Think you know fannie and freddie thnik again! visual bee 16 - visualbee
1. Think You Know
Fannie and Freddie?
Think Again!
We will show you how to use
Fannie and Freddie to help you
expand your business, create
new marketing strategies and
close more loans.
2. Sweet 16 Loan Programs to help expand
your business
We will show you how to use
each program to:
โข Create new marketing
strategies
โข Find new referral partners
โข Educate your realtors with
new products and strategies
โข Qualify files you have
previously passed on
โข Re-energize your business
3. Program 1: Qualify Your Self Employed
Borrowers with only 1 Yr Tax Return
โข Use the most recent year filed to qualify with
streamline accept through Freddie
โข 1099 and Schedule C borrowers can qualify
for this program
โข HUGE opportunity for self employed
borrowers with higher income for most
recent tax year
โข Market all Self Employed Borrowers who are
looking to Purchase or Refinance
โข Solicit Accountants and Financial Planners
4. 2: Use Retirement Assets to Qualify as Income.
Limited to 70% LTV. Used for Purchase & Rate and Term Refiโs
This product was created with the Baby Boomer in mind about 2
yrs ago
Take 70% of the asset balance and divide it by 360 months. For
example: Balance is $750k x 70% is $525k divided by 360 months
= $1,458 you can use per month to help qualify
5. 2: Use Retirement Assets to Qualify as income.
This is a great product for the
purchase of 2nd homes and
investment properties
Qualify more rate and term
refinances
The borrower does not need to have
scheduled withdrawals
The borrower does not need to take
any scheduled withdrawals
6. 3: Non-Occupying Co-Borrower on a
Conventional loan.
Qualify your conventional loan with
a non-occupying co-borrower
Any property type allowed (1-4
Units)
Any loan type allowed (Purchase,
rate and term and cash out refi)
No special ratio between borrower
and non occ co-borrower required
Educate your realtors on this
product
7. 4: Lender Paid MI At 95% LTV With A 620
Credit Score
โข We do Lender Paid MI up to 95%
LTV down to 620 Credit Score
โข Better option than FHA, there is
no up front MIP and no monthly
MIP
โข Monthly borrower paid MI is still
better because there is no up
front MIP and the MI will fall off
at 78% LTV
โข FHA monthly MIP is for the life of
the loan as of 6/1/2013
โข Educate your Realtors
8. 5: Unlimited HARP 2.0 With Freddie
Unlimited LTV no matter the property or occupancy type (ex.
600% LTV on a NOO Condo is ok)
No Max DTI (if the findings like your file your DTI can be
1000% and you will get the approval)
No Minimum Credit Score!!!
We Accept Appraisal Transfers and Accept MI Transfers as
well
$5,000 is the max closing cost to be financed
9. 5: Unlimited HARP 2.0 With Fannie
โข Unlimited LTV no matter the property or
occupancy type (ex. 600% LTV on a NOO
Condo is ok)
โข Max DTI DU will allow is 65%.
โข No Minimum Credit Score!!!
โข We Accept Appraisal Transfers and Accept MI
Transfers as Well
โข Finance all the closing costs in the loan
10. 6: Delayed Financing
โข No seasoning on a cash-out
refinance where the borrower
just purchased the property
โข Borrower must use all their
own funds and the funds are
seasoned for 60 days
โข This is a great product for the
true investor with his own
funds
โข Allows the investors cash flow
to grow
โข Educate your realtors!
11. 7: Get cash-out with house still on the
market
No seasoning with properties just listed for sale. We will close
with the house still listed
Refinance one house to buy another while you wait to close
For example this a good loan for the family that tried to close and
sell their home before school started and are now decided to stay
and want to refi to either cash out or lower the rate
12. 8: No Landlord history required on Conventional
loans
โข Use rental income
from the appraisal
to qualify your
borrower, do not
need to see the 2
year rental history.
โข Qualify more
conventional
loans.
โข Educate your
Realtors!
13. 9: Condo Spot Approvals
We do Condo Spot
Approvals
Qualify more borrowers
who want to live in a
complex that is not
Fannie or Freddie
approved or expired
Educate your Realtors!
14. 10: 620 Minimum Credit Score Conventional
โข 1-4 unit property
โข Primary , 2nd
Home or
Investment
โข Cash-out,
Rate/Term
Refinance and
Purchase
โข We can get
Mortgage
Insurance
โข Educate your
Realtors
15. 11: 620 Minimum Credit Score High Balance/
Super Conforming
โข 1-4 unit
โข Primary Residence, 2nd Home or Investment
โข Cash-out, Rate & Term & Purchase
โข We can get Mortgage Insurance
โข Educate your Realtors!
16. 12: 620 Minimum Credit Score FHA
We have our Ginnie Mae Approval
We have a common sense approach to Underwriting
Loans that make sense and are strong but have one or two things
that are keeping it from getting an approval that was due to an
extenuating circumstance or a one off instance. We want to hear
about that loan. Please call your AE and explain the loan to them
and they will let you know if we can do the loan for you.
17. 13: Pick a Mortgage Term Program
Choose any
term you
need to
meet your
borrowers
needs.
For example
you can
choose a 17,
21, 23, or 9
year term.
Any amount
of years you
want.
Your pricing
would be
based off the
next highest
category.
For example
a 16 yr term
would be
priced of a
20yr and a
22 yr would
be priced of
a 30 yr
18. 14: 90% LTV with no Escrows
We allow you to waive escrows up to 90% loan to Value.
Good option for borrowers who like to be in control of their
finances.
Fantastic way to help tight loans where cash to close is tight. This
will eliminate the escrows being taken at closing.
Good for Purchase, Rate and Term & Cash out Refiโs.
19. 15: Professional College Graduate Home
Program
Fantastic
product for
the student
who just
graduated
and wants to
purchase a
home.
Qualify with
Copy of
degree,
employment
contract and
1st paystub.
Student must
have same
job as his
major.
No minimum
work history.
20. 16: Manufactured Homes
โข Owner Occupied
and Second
Homes
โข Purchase 95% LTV
OO and 85% LTV
Second Home
โข Rate & Term 95%
LTV OO and 85%
LTV Second Home
โข Cash out 65% LTV
OO only
21. In Conclusion
โข We hope this gave you new ideas that will help
you grow your business
โข Contact us at any time with questions and we will
be more than happy to help
โข The place you will find everything you need to
know about United Mortgage Corp from how to
submit a file to the guidelines for all 3 agencies,
Fannie, Freddie and Ginnie is:
www.MortgageBrokerSupport.com
โข Thank you and we look forward to working with
you!