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Pathway to Home Ownership

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Citywide Mortgage, an Oklahoma-based mortgage lender, provides an easy-to-follow guide on obtaining a mortgage. Learn about various loan programs and helpful tips for home buyers.

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Pathway to Home Ownership

  1. 1. Pathwayto Home Ownership Your Local Lender Serving Your Home Loan Needs 405 -794 - 4 412 w w w.cit y wide -loans.com
  2. 2. 1 405 -794 - 4 412 w w w.ci t y wide -loans.com Pathway to Home Ownership Find Your New Home Inspect the Property & Resolve Inspection Issues Secure Home Owner’s Insurance Confirm Loan Program & Lock Your Rate Citywide Orders Appraisal & Underwriting Provide Remaining Docs Needed to Underwriter Attend Closing & Receive Your Keys! Obtain Mortgage Pre-Approval with Citywide Make an Offer & Obtain Accepted Contract
  3. 3. 2405 -794 - 4 412 w w w.ci t y wide -loans.com Mortgage Checklist The following information is usually required during the loan process: Copy of driver’s license & Social Security card. W2s for the past 2 years. Complete copy of your federal tax returns for the last 2 years. Most recent pay stubs covering the last 30 days. Two most recent statements for checking, savings & asset accounts. Name, address & telephone numbers of employers & landlords for the past 2 years. Complete copy of signed purchase agreement.
  4. 4. 3 405 -794 - 4 412 w w w.ci t y wide -loans.com Home Purchase Basics Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time home buyer. Here’s some information that will keep you on track. A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Mortgage Loan Officer, it should be an efficient, pleasant and ultimately rewarding experience for you. Home Buyer____________________________ • Keep your Real Estate Agent informed of any questions or concerns as they develop. • Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last- minute details or events that require your attention. • Enjoy purchasing your home, and remain objective throughout — to make the business decisions that are best for you. • Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
  5. 5. 4405 -794 - 4 412 w w w.ci t y wide -loans.com Mortgage Loan Officer___________________ • Assists you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars through the years!) • Keeps you informed of your loan status through the entire process. • Keeps your Real Estate Agent informed of your loan progress. (Note: Your personal information is always kept confidential between you and your Mortgage Loan Officer.) • Gets the appropriate loan for you at the best rates and fees. This will save you significant money “up front” and through the years to come. Real Estate Agent _______________________ • Previews available homes to eliminate those that are over-priced or undesirable in some other way. • Presents the homes that suit your needs as you’ve defined them. • Helps you determine the difference between a “good buy” and a property that might be discounted if you decide to sell in the future. • Negotiates the best deal for you. With a pre-qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Home Seller and may make the difference between the Seller accepting your offer or someone else’s — even if your offer is lower!
  6. 6. 5 405 -794 - 4 412 w w w.ci t y wide -loans.com It’s Best to Get Pre-Approved It’s Good, Before You Go House-Hunting, to Get Pre-Qualified: • 15–30 minute phone interview with a Mortgage Loan Officer to determine initial qualifications. • Pre-qualification information based on the verbal information given and your credit history. • Please call Citywide Mortgage at 405-794-4412 or visit our website www.citywide-loans.com to apply online. It’s Better to Get Pre-Approved: • Forward any required items promptly to your Mortgage Loan Officer. After review of your documentation, underwriting may issue a pre-approval status on your loan. • A pre-approval letter is recommended to be submitted with any offer, to possibly strengthen your buying position.
  7. 7. 6405 -794 - 4 412 w w w.ci t y wide -loans.com Popular Loan Programs Available FHA Veterans USDA Rural Development Conventional 184/Native American
  8. 8. 7 405 -794 - 4 412 w w w.ci t y wide -loans.com FHA • Great loan program for first-time home buyers and generally easier to qualify for. • Down payment requirement of 3.5% which can be a gift or a grant. • UMIP Fee (up-front mortgage insurance premium) of 1.75% financed into loan. • Monthly MI (Mortgage Insurance) of .85% • Seller can pay up to 6% closing costs. • Purchased home must be owner occupied. • Only one FHA loan at a time. • Maximum loan amount is $294,515. • If applicable, buyer must be out of bankruptcy for 2 years. Program requirements are subject to change.
  9. 9. 8405 -794 - 4 412 w w w.ci t y wide -loans.com Conventional Program requirements are subject to change. • In general for those with higher credit scores, 5% down payment is normally required. • MI (Mortgage Insurance) not required at 80% LTV (Loan-to-Value). • Buyer may choose the Fixed Rate Option (most popular 30 year) or Adjustable Rate Mortgage (ARM). • Seller can pay up to 3% of closing costs, 6% if LTV is 90%. • If applicable, buyer must be out of bankruptcy 4 years.
  10. 10. 9 405 -794 - 4 412 w w w.ci t y wide -loans.com Veterans • Must have VA Certificate of Eligibility. • Requires a VA funding fee, which can be financed into the loan. Fee depends on type of service & number of uses. • Funding fee may be waived if borrower is disabled. • Offers 100% financing and no down payment. • Allows for the seller to pay closing costs. • Can be used more than once, but normally just one home at a time. • No monthly MI (Mortgage Insurance). • Purchased home must be owner occupied. Program requirements are subject to change.
  11. 11. 10405 -794 - 4 412 w w w.ci t y wide -loans.com USDA Rural Development • 100% financing. • 1% upfront fee rolled in. • Monthly MI .35, life of loan. • Household income limits apply. • Minimum credit score 640. • Debt to Income 41%. • Visit www.usda.gov/eligibility and enter property address to determine eligibility. Program requirements are subject to change.
  12. 12. 11 405 -794 - 4 412 w w w.ci t y wide -loans.com 184/Native American • Tribal card with Roll Number is required. • Down payment is 2.25%, but buyer can also contact tribe or access DPA (Down Payment Assistance) for other options. • Buyer must have a maximum debt ratio of 41% or less. Call for maximum loan amount. • Guarantee fee of 1.5% financed in the loan. • Monthly MI (Mortgage Insurance) of .25, but is not required when loan equals 80% of purchase price. • Loan process can take up to 45 days. Program requirements are subject to change.
  13. 13. 12405 -794 - 4 412 w w w.ci t y wide -loans.com Helpful Tips for the Buyer • Build credit with secured bank loans. • Build credit with credit cards, but keep balances well below the credit limit. • Make payments on time. Set up auto pay if possible. • Avoid collections. For medical bills, make payment arrangements if necessary and pay on time. • Monitor your credit. Some websites & credit cards offer free credit reports. • Do not apply for credit cards or other loans during the loan process. • Do not change jobs. If you must, the new job should be in your current field of employment. Do not switch from salary or hourly to commission only or become self-employed.
  14. 14. 13 405 -794 - 4 412 w w w.ci t y wide -loans.com Appraisal Process • The appraiser evaluates the property and reviews recent market data of similar properties in the area to determine your home’s market value. • You will receive a copy of the full report upon completion. • The appraisal is ordered by Citywide Mortgage.
  15. 15. 14405 -794 - 4 412 w w w.ci t y wide -loans.com Underwriting Process Gift Funds & Grants • Once the appraisal is received, it is sent to underwriting to be reviewed along with the final submission of your credit package. • The underwriter may request additional documentation at this time. • Upon receipt of all required documentation and after all loan conditions are cleared, the final underwriting decision is made. • Available for all buyers based on income level. • Helps with down payment and closing costs. • Call your Citywide Mortgage professional for further information! 405-794-4412
  16. 16. N M L S # 120 8 86 94 0 0 S I -35 Ser v ice Road O k lahoma Ci t y, OK 73160 4 05 -794 - 4 412 w w w.c i t y wide - loans .com

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