The number one limitation to home ownership is the lack of available down payment funds. It is estimated that nearly 1 in every 4 or 25% of all homes sold in 2008 alone were with use of seller-funded DPA programs. Without those programs, it is estimated that as much as 40% of today’s potential homebuyers are excluded from the marketplace… Fact:
We are Proud to Introduce… The program that invites potential home buyers back into the marketplace! Just think of all the past homebuyers that you were previously unable to help and now can!
<ul><li>How many families will you help? </li></ul><ul><li>How many more homes will you sell? </li></ul><ul><li>How many others will benefit from a stable marketplace? </li></ul>We Offer An Exclusive Solution!
<ul><li>America’s Home Buyer Solution ™ Gift Program is designed to provide eligible homebuyers up to 2.5% of down payment and closing cost assistance in the form of a gift which the homebuyer is under no obligation to repay. </li></ul><ul><li>This program is ideal for individuals and families looking to obtain quality affordable housing with as low as 1.0% down. </li></ul><ul><li>Even better news is – their portion of the down payment can be a gift from a family member! </li></ul><ul><li>America’s Home Buyer Solution™ Gift Program is offered exclusively through The Lending Company, a Direct Endorsed U.S. Housing and Urban Development lender. </li></ul>America’s Home Buyer Solution™ GIFT PROGRAM About the Program
America’s Home Buyer Solution™ GIFT PROGRAM Where the Gift comes from From a network of qualified 501 3 (c) non-profit charities. They have established funds to help stimulate America’s Housing Market. The Lending Company is the exclusive lender to underwrite these FHA loans for this program. This is not a seller funded down payment program .
America’s Home Buyer Solution™ GIFT PROGRAM Program Benefits <ul><li>The Program provides up to 2.5% gift to homebuyers utilizing an FHA 1st mortgage. </li></ul><ul><li>Down payment requirements as low as 1.0% </li></ul><ul><li>Seller is allowed to contribute up to 6% to be applied towards closing costs, rate buy downs and pre-paids. (soon moving to 3% per FHA guidelines) </li></ul><ul><li>Competitive interest rates. </li></ul><ul><li>Flexible loan approval guidelines. </li></ul><ul><li>Not limited to first-time home buyers. </li></ul><ul><li>Not limited to just foreclosure or vacant properties </li></ul><ul><li>1 to 4 Family Homes and Condominiums (HUD Approved) </li></ul>
America’s Home Buyer Solution™ GIFT PROGRAM How It Works <ul><li>Available with FHA Fixed 30 year mortgages. </li></ul><ul><li>Loan amounts cannot exceed Max FHA County Loan Limits </li></ul><ul><li>Owner Occupied Only / Primary Residence. </li></ul><ul><li>Moderate Income Limits </li></ul><ul><li>Non-occupant co-borrowers allowed. </li></ul><ul><li>No Prepayment Penalties. </li></ul><ul><li>Need not be a first time home buyer. </li></ul><ul><li>All borrowers Minimum Credit Score is 640. </li></ul><ul><li>'Thin' credit considered on a case-by-case basis. </li></ul><ul><li>Some income restrictions may apply (See County Median Income Guidelines: </li></ul><ul><li>http://www.rurdev.usda.gov/HSF-Guar_Income_Limits.html </li></ul>
Underwriting Overlays * No Manual UW for this product 640-659 Fico Have DU A/Elig 1.0% down minimum 44% max DTI (regardless of any DU findings) 660-680 Fico Have DU A/Elig 1.0% down minimum 46% max DTI (regardless of any DU findings) Over-680 Fico Have DU A/Elig 1.0% down minimum Accepted DTI and findings from DU
The Intelligent Credit Report <ul><li>Our Intelligent Credit Report interprets trade-lines, detects data errors, predicts Fannie Mae/Freddie Mac underwriting conditions and even suggest ways your clients can legitimately strengthen their scores in 72 hours. </li></ul><ul><li>Credit reporting insights about your applicants that allow us to analyze and interpret credit files in ways that qualify more applicants more often, and more easily. </li></ul><ul><li>Each client receives a Custom Rescoring Report </li></ul><ul><li>Each Client receives our Debt Free Wizard Report – the most effective, step by step plan for your clients to get out of debt. </li></ul><ul><li>The fastest way to do Rapid Rescoring. </li></ul><ul><li>Recovers 15-20% of initially declined clients </li></ul>
America’s Home Buyer Solution™ GIFT PROGRAM Requires Home Buyer Education Fee is $60.00 - $75.00 with Book
America’s Home Buyer Solution™ GIFT PROGRAM Sales Techniques & Common Questions Q. I never heard of this before. How can you do it? A. This GIFT program fully complies with all existing federal and state laws and is investor approved. The Lending Company was instrumental in creating this program. Q. I already have the 3½% saved for a down payment, why would I do this? A. You may decide not to. For some it will be a lack of down payment and closing costs funds. For others it will be to save their cash for home improvements or furnishings. Maybe you want to keep your savings in other investment vehicles. Our responsibility is to offer you options so that you can choose the one that gives you the greatest peace of mind.
America’s Home Buyer Solution™ GIFT PROGRAM Sales Techniques and Common Questions Q. How does the rate compare to a standard FHA loan? A. With a lower down payment invested into the purchase, the investment community considers this a greater risk loan. The rate reflects this greater risk of default. In most cases it raises the monthly payment by only $40.00-$90.00 per month and with seller closing cost contribution, it can bring the rate back down. Q. Oh I’ve heard of that, what makes it so special? A. It is a very unique program and is only available today through The Lending Company. It is special because it offers an option to the 40% of the market that could not qualify due to a lack of down payment funds. Now they can qualify and become potential homeowners. Q. How did The Lending Company get the exclusive? A. Track record! We have a proven successful track record with both the non-profits and with H.U.D. In addition, we were instrumental in the development and creation of the program.
America’s Home Buyer Solution™ GIFT PROGRAM Sales Techniques and Common Questions Q. Can the loan officer I’m working with now at another company do this? A. No. America’s Home Buyer Solution was created by and is exclusive to The Lending Company, Inc. Q. Why should my seller pay up to 6% of buyer costs? A. To help sell their home faster and for a greater sales price. Offering a 1% down payment option will set their home apart from the competition. The typical price reduction used to help sell a home is much greater than the cost of the requested sales incentives.
The Lending Company Additional Programs and Benefits <ul><li>1. In-House Processing, Underwriting and Funding. </li></ul><ul><li>2. Full EAGLE Direct Endorsed Lender for HUD/FHA/VA and direct underwriter for all Conventional/FHA/VA/USDA loan programs. </li></ul><ul><li>Fully automated technology from origination through closing. </li></ul><ul><li>Online Client Care with 110 E-mail Alerts for Loan Tracking </li></ul><ul><li>FHA 203K Remodel-Rehab Loans </li></ul><ul><li>Full menu of Conventional and Jumbo loan programs. (including Home Path) </li></ul><ul><li>VA Loans </li></ul><ul><li>USDA “Zero Down Prime Choice” Loan Program and More! </li></ul>
The Lending Company Had it with Late Closings, extensions and lame excuses about Underwriting? 1. Rapid Underwriting Approvals 2. Expedited processes from beginning to end 3. Bi Lingual loan officers available 24/7 4. Not just 1 person but a team of dedicated professionals.
Questions? For additional information please feel free to call: Brian P. Rogerson / Mortgage Banker NMLS# 28721 480-236-8287 / www.TLCAPPROVED.com