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Joseph Reams

Loan Originator |NMLS 1669062

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Meet Joseph!

"Joe Mortgage" Not Your "Average Joe" Mortgage Lender I'm your trusted partner for all your home financing needs. As a seasoned mortgage broker, I specialize in simplifying the often complex process of securing the best mortgage for your dream home. With access to a vast network of lenders and a deep understanding of the ever-changing mortgage landscape, I able to offer you personalized solutions that save you time and money. Whether you're a first-time homebuyer, looking to refinance, or seeking an investment property loan, I'll work tirelessly to find you the most competitive rates and tailor-made mortgage options. I'll guide you through every step of the process, ensuring that you make well-informed decisions that suit your financial goals. My mission is to make your homeownership dreams a reality. Let's start this journey together and secure your future with a mortgage that fits your life. Contact me today, and let's discuss how I can help you achieve your homeownership aspirations.

Serving Homebuyers In:

  • Michigan
  • Tennessee
  • Texas

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Housing Market Update | Week of July 7th

Last week, the unemployment rate dropped from 4.2% to 4.1%, surprising economists and sending the 10-year yield + mortgage rates higher before the three-day weekend. Wednesday’s ADP employment report showed 33,000 job losses, which made economists expect similarly underwhelming numbers in Thursday’s report from the Bureau of Labor Statistics (BLS). However, job growth exceeded expectations on Thursday morning, which caused the 10-year to spike heading into the weekend. Another headline from last week was the passing of President Trump’s tax & spending bill, also referred to as the “One Big Beautiful Bill Act.” Although this bill will likely increase the U.S. deficit, it shouldn’t have much impact on mortgage rates. There are some tax benefits that you can pass on to your past buyers, which we’ll touch on in the next section. Last Week's Mortgage Rate Recap Rates Dropped Slightly Last week’s jobs reports gave economists plenty to consider. The BLS reported that 147,000 jobs were created in June, which was significantly higher than the estimated 110,000. This was a bit of a shock, especially considering that the ADP report released the day before showed 33,000 job losses. When you dive into the specifics of the BLS report, it shows that the labor market isn’t as healthy as the report suggests. Of those 147,000 jobs, 73,000 were in state and local government. This was our final jobs report before the next Fed Meeting on July 30th, effectively ending any chances of a rate cut later this month. The markets closed early on Thursday and didn’t have much time to react to this report, which meant that rates still finished the week lower than they started. Another headline from last week was the passing of President Trump’s controversial tax & spending bill. Currently, this bill has limited influence over mortgage rates, although there are longer-term concerns about the potential increase in the U.S. debt level. There are a few extensions and increases in real estate tax deductions that you and your buyers should be aware of. Increased SALT Deduction Cap: The maximum deduction cap for state and local taxes (SALT) will increase from $10,000 to $40,000 per household from 2025 to 2029. Permanent Mortgage Insurance Deductions: Borrowers can now permanently deduct mortgage insurance premiums (PMI, FHA MIP, VA funding fees, and USDA guarantee fees), subject to income limits. Mortgage Interest Deduction Caps: Homeowners now have a permanent $750k cap on Mortgage Interest deductions. This Week's Mortgage Rate Forecast Rates Should Be Steady This week is a quieter week in terms of raw economic data. So far today, the 10-year has inched higher as markets continue to react to Thursday’s BLS report. One thing to keep an eye on is any headlines regarding tariffs. Last week, Treasury Secretary Scott Bessent said that the U.S. plans to impose 10% tariffs on approximately 100 countries, with a new deadline for deals to be struck set for August 1st. Another round of trade war headlines could impact the 10-year. Beyond that, we’ll want to pay attention to our weekly initial jobless claims report. Last Thursday’s report showed that initial claims dropped for the second consecutive week. With the variables and caveats evident in Thursday’s BLS report, these initial claims reports will provide us with some much-needed context when analyzing the true health of the labor market. As always, if you have any questions throughout the week regarding rates or specific products for any of your buyers, make sure to make sure to stay in touch with your UMortgage Loan Originator for timely updates and expert insight!

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Your Guide to UMortgage's 1% Down Payment Program

In this guide, we’ll share how you can qualify for our 1% down payment program, the benefits homebuyers get with only 1% down, and how this exclusive option is making homeownership more accessible for everyday buyers. How Our 1% Down Payment Program Works With our Homeownership for All program, eligible buyers can purchase a home with just 1% down—and we’ll cover the rest, up to 2% or $7,000 in assistance. With our 1% Down Program, you’ll get: Up to $7,000 in down payment assistance A low-cost conventional loan with cancellable private mortgage insurance (PMI) once you reach 20% equity Financial flexibility with the option to use gift funds or a local first-time homebuyer grant program to cover your 1% down payment No additional second lien or repayment terms on the 2% or $7,000 down payment contribution See the full guide below to learn how our 1% down payment program works and helps you decide if it's the right path to homeownership for you. Why Consider 1% Down Here’s why eligible buyers choose our 1% down payment program: Lower Upfront Cost The biggest obstacle for many buyers is saving for a down payment. This program removes that barrier and lets you get in the door sooner. More Affordable Than an FHA Loan Unlike FHA loans, this program gives you access to a conventional loan with PMI that can be removed once you hit 20% equity. Room in Your Budget for Move-In Costs Save money for furniture, moving expenses, appliances, or even a rainy-day fund. Gift Funds Flexibility Friends or family can gift the entire 1% down and help you cover closing costs. No minimum borrower contribution required. How to Qualify for 1% Down Payment Program Income: Income at or below 80% of Area Medium Income (AMI) Credit Score: 620 FICO Down Payment: 1% (or remaining amount if 2% down payment assistance exceeds the $7,000 maximum) Debt-to-Income (DTI): Less than 50%, exact amount varies by borrower. Property Types Allowed: Primary home. Q: Can I buy a home with no money out of pocket? A: In some cases, yes! If you combine this program with local or state grant programs or receive gift funds, you may be able to buy with little to no money due at closing. Use our affordability calculator to get a snapshot of your homebuying budget Compare 1% Down vs. Conventional vs. FHA Loans Q: Which loan is best for low down payment buyers? A: If you have a 620+ credit score and qualify based on income, the 1% Down Program gives you the best of both worlds: low upfront costs and a conventional loan with cancelable PMI. How to Apply for the 1% Down Program Step 1: Pre-Qualification (60 Seconds) Answer a few quick questions online or with a UMortgage Loan Originator. Step 2: Get Custom Loan Options We’ll check your eligibility, show you rates, and explain how much assistance you qualify for. Step 3: Lock Your Rate Once you're happy with your rate, you can lock it in and start gathering documents for underwriting. Step 4: Close with Confidence We'll guide you every step of the way and help you close on your new home quickly and clearly. Frequently Asked Questions Q: How does the 1% down program work? A: You put down 1% of the purchase price, and UMortgage provides 2% of the down payment (up to $7,000). That gives you 3% equity, which is enough to qualify for a low-cost conventional loan. Q: Do I need to be a first-time homebuyer to qualify for 1% down? A: No. You don’t need to be a first-time buyer, you just need to meet the income and credit qualifications. Q: Is this available in my state? A: Yes! This is a nationwide program. Your UMortgage loan expert can help you confirm your eligibility based on your location and income. Q: Can I combine this with other assistance programs? A: Yes! If you qualify, you can stack this program with local or state first-time homebuyer grants to reduce your total upfront costs. The 1% down payment program can also be combined with our Temporary Rate Buydown product, giving you the option to secure a lower interest rate for the first few years of your loan. Talk to your UMortgage Loan Originator to see exactly what you qualify for. Q: Can I use gift funds for my portion? A: Yes. Your entire 1% down payment and closing costs can be covered by gift funds. Ready to learn more? Fill out this form to connect with a UMortgage Loan Originator in your area. *For informational purposes only. This program is available only for income-qualified borrowers and subject to eligibility under HomeReady® and Home Possible® guidelines. A minimum FICO score of 620 is required. UWM provides lender-paid assistance of 2% of the home’s purchase price (up to $7,000) toward the down payment; the borrower must contribute 1% of the purchase price. Total down payment must meet a minimum 3% requirement with a maximum 97% LTV. Available only for 30-year fixed-rate, primary residence purchases originated through the broker channel. Program is not available for condos, PUDs, or TRAC-eligible properties. Homeownership education is required for first-time homebuyers. Incentives such as the $2,500 pricing benefit for borrowers at or below 50% AMI are subject to specific criteria and may be removed upon any change of circumstance. Down payment assistance programs are subject to eligibility requirements and availability. Not all borrowers will qualify. This is not a commitment to lend. Terms and conditions apply. UMortgage LLC | NMLS ID 1457759 | Equal Housing Lender. For licensing information, visit www.nmlsconsumeraccess.org.*

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What Are Seller Concessions? A Simple Guide for Homebuyers and Sellers

What Are Seller Concessions? A Simple Guide for Homebuyers and Sellers Buying a home comes with a lot of upfront costs. Between the down payment, closing costs, prepaid taxes, and insurance, the amount you owe at closing can add up fast. That’s where seller concessions can come in. Whether you're a homebuyer looking for a little financial relief or a seller trying to attract more offers, this guide will walk you through what seller concessions are, how they work, and how they benefit both sides of the transaction. What Are Seller Concessions? Seller concessions are when the home seller agrees to pay certain costs on behalf of the buyer as part of the purchase agreement. Seller concessions most often cover things like title fees, taxes, insurance, and other expenses that come due at closing. Instead of reducing the sale price of the home, a seller might agree to pay some of the buyer’s costs to help make the purchase more affordable. It’s a way to get creative with negotiations, especially in a market where buyers may be struggling with high interest rates or limited cash. How Do Seller Concessions Work? Here’s an example: Let’s say you're buying a $300,000 home and ask the seller to contribute 3% of the purchase price ($9,000) toward your closing costs. If the seller agrees, that $9,000 can go toward things like your appraisal fee, loan origination fee, or even buying down your interest rate. The key thing to remember is that seller concessions must be negotiated upfront and written into the purchase contract. Your mortgage also needs to allow them, and each loan type sets limits on how much a seller can contribute. We’ll touch on that shortly. What Can Seller Concessions Cover? Seller concessions can be used to cover many of the upfront costs involved in purchasing a home, including appraisal fees, title insurance, loan origination fees, property taxes, and homeowners’ insurance. Seller concessions cannot be used for your down payment or to help a borrower qualify for the loan; they’re only allowed to cover closing costs and prepaid expenses. Seller Concession Limits by Loan Type Each loan program has its own rules about how much a seller can contribute. Here's a quick breakdown: Conventional Loans: Less than 10% down: The seller can contribute up to 3% of the home’s price. 10% to 25% down: Up to 6% in concessions allowed. More than 25% down: Up to 9% in concessions. Investment properties: Only 2% allowed, regardless of down payment. FHA Loans: Flat 6% seller concession limit regardless of the down payment amount. VA Loans: The seller can contribute up to 4% in concessions, in addition to paying for standard closing costs as permitted by the VA. This 4% can be used to pay off a buyer’s debt, cover prepaid expenses, or even fund a temporary buydown. USDA Loans The seller can contribute up to 6% of the home’s purchase price toward the buyer’s closing costs and prepaid expenses. Why You Should Negotiate Seller Concessions as a Homebuyer or Seller Seller concessions have plenty of benefits for both homebuyers and sellers. Here’s why you should consider them depending on your side of the transaction. How Seller Concessions Benefit Homebuyers Lower Out-of-Pocket Costs: Concessions reduce the cash you need to bring to the table at closing. Easier Loan Approval: By lowering your upfront costs, you may have more flexibility in choosing your loan program or interest rate. Buydown Opportunities: You can use concessions to buy down your interest rate, which can lower your monthly payment for the life of the loan. How Seller Concessions Benefit Sellers Attract More Buyers: In a market with less demand, offering concessions can help your home stand out and attract more buyers. Faster Closings: Buyers who receive concessions may be more motivated and financially ready to close on time. Higher Sale Price: In some cases, sellers can offer concessions instead of reducing the list price. Seller concessions are a powerful tool that can make homeownership more accessible for buyers and help sellers move their homes more quickly. Whether you're buying or selling, working with a local mortgage expert can help you understand exactly how seller concessions fit into your overall game plan. Ready to talk through your options? Follow this link to get connected with a UMortgage Loan Originator near you.

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