Wes Moore

NMLS# 205189

Senior Loan Officer

Wes Moore
Senior Loan Officer

NMLS# 205189
State Lic: CO # 100507547; NM # 205189; AZ # 0940893;
6733 Academy Road NE
Albuquerque, NM 87109
Direct: (505) 249-4506
Certified Military Housing Specialist
Certified Residential Mortgage Specialist
Military Mortgage Boot Camp Instructor
wesley.moore@academymortgage.com

Academy's My Mortgage App

Welcome!

For me, It’s all about service, and I have been serving families across New Mexico since 1988. In fact, NOW I am licensed in both Colorado, and Arizona!

I joined Academy because of its strong reputation for integrity—based mortgage lending, its unwavering commitment to responsible lending practices, and for its broad portfolio of mortgage solutions and tools.

Since joining Academy, I have helped many individuals and families attain the dream of homeownership. Whether you want to buy a new home or refinance an existing mortgage, I will provide a customized solution for you at competitive rates. No brokering, no middleman, no hassle, no surprises.

Academy is a direct lender, which means that my Branch and Regional Offices are equipped to complete the entire loan process in—house—all loan processing, underwriting, closings, and funding are handled locally. As a result, we have a proven track record of closing loans as quickly and efficiently as possible

I will be in control of your loan file from start to finish, and I will be up—to—date on the status of your loan at all times. I understand the importance of maintaining continuous communication throughout the loan process and commit to providing you accurate, timely, and honest mortgage advice.

I invite you to put us to the test. Let me show you how simple and easy securing a mortgage can be.

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The team did great and now my newborn child can soon have a place to call home ! :) thank you very much!! We love our home ! Jennifer Curry

NMLS# 205189

State Lic: CO: 100507547; NM: 205189; AZ: 0940893;

Corp Lic: CO: 3113; NM: 01451; AZ: BK-0904081;

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Down payment assistance programs can help alleviate savings stress

Buying a house for the first time can be a confusing and complicated experience. Most first-time buyers find there is a lot more to the purchase than they expected. One of the biggest obstacles consumers face is the price.

The median U.S. home price in 2015 was $296,000, a figure that has progressively inched higher since 2009, when the median was $216,700, according to data from the Census Bureau. Most industry experts will advise homebuyers, if they can afford it, to make a 20% down payment. Doing so will likely help them secure a low interest rate on a residential mortgage while also avoiding the cost of private mortgage insurance.

The daunting down payment

Still, coming up with 20% of nearly $300,000 is a lot to ask - it rounds out to nearly $60,000. Most homebuyers source their down payments from their personal savings, according to the National Association of Realtors' Profile of Home Buyers and Sellers. But a 2015 GOBankingRates survey found that just 14% of people have more than $10,000 in their savings accounts. As such, it doesn't come as a surprise that the typical down payment is well below the 20% mark:

Fortunately, there are plenty of options for those homebuyers who are lacking in the savings department. More than 24,000 homebuyer programs are available to consumers, with down payment assistance programs being among the most popular, according to Down Payment Resource.

DPAs can be helpful resources to prospective homebuyers who don't have enough money in savings for a substantial down payment. But they also help communities, noted Leslie Darling, the executive director of the Chicago Infrastructure Trust, which debuted a new DPA in May, 2016.

"More than 24,000 homebuyer programs are available to consumers."

"We know where there is more home ownership in a community it makes for a greater community and a safer community," she explained to a group of real estate agents, according to DNAinfo.

How to research DPAs

1. Find programs in your area

DPAs are often offered through state, county and city governments, wrote Danny Gardner, Freddie Mac's vice president of Single-Family Affordable Lending and Access to Credit. Your mortgage lender may have one available to you, or know about programs in your community.

2. Research eligibility requirements

Eligibility requirements vary between programs, and might include:

If you qualify, you could receive a couple thousand dollars or more toward your down payment or closing costs.

Gardner noted that some programs require borrowers to attend homebuyer education counseling.

Since DPAs are usually available through a government source, funds are often limited. Most programs are issued on a first-come, first-served basis.

While DPAs are commonly regarded as programs for first-time homebuyers, don't worry if you've already owned a home. DPR explained that the U.S. Department of Housing and Urban Development considers anyone who hasn't owned a home for three or more years a first-timer. Plus, there are plenty of programs that don't have a first-time buyer requirement.

3. Ask about payment plans

Repayment requirements also vary. Some programs want all money repaid, while others don't ask for any payments, according to The Mortgage Reports.

At a time when home prices are continuing their rise, an inventory shortage is inspiring bidding wars in many areas, and monetary policy changes are pushing mortgage rates higher, DPAs could become a key aspect of the homebuying process. Making sure you know all options available to you is crucial in making an informed purchasing decision.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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Fannie Mae just made getting a mortgage easier for some student loan borrowers

In an effort to reach out to homebuyers and owners juggling student loan and mortgage payments, Fannie Mae announced several new policies that ease some of the challenges these people face.

There are three major changes that are expected to make obtaining a residential mortgage easier for borrowers with student debt.

Three new rule changes

The first is the student loan cash-out refinance. This allows borrowers to refinance a current mortgage to use the funds to pay down the remainder of their student loans. They could also potentially get a lower mortgage rate in the process.

"44.2 million Americans are paying down student debt."

The second change applies to borrowers who have some debt that's paid by others, such as a borrower whose parents pay down the monthly credit card, auto loan or student loan payments.

Under the old rule, these balances would be included in a borrower's debt-to-income ratio - a measure lenders look at as one way to determine the risk associated with a potential borrower. The new rules state that they can be excluded from the DTI calculation, as long as they meet two requirements:

The third new rule allows lenders to look at student loan debt and the actual payments being made as part of the DTI calculation. Previously, lenders were required to factor in 1% of the total student loan debt. The problem with this practice is that many students paid less than 1% on a monthly basis.

According to Student Loan Hero, 44.2 million Americans are paying down student debt, and the typical graduate is leaving college with around $30,000 in debt; 1% of this amount would be $300. While the average monthly student loan payment is higher than this - $351 - the median monthly student loan payment is just $203.

Many times, factoring in an amount that was different than borrowers' actual loan payments artificially increased their DTI calculation and disqualified them from getting an affordable home loan with many lenders.

Addressing a growing trend

Fannie Mae announced these rules in response to an obstacle many prospective homebuyers have encountered in recent years. While there are many ways people can balance student loan debt and mortgage payments, it isn't easy. The National Association of Realtors found that 13 percent of homebuyers in 2016 said saving for a down payment was the hardest part of the homebuying process. Nearly half of these respondents said it was student loans that held them back.

"We understand the significant role that a monthly student loan payment plays in a potential home buyer's consideration to take on a mortgage, and we want to be a part of the solution," Jonathan Lawless, Fannie Mae's vice president of customer solutions, explained in a statement. "These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers."

While these new rules are designed to aid borrowers, there is always a risk associated with new programs such as these. Some worry that, by changing the DTI formula, lenders won't get as accurate a picture of a borrower's actual ability to pay down their mortgage, The Washington Post reported. In reality, these rules will likely be a wonderful help for some borrowers, but not quite the right solution for others. To determine whether any of them are a good option for you, reach out to Academy Mortgage.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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3 sources of down payment funds that aren't your savings

Thousands of Americans make the move to homeownership every month. But buying a home isn't always simple. In fact, it can often become confusing and stressful.

What is making the buying journey difficult for consumers?

For many, saving up for the down payment is the most challenging hurdle to overcome, as cited by 13 percent of people who participated in a survey by the National Association of Realtors.

And, though it's become more widely known that the "standard" 20 percent down payment isn't always necessary, many still struggle to save up.

But, did you know there are more ways to come up with the funds for a down payment than simply through savings?

Here are some perfectly sound yet commonly overlooked means to funding your home purchase:

1. Explore a zero-down mortgage program

For the average conventional mortgage, borrowers who put less than 20 percent down are charged an added fee called Private Mortgage Insurance. However, the conforming mortgage isn't the only financing path consumers can take.

Several programs that are backed by the government allow qualifying borrowers to take out a mortgage without making any down payment at all.

VA loans are for active-duty service members, veterans and spouses of those who fit these two distinctions. Eligibility rules are based on date and duration of service, and not everyone qualifies. However, it's worth checking out; no down payment is required, and neither is paying PMI.

USDA loans are granted to buyers looking in a qualifying area - often rural or suburban locations - and under a certain income limit. The actual limit varies state by state, county by county. Like VA loans, there's no required down payment or PMI.

FHA loans aren't zero-down mortgages, but the down payment can be very low if your credit score is above a certain threshold. If your score is higher than 580, you're only required to put down 3.5%.

2. Save gift money for a home

If you've recently gotten married or had a baby, you perhaps received financial gifts from family and friends. Though commonly believed to be off-limits for home purchases, this cash is actually perfectly fine to help fund your down payment.

Though considered a wedding-planning faux pas for many years, stating your preference for a cash gift is becoming more widely accepted today, according to The Knot. You'll still want to set up a traditional registry for those guests who really would rather pick out a gift and you should steer away from naming specific amounts, but it's unlikely that many of your guests will truly be offended at your request.

3. Sell something

More than one-third of respondents to NAR's survey for its 2016 profile of home buyers and sellers said their down payment came from the sale of a primary residence. If you're already a homeowner, it's pretty common to use the proceeds from selling the home as a down payment on your next purchase.

But what about those first-time buyers who don't have a house to sell yet?

Take a look at your other assets, Money Talks News suggested.

Do you have an extra car? What about a motorcycle? Too many flat-screen TVs, or simply an attic full of stuff? Maybe one of these items isn't worth much, but a whole attic-full might be.

Is a lack of savings keeping you from realizing your dreams of homeownership? Don't let your goals become delayed because of a shortage of cash. There are plenty of options to obtain the funds for down payment.

To learn more about how to become a homeowner this year, reach out to Academy Mortgage.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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