First Meridian Mortgage is an Official Drop off for Toys For Tots

First Meridian Mortgage is an Official Drop off for Toys for Tots

First Meridian Mortgage is proud help to be an Official Toys for Tots Drop off and collection site for new, unwrapped toys for the 2023 holiday season. The Toys for Tots program is ran by the Marine Corps Reserve foundation.

About Toys for Tots –

Toys for Tots, a 74-year national charitable program run by the U.S. Marine Corps Reserve, provides happiness, and hope to less fortunate children during each Christmas holiday season. The toys, books, and other gifts collected and distributed by our Marines and volunteers during the Christmas season offer these children recognition, confidence, and a positive memory for a lifetime. Toys for Tots also provides support year-round to less fortunate families experiencing challenges and exceptional circumstances, thus sending a message of hope beyond the holiday season. It is such experiences that help children become responsible citizens and caring members of their community. Last year, the Marine Toys for Tots Program fulfilled the holiday hopes and dreams of 7.4 million less fortunate children in over 800 communities nationwide. Since 1947, over 272 million children have been assisted. The Marine Toys for Tots Foundation is a not-for-profit organization authorized by the U.S. Marine Corps and the Department of Defense to provide fundraising and other necessary support for the annual Marine Corps Reserve Toys for Tots Program. For more information, please visit www.toysfortots.org.

Drop Off location :

First Meridian Mortgage

c/o Toy for Tots

8305 Richmond Hwy 12A

Alexandria VA 22309

Link to other drop off sites

My personal Connection to Toys for Tots

In 1986, at the age of 18, I found myself stationed at the 8th and I Marine Barracks. On a special assignment, I served as the driver for a 5-ton cargo truck, dressed in my sharp Dress Blues, heading to the Mad Hatter to represent the Marine Corps Toys for Tots program. Spending a few hours at the event, I collected around 50-60 toys, which seemed pretty cool to me at the time. It’s important to note that, being just 18, I was still a kid myself.

It wasn’t until the end of the night, when I backed the truck up to the warehouse for unloading, that the true impact of our efforts hit me. With the help of another Marine, we opened the warehouse doors, and to my surprise, I saw a towering mountain of toys, reaching about 40 to 50 feet high. It was then that I realized the significant difference we were making in bringing joy to countless kids on Christmas day.

While I understood that some Toys for Tots runs were mandatory, many, like mine, were volunteered. The experience was profound, and as an 18-year-old, I couldn’t express enough the joy it brought me to be part of such a meaningful program.

Now, as a Marine and a proud veteran running my own business, I am honored to be an official Drop Off location for the Toys for Tots Program. I urge everyone to consider contributing by dropping off or sending a new, unwrapped toy—it’s a small gesture that can make a big difference in a child’s life.

Kevin Retcher

Save Thousand by Putting less Money Down!

How a 3% Down Program Can Be Cheaper than 5% – First Meridian Mortgage

Are you dreaming of homeownership but concerned about the upfront costs? At First Meridian Mortgage, we have an exciting solution that can make owning a home more affordable than you think. Our 3% Down Program offers a unique opportunity to save money and achieve your homeownership goals. In fact, you may be surprised to learn that this program can be even cheaper than a 5% down payment option. Let’s explore how this program can help you unlock affordable homeownership and save thousands of dollars.

Generous 2% Down Payment Grant:

Thanks to our partnership with a national wholesaler, we can provide a 2% down payment grant of up to $4,000. This grant can be used towards your down payment or closing costs, significantly reducing your upfront expenses. Whether you’re a Millennial or a Gen Z buyer who has saved 3-5% for a home, this program is designed to make homeownership more accessible and affordable for you. Plus, the down payment and closing costs can also be gifted by a family member, widening the possibilities even further.

Simple Qualification Process:

✅ To take advantage of this incredible program, you need to meet a few requirements.

First, you must qualify under the Freddie Mac Home Possible Guidelines, which offer flexible and accessible financing options.
Second, your household income must be below 80% of the Area Median Income (AMI) based on county limits. For example, in the Metro DMV area, the income limit is $112,400.
Third, while you don’t need to be a first-time homebuyer, if you are, you’ll need to complete a homeownership class to enhance your knowledge and confidence.

💰 Making the Numbers Work in Your Favor:

Now, let’s dive into the financial benefits of our 3% Down Program. Imagine a scenario where you’re considering a 5% down conventional loan versus a 3% conventional loan on May 24, 2023:

🏢 Property Details: Purchase price (condo): $430,000

💼 5% Down Payment: Loan amount: $408,500 Interest rate: 6.510% Principal and Interest (PI): $2,584.68 Mortgage Insurance (MI): $64.68 Total PI and MI payment: $2,649.36

🌟 3% Down Payment: Loan amount: $417,100 Utilize the $4,000 grant to buy down the interest rate to 6.090% Principal and Interest (PI): $2,524.91 Mortgage Insurance (MI): $86.90 Total PI and MI payment: $2,611.81

💰 Total Savings: $48,418 over the life of the loan (including the increase in MI)

By participating in our 3% Down Program, you can potentially save approximately $30,118, plus an additional $21,600 in payment savings, offsetting the increase in mortgage insurance costs of $3,300. These significant savings can make a substantial difference in your financial journey and help you build wealth over time. She was able to also keep $8600 in her bank account and pay less money over the life of the loan.

Flexible Financing for Your Dream Home:

The Home Possible program is a 3% Down program that can be combined with Gifts, and grants to achieve home ownership with less cost. It’s important to note that you don’t need to be a first-time homebuyer to qualify, and you can use gift funds and down payment assistance programs for your entire down payment. This flexibility allows you to structure your finances in a way that best suits your needs and maximizes your savings. This specific 2% Grant is only available through a Mortgage Broker. Mortgage Brokers have a large range of product to choose from if you are not eligible for this program. Give us a call.

We also have a large network of Real Estate Agents that we would love to refer you to. Some have special offers for clients of First Meridian Mortgage.

Don’t let high down payment requirements hold you back from owning

Please call Kevin Retcher at 703-799-5626 or schedule an appointment online at calendy

Don’t miss out on this incredible opportunity to stretch your dollars and achieve homeownership on your terms.

Program Flyers

Grant Flyer

New Lower FHA Mortgage Insurance

FHA Lowers Mortgage Insurance

On February 22, 2023, the Federal Housing Administration (FHA) released Mortgagee Letter 2023-05, announcing several changes to its mortgage insurance premiums (MIP) for new FHA-insured mortgages. These changes are expected to significantly reduce the monthly payment for borrowers and make homeownership more affordable for more Americans.

The most significant change is the reduction in the annual MIP for most FHA-insured mortgages from 0.85% to 0.55% of the loan amount for borrowers who put down at least 3.5% of the purchase price. This means that borrowers will pay a lower amount each year towards their mortgage insurance, resulting in a lower overall monthly payment.

New FHA Loan Limits for 2023

Additionally, the FHA announced an increase in the maximum loan limit for FHA-insured mortgages. The new loan limit is $472,030 for most areas, with higher limits for high-cost areas. The FHA loan limit ceiling for high-cost areas with exceptionally high home values is $1,089,300. These loan limits apply to single-family homes and are subject to change annually based on changes in median home prices. You can find the new loan limits by clicking on the resource section to find the link to fha loan limits.

Using the example of a borrower with an annual income of $100,000, a monthly debt payment of $400, and a DTI ratio of 48%, these changes could have a significant impact on their ability to afford a home. Assuming a 3.5% down payment and a 30-year fixed-rate mortgage with an interest rate of 5.625%, this borrower could potentially afford a home priced at $467,500 vs $450,000, or save approximately $108 per month.

In summary, the changes announced in Mortgagee Letter 2023-05 are expected to make homeownership more affordable for more Americans, especially those with lower down payments and higher debt-to-income ratios. Borrowers should consult with their lenders to determine how these changes may impact their specific situation.

See announcement

Call Kevin Retcher for more details. We originate all our FHA Loans at 1% lender paid compensation which is one of the lowest in the DMV. First Meridian Mortgage believes that FHA home ownership should be affordable. Click here for live rates.

To schedule an appointment please fill out the questions on the Getting started page, this is not an application, but just to get a returned call, or call 703-799-5626.

Score with our low Mortgage Rates

First Time Homebuyers love Super Bowl Parties

If you are hosting your first Super Bowl Party, congratulations on a win for homeownership. Tell them how First Meridian Mortgage can help you score a great interest rate on your new mortgage and become a First Time Homebuyer. If you are looking for a new home so you can host next years big game give us a call at 703-799-5626.

Kevin Retcher will help you get ready to host the Best Super Bowl Party ever next year. www.homebuyersbundle.com

Opt-Out of Prescreens and the DoNotCall List

Protect your Privacy – Prescreen Offers and the Do NOT Call List

Opt-Out Prescreen before you Apply

Protect your Privacy! Are you thinking of getting pre-approved? Kevin Retcher, owner of First meridian Mortgage and KSA Insurance Agency says, “Before you call First Meridian Mortgage or any other lender, you should consider opting out of prescreen offers otherwise known as Trigger Leads.” Why you ask? If you apply for a mortgage and are not on the opt-out list, the 3 major credit bureaus—Equifax, Transunion, and Experian—will sell your contact information to anyone that will buy it based on the fact you had a mortgage credit report pulled. While I believe competition is great—privacy is better.

For a free Flyer on how to opt out click www.firstmeridianmortgage.con/optout.pdf

Lack of Privacy if you have not Opted Out

The bureaus will sell your name, email, credit scores, every phone number, and addresses on file. They do not just sell these to one person. They will sell that information to as many clients as they can. First, you will start to begin to receive phone calls, then texts and notifications all hours of the day for about a week. In a particular case, one client of mine had received a combination of 94 texts, emails, and unwanted calls after two credit pulls. Keep in mind if you get pre-approved with more than one lender on different days, you are now on multiple lists and the process starts all over again.

A key note is that many of the text or emails misrepresent their sender, or try tricking you into thinking they are the lender you applied with. They often use verbiage that try to solicit or make you responding/reapply.

The only argument to accepting this torture is that if one of the multiple calls or numerous emails would result in a deal better than the one provided. However, I would argue that the trusted referral, repeat service, and research done on line will be a better choice than the random company with high pressure sales tactics.

What are Trigger Leads

Trigger leads are the bureaus making money by selling your information. It begins when you have someone pull your credit for a variety of reasons. They then sell that information to as many clients that will buy it. This practice has gotten worse as the business has slowed. The average cost of a credit check for a pre-approval has tripled in recent months to an average of $125 for married couple and $65 for a single client with three credit bureaus. It is cheaper for a client to buy trigger leads than to actually do the work. Money for them, unwanted calls after a credit pulling for you.

Stop Trigger leads, Stop Selling my information

The FCRA provides you the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your credit file information. You can Opt-Out and protect yourself here. The consumer has three options:

Opt-IN (which I cannot suggest)
Opt-OUT for 5 years (phone and email)
Permanent Opt-Out of Mail

You will need your name, address, SSN and DOB to Opt-Out. The biggest reason to submit to the list is the fact that senders are using your personal data as a product without your permission. They do not monitor the ways the info is used, nor know the legitimacy or reputability of the offers. They are only in it for the money! They are searching for the highest bidders, opening you up to lost time, potential scams, and potentially more costly deals.

DO-Not-Call List or National Do not Call Registry

The National Do Not Call Registry is a list of phone numbers from consumers who have indicated their preference to limit the telemarketing calls they receive. The registry is managed by the Federal Trade Commission (FTC), the nation’s consumer protection agency. It is enforced by the FTC, the Federal Communications Commission (FCC), and state officials.

For FAQ on the Do-NOT-Call List, click here.

Registering will not keep bonified business relationships from being able to contact you (they are allowed to continue for up to 18 months), but it will keep a number of solicitations to a minimum.

Will the Registry stop ALL unwanted calls?

No. The Do Not Call Registry stops sales calls from companies that do not have a previous established relationship with you. The Registry provides a list to telemarketers detailing what numbers they are not supposed to call. The FTC does not and cannot block calls—that is not what they do. Furthermore, the Registry cannot stop calls from scammers who ignore the Registry.

One reason people get a lot of unwanted calls is because it’s easy and cheap for scammers to call people anywhere in the world. Skilled in masking their calls with local numbers, scammers can make it difficult for the consumer to identify them. To get fewer unwanted calls, read the Federal Trade Commission’s article. Between cell phones, landlines, and home phones with access to internet (VoIP), there are different call-blocking and call-labeling options to implement.

You can find a list of some call-blocking and call-labeling apps for cell phones at ctia.org, a website for the U.S. wireless communications industry. For company-specific information about blocking calls on landlines and phones that use the internet, go to the FCC’s Call Blocking Resources.

Register on the National Do Not Call Registry

It is simple and easy to Register

All you have to do is to go to DoNotCall.gov

Click Register my phone
Then you can verify your Registration also
This only take a minute or two to do.

Protect your Privacy

Kevin Retcher, the owner First Meridian Mortgage and KSA Insurance Agency takes privacy seriously. If time allows to Opt-Out and access the Do-Not-Call list, then you should do it. If the perfect house is on the market and you do not have 7-10 days for the lists to update, then it is ok to move forward, but just be aware that you will be potentially receiving a lot of unwanted, and unsolicited notifications from strangers. The higher the score, the more calls you are going to get. If you would like more information or want to get preapproved call 703-799-5626.

2023 Conforming Loan Limits

2023 Conforming Loan Limits

The FHFA has just announced the official conforming loan limits for 2023. We are honoring these new 2023 limits starting tomorrow, November 30, for conventional and VA loans. This means:

$726,200 for regular one-unit loans (increased from $647,200 in 2022)
$1,089,300 for one-unit high-balance loans (increased from $970,800 in 2022)

For a full list of the new limits per county across the nation click here.

For a list of Virginia, Maryland and District of Columbia click here.

The increase is approximate 12.21% increase over the 2022 loan limits. If you have a friend or family member looking buy or refinance in 2023, call First Meridian Mortgage. (703)799-5626 or visit www.firstmeridianmortgage.com.

Get live wholesale mortgage broker rate quotes with no personal information needed click here.

Kevin Retcher of First Meridian Mortgage is ranked as the #1 ranked Mortgage Broker In Virginia by Scotsman Guide 2021.

First Meridian Mortgage is Mortgage Broker Lending in Virginia, Maryland and District of Columbia NMLS ID#180004 www.nmlsconsumeraccess.org,

Top Veteran Loan Originator List – Kevin Retcher

Scotsman Guide Releases Top Veteran Loan Originators 2022 Rankings

First Meridian Mortgage Corp – Kevin Retcher Ranked as One of the Nation’s Top Originators

Fairfax, VA – 7/1/2022 – First Meridian Mortgage Corp. congratulates Kevin Retcher for ranking #15 as a Veteran Loan officer by volume in the nation. He was also ranked #1 Veteran Loan Officer in Virginia and is also the #1 ranked Mortgage Broker/loan officer in Virginia.

Congratulations to Kevin Retcher For making the list! Link to List

Scotsman Guide full online edition

From Kevin Retcher

Thank you! I am privileged to have so many loyal clients and advocates at First Meridian Mortgage. I would like to thank all of my clients and real estate agents and referral partners that continue to send me business. I am honored to have served in the Marine Corps. and equally honored to continue to serve the Virginia, Maryland and Washington DC communities in the search for home ownership. I am the owner of First Meridian Mortgage and we are veteran- owned and have been servicing the DMV since 1996. As a veteran- owned mortgage broker shop I do take extra pride that I am one of the best priced mortgage broker/companies in the area for the veteran/active duty serviceman. I especially enjoy working with military families that PCS into and out of the area. I am located in Alexandria, Virginia just outside of Fort Belvoir, near the Pentagon and many other installations.

We are local , so if you would like to come to my office, I can show you the rates personally or call 703-799-5626. All consultations are free!

I also have other ways to save you money with our No Closing Cost Refinance Program, KSA Insurance Agency Inc. and Homebuyers Bundle that links realtors and our lending services together (a true bundle that will save you money).

Please call Kevin Retcher at the Office 703-799-5626, Cell 703-201-6138, email kevin@firstmeridianmortgage.com

8305 Richmond Hwy 12A, Alexandria VA 22309

Rankings provided by Scotsman Guide:

Scotsman Guide Media Inc. has been the leading provider of digital tools and resources for the mortgage industry for nearly three decades. Scotsman Guide Media publishes a residential edition and a commercial edition of Scotsman Guide, in addition to Scotsman Guide News, Loan Post and other offerings at ScotsmanGuide.com. Each month, the magazines reach tens of thousands of subscribers nationwide. Scotsman Guide connects mortgage originators with wholesale and commercial lenders.

Divorce Lending

Divorce Lending

Navigating a divorce is hard enough but when property is involved it does add another layer of issues. Learn how a lender will look at your financial picture when you have a home that is part of a divorce. The approach is different for a purchase or a refinance. These are not the only scenarios but the most common.

Purchase with Contingent Liability

If your borrower wants to buy a house but is still on the mortgage of their current house, this debt does not have to affect their buying power. When a borrower has outstanding debt that was assigned to another party by a court order (such as under a divorce decree or separation agreement) and the creditor does not release the borrower from liability, the borrower has a contingent liability. However, the lender is not required to count this contingent liability as part of the borrower’s recurring monthly debt obligations. The lender is also not required to evaluate the payment history for the assigned debt after the effective date of the assignment. The lender cannot disregard the borrower’s payment history for the debt before its assignment. If a buyout is still needed see below. Download divorce lending flyer

Refinance – Spousal Buyouts

If the borrower has a court order (such as a divorce decree or separation agreement) and one spouse is buying out the other spouse on a conforming loan, the loan is not considered cash- out as long as the spouse keeping the property does not receive any cash-out and all funds are itemized to the spouse on the closing disclosure.
The key in most divorces is that one spouse wants to be removed from title and liability (mainly to protect credit or receive funds). This is the main catalyst in needing to divide up and settle the assets at the earliest possible time frame. The cash to buy out the other spouse is also an issue if cash on hand is not available. Most agreements will state a timeline for removal of the liability and/or sale. Having a court document allows the refinance to be expedited as a non cash-out which saves money.

Value of property

The value of the property (not including alimony, and/or child support) is usually the hardest battle in negotiating the property settlement. Both sides are not usually in agreement on the value of a property. The Appraisal Independence Requirement can help with this. The appraisal is randomly ordered through an Appraisal Management company. All that is required is that the appointment is made by the spouses. This is an excellent tool to use that will save everyone time and money. Alimony, child support and Separate maintenance payments

Alimony, Child Support and Separate Maintenance Payments

When the borrower is required to pay alimony, child support, or separate maintenance payments under a divorce decree, separation agreement, or any other written legal agreement and those payments continue to be made for more than ten months, the payments will be considered as part of the borrower’s recurring monthly debt obligations. However, voluntary payments do not need to be taken into consideration and an exception is allowed for alimony. A copy of the divorce decree, separation agreement, court order, or equivalent documentation confirming the amount of the obligation must be obtained and retained in the loan file.
For alimony and separate maintenance obligations, the lender has the option to reduce the qualifying income by the amount of the obligation in lieu of including it as a monthly payment in the calculation of the DTI ratio.

** while these are not all the guidelines pertaining to divorce lending, these are the most common that need to be understood. All guidelines and rates are subject to change without notice. **

Call Kevin Retcher 703-799-5626

Licensed in Virginia, Maryland and Washington DC

First Meridian Mortgage Corporation

KSA Insurance Agency

Kevin Retcher, President
kevin@firstmeridianmortgage.com | Apply Now | Website |NMLS 116922,180004

8305 Richmond Hwy, Suite 12A, Alexandria, VA 22309

703-799-5626 office Ext. 16 | 703-201-6138 cell | 703-799-5636 fax

Recession Risks are high – Mortgage Rates are rising – How to navigate the Market!

The Washington Post

By ABHA Bhattarai Published May 19,2022

U.S. may be barreling toward recession in the next year, more experts say

The U.S. Economy could be heading for a recession in the next year,………

Financial markets fell again on Thursday, a day after the Dow Jones industrial average suffered its worst drop of the year. The S&P 500 inched further into bear market territory – defined as a 20 percent drop from the most recent peak- after Wednesday’s sell-off wiped out more than 4 percent of its value.
“Recession risks are high – uncomfortably high – and rising,” said Mark Zandi, chief economist at Moody’s Analytics. “For the economy to navigate through without suffering a downturn, we need some very deft policymaking from the Fed and a bit of luck.”
This week alone, former Goldman Sachs chief executive Lloyd Blankfein warned of a ‘very, very high risk” of recession; Wells Fargo CEO Charlie Scharf said there was “no question” that the U.S. economy is heading toward a downturn; and former Fed chair Ben Bernanke cautioned that the country could be poised for “stagflation” – a slowing economy combined with high inflation.

“In Alexandria, Va., mortgage lender Kevin Retcher said there is a discernible skittishness among potential home buyers. Refinances began tumbling late last year, around the time the Fed began signaling upcoming rate increases. In the months since, a combination of rising mortgage rates – now at 5.3 percent for a fixed-rate 30-year mortgage, nearly double early 2021 levels – and sky-high home prices have begun deterring buyers, he said. At least three clients have gotten “cold feet” and pulled out of ratified contracts in the past two weeks, he added.
“There is an extreme sense of nervousness out there,” said Retcher, president of First Meridian Mortgage. “It’s rare to have people win contracts and then back out, but that’s what’s been happening.”

Other types of small businesses say they’re seeing a pullback in consumer demand, too, as customers grapple with rising costs. Aaron Mulherin, who owns a glass repair company in Marion, Iowa, said that while homeowners are continuing to pay for necessities such as fixing broken windows, they’re starting to think twice about spending on luxuries such as custom showers.”Average, middle-class consumers are starting to hesitate,” Mulherin said. “Everything is getting more expensive, so they’re getting an estimate, then putting it off.”

If you would like to contact Kevin Retcher at First Meridian Mortgage call 703-799-5626 email at Kevin@firstmeridianmortgage.com. NMLS ID#180004 WWW.NMLSCONSUMERACCESS.ORG

Top Veteran Mortgage Loan Officer – Kevin Retcher

Top Veteran Mortgage loan Officer

We are proud to announce that Kevin Retcher was ranked by Scotsman Guide by volume for 2020 as the #7th Highest Ranking Veteran loan Officer in the Nation. The Number #1 ranked Veteran loan officer in Virginia and the 3rd Highest Ranked Mortgage Broker in the Nation. See Rankings

Kevin Retcher Served a a Marine at the Oldest Post in the Marine Corp 8th and I Marine Barracks.

First Meridian Mortgage is a Veteran Owned Mortgage Company and founded in 1996 and will celebrate it 25 year anniversary in Oct. Kevin Retcher credits his success’s largely do to the teachings in the Marine Corps and the philosophy that no job is to big or to small, and that as a Marine you never give up. The hard work ethic of Marine has served myself and my Company well and my most favorite thing in business that I get to do is help my fellow serviceman get a home using their VA Home Loan Benefit. I purchased my first home using the VA Home Loan and am a firm believer that the VA Home Loan is the Best Mortgage Loan Available. I look forward to continue to serve.. Semper Fi!

Kevin Retcher –

Kevin@firstmeridianmortagge.com

703-799-5626

NMLS 116922 CO NMLS 180004 – SCOTSMAN LINK