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Myron Fears

Loan Originator |NMLS 1459700
  • (770) 689-6861
  • mfears@umortgage.com

Meet Myron!

As your trusted UMortgage Loan Originator, my goal is to simplify the mortgage process to make your home loan experience easy to navigate! Please reach out so I can help start your home financing journey.

Serving Homebuyers In:

  • Florida
  • Georgia
  • Kentucky
  • Maryland
  • Ohio
  • Tennessee

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USDA Expands Financing for Manufactured Homes: What You Need to Know

The USDA is making it easier for homebuyers to finance manufactured homes by expanding its manufactured housing provisions nationwide starting March 4, 2025. This update means more affordable homeownership options for moderate- to low-income buyers, especially in rural areas. Here’s everything you need to know about this change and how it could help you achieve homeownership without breaking the bank. What is a Manufactured Home? A manufactured home is a factory-built home that meets the U.S. Department of Housing and Urban Development (HUD) construction standards. Unlike mobile homes built before 1976, manufactured homes are permanently attached to a foundation and must meet modern safety and energy efficiency regulations. They’re a great option for buyers looking for an affordable, high-quality home in rural and suburban areas. What is a USDA Loan? A USDA loan is a government-backed mortgage designed to help homebuyers in eligible rural and suburban areas purchase homes with 0% down payment. These loans are part of the U.S. Department of Agriculture’s mission to promote homeownership in communities where conventional financing options may be limited. What Are The New USDA Manufactured Home Guidelines? Previously, USDA loans had strict limitations on financing manufactured homes. The new expansion introduces the following key changes: Existing manufactured homes are now eligible if they meet certain safety and quality standards. Single-wide and double-wide manufactured homes are now approved nationwide. Financing is now available for energy-efficient manufactured homes in nonprofit land-lease communities and on Tribal lands. Homes must meet updated eligibility criteria, including being built after January 1, 2006, and being permanently placed on an approved foundation. The dealer approval process has been simplified, making it easier to buy a home from a USDA-approved seller. How to Qualify For a USDA Home Loan To qualify for a USDA loan on a manufactured home, buyers must meet these requirements: Minimum credit score of 580 Primary residence only (no second homes or investment properties) Property must meet USDA eligibility criteria, including foundation and age requirements Income limits apply based on location and household size Homes must not have been previously installed in another location How It Benefits Homebuyers The USDA Manufactured Home Program Expansion makes homeownership more accessible by increasing affordable housing options. Here’s why this change is a big deal for buyers: More choices: You can now finance existing manufactured homes instead of just new ones. Affordable payments: With 0% down and low mortgage insurance, monthly payments remain budget-friendly. Low Private Mortgage Insurance (PMI): The 0.35% PMI keeps your monthly payment low. Increased flexibility: Buyers can purchase in land-lease communities, Tribal lands, and more rural areas. Faster approval process: A streamlined dealer approval process speeds up home financing. This expansion is a major step forward that’s making homeownership more accessible for families who might not qualify for conventional mortgages. If you’re interested in exploring your eligibility and homebuying opportunities in your area, fill out this form or get connected with a UMortgage Loan Originator near you!

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Housing Market Update | Week of February 17th

Last week was a rollercoaster week for mortgage rates, but we came out of the other side with lower rates thanks to Thursday’s PCE inflation report and a particularly low retail sales report on Friday. The week ahead should be quieter: the biggest headlines will come from multiple Federal Reserve members speaking throughout the week, a housing starts report on Wednesday morning, and our weekly initial jobless claims report on Thursday. If we see any significant movements, it’s most likely to be caused by Thursday’s jobless claims data amid recent government layoffs. Last Week's Mortgage Rate Recap Rates Dropped Mortgage rates and the 10-year were both all over the place last week. Volatility started with a higher-than-expected Consumer Price Index (CPI) report on Wednesday; according to this report, overall inflation rose by 0.5% in January. Just when rates looked like they could climb even higher, Thursday’s Producer Price Index (PPI)—which shares many components with the Fed’s favored Personal Consumption Expenditures (PCE) inflation report—showed signs of softening, boding well for future inflation reports. However, Friday's retail sales report decisively made mortgage rates fall. Markets expected a 0.1% decline in retail sales, but the actual figure came in at a whopping 0.9% drop. This indicates that many consumers have reached their limits with credit and that a weaker economy could be on the horizon. When the data shows a weakening economy, the 10-year yield and mortgage rates drop. The labor market will need to continue to weaken for rates to drop more significantly, hence the importance of the weekly jobless claims report released every Thursday. This Week's Mortgage Rate Forecast Rates Should Be Stable We saw some unexpected volatility last week, with rising inflation appearing to start to impact consumer spending. This week should be a little quieter. We have Federal Reserve Presidents speaking throughout the week; depending on what they say, we could see the markets react to their comments. Additionally, the spotlight is starting to shine more heavily on Thursday’s weekly jobless claims report because of recent widespread layoffs. As seen last week, things can change quickly. Make sure to stay in touch with your UMortgage Loan Originator throughout the week for periodic updates as the market reacts to these headlines and data.

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How to Deduct Mortgage Interest from Your Yearly Taxes

Homeownership comes with plenty of financial benefits. Understanding these benefits and how to take full advantage of them can help you keep more of your money in your pockets. Among those benefits are tax advantages such as Home Mortgage Interest Deduction. This permits homeowners to deduct interest paid on loans secured by their primary or secondary residence. These loans include mortgages used to purchase, build, or substantially improve a home, as well as second mortgages & certain home equity loans. If you’re unsure whether you qualify, contact your UMortgage Loan Originator! They can either find the answer for you or connect you with a tax professional who can provide accurate guidance. What Types of Loans Qualify For The Home Mortgage Interest Deduction? There are strict guidelines regarding the types of loans that qualify for this tax deduction. More broadly, it can be split into two categories: home acquisition debt and home equity debt. Home Acquisition Debt: These are your most typical mortgages. Specifically, loans that fall into this bucket include loans that are used to buy, build, or substantially improve a home. Home Equity Debt: These include loans secured by your home. Not all home equity debt qualifies; the loan proceeds must be used to substantially improve the residence. So, if you used a HELOC or a cash-out refinance specifically to fund a home improvement project, you most likely qualify. If the funds are used for debt consolidation or other personal expenses, you may not qualify. While the type of loan determines qualification, that’s not the only box that must be checked before eligibility is confirmed. The type of home secured by the loan also plays a part. Primary Residences: If you reside in the home which you’d like to deduct interest paid from, you must reside in the property for at least 51% of the year. Second Homes: This is where it gets a little more complicated. Second homes can be considered something like a vacation home or potentially a rental property, if it passes certain specifications, which we’ll detail below: Second home not rented out: If you have a second home that you don’t hold out for rent or resale to others at any time of the year, you can treat it as a qualified home. You don’t have to use the home during the year. Second home rented out: If you have a second home and rent it out for part of the year, you must also use it as a home during the year for it to be a qualified home. You must use this home for more than 14 days or more than 10% of the number of days during the year that the home is rented, whichever is longer. If you don’t use the home long enough, it’s considered a rental property and not a second home and therefore does not qualify. How Much Mortgage Interest Can You Deduct? The amount of interest you can deduct depends on when the mortgage was taken out and its purpose: Mortgages Taken Out Before October 14, 1987: All interest paid is fully deductible, as these are considered "grandfathered" debts. Mortgages Taken Out Between October 14, 1987, and December 15, 2017: Interest is deductible on the first $1 million of mortgage debt ($500,000 if married filing separately). Mortgages Taken Out After December 15, 2017: Interest is deductible on the first $750,000 of mortgage debt ($375,000 if married filing separately). Suppose you entered into a binding contract before December 15, 2017, to close on the purchase of a principal residence before January 1, 2018, and purchased the residence before April 1, 2018. In that case, the higher limit of $1 million applies. How to Deduct Mortgage Points from Taxes Did you buy down your interest rate when you purchased your home or refinanced? Those points might be tax deductible. Points are upfront fees paid to the lender to secure a lower interest rate on your mortgage. So long as the loan qualifies based on the guidelines outlined above—such as the loan being for your primary residence and the points being a standard practice in your area—they can be deductible in the year paid. If these conditions aren't met, the points may still be deductible but spread out over the life of the loan. To claim the Home Mortgage Interest Deduction, follow the following steps: Itemize Deductions: Instead of taking the standard deduction, you must itemize your deductions on Schedule A of your tax return. Maintain Accurate Records: Keep detailed records of all mortgage interest payments. Your lender will typically provide a Form 1098, which reports the interest you've paid during the year. Complete Schedule A: Enter the deductible amount on the IRS’s Schedule A form, linked here, to reduce your taxable income. By properly utilizing your Home Mortgage Interest Deduction, you can save a substantial amount of money over the life of your loan. Want to know more ways to save as a homeowner this tax season? Check out our complete guide here. In all cases, confirm first that you meet the eligibility requirements before filing your taxes—consulting with your UMortgage Loan Originator or a tax professional if clarity is needed. The information in this blog was sourced from IRS publication 936. Refer to the publication at https://www.irs.gov/publications/p936#en_US_2024_publink1000229990 for more information.

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