Mortgage

910-581-6398

3 Move-In Ready Homes Available with More Coming SOON!!!!

Currently there are 3 move-in ready homes available. The Blue Ridge is a 4 bedroom, 2.5 bath with 2 fireplaces and 2,500+ sq. ft for the amazing NEW price of $263,000. The Beal St. has 3 bedrooms, 2.5 baths and a cute loft area upstairs perfect for a reading area/study, kids play room, tv room, etc. Use your imagination and make it what you want it to be! The Beal St. is 1,700+ sq. ft. for only $176,000. Finally the third move-in ready home available is the open concept floor plan of the Cardinal that has 3 bedrooms, 2.5 baths and 1,500+ sq. ft. for $180,000. All three homes are constructed by American Homesmith.

Keep your eyes open for the new floor plans and move-in ready homes that are coming soon built by all three of our preferred builders, American Homesmith, 70 West Builders & VA Builders.

If you would like to tour any of these three homes or sit down and review the upcoming floor plans and other options available here at Southwest Plantation give us a call at (910)346-1227 or visit our interactive Neighborhood Map on SouthwestPlantation.com.

If You Are Looking For Luxury We Have It For YOU!

The Unique thing about Southwest Plantation is that we offer homes ranging from $150,000 and up. This home is part of our Executive Retreats and has an amazing view of the 8th green and pond of the beautiful 18-hole championship Bear Trail Golf Club.

At this great price the home will not sit for long. Give us a call to schedule an appointment to view the home or stop by anytime for a tour of your new home!

Only 4 Move-In Ready Homes Left!!!!

Things are moving right along out here at Southwest Plantation starting with our homes. We have 4 homes available that range in square footage from 1500-2500+. Each home has a different vibe and finishings. If you are going for a more traditional feel than American Homesmith is the way to go. But if you are looking for something a bit more contemporary 70 West Builders has what you want. VA Builders is amazing at custom builds, Bungalows and Traditional homes. 

Take a look at the list below and when your home catches your eye give us a call or stop by for a tour. Remember that we have over 35+ floor plans to choose from, so if you don't see your home on this list we have your home waiting for you at the Sales Center.

USDA Changes

As of February 15th, 2012 USDA is now going centralized in North Carolina. What does this mean for us?

With these changes being made, we are unsure of what the new turn-around times will be to receive an approval on files that are sent to them. Previously, it would usually take two-three days to receive a response from USDA. Other states have already gone centralized, some starting off with turn-around times of two weeks or more. As time passed, the turn-around times lessened.

Contact me today for more information!

Danielle Hifko
New American Mortgage
910-581-6398

Financing an Adjustable Rate Mortgage

When is it a good decision to finance (or refinance) to an adjustable rate mortgage (ARM)?

What is your goal? If your goal is to keep your monthly payments as low as possible and you have a specific time frame for selling your property, an ARM might be the best option for you.

If your goal is to pay down the loan quickly or to avoid the risk of increasing monthly payments, then a fixed-rate mortgage might be a better option.

If paying the loan down quickly is your goal, a 10 or 15 year mortgage may fit your needs as well.

Contact me today to figure out which option best suits your needs!

Danielle Hifko
New American Mortgage
910-581-6398