Realtors Guide to Qualifying All Borrowers                                             1
• Direct Lender• Over 40yrs of industry experience• Streamlined Process Tailored to Realtors• Competitive Interest Rates• ...
Putting Customers First    We pride ourselves on providing superior customer service and creating satisfied customers. We ...
Government Loans     We are approved to underwrite FHA, VA, and USDA loans,      allowing for a speedy loan processConven...
Federal Housing Administration                  (FHA)   96.5% Max LTV   Upfront MI of 1.75%   Monthly MI    • Greater t...
The US Department of Veterans Affairs                        (VA)         102% LTV for Purchases 2% toward Closing costs ...
US Department of Agriculture                    (USDA)   Available for Rural Development Purchases   102% Financing avai...
HUD REO $100 Down   Follows FHA Guidelines For MI   Available for First Time Homebuyers   99.9% Max LTV   Credit Score...
FHA 203K Streamline   Total Cost not to exceed $35,000   Max LTV not Limited to 96.5%   Eligible Properties       Owne...
ELIGIBLE REPAIRS   Repair/Replacement of roofs, gutters and downspouts   Repair/Replacement/Upgrade of existing HVAC sys...
INELIGIBLE REPAIRS   Major rehabilitation or major remodeling, such as the relocation of load-bearing wall   New constru...
 97% Max LTV Up to 6% seller Concession PMI    97% - 680 Credit Score    95% - 620 Credit Score Mortgage Insurance c...
HomePath   HomePath Mortgage allows a buyer to purchase a Fannie    Mae-owned property with a low down payment, no lender...
Investments & Secondary Home Purchases     80% Max LTV Fannie/ Freddie Investment     90% Max LTV Fannie/ Freddie 2nd Ho...
Superior Service   •   Strive to create Partnerships   •   A local Cleveland company who understands the local MarketConst...
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  1. 1. Realtors Guide to Qualifying All Borrowers 1
  2. 2. • Direct Lender• Over 40yrs of industry experience• Streamlined Process Tailored to Realtors• Competitive Interest Rates• In House underwriting for all loans!• UW jumbo loans up to a million dollars• 24 Hour Underwriting turn times• VA Automatic• Fannie Mae Direct• Ginnie Mae Direct• USDA• Freddie Mac• No investor overlays 2
  3. 3. Putting Customers First We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. This is accomplished through constant communication with “Both” the realtor and the customerLower Mortgage Costs Through Cutting-edge Mortgage Origination Technology Our customers save money and close their loans quickly because we employ the most advanced mortgage technology available. In a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms.Highest Quality Mortgage Services From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. Well keep you informed every step of the way. Were committed to building rewarding, long-term customer relationships. With that in mind, youll receive the highest quality mortgage services.Meeting Every Challenge We rapidly respond to new opportunities made available in todays dynamic mortgage markets. As a result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs. 3
  4. 4. Government Loans  We are approved to underwrite FHA, VA, and USDA loans, allowing for a speedy loan processConventional Loans  We are approved to sell loans directly to Fannie Mae which removes investor overlays. 4
  5. 5. Federal Housing Administration (FHA) 96.5% Max LTV Upfront MI of 1.75% Monthly MI • Greater than 15 yr term • Under 95% LTV = 1.20% • Over 95% LTV = 1.25 • 15 yr Term • Under 90% = .35% • Over 90% = .60% Credit Scores as low as 620 Up to 6% seller Concessions 5
  6. 6. The US Department of Veterans Affairs (VA)  102% LTV for Purchases 2% toward Closing costs and pre-paids  Upfront FeeType of Veteran Downpayment 1st Time Use Subsequent UseRegular Military None 2.15% 3.30% 5% to 10% 1.50% 1.50% 10% or More 1.25% 1.25%Reserves / None 2.40% 3.30%National Guard 5% to 10% 1.75% 1.75% 10% or More 1.50% 1.50%  Credit scores as low as 620  Up to 4% Seller Concessions 6
  7. 7. US Department of Agriculture (USDA) Available for Rural Development Purchases 102% Financing available for Purchases No Money Down Up Front Fee of 2% Monthly MI of .40% 7
  8. 8. HUD REO $100 Down Follows FHA Guidelines For MI Available for First Time Homebuyers 99.9% Max LTV Credit Scores as low as 640 Up to 6% Seller Concessions 8
  9. 9. FHA 203K Streamline Total Cost not to exceed $35,000 Max LTV not Limited to 96.5% Eligible Properties  Owner Occupied  Non Occupying Co--Borrower  Single Family Residence  PUD  HUD Homes and all types of REO homes (SFR) Credit Scores As low as 620 Up to 6% Seller concessions Minimum loan size at $50,000 after improvements Borrower can choose their own contractor (no minimum bids) No Self –Help borrower cannot do the work themselves Lead Paint Mitigation – we can put the HUD Credit in escrow and still close before work is completed. Contingency Reserves  10% on all properties except the following  15% for any REO Transaction and properties in which utilities are not on at time of appraisal 9
  10. 10. ELIGIBLE REPAIRS Repair/Replacement of roofs, gutters and downspouts Repair/Replacement/Upgrade of existing HVAC systems Repair/Replacement /Upgrade of plumbing and electrical systems Repair/Replacement of flooring Minor remodeling, such as kitchens, which does not involve structural repairs Painting, both interior and exterior Weatherization, including storm windows and doors, insulation, weather stripping etc. Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens Accessibility improvements for persons with disabilities Repair/Replace/Add exterior decks, patios, porches Basement finishing and remodeling, which does not involve structural repairs Basement waterproofing Window and door replacements and exterior wall re-siding Septic system and/or well repair or replacement 10
  11. 11. INELIGIBLE REPAIRS Major rehabilitation or major remodeling, such as the relocation of load-bearing wall New construction (including additional rooms or add-ons) Repair of structural damage Repairs requiring detailed drawings or architectural exhibits Landscaping or similar site amenity improvements Any repair or improvement requiring a work schedule longer than four months Rehabilitation activities that require more than two payments per specialized contractor Luxury items are not eligible such as hot tubs, swimming pools, fountains, etc. Necessitate a consultant to develop a “specification of repairs/work write-up” Require plans or architectural exhibits Require a plan reviewer Require more than four months to complete Result in work not starting within 30 days after loan closing or cause the mortgagor to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted (FHA anticipates that; in a typical case, the mortgagor would be able to occupy the property after mortgage loan closing) 11
  12. 12.  97% Max LTV Up to 6% seller Concession PMI  97% - 680 Credit Score  95% - 620 Credit Score Mortgage Insurance can be financed, available for borrowers who put less than 20% down Single Premium can be financed in the loan • No monthly mortgage insurance required • No adjustment to the interest rate (lender paid) 12
  13. 13. HomePath HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, no lender- requested appraisal and no mortgage insurance 97% Max LTV Credit Score as Low as 620 Up to 9% Seller Concessions Available for Investors 13
  14. 14. Investments & Secondary Home Purchases  80% Max LTV Fannie/ Freddie Investment  90% Max LTV Fannie/ Freddie 2nd Home  PMI with Credit scores as low as 620  2% - 9% Seller Concessions allowed 14
  15. 15. Superior Service • Strive to create Partnerships • A local Cleveland company who understands the local MarketConstant Communication • Always Available to speak directly • All the Processing and Underwriting completed in house, we will always know the status of your loanTeam of Experienced Individuals • Over 40 Years of ExperienceDiverse Programs • We are a ONE Stop shop 15
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