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1st time home buyer 2012 to realtor
 

1st time home buyer 2012 to realtor

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  • The lender is the one who provides the money to the borrower at the closing table. In exchange, the lender receives a note evidencing the borrower's debt and obligation to repay, plus a lien on the subject property. Mortgage brokers do not lend. They are independent contractors who offer the loan products of multiple lenders, called wholesalers. A broker finds potential customers and counsels them on the loans available from different lenders. They also counsel on any problems involved in qualifying for a loan, including credit problems, take the borrower's application, and usually process the loan. Processing includes compiling the file of information about the transaction, including the credit report, appraisal, verification of employment and assets, and so on. When the file is complete, it is handed off to the lender, who funds the loan. Lenders who perform all the loan origination functions themselves are called “bankers".
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1st time home buyer 2012 to realtor 1st time home buyer 2012 to realtor Presentation Transcript

  • Tips for a First-time Home BuyerJoseph McBreenC: (773) 203-4843 F: (773) 516-6058joe.mcbreen@guaranteedrate.comguaranteedrate.com/joemcbreen
  •  Guaranteed Rate was founded in 2000 by President and CEO Victor Ciardelli Since 2000 GR has had double-digit growth each year, becoming the 2nd largest independent mortgage company in the nation! Headquartered in Chicago, with over 1200 employees companywide, with over 70 offices Nationwide Licensed in 46 states Closed Loan Volume of $7 Billion for 2011
  • How do you find the Mortgage that is right for you?
  • • First Time Home Buyer Programs• FHA & VA Loans• Conventional Fixed and Adjustable Rate Mortgages• Jumbo Loan Programs• Affordable Housing Programs
  • • Guaranteed Rate is a government approved FHA mortgage Lender• Lower down payment – only 3.5% required• Gift funds OK for down payment • More flexible credit guidelines make it easier to qualify• Lower Minimum 620 FICO score, no income limits• Non-Occupying co-borrowers allowed• Not just for first-time home buyers
  • • ZERO down payment is required in most cases• NO monthly Mortgage Insurance• Relaxed credit standards• NO income caps• NO reserves required• Flexible underwriting with expanded debt ratios• Seller or other parties may contribute up to 4% of the Veteran’s closing costs
  • Conventional Fixed & Adjustable Rate Mortgages:• Single Family Home/ Condo – 3% Down Payment (down payment on condo may vary by state)• LOANS UP TO $417,000Jumbo Loans – Adjustable Rate Mortgages:• Programs available from $418,000 up to $5,000,000(varies by state – check for LTV/CLTV restrictions)
  • Affordable HousingPrograms • 3% Down Payment Programs (Fannie Mae’s My Community & Freddie Mac’s Home Possible ) designed to help first time homebuyers• Higher LTV thresholds allowed under the program (depending on number of units and property location) – 97% LTV• 1-4 unit primary residences allowed  • Additional flexibilities for teachers, firefighters, law enforcement officers, healthcare workers and military personnel (varies by state & county) • Closing costs can be paid from gift from a related person• Reduced mortgage insurance coverage levels 
  • HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms,no lender-requested appraisal and no mortgage insurance.Expanded seller contributions to closing costs are allowed.Benefits to the Borrower:•Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).•Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.•No lender-requested appraisal.•No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.•Expanded seller contributions for closing costs allowed.•Available for primary residences, second homes and investment properties.•Many condo project requirements are waived; ask your lender for details.
  • What is a Pre-Qualification?An informal process that will give you a general idea ofthe loan amount your client can qualify for.Pre-qualification simply means that your lender has reviewedand verified the available financial information from your loanapplication and has qualified you for a maximum loan amount.It is based on your income, credit, and debit ratio. It will allowyou to focus on shopping for a home within your price rangeand compare lenders.
  • What is a Pre-Approval?■A pre-approval is a complete loan application which is completed by theloan officer and the buyer.■Loan officer will run the buyer’s credit and review their pay stubs andbank statements to verify income and assets.■Once the loan officer verifies the buyers credit, income, and assets theloan officer will review programs available to meet the buyers financialneeds.■Loan officer will select the best mortgage option for buyer and thensubmit the file to Fannie Mae’s automated underwriting system for a loandecision.■Once an approval is received from the automated underwriting system,the loan officer will prepare a pre-approval letter for the Realtor.
  • Why is a Pre-Approval Letter Important? A pre-approval letter is a letter which identifies the loan terms the buyer has been pre-approved with…this includes the following: Purchase Price/Loan Amount/Rate/Loan To Value. Validates the borrowers ability to qualify for a Mortgage
  •  Takes Application Locks Loan Orders Appraisal Collects income/asset docs Collects contract Collects condo docs (Decs/Bylaws/Budget/Condo Questionnaire) Obtains Title and COI from Sellers’ Attny Submits File To Underwriting Issues Commitment Letter with Conditions Collects all outstanding conditions and resubmits Issues commitment letter with Clear to Close Keeps all parties updated throughout the process.
  • Joseph McBreen C: (773) 203-4843 F: (773) 516-6058 joe.mcbreen@guaranteedrate.com guaranteedrate.com/joemcbreen NMLS (Nationwide Mortgage Licensing System) ID 2611 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932