Think you know fannie and freddie thnik again!

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Fannie Mae, Freddie Mac, Harp, Harp 2.0, Harp 2

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Think you know fannie and freddie thnik again!

  1. 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. 2. 12 Programs to help expand your business We will show you how to use each program to: • Create new marketing strategies • Find new referral partners • Educate your realtors with new products and strategies • Qualify files you have previously passed on • Re-energize your business
  3. 3. Program 1: Qualify Your Self Employed Borrowers with only 1 Yr Tax Return • Use the most recent year filed to qualify with streamline accept through Freddie • 1099 and Schedule C borrowers can qualify for this program • HUGE opportunity for self employed borrowers with higher income for most recent tax year • Market all Self Employed Borrowers who are looking to Purchase or Refinance • Solicit Accountants and Financial Planners
  4. 4. 2: Use Retirement Assets to Qualify as Income. Limited to 70% LTV. Used for Purchase & Rate and Term Refi’s 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. 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. 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. 7. 4: Lender Paid MI At 95% LTV With A 620 Credit Score • We do Lender Paid MI up to 95% LTV down to 620 Credit Score • Better option than FHA, there is no up front MIP and no monthly MIP • Monthly borrower paid MI is still better because there is no up front MIP and the MI will fall off at 78% LTV • FHA monthly MIP is for the life of the loan as of 6/1/2013 • Educate your Realtors
  8. 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. 9. 5: Unlimited HARP 2.0 With Fannie • Unlimited LTV no matter the property or occupancy type (ex. 600% LTV on a NOO Condo is ok) • Max DTI DU will allow is 65%. • No Minimum Credit Score!!! • We Accept Appraisal Transfers and Accept MI Transfers as Well • Finance all the closing costs in the loan
  10. 10. 6: Delayed Financing • No seasoning on a cash-out refinance where the borrower just purchased the property • Borrower must use all their own funds and the funds are seasoned for 60 days • This is a great product for the true investor with his own funds • Allows the investors cash flow to grow • Educate your realtors!
  11. 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. 12. 8: No Landlord history required on Conventional loans • Use rental income from the appraisal to qualify your borrower, do not need to see the 2 year rental history. • Qualify more conventional loans. • Educate your Realtors!
  13. 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. 14. 10: 620 Minimum Credit Score Conventional • 1-4 unit property • Primary , 2nd Home or Investment • Cash-out, Rate/Term Refinance and Purchase • We can get Mortgage Insurance • Educate your Realtors
  15. 15. 11: 620 Minimum Credit Score High Balance/ Super Conforming • 1-4 unit • Primary Residence, 2nd Home or Investment • Cash-out, Rate & Term & Purchase • We can get Mortgage Insurance • Educate your Realtors!
  16. 16. 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. 17. In Conclusion • We hope this gave you new ideas that will help you grow your business • Contact us at any time with questions and we will be more than happy to help • 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 • Thank you and we look forward to working with you!

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