Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
Whether you're looking to move, invest, start a business or expand, Didier will share everything you need to know on his show every week.
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Buying Florida
What is trending right now in the mortgage business
1. FHA Streamline Refinance
Purpose:
Simplify refinancing for homeowners who already have an FHA loan — lowering their rate or switching from an ARM to a fixed rate with minimal paperwork and cost.
Key Features:
No income verification usually required
No appraisal required in most cases (uses the original home value)
Limited credit check — just to confirm good payment history
Must benefit financially (lower rate, lower payment, or move to a more stable loan)
Basic Rules:
You must already have an FHA-insured loan
No late payments in the past 12 months
At least 6 months must have passed since your current FHA loan was opened
The refinance must result in a “net tangible benefit” — meaning it improves your financial situation
Appraisal Waiver:
Most FHA Streamlines don’t require an appraisal at all — it’s based on the original value when the loan was made.
👉 So, the loan amount can’t exceed your current unpaid principal balance plus upfront MIP (mortgage insurance premium).
🟦 2. VA Streamline Refinance (IRRRL)
(IRRRL = Interest Rate Reduction Refinance Loan)
Purpose:
For veterans, service members, or eligible spouses who already have a VA loan, this program allows them to lower their rate quickly and cheaply.
Key Features:
No appraisal required (uses prior VA loan value)
No income or employment verification
Limited or no out-of-pocket costs (can roll costs into new loan)
No cash-out allowed — it’s only to reduce the rate or switch from ARM to fixed
Basic Rules:
Must have an existing VA-backed loan
Must show a net tangible benefit (like lowering monthly payment or rate)
Must be current on mortgage payments
Appraisal Waiver:
VA Streamlines typically waive the appraisal entirely, meaning your home value isn’t rechecked.
This makes the process much faster and easier.
🟨 3. The “90% Appraisal Waiver” Explained
This term often shows up when:
A lender chooses to order an appraisal, but wants to use an automated value system (AVM) or
When the lender uses an appraisal waiver (like through FHA/VA automated systems) up to 90% of the home’s current estimated value.
In practice:
It means the lender or agency allows the loan amount to be up to 90% of the home’s estimated value without a full appraisal.
It’s a type of limited-value check — often used when rates are being lowered and no cash-out is being taken.
It helps borrowers avoid delays and costs tied to a new appraisal.
Example:
If your home’s estimated value (per AVM or prior appraisal) is $400,000, a 90% waiver means your loan can go up to $360,000 without needing a new appraisal.
✅ Summary Com
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