Hsoa for real estate agents


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For real estate agents consideration

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Hsoa for real estate agents

  1. 1. John Desmond<br />Branch Manager <br />infoonhsoa@gmail.com<br />
  2. 2. A Little About Us..<br /><ul><li>Home Savings of America is a federally chartered stock savings and loan association
  3. 3. Proud members of the American Banking Association
  4. 4. We’ve been in the banking business, helping homebuyers and homeowners achieve their dreams, since 1934
  5. 5. Member FDIC
  6. 6. Corporate headquarters are located in Little Falls, Minnesota
  7. 7. Our two underwriting centers are located in Charlotte, North Carolina and San Diego, California</li></li></ul><li>What we offer..<br /><ul><li>Ability to lend in 50 states
  8. 8. Ability to bank or broker all loans
  9. 9. Exceptionally low rates
  10. 10. 24-48 hour underwriting turn time</li></li></ul><li>Products<br /><ul><li>Conforming, including high balance products
  11. 11. Direct Fannie Mae seller – HSOA Direct
  12. 12. FHA/VA/USDA
  13. 13. Streamline 203(k) Renovation Loan
  14. 14. Niche products</li></li></ul><li>HSOA Direct<br />This fixed rate conforming loan allows for:<br /><ul><li>5-10 financed properties (primary residence, second home and investment properties).
  15. 15. Loan size up to $1 million on 3-4 units (up to FNMA limitations).
  16. 16. 10-20 acre properties eligible.
  17. 17. No minimum number of trade lines to establish a score.
  18. 18. Income verification – per DU.
  19. 19. Proposed rents allowed on investment purchase with rental survey.</li></li></ul><li>High Balance<br /><ul><li>15-30 year fixed or 5/1, 7/1 & 10/1 ARMs
  20. 20. 90% LTV O/O purchase or rate-term refinance with 700 FICO (fixed rate)
  21. 21. 75% LTV O/O purchase with 680 FICO
  22. 22. 60% LTV O/O cashout with 740 FICO
  23. 23. DTI per DU findings (up to 45% for LTV>80%)
  24. 24. 2nd home or investment properties 65% LTV w/ 740 FICO</li></li></ul><li>LPMI Option<br /><ul><li>If your borrower is making a smaller (less than 20%) down payment, choosing a shorter term mortgage, and/or is planning to move within the next 10 years, Lender Paid Mortgage Insurance may be the borrower’s best option.
  25. 25. Cost is included in the interest rate, resulting in a lower monthly payment than other options
  26. 26. Taxdeductionmaybelarger</li></li></ul><li>LPMI Option<br />Purchase and Rate/Term Refinance<br />Cashout Refinance<br />
  27. 27. Streamline 203(k)<br />FHA’s Streamline 203(k) program is ideal for:<br /><ul><li>Buyers with limited funds for down payment and rehabilitation costs.
  28. 28. Homeowners wanting to refinance and update their existing home.
  29. 29. First-time homebuyerswanting to purchase a bank-ownedproperty in need of repair</li></ul>With all of the bank-owned properties on the market, it’sgettingharder to securefinancing on thesewell-pricedhomes due to the amount of repairsneeded. <br />Much of the time, banks will not fix theseissueswhichkillsyour sale.<br />
  30. 30. Streamline 203(k)<br />The Streamline 203(k) loan is the perfect solution for the issue!<br />Program highlights<br />FHA Streamline 203(k) allows your borrower to purchase or refinance a property that needs up to $31,120 in repairs such as:<br /><ul><li>Carpet/Flooring
  31. 31. Painting
  32. 32. Energy-Efficiency Updates
  33. 33. Electrical, Plumbing and HVAC Updates
  34. 34. Kitchen Remodeling
  35. 35. Finished Basements
  36. 36. Roofs, decks, porches, and patios
  37. 37. Appliances</li></li></ul><li>USDA<br />Through the USDA Rural Development Program, Home Savings of America can offer home buyers a 30-year low fixed rate mortgagee with:<br /><ul><li>No money down.
  38. 38. Closing costs can be included in the loan amount.
  39. 39. Relaxed Credit Guidelines (similar to FHA and VA).
  40. 40. No monthly PMI Insurance.
  41. 41. No cash reserves required.</li></li></ul><li>USDA<br />Is my client eligible?<br /><ul><li>Monthly housing/total debt ratios can exceed the standard 29%/41%.
  42. 42. 640 FICO score required.
  43. 43. Householdincomecanbe up to 115% of the median income for yourarea.</li></li></ul><li>USDA<br />Is the home they’re looking at eligible?<br /><ul><li>The house must be in an eligible rural area, but many suburban areas qualify.
  44. 44. The home must be owner-occupied.
  45. 45. Single familyhomes; somecondosmaybeeligible.</li></li></ul><li>John Desmond<br />Branch Manager<br />infoonhsoa@gmail.com<br />