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828-771-2339
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Vender Spotlight: Mitch Davidson, Mortgage Lender

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Firefly Realty at Keller Williams ,

There are a number of local lenders in Asheville, N.C., who come highly recommended by clients who have bought homes with Firefly Realty in the past. One of those is Mitch Davidson, a mortgage loan officer here in Asheville with an extensive background in investment homes, second homes, short-term rentals, first time home buyers, jumbo loans, VA loans, and the other major loan programs (such as Conventional). Clients and realtors alike say Mitch is highly communicative, deeply knowledgeable, friendly, patient, and motivated.

Mitch’s employer, New American Funding (NAF), is a large mortgage lender with a  small, personal feel. With NAF, you’re not subjected to a call center or rotation of strangers. Mitch remains your primary contact throughout the process. NAF services its loans internally, meaning they don’t sell the collections and customer service off to a third party after closing. NAF is focused only on mortgages, meaning your loan isn’t just a sideshow to a depository banking business. And NAF is a direct lender, meaning they lend their own money, rather than brokering for another lender.

We asked Mitch for some tips for home buyers and here's what he said:

Don't wait to get preapproved: With Mitch and NAF, getting preapproved to make offers will not be torture. It will be easy. And, the purchase limit that you receive might be pleasantly surprising. Don’t put it off. Let’s get started now.

Credit scores: The mortgage lending versions of your credit scores are a bit lower than what you see online as a consumer. And, the higher your credit scores are, the lower your interest rate will be, and the lower your mortgage insurance costs will be (if you’re putting down only the minimum). Also, if your scores are too low, a Conventional loan won’t be available to you, or at least without being much more costly than FHA. Sellers are showing great preference for Conventional instead of FHA these days. So, working on your preapproval now will help us identify needs and opportunities, and give us time to work on them.

Not enough DTI for an investment purchase? If you want to buy a vacation or investment home, but your debt-to-income ratio will be too high to qualify, that’s not a deal breaker. We can use the appraiser’s estimate of the long-term rent to offset most or all of the new monthly payment in your DTI calculations.

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