Why should i use a mortgage adviser 240113 wfsalanwynne
This document discusses the benefits of using an independent mortgage adviser. It outlines how an adviser can help determine if you qualify for a mortgage, identify suitable lenders, explain different mortgage rates and repayment options, and advocate on your behalf during the application process. The adviser argues that using a professional saves time and money compared to going it alone, similar to how one would hire experts like mechanics or plumbers for vehicle and home repairs. Contact details are provided to discuss options with no obligation.
The document provides information about reverse mortgages through American Pacific Mortgage. It discusses key benefits like eliminating monthly mortgage payments and providing a line of credit or supplemental income. It outlines the qualification process and payment options. Client testimonials praise the company for their professionalism, thorough explanations, and for making the process seamless.
This document provides information for first-time home buyers, including tips for the home buying process. It discusses getting pre-approved for a loan, developing a property wish list, understanding budgets and expenses, working with a lender, title insurance, and other key steps. The "Ten Commandments of Buying a Home" cautions buyers not to make major financial changes during the loan process that could impact their approval.
This document provides information to help buyers in the home buying process. It includes details on Beth Larson's real estate services, the benefits of home ownership, tips for first-time buyers, steps to prepare for ownership, budget and wish list worksheets, questions for lenders, checklists for loan applications and title insurance, and "Ten Commandments" for buyers to follow when going through the buying process.
This document provides information about VA loans from Kathy Weese-Dyer, an associate broker. It begins with 10 questions about VA loans and provides answers to each. It then discusses VA loan eligibility requirements for service members, veterans, and spouses. The document ends with positive testimonials from past clients that praised Kathy's professionalism, responsiveness, and dedication in helping them buy or sell homes.
The document provides information for veterans on buying a home using a VA home loan. It discusses the benefits of a VA loan including no down payment requirement and no mortgage insurance. It outlines the eligibility criteria for veterans and surviving spouses. It also describes the process for applying for a Certificate of Eligibility and explains the funding fee requirements. Finally, it provides a 10 step overview of the home buying process when using a VA loan.
This document provides information and guidelines for first-time homebuyers on qualifying for a mortgage and purchasing a home. It discusses key factors like income requirements, down payment amounts, credit scores, different types of mortgages and insurance. The document is presented as a guide to help homebuyers understand the homebuying process and make informed decisions. It is divided into several sections covering topics such as qualifications, the approval process, mortgages and costs, responsibilities of homeownership, and tips for saving money.
Why should i use a mortgage adviser 240113 wfsalanwynne
This document discusses the benefits of using an independent mortgage adviser. It outlines how an adviser can help determine if you qualify for a mortgage, identify suitable lenders, explain different mortgage rates and repayment options, and advocate on your behalf during the application process. The adviser argues that using a professional saves time and money compared to going it alone, similar to how one would hire experts like mechanics or plumbers for vehicle and home repairs. Contact details are provided to discuss options with no obligation.
The document provides information about reverse mortgages through American Pacific Mortgage. It discusses key benefits like eliminating monthly mortgage payments and providing a line of credit or supplemental income. It outlines the qualification process and payment options. Client testimonials praise the company for their professionalism, thorough explanations, and for making the process seamless.
This document provides information for first-time home buyers, including tips for the home buying process. It discusses getting pre-approved for a loan, developing a property wish list, understanding budgets and expenses, working with a lender, title insurance, and other key steps. The "Ten Commandments of Buying a Home" cautions buyers not to make major financial changes during the loan process that could impact their approval.
This document provides information to help buyers in the home buying process. It includes details on Beth Larson's real estate services, the benefits of home ownership, tips for first-time buyers, steps to prepare for ownership, budget and wish list worksheets, questions for lenders, checklists for loan applications and title insurance, and "Ten Commandments" for buyers to follow when going through the buying process.
This document provides information about VA loans from Kathy Weese-Dyer, an associate broker. It begins with 10 questions about VA loans and provides answers to each. It then discusses VA loan eligibility requirements for service members, veterans, and spouses. The document ends with positive testimonials from past clients that praised Kathy's professionalism, responsiveness, and dedication in helping them buy or sell homes.
The document provides information for veterans on buying a home using a VA home loan. It discusses the benefits of a VA loan including no down payment requirement and no mortgage insurance. It outlines the eligibility criteria for veterans and surviving spouses. It also describes the process for applying for a Certificate of Eligibility and explains the funding fee requirements. Finally, it provides a 10 step overview of the home buying process when using a VA loan.
This document provides information and guidelines for first-time homebuyers on qualifying for a mortgage and purchasing a home. It discusses key factors like income requirements, down payment amounts, credit scores, different types of mortgages and insurance. The document is presented as a guide to help homebuyers understand the homebuying process and make informed decisions. It is divided into several sections covering topics such as qualifications, the approval process, mortgages and costs, responsibilities of homeownership, and tips for saving money.
This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
This document provides an overview of a 20-hour mortgage licensing course. It covers several key sections:
1. The national mortgage licensing exam costs $92, takes 2.5 hours, has 100 multiple choice questions including 10 sample questions, requires a 75% score to pass, and provides feedback on strong and weak areas.
2. The exam tests on federal law (35%), general mortgage knowledge (25%), loan origination (25%), and ethics (15%).
3. The document reviews important concepts like underwriting ratios, documentation requirements, title insurance, non-traditional lending guidelines, fiduciary duties, fair housing laws, consumer protection, and mortgage fraud.
4. Key laws covered include
The document discusses credit, credit cards, credit scores (FICO), and building credit history. It provides the following key points:
- Avoid getting credit card offers as soon as you turn 18 and instead get a credit card from your bank with a small $500 limit to begin building credit history.
- Making only minimum payments on a credit card balance will result in interest payments that prolong paying off the balance for years.
- A FICO credit score measures credit risk based on payment history (35%), amount owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
- Do not co-sign loans or accounts for others as you will be responsible
Skyrocket Your Credit Score & Credit Limits (Quick Guide to Credit & Unsecure...Golden Financial Services
"Credit" and "Unsecured Debt", can IMPROVE or DESTROY your financial FUTURE. Your first step to solidifying perfect financial health is to understand unsecured debt and credit – and then we will show you the proven tricks to raise your credit limits and credit scores. This is a simplified thesaurus on Credit and Unsecured Debt. A guaranteed life-changer! If you use this guide please credit its creator: Golden Financial Services, at https://goldenfs.org. You will find the original guide to unsecured debt published at https://nomorecreditcards.com/unsecured-debt/.
Family Legal Guide Chapter 8 Bankruptcylegalcounsel
This document discusses consumer bankruptcy and provides information to help individuals determine if bankruptcy is the best option for dealing with financial distress. It defines bankruptcy, explains the different chapters (7 and 13), and discusses the process and consequences of filing. While bankruptcy eliminates most unsecured debts, it has long-lasting negative consequences like affecting one's credit for up to 10 years. The document provides alternatives to bankruptcy like debt management plans and explains how to find legal assistance if pursuing bankruptcy.
The document provides an overview of the home buying process and discusses important considerations for obtaining a home mortgage loan. It includes tips on working with a lender and real estate agent, evaluating different loan options, negotiating terms, and becoming educated on the process. Key recommendations are to get pre-approved for a loan, look at multiple loan programs, demand good service, and don't be afraid to negotiate flexible terms. Being informed is important to getting the best mortgage.
100% Financing Options For CalPERS MembersScott Schang
This document summarizes a presentation about 100% financing options for CalPERS (California Public Employees' Retirement System) members through Broadview Mortgage Corporation. It discusses eligibility requirements, available loan options including conventional, FHA, and CalPERS personal loans. It also covers down payment assistance programs, tax credits, and next steps for prospective homebuyers.
SAFE 20 Hour Loan Originator Pre-licensing Class SlidesJillayne Schlicke
The document outlines an agenda for a 20-hour mortgage loan origination training course. It includes sections on the Uniform State Test, exam components, exam preparation strategies, the history of mortgage lending, an introduction to the different entities in the mortgage industry, requirements for loan applications, qualifying borrowers, and underwriting guidelines. The trainer leads discussions on topics like occupancy requirements, income and asset verification, and gaps in employment history. Case studies are used to have students evaluate loan approval decisions.
A personal, no asset bankruptcy is known as Chapter 7. For this type of bankruptcy, our clients keep all of the assets they want to
keep (home if it qualifies, motor vehicle, personal property, clothing, etc.) and discharge all their consumer debts. We will work with you to determine that all of your assets are kept protected from the creditors.
YOUR OPPORTUNITY
Where do you want to be in 5 years? 10 years? What about right now?
What if you could have the benefits of a traditional business career, but without someone else controlling your income, hours, partners and overall job security? Maybe you’re comfortable in your job, but would like to increase your opportunities and income without trying to balance the multiple schedules created for you. Technology is continuing to advance and the business world is rapidly changing. You’re going to be working anyway- shouldn’t you enjoy it? Shouldn’t you control it? Welcome to Financial Education Services.
At FES, we’ve combined the flexibility of working for yourself with the stability and management of a business which has already been established and achieved success. You don’t need to invest a bunch of money, store inventory or learn the technology behind our advanced financial programs; you just need the motivation and work ethic to create a strong, dependable team and continue to develop yourself as a leader within your organization. Your opportunities are limitless. The harder you work the more you’ll gain.
You’ll also have security in knowing the innovative products and services you are distributing are of the utmost quality and yet are continuously improving. The demand for our services is growing each and everyday, fitting the needs of various people throughout your community, at all stages of life. Make a difference, change your life- know that the hard work you’re putting into today is building and benefiting your financial opportunities for the future.
www.myfes.net/BRobinson1
FHA Reverse Mortgage Purchase loan product designed for consumers 62 or older who want to downsize and buy a smaller home, but lack the income requirements for a conventional mortgage.
The document provides an overview of a presentation on preparing for the mortgage loan originator exam. It discusses the exam process, including registering online, paying fees, and scheduling the national and state exams. It also reviews strategies for taking multiple choice exams and covers sample exam topics, such as laws governing lending practices like the Truth in Lending Act and Equal Credit Opportunity Act.
While no credit check loans are often advertised, all lenders do check applicants' credit and financial history in some way. Those with poor credit can still apply for payday or installment loans from direct lenders, as some consider factors beyond credit scores like employment history. The application process is streamlined and fast, with decisions often within minutes. If approved, funds may be deposited within a couple business days. Loan costs depend on the specific terms, which are disclosed by the direct lender.
Okay so you've been arrested for DUI. Taken down to the jail, searched for drugs and contraband, and weapons and stripped of all your valuables.
Use this guide to to navigate the tricky legal waters and protect your rights.
These PPT slides are for students who are studying to pass the NationalLoan Originator Licensing Exam with Uniform State Component, and are students of Jillayne Schlicke, CE Forward, Inc.
This document provides information to guide home buyers through the home buying process. It discusses choosing a real estate agent, the step-by-step process of making an offer and purchasing a home, choosing a lender, the loan process, points, how underwriters evaluate loans, tips for completing a loan application, estimating how much home buyers can afford, estimating mortgage payments, escrow, title insurance, and other related topics. The guide aims to inform home buyers of the various considerations and stages involved in the home buying journey.
Vortrag über das Konzept "Museum 2.0" bzw. die Vermarktung von Museen im Internet für den Museumsverband Sachsen-Anhalt
(Version mit niedriger Bildauflösung)
Quand faites vous appel à Creafin? Présentation au Salon du Crédit de Delta L...Sven Van Santvliet
Quand faites vous appel à Creafin? Quelles sont les différences par rapport aux autres acteurs dans le marché hypothécaire?
Visitez www.hypoconnect.be pour voir le film.
This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
This document provides an overview of a 20-hour mortgage licensing course. It covers several key sections:
1. The national mortgage licensing exam costs $92, takes 2.5 hours, has 100 multiple choice questions including 10 sample questions, requires a 75% score to pass, and provides feedback on strong and weak areas.
2. The exam tests on federal law (35%), general mortgage knowledge (25%), loan origination (25%), and ethics (15%).
3. The document reviews important concepts like underwriting ratios, documentation requirements, title insurance, non-traditional lending guidelines, fiduciary duties, fair housing laws, consumer protection, and mortgage fraud.
4. Key laws covered include
The document discusses credit, credit cards, credit scores (FICO), and building credit history. It provides the following key points:
- Avoid getting credit card offers as soon as you turn 18 and instead get a credit card from your bank with a small $500 limit to begin building credit history.
- Making only minimum payments on a credit card balance will result in interest payments that prolong paying off the balance for years.
- A FICO credit score measures credit risk based on payment history (35%), amount owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
- Do not co-sign loans or accounts for others as you will be responsible
Skyrocket Your Credit Score & Credit Limits (Quick Guide to Credit & Unsecure...Golden Financial Services
"Credit" and "Unsecured Debt", can IMPROVE or DESTROY your financial FUTURE. Your first step to solidifying perfect financial health is to understand unsecured debt and credit – and then we will show you the proven tricks to raise your credit limits and credit scores. This is a simplified thesaurus on Credit and Unsecured Debt. A guaranteed life-changer! If you use this guide please credit its creator: Golden Financial Services, at https://goldenfs.org. You will find the original guide to unsecured debt published at https://nomorecreditcards.com/unsecured-debt/.
Family Legal Guide Chapter 8 Bankruptcylegalcounsel
This document discusses consumer bankruptcy and provides information to help individuals determine if bankruptcy is the best option for dealing with financial distress. It defines bankruptcy, explains the different chapters (7 and 13), and discusses the process and consequences of filing. While bankruptcy eliminates most unsecured debts, it has long-lasting negative consequences like affecting one's credit for up to 10 years. The document provides alternatives to bankruptcy like debt management plans and explains how to find legal assistance if pursuing bankruptcy.
The document provides an overview of the home buying process and discusses important considerations for obtaining a home mortgage loan. It includes tips on working with a lender and real estate agent, evaluating different loan options, negotiating terms, and becoming educated on the process. Key recommendations are to get pre-approved for a loan, look at multiple loan programs, demand good service, and don't be afraid to negotiate flexible terms. Being informed is important to getting the best mortgage.
100% Financing Options For CalPERS MembersScott Schang
This document summarizes a presentation about 100% financing options for CalPERS (California Public Employees' Retirement System) members through Broadview Mortgage Corporation. It discusses eligibility requirements, available loan options including conventional, FHA, and CalPERS personal loans. It also covers down payment assistance programs, tax credits, and next steps for prospective homebuyers.
SAFE 20 Hour Loan Originator Pre-licensing Class SlidesJillayne Schlicke
The document outlines an agenda for a 20-hour mortgage loan origination training course. It includes sections on the Uniform State Test, exam components, exam preparation strategies, the history of mortgage lending, an introduction to the different entities in the mortgage industry, requirements for loan applications, qualifying borrowers, and underwriting guidelines. The trainer leads discussions on topics like occupancy requirements, income and asset verification, and gaps in employment history. Case studies are used to have students evaluate loan approval decisions.
A personal, no asset bankruptcy is known as Chapter 7. For this type of bankruptcy, our clients keep all of the assets they want to
keep (home if it qualifies, motor vehicle, personal property, clothing, etc.) and discharge all their consumer debts. We will work with you to determine that all of your assets are kept protected from the creditors.
YOUR OPPORTUNITY
Where do you want to be in 5 years? 10 years? What about right now?
What if you could have the benefits of a traditional business career, but without someone else controlling your income, hours, partners and overall job security? Maybe you’re comfortable in your job, but would like to increase your opportunities and income without trying to balance the multiple schedules created for you. Technology is continuing to advance and the business world is rapidly changing. You’re going to be working anyway- shouldn’t you enjoy it? Shouldn’t you control it? Welcome to Financial Education Services.
At FES, we’ve combined the flexibility of working for yourself with the stability and management of a business which has already been established and achieved success. You don’t need to invest a bunch of money, store inventory or learn the technology behind our advanced financial programs; you just need the motivation and work ethic to create a strong, dependable team and continue to develop yourself as a leader within your organization. Your opportunities are limitless. The harder you work the more you’ll gain.
You’ll also have security in knowing the innovative products and services you are distributing are of the utmost quality and yet are continuously improving. The demand for our services is growing each and everyday, fitting the needs of various people throughout your community, at all stages of life. Make a difference, change your life- know that the hard work you’re putting into today is building and benefiting your financial opportunities for the future.
www.myfes.net/BRobinson1
FHA Reverse Mortgage Purchase loan product designed for consumers 62 or older who want to downsize and buy a smaller home, but lack the income requirements for a conventional mortgage.
The document provides an overview of a presentation on preparing for the mortgage loan originator exam. It discusses the exam process, including registering online, paying fees, and scheduling the national and state exams. It also reviews strategies for taking multiple choice exams and covers sample exam topics, such as laws governing lending practices like the Truth in Lending Act and Equal Credit Opportunity Act.
While no credit check loans are often advertised, all lenders do check applicants' credit and financial history in some way. Those with poor credit can still apply for payday or installment loans from direct lenders, as some consider factors beyond credit scores like employment history. The application process is streamlined and fast, with decisions often within minutes. If approved, funds may be deposited within a couple business days. Loan costs depend on the specific terms, which are disclosed by the direct lender.
Okay so you've been arrested for DUI. Taken down to the jail, searched for drugs and contraband, and weapons and stripped of all your valuables.
Use this guide to to navigate the tricky legal waters and protect your rights.
These PPT slides are for students who are studying to pass the NationalLoan Originator Licensing Exam with Uniform State Component, and are students of Jillayne Schlicke, CE Forward, Inc.
This document provides information to guide home buyers through the home buying process. It discusses choosing a real estate agent, the step-by-step process of making an offer and purchasing a home, choosing a lender, the loan process, points, how underwriters evaluate loans, tips for completing a loan application, estimating how much home buyers can afford, estimating mortgage payments, escrow, title insurance, and other related topics. The guide aims to inform home buyers of the various considerations and stages involved in the home buying journey.
Vortrag über das Konzept "Museum 2.0" bzw. die Vermarktung von Museen im Internet für den Museumsverband Sachsen-Anhalt
(Version mit niedriger Bildauflösung)
Quand faites vous appel à Creafin? Présentation au Salon du Crédit de Delta L...Sven Van Santvliet
Quand faites vous appel à Creafin? Quelles sont les différences par rapport aux autres acteurs dans le marché hypothécaire?
Visitez www.hypoconnect.be pour voir le film.
Este documento describe las redes sociales, su importancia en la vida de los adolescentes y algunos riesgos asociados con su uso. Explica que las redes sociales permiten conectar con amigos y hacer nuevas amistades, pero también plantea que los adolescentes a veces comparten demasiada información personal sin considerar los peligros de interactuar con extraños. Recomienda usar las redes sociales con moderación y no aceptar solicitudes de amigos desconocidos.
Este documento contiene información sobre las utilidades del agua y la importancia de su conservación. El agua es necesaria para la vida humana y la salud, y se usa para bañarse, lavarse las manos, cocinar y beber. Sin embargo, el agua es un recurso finito, por lo que debemos protegerla y evitar malgastarla para asegurar su disponibilidad en el futuro.
Quilombo Chácara das Rosas - Prof. Dra. Elsa Avancinialexrrosaueja
1) O documento descreve a história da Comunidade Quilombola Chácara das Rosas em Canoas/RS, desde sua origem até o processo de reconhecimento oficial como quilombo em 2007.
2) A comunidade formou-se a partir de um casal que se mudou para a área na década de 1940 e manteve tradições culturais e de plantio mesmo com a urbanização da região.
3) Após estudos sobre a memória e população da comunidade, ela foi oficialmente reconhecida como remanescente de
Presentasjon på Webtanken, i Kristiansand i 2011. I Bluegarden utviklet vi minpersonalsjef.no med meget god hjelp av Netlab. Dette er historien om veien til lansering
Le cloud s’est très nettement imposé ces dernières années. Nous avons commencé avec BPOS pour arriver aujourd’hui à Office 365 ! Il n’y a pas que l’offre commerciale de Microsoft qui a évoluée. Il existe différents scénarios possibles pour allier environnement local et cloud. Dans cette session, découvrez les avantages de passer à l’hybride. Les sujets de provisioning, fédération d’identité, messagerie avec Exchange ou encore collaboration avec SharePoint seront abordés. On va tout vous expliquer sur les outils utilisés et les possibilités qui s’offrent à vous … L’essayer, c’est l’adopter !
oneM2M - Management, Abstraction and SemanticsoneM2M
The document discusses concepts related to management, abstraction, and semantics in oneM2M including:
- Management provides unified APIs for configuring, monitoring, and managing devices, applications, and service entities.
- Abstraction hides the complexity of specific technologies by providing a single, unified information model and methods for applications.
- Semantics adds meaning and relationships between concepts to enable machine understandable interoperability.
- oneM2M provides resource models and protocols for management, and attributes for basic semantic annotation. Interworking proxies map non-oneM2M models to common oneM2M resources.
La República Dominicana se encuentra en la parte oriental de la isla La Española en el Mar Caribe, limitando al norte con el Océano Atlántico, al sur con el Mar Caribe, al oeste con Haití y al este con el Canal de la Mona. El país tiene tres sistemas montañosos principales y su economía se basa principalmente en la agricultura, ganadería y el turismo. Las ciudades principales son Santo Domingo, Santiago de los Caballeros y San Pedro de Macorís.
Este manual tiene por objeto facilitar el cumplimiento de las obligaciones fiscales de federaciones deportivas, clubes deportivos y otras entidades sin fines lucrativos,así como responder a las dudas sobre el tratamiento fiscal de diversas operaciones en las que aquéllas se vean involucradas.
A tal fin se analizarán las peculiaridadesrelativas a los impuestos que afectan a la gestión ordinaria (Impuesto sobreSociedades, Impuesto sobre el Valor Añadido e Impuesto sobre la Renta de las PersonasFísicas), y en cuanto a los supuestos de exención y no sujeción, obligacionesde practicar retención, etcétera.
This document discusses the benefits of using a Learning Management System (LMS) in a classroom. It outlines pros and cons of the Joomla LMS, such as being easy to use but time consuming to set up. An LMS allows students to access homework, get teacher and peer support, and submit assignments online from school or home. It promotes student-centered learning and makes students and teachers more approachable. Using an LMS also gives students flexibility to complete work on their own time while building connections between students, teachers, and parents.
El documento describe la integración del Aula Virtual de EducaMadrid en los Ciclos Formativos. Se basa en la plataforma Moodle y tiene como objetivos que los alumnos tengan cuenta EducaMadrid, contacto con las TIC e integración en el Aula Virtual para profundizar en el aprendizaje. Contiene 7 bloques temáticos con documentos, presentaciones y actividades calificables, así como recursos adicionales como foros, glosarios y cuestionarios. El documento analiza los contenidos, herramientas y metodología del Aula
El documento describe cómo los medios de comunicación han evolucionado a través de las nuevas tecnologías de internet y cómo esto ha permitido una comunicación más fluida entre las organizaciones y sus públicos. Se mencionan varias herramientas de internet como blogs, RSS, redes sociales y plataformas de video que facilitan la interacción y el intercambio de información.
El documento habla sobre la importancia de las redes sociales para las empresas en la era digital. Explica que las redes sociales son la actividad online más popular y que cada vez más personas acceden a Internet a través de dispositivos móviles. También proporciona consejos sobre cómo las empresas pueden utilizar las redes sociales para mejorar las relaciones públicas, el marketing, la marca y el desarrollo de negocios.
This document provides an overview of mortgage qualification guidelines in Canada, including income requirements, down payment amounts, equity sources, and debt service ratios (GDS and TDS). Key points:
- Common income sources considered include employment, self-employment, pensions, and child tax credits, provided they can demonstrate consistency.
- The minimum down payment is typically 5% but increases to 10% or 20% for homes over $500k or $1M. Larger down payments reduce mortgage costs.
- Equity can come from sources like selling another property, savings, RRSPs, gifts, or investments.
- GDS measures housing costs as a percentage of income and is typically capped at 32-35
1. The document is a presentation on home buying from Bank of America that covers topics like determining if homeownership is right, getting prequalified, understanding credit, affordable mortgage programs, and the home buying process.
2. It provides information on calculating how much home buyers can afford and borrow, the importance of credit for getting approved, and resources for homebuyer education and counseling.
3. Bank of America promises personal service and affordable loan options to help buyers achieve their goal of successful homeownership.
A reverse mortgage allows senior homeowners to access equity in their home without making monthly payments. It provides funds via a monthly payment, lump sum, or line of credit. The homeowner retains ownership and can live in the home until passing away. The loan is repaid upon moving out or passing of the last surviving homeowner. Qualification requires being at least 62 years old, owning the home, and having sufficient equity. Costs of 5% of the loan amount are financed into the loan balance. Counseling is required to ensure the homeowner understands the product.
- Buying a home is a major financial decision and commitment that requires navigating a complicated process. The document provides guidance to help buyers feel informed and prepared.
- It outlines preliminary financing concerns like estimating purchasing power based on income, credit, expenses, down payment, and interest rates. It also provides steps to review credit reports, financial documents, and to talk to a lender.
- The document reviews mortgage types, terms, fees, and questions for buyers to ask lenders to better understand financing options and select the best loan. It also discusses down payment amounts and private mortgage insurance.
6 questions to ask mortgage companies in njPraveen Singh
Most mortgage companies will charge a zero to one point to lock a loan rate but make sure you ask if there is a charge for a rate lock and for how long will this rate be locked for.
This document provides information about different types of mortgage loans. It discusses conventional home mortgage loans, FHA-insured loans which provide lower down payment options, VA loans that offer home financing for veterans without a down payment, and FHA 203(k) loans that combine home purchase with funding for repairs. Each loan has different eligibility requirements but can help buyers find the right financing to purchase a home.
Title365 is a nationwide provider of title insurance and escrow services. It has local offices throughout California and key cities nationwide. Title365 uses centralized and efficient operations to provide faster closing services for residential real estate transactions. It offers traditional title insurance, escrow, and technology solutions to brokers, lenders, and buyers and sellers of real estate. Title365 also offers flexibility in title insurance underwriters through its relationships with major underwriters. Its online platform connects buyers, sellers, and professionals to facilitate ordering and tracking of real estate services.
The document is a guide for financing a home that provides information on:
1) The process and team members involved in financing a home including the mortgage broker, realtor, lawyers, and home inspectors.
2) The types of mortgages including closed and open mortgages.
3) What is considered in a mortgage application including income, credit history, and required documents.
4) The differences between a conventional and high ratio mortgage.
5) Estimated closing costs such as property transfer tax, legal fees, and more.
6) Special financing programs such as purchasing with improvements or 0% down payment programs.
This document provides an overview of the steps for first-time homebuyers to purchase a home. It outlines understanding your credit and financial situation, selecting a mortgage professional to get pre-approved, researching first-time homebuyer programs, choosing the best mortgage loan, making an offer on a home, and completing the loan process. The checklist includes sections on requesting credit reports, creating a financial snapshot, common documents needed for pre-approval, and comparing mortgage loan programs.
The document provides an overview of the home buying process including preparing financially, getting pre-approved for a loan, shopping for a home, making an offer, applying for a mortgage, and completing the closing process. It discusses factors that affect offering prices like comparable sales, property condition, and market conditions. The document also covers obtaining credit reports and scores, types of financing including FHA and VA loans, and selecting service providers for escrow, title insurance, and inspections.
This document provides information about the home buying process, including the typical steps involved and common questions homeowners may have. The 10 steps outlined are: researching the area, calculating an affordable budget, getting pre-approval, making an offer, starting paperwork like reviewing contracts, organizing insurance, arranging inspections, exchanging contracts, considering a cooling-off period, and completing settlement. It also answers frequently asked questions and provides a glossary to explain common real estate terms. The overall guide aims to help potential homeowners understand what is involved in purchasing a property.
10 Secrets to Successful Private Lending - July 2015Derk Hebdon
The document provides contact information for Derk Hebdon regarding joint venture real estate deals. It then discusses criteria for evaluating private lending deals, including maintaining a conservative loan-to-value ratio, obtaining first lien position, getting a promissory note, ensuring the lender is named as an additional insured on the property insurance, and purchasing lender's title insurance. The document is focused on strategies for private lenders to protect themselves and their investment.
The document discusses The Bailey Group, which is an insurance provider that specializes in providing life insurance policies for Small Business Administration (SBA) loans. It outlines the FastTrak process where The Bailey Group can deliver a life insurance policy and recorded collateral assignment within 7-10 business days. It also provides responses to common borrower objections about using The Bailey Group and recommendations several SBA lenders have made to borrowers about working with The Bailey Group to ensure the timely closing of their loans.
The document discusses The Bailey Group, an insurance provider that specializes in life insurance policies for Small Business Administration (SBA) loans. It provides details on their FastTrak program which can deliver a life insurance policy with collateral assignment within 7-10 business days. It also gives recommendations and responses for SBA lenders to use when borrowers have questions or objections about using The Bailey Group for their required life insurance policy.
This document is a guide to help clients through the home buying process. It discusses gathering documents like pay stubs, tax returns, and credit reports to understand affordability. It also covers getting pre-approved with a lender to learn financing options like fixed or adjustable rate mortgages. The guide emphasizes understanding interest rates, fees, and working with realtors or brokers to find the right home and loan.
How Come You Pay Those Excessive Rates Of Interest For Bad Credit Home Loans?sharewitme
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2. Introduction
Thank you for downloading my Quick Guide which will help answer most of
your basic questions concerning the VA home loan process. Some veterans may have
some unique situations or a question that isn’t covered in the following
information guide but I have made it easy for you to be able to get those
answers. Besides being an educational guide the following information is
designed to walk you through the following steps all the way to signing your
closing paperwork and getting your new set of keys.
Answer Your Questions
How To Determine Your Credit Profile
Start The Pre-Approval Process
Get Your Pre-Approval Letter
Download The Mortgage App (Optional Tool For House Shopping)
Picking A Real Estate Agent & House Shopping
For the veterans who have downloaded this Quick
Guide and don’t know who I am my name is Chris
Hatley and I’m a loan officer licensed in all 50
states who specializes in VA loans and also a
veteran myself having served in the U.S. Army with
the 25
th
Infantry Division & the 101
st
Airborne / Air
Assault Division better known as the Screaming
Eagles. My NMLS ID is 1033017 and I live and work
in Cookeville, Tn about 3 hours from where I grew
up and about 2 hours from my last duty station Ft.
Campbell, KY and I am thrilled to be able to help
you with your home buying experience using your
VA loan benefit.
Phone (931) 651-1378
Fax (800) 420-0401
vamilitaryhomeloans@gmail.com
2
3. Section One: Common Questions & Answers
What Is A VA Loan ………………………………………………………………………………………………………….4
What Are The Benefits Of A VA Loan ………………………………………………………………………………4-5
What Uses Are There For A VA Loan ……………………………………………………………………………….6
My Bank Said No To Manufactured Homes / No Problem Here ………………………………………6-7
The Importance Of Establishing Your Buying Power With A Pre-Approval Letter …………….8-10
Closing Cost & How To Get The Seller To pay ………………………………………………………………….10-12
Obtaining Your Certificate of Eligibility ………………………………………………………………………….12
What Are The Credit Requirements ………………………………………………………………………………..13
What Documentation Will I Need & What About Self Employment ……………………………….13-14
Will I Need Proof I’ve Been Paying Rent …………………………………………………………………………15-16
What About Special Circumstances Concerning My Finances …………………………………………17
How Do Rental Properties Affect My Qualification Status & My Debt To Income Ratio .....17
Why You Need To Look Over Your Bank Statements ………………………………………………………18
I Currently Have A VA Loan / Can I Get Another Or What Do I Do ………………………………….18
The VA Funding Fee & Who Is Exempt …………………………………………………………………………..19
What Should You Know When Making An Offer To A “For Sale By Owner” …………………...20
How To Find A Qualified Real Estate Agent Who Understands The VA Process ……………...21
The 4 C’s To Making Your Underwriter Happy …………………………………………………………….…22
Section Two: The 3 Action Steps You Need To Take Today
1. Evaluating Your Credit ………………………………………………………………………………………………….…...23
2. Submitting Your Application ………………………………………………………………………………………..…….24
3. Getting Your Pre-Approval Letter …………………………………………………………………………………..…..24
Section Three: The Mortgage App For Your Phone
A Useful Tool I have Included To Help With Your House Shopping Experience ………………..…25-26
Section Four: The 1003 Residential Mortgage Application
I have highlighted all the important fields so you can print and fill out at your convenience
and then just follow the instructions on the instruction page for returning either by email or
fax. 1003 Residential Mortgage Application / Print Pages 27-32
3
4. A VAHome Loan is a mortgage loan guaranteed by the U.S Department of
Veterans Affairs and can be issued by qualified lenders. The loan enables qualified
veterans to purchase a home without putting any money down or having to pay
private mortgage insurance (PMI). Generally, the reasonable value of the property
or the purchase price, whichever is less, plus the funding fee may be borrowed. All
veterans must qualify, for they are not automatically eligible for the program.
VAwill guarantee a maximum of 25 percent of a home loan amount up to
$104,250, which limits the maximum loan amount to $417,000. This figure can be
more, even up to $517,000 in certain parts of the country.
7 Uniformed Services HaveVAHomeLoan Benefits
Army
Navy
Air Force
Marines
Coast Guard
Public Health Service Corps
National Oceanic & AtmosphereAdministration Corps
Serving our country is commendable and those great individuals who do are
allotted certain privileges. In return, the government has made the home buying or
refinancing process a lot more flexible for veterans:
4
5. • Available to active military members, veterans and qualified surviving
spouses
• No Down Payment! (Finance 100% Of Purchase Price Plus VA Funding Fee)
• No Mortgage Insurance required (Saves You Thousand's Long Term)
• Easier Qualifying Standards Including Higher Debt To Income Ratios
An example would be a family with a gross income of $50,000 applying for a VA loan.
They will qualify for a monthly payment of about $209 more than
someone applying for a conventional loan. They also will have more house for
they’re money since there isn’t any Private Mortgage Insurance
built into the payment.
• Low VA interest rates, due in part because these loans are insured by the
federal government.
• A Loan That Is Assumable By Veterans Or Non-Veterans And Free
counseling is available from the VA in case of financial difficulties.
With all new home purchases an "Escape Clause" is required as a safety precaution for
the VA loan applicant. This clause protects the buyer from being obligated to a VA
mortgage loan when the appraised value of the home doesn’t match the selling
price thus protecting your earnest money deposit.
Just a quick comparison of a VA home loan
versus a conventional mortgage shows a significant
difference:
VA LOAN CONVENTIONAL LOAN
Money Down No Yes
Primary Mortgage Insurance (PMI) No Yes
Finance Funding Fee Into The Loan Yes No
Prepayment Penalties No Some Do / Read Your Terms
5
6. Buying a condominium, manufactured or traditional style home, the choice is
yours. Youcan even purchase up to a four apartment dwelling as long as you plan
to live in one apartment and then you can rent out the rest of the apartments.
Building a new home.
Buying & improving a home with a cash out refinance up to 100% of the
value.
Installing energy-efficient improvements to a home.
Refinancing an existing VA loan to get a better interest rate & lower your
monthly payment.
*Buying a manufactured home on a permanent foundation, even though Manufactured
Housing is covered under VA guidelines the majority of banks & wholesale lenders have
shyed away in recent years. Myself have stayed the course by acquiring licensing in all
50 states and approval with the number one lender of manufactured housing in the
United States and I’m completely able to provide financing in this niche. Please feel free
to Apply Online Now or call (931) 651-1378 or email me at
vamilitaryhomeloans@gmail.com.
Typically the buyer will pay for the appraisal which will cost about $375 to $500
depending on what state and community you are purchasing your home in and is paid
outside of closing. With manufactured housing it is very possible that the lender may
ask for a certified foundation egineer report. This isn’t something that’s part of your
closing cost and is paid outside of closing as it isn’t part of the 4% seller concessions.
?
6
7. and typically cost around $400 and sometimes more. This cost is something that has
to be paid in advance and if it isn’t negotiated up front when making the offer will
usually come back on the buyer once the file makes it to underwriting.
Your local bank want ask for this in your approval letter 100% of the time. The
reason your bank want ask for this is because it’s not the banks job to customize
approval letters for specific offers and include cost saving precautions for mortgage
applicants.
I do this because as a VA loan specialist I always try to anticipate and address any
concerns or cost that might save you money in the home buying process.
I Personally Customize Every Approval Letter For Your Specific Offer!
Please take a look at the example approval letter included in the approval letter
section of this Quick Guide, these are more detailed and customized than you will
get from any ordinary bank and put you in a much better position for making an
offer.
These letters with the right real estate agent will get you more favorable terms and
save you money at the closing table.
7
8. The Importance Of Establishing YourBuying Power
With A Pre-Approval Letter
I really like for people to understand that shopping for a home before talking to
the bank is like going to a gun fight without any bullets. Everybody should take
the time and find out exactly what amount of home they canqualify for and
whatthat meansas far as a monthly payment after taxesand insurance is
factored in.
Another reason to do this is so when you and your agent decide on a property you
wish to make an offer on you have some bargaining power that will give you an
advantage over someone else who maybe interested in the property.
And YouWant That Letter CustomizedFor That Particular Offer!
Anapprovalletter is a very valuable toolto haveat your disposal when a seller
is reviewing your offer! They will know they have someone who qualifies for
financing and they will try extremely hard to come to an agreement so the
transaction happens. I would like for you to take a moment and look at the example of
an approval letter that I will issue for you. It is more detailed than you will get from an
ordinary bank because it not only let’s the agents and seller know you are qualified for
financing but it has safe guards written in to help the loan process run smoother and
save you time and money.
I Personally Customize Every Approval Letter For Your Specific Offer!
Please take a moment to review the following Approval Letter for one of my clients:
8
9. CHRIS HATLEY
Mortgage Loan Officer
OFFICE: 931-651-1378
CELL: 931-206-5662
EMAIL: chatley@peoplesbankusa.com
Congratulations Mr. & Mrs. Jordan:
I am pleased to notify you that your application for a VA home loan Pre‐ Approval has been
reviewed an accepted. This approval is provided through the Freddie Mac Loan Prospector system
and is based on a purchase price of $340,000. Your loan number is 2140715105, this assessment is
based on your current credit history, income, assets and debt assuming that there are no changes
in your financial situation. This pre-approval should not be considered a commitment to lend until
the following as well as underwriting conditions are met.
1.) Acceptable Purchase Contract Signed By Buyer & Seller
2.) Satisfactory Appraisal Showing Proper Sufficient Value
3.) Title Search/Examination
4.) Satisfactory Pest Inspection Provided By Seller
I wish you luck in the home buying process & thank you for choosing to use me in your quest for
home ownership.
Chris Hatley
9
10. NOTE: The Pre-Approval letter you just reviewed is the approval letter that I will
issue for you and take note that it includes an actual loan number (Pre-Qualification
letters you receive from most lenders want have a loan number and have very little
value to real estate agents who have been in the business for a while). Once you
and your agent find a property I will customize it for your agent so they can improve
your offer. An example would be if you found a property for $275,000 you wouldn’t
want to use the letter that says you’re pre-approved for $340,000. What I would do
is reissue the letter to state whatever amount you need it to say for that particular
offer. Also if there were any special circumstance such as the property was a
manufactured home I would add a Certified Engineer Foundation Report to list for
the seller to obtain so you don’t get asked to pay that bill later in the loan process.
When interviewing real estate agents to represent you in the buying process you
want to make sure you take your time and ask specific questions. Youwant to
make sure they understand that you are wanting to come out of pocket as little as
possible and that they know what the VAhome buying benefits are to you as the
buyer so they makea great offer during the negotiating process to
save you as much money as possible.
A Good Approval Letter Will Help Your Agent Negotiate A Better Deal
Loan Origination Charge (Majority OfLendersIs Usually 1%)I use a networkof
lenders andtypically will be less than1%on loanamountsabove$100,000.
(Exampleof Savingsfrom thisdifferencewouldbe youpurchasingahomeof
$280,000andyourtypical bankchargesyou1%or$2,800, through mynetwork of
wholesalelendersyouwill probablyfindthis originationcharge tobeabout$1,000
whichsavesyou$1,800orinthe case whereyouhaveplentyofseller concessions
10
11. will leave a credit of $1,800 for buying down the rate or making sure you get
reimbursed any expenses such as your earnest money deposit)
Credit Report Fee
Doc Stamp
Survey Fee
State Tax or Intangible Fee
Title Insurance and Title Examination
Flood Certification
Appraisal
VA Funding Fee - Is Typically Financed Into The Loan & Disabled Veterans Are Exempt
Pre-Paid Interest For The Following Month's Payment You Will Be Skipping
An Escrow Account Will Also Have To Be Built For Taxes And Insurance
Now if you are working with a keen real estate agent and they are communicating
with your mortgage consultant and they have a really good understanding of the
local market and what the real value of the property is, it’s time to find that perfect
home.
The VA funding fee will be financed into the loan amount and unless your planning on
paying closing cost you will need the seller to do that for you.
The way this works is let’s say you’re looking at a home that is on the market for
$200,000 and your closing cost and pre-paids are roughly $6,000. Let’s say that your
agent feels comfortable the property will appraise for the full asking price through
their own research they have done of comparable sales in the general area and
thinks there is a good possibility of the homeowner may be willing to take $190,000
or maybe even a little less.
11
- This Is Paid In Advance Outside Of Closing Typically By The Buyer
12. Well if everything we believe and know is true and the seller would be willing to
settle for $190,000 then obviously the seller would except an offer for $196,000 and
pay your closing cost and prepaids, it would be the same thing as taking another
offer of $190,000 without paying anything. Your agent may even start out a little
lower to test the waters on the first offer and then back off to get exactly what you
need once there is a counter offer.
I’ve been doing this for several years and the fact is most sellers already know
they’re not going to get full asking price and already have a minimum number they
plan to take so once you and your agent start making an offer and negotiating
getting your closing cost and pre paids squeezed into the middle of the full asking
price and that minimum number they’re willing to take isn’t that hard.
Since I started originating VA loans in 2000 I can’t remember a single veteran who
has paid all of their closing cost and the majority has been reimbursed their earnest
money they placed as a deposit.
* If you feel more comfortable with me finding you a qualified real estate agent
in your area I can do that for you,just give mea call at 931-206-5662.
To obtain your COE, you must have been discharged under conditions other dishonorable and
meet the service requirements listed on the official VA benefits website by clicking here.
The majority of my clients usually just supply me with a copy of their DD 214 which is a
requirement to be in the loan package anyway and then I obtain it for them through the VA
portal set up foe lenders. If you would like to learn more you can visit my blog post on
VA Certificate of Eligibility and learn the four diiferent ways of obtaining it which the easiest
Way is to just send me your DD214 once we have your pre-approval and I’ll have the processors
Print it off from the lenders VA portal.
12
13. The VAdoesn't require a minimum credit score for approval but most banks will
require at least a 620 credit score because most secondary market investors
require that before they will purchase the loan on the secondary market. Some
banks will look to see if there are any circumstances that have caused the lower
credit score, and if they deem it not too risky they may manually
underwrite the loan and approve it as long as it still stays within VAguidelines.
I would suggest obtaining a free credit report and reviewing it if you have any
concerns. If you have been making on time payments for the last two years and
keep fairly low balances on your revolving debt and don't have anything in
collections or any judgments you should have a good score and no concerns from
a credit stand point.
Applying Online Is Quick And EasyAnd I've WorkedWith VeteransAnd Active
Duty Military Personnel Helping ThemPurchase Or Refinance Their VAHome
Loans Since 2000. Allow Me ToHelp YouGet Qualified And Into YourDream
Home. Here is a mini 1003application that will only takea minute but is
enough to get started with the pre approval process. Apply Online Now
Last 30 days of paystubs for all jobs for the borrowerand co-borrower,if
you are self employed wewill averageyourlast twoyearsincome based
off your taxreturns. If you havebeen self employed for less than two
yearsbut in the same field of work that should be fine also but each
13
14. situation is different. If youhaveanyquestions you can call meon mycell
at 931-206-5662 or email me at chrishatley565@gmail.com.
Taxreturns and W-2's for the last twoyears(If borrower and co-borrower
filed separatelyyouwill need both)
Last twomonthsbank statements for all bank accounts
If you are obligated to paychild support, alimony or separate
maintenance or you receive anyof those you will need to supply a divorce
degree and proof of timely payments.
Veteranswill need a copy of their DD-214 and Active military should
provide their current active military id and an LES, a re-enlistment
contractletterfromyourcommandingofficermaybenecessaryif youractiveduty
obligationissettoexpirewithinthenext12months.
Last twoyearslandlord contactinformation
Last twoyears contact information to verify work history
If youarereceivingdisabilityorsocialsecurityor somethinglike caregiverincome
fromthegovernmentyouwill needtogetthebenefitlettersstaingtheamountsyou
receiveforthecurrentyear.
Ifyoureceiveretirementbenefitsyouwillneeddocumentationshowinghowmuch
youreceivefromthedistributingagencysendingyoutheretirementincome.
IfyouhavehadaBankruptcyinthelast7yearsyouwillneedacopyofyour
dischargepapers.
Once you do have an executed contractyou will be askedfor the cost of
an appraisal, this fee varies by geographic areas but averagesfrom about
$375to$500dependingwhereyouare located.
14
15. Depending on your credit score and open lines of credit you have with more
than 12 months reporting history you may or may not need proof of your rent
payments. When you get ready to get pre-approved and I send your information
through either Desktop Underwriter (Fannie Mae) or Loan Prospector (Freddie
Mac) we will determine if a verification of rent is needed.
Typically if you’re credit falls inside the 580-620 category there’s a good chance
your approval status will come back as a refer status which means we will need
to manually underwrite your file and a verification of rent will be necessary.
This isn’t always the case as I’ve had several veterans with scores between 600-
620 to get full approvals through the electronic system with no verification of
rent needed at all as it really depends on exactly what is on the credit as well as
how old the accounts are and how your credit activity has been since.
Basically if we run the electronic approval through desktop underwriter or loan
prospector and get a refer status we will need to provide a verification of rent
or sometimes if we get an approval a verification of rent may still be needed if
your current credit report shows less than two trade lines with less than 12
months reporting history.
In the event you need to provide a verification of rent and you pay rent to a
management company or an apartment complex you don’t have to do anything
as my processors will send them a form to fill out and send back and that will be
sufficient. If you currently pay rent to a private landlord you will need to
provide your last 12 months cancelled checks or if you have paid by money
order you will need to provide proof of purchase of those money orders. Hand
receipts from your landlord are no longer acceptable and underwriters aren’t
allowed to make exceptions. In the event you are worried about this particular
condition the best thing to do is apply for your pre-approval and see if this is
going to be a requirement as this isn’t a requirement for all veterans.
15
17. ExamplesOf Special Circumstances:
YouReceive Child Support Or Alimony
YouHave A History Of Capital Gains Income
YouSell Avonor Mary KayOn The Side And Have For At Least 2 Years
The first thing we need to do is collect the proper documentation that is needed and
go from there. Typically these situations aren't a big deal it's just a matter of
collecting all the paperwork to submit to the VA underwriter.
Your gross monthly income or your debt to income ratio will be effected one
way or the other depending on how you have filed your schedule E on your tax
returns. Your VA underwriter is going to look at your tax returns and perform a
schedule E worksheet to determine if they need to adjust your gross monthly
income or add more debt to your monthly obligations. You can find several
different schedule E worksheets online but most aren’t accurate. I will be more
than happy to calculate this for you or if you email me I will send you an
accurate schedule E worksheet that I got from a VA underwriter that takes all of
five minutes to fill out and will give you the exact information you need and you
don’t have to be a tax professional to fill it out. Just send me an email for a
schedule E worksheet to vamilitaryhomeloans@gmail.com and I’ll be more than
happy to send you a copy along with an example for you to see and perform
your own quick analysis.
17
18. When you get ready to purchase a new home you will be asked for your last two
months bank statements for any accounts you are claiming liquid assets in such
as your primary checking & savings.
Your VA underwriter will be looking at these to make sure they can source funds
to close and also to check for any large deposits especially from cash. This is a
federal requirement that all underwriters must abide by abide by through the
U.S. Patriot Act. Any large deposits of 25% or more of your normal monthly
income will be required to be sourced and smaller deposits may also be sourced
if they look abnormal or suspicious. You can google the U.S. Patriotic Act if you
want to know more but for now just remember to not be placing large cash
deposits into your bank account unless you have a paper trail showing where it
came from. (Example would be you deposited $4,200 cash into your bank
account from the sale of your bass boat and you have a signed bill of sale that
shows the source of funds)
The best thing to know is just because you own a home now and it’s guaranteed
through VA doesn’t mean you don’t have any eligibilty at the moment. What you
need to do is request another certificate of eligibilty and see what you have
remaining or give me a buzz and I will do the homework for you and see exactly what
your qualifications are.
18
19. The VA Funding Fee ranges from 2.15% to 3.3% of the loan amount on
purchases and .5% to 3.3% of the loan amount on refinances. The following
table breaks down how the VA funding fee is determined.
Purchases
Type of Veteran Down Payment 1st
Time Use Subsequent Use
Regular Military None 2.15% 3.3%
5% to 10% 1.5% 1.5%
10% or More 1.25% 1.25%
Reserves / Guard None 2.4% 3.3%
5% to 10% 1.75% 1.75%
10% or More 1.5% 1.5%
Cash Out Refinances
1st
Time Use Subsequent Use
2.15% 3.3%
Interest Rate Reduction Refinance Loans (IRRRL) = .5% VA Funding Fee
*Veterans receiving VA disability are exempt from
the VA funding fee.
19
20. What you have to remember here is you don't have the knowledge that a good
agent would have but you do have a powerful situation that you can take advantage
of. That situation is the fact the seller isn’t paying a real estate commission of 6% of
the sales price at closing.
Typically the seller once they list their home with a real estate broker they are agreeing
to pay 6% for the exposure their home will get by being listed in the MLS and then they
know on average they are going to be negotiated down even more once someone
makes an offer.
Now that you know thay aren’t paying the 6% sales commission you can really push to
get your full 4% seller concessions included in your purchase contract. Most sellers
aren’t expecting to get full price for their home and expect to have to reduce their
price some when negotaiting so you can almost always expect the seller to agree to
pay these. Also don’t be afraid to low ball your first offer and let the seller counter. As
a rule of thumb, if the seller says yes to your first offer you paid too much.
You can do some online research through sites like www.zillow.com to help you
get an idea for what the property is actually worth. (Note) I don't trust these sites
for complete accuracy but they should get you in the ballpark.
20
21. Remember the farther you live from a military base the more difficult it
becomes to find the best representation for your home buying experience. I
personally can guide you through this experience by interviewing agents in your
area since I am also a veteran and have years of experience with VA home loans
and working with real estate agents. No matter what town your planning to
make your purchase in I have the ability to have several agents living right in
that particular community contact me for your business and will personally talk
to them about your approval and then match them up with you so you can give
them your details as far as what your looking for in a home so you can begin
your home shopping experience.
Just send me a quick email at vamilitaryhomeloans@gmail.com or send me a
direct message from the Mortgage App you downloaded to your phone. I can
also be reached at my office at (931) 651-1378.
*Get Started Today & Quit Making Your Landlord Rich!
*Every Dollar You Pay In Rent Is A Dollar You Could Be Investing In Your Future!
21
22. 1. Credit refers to the financial history of all borrowers involved; that is,
what kind of "financial citizen" have you been? Credit is most often
determined by looking at such things as:
Do You Have Late Payments (We Can Sometimes Overcome These With A
Letter Of Explanation)
Do You HaveAny Delinquent accounts (Medical Bills We May Be Able To
Work Through)
How Much Revolving Credit Do You Have (Try To Maintain Low Balances)
How Much TotalDebt Do You Presently Have (Any installment debt obligations that are
less than $100 monthly and will be paid in full in the next 10 months do not
have to be included in your debt to income ratio)
2. Capacity refers to your ability to pay back your home loan, lenders will look
at your income (factor your debt to income ratio)and your employment
history.
3. Capital refers to your assets and property you have that if needed
you could sell to pay your debt, savings in your bank accounts, 401k's,
stocks and bonds, insurance policy's, ect.
4. Collateral refers to the value of the property you are wishing to purchase, in
some cases if the property doesn't appraise for the full amount of the
seller's asking price you would need to make up the difference since the VA
will only loan the value of the asking price or appraised value (whichever is
less) plus the VA funding fee.
22
23. Below 580 (Need Credit Assistance)
580 To 619 (Challenged)
620 To 659 (Average)
660 To 719 (Good)
720 Plus (Great)
*If you already know your credit is 580 or above you need to
proceed straight to step 2 and submit your application.
If you know you fall inside of the first category we need to start thinking about a
plan of action to rebuild your credit. If you’re unsure and would like to see your
credit first you can go online and get a Tri-Merge credit report that will include
all three credit bureaus. A couple of good ones are identityguard.com &
myscore.com. Once you obtain your credit report you will want to cancel the
service before the free trial ends unless you wish to keep the monthly
monitoring service. If you know for sure you are in need of rebuilding your credit
I urge you to please take the time and have a one on one consultation with Tim
Palmer or one of his associates as to where to start. Tim is a former Marine who
now helps veterans work through they’re credit issues and you can reach him at
(972) 231-0452 X128. You can also send him your contact information through
my website by clicking the following link.
http://vamilitaryhomeloans.com/credit-assistance/
Everybody’s situation is different and some issues are easier to repair than
others but the consultation is free and the advice is sound so please feel free to
contact Tim and see what your options are as rebuilding your credit is your first
step to home ownership.
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24. 2.
You can start the application process one of three ways:
Call me (Chris) at (931) 651-1378 and do a phone application / takes about
15 minutes
Click the following link and fill in the information for the mini-application
and I’ll call you to get the remaining information that I don’t have online for
security reasons.
http://vamilitaryhomeloans.com/apply-online-now/
Print the full application at the end of this Quick Guide and fill in the
highlighted fields and then email or fax back to me and I will start processing
your application and call you once credit is back. This is usually same day
service unless it’s late in the evening or a holiday or weekend in which case I
will have everything ready next business day. Print & Complete Pages 27-32.
3.
Once I have your credit back I will then give you a call and review your credit
profile and your approval status. At this point I may issue an approval letter or
decide to run an electronic approval first if your debt to income ratio is outside of
the standard guidelines for the purchase price you would like to be approved for.
We will determine this together on the phone when I call and once you have the
letter in hand it’s time to start house shopping and sign a contract.
24
25. Download You’re Mortgage App Today If You
Haven’t Done It Already
(Click Here To Download VA Loan Calculator)
Reasons To Have App:
1. You Can Work Up Various Payment Scenarios
2. You Can Do Property Searches
3. You Can Send Questions Directly To My Cell Phone
& Get Answers
(Ex. ……. Hey Chris, this is Lisa and I just seen a property at 321
Baker Street in Dextor, Co, can you look up the annual taxes and let
me know what interest rate to calculate my payment.)
4. You Can Start The VA Pre-Approval Process With Just The
Tap Of A Button.
25
26. Using The VA Loan Calculator
1. Click The Calculator Tab At Bottom Of Screen
2. Then Click The VA Tab At Top Of Screen
3. Then Input Purchase Amount Along With
Taxes & Estimated Insurance and Current
Market Rate For VA Loans.
If You Need Information
Concerning Taxes or Rates Or
Have A Specific Question
Concerning The VA Process
Just Click The “ Ask A
Question” Tab & I Will
Answer You First
Opportunity I Get.
Do Property
Searches
Or
Start Your Approval
Process
*Click “Get Pre-Approved Tab” &
Fill In The Basic Information.
Depending On Loan Volume I will
Call You Same Day Or Next
Business Day To Gather Any
Additional Information
26
27. Instructions For Completing The 1003 Mortgage Application
Please complete the highlighted areas on pages 1-4 of the application, page 5 is for any notes
or anything you need to list due to there not being enough space in the area of the
application you were completing.
Page 1: Please make sure to complete a full two year residency and employment history.
The employment does carry over to the top of page two. If you have any gaps in your
employment history please list the time period and reason on page 5 of the application.
Page 2: This page you will list all your income, at the bottom you will list checking / savings
with ballpark balances but do not list account numbers.
Page 3: If you have other liquid assets or anything else such as retirement funds you can list
these at the top of this page. If you have other real estate to list we will get this information
later when we get ready to disclose.
The bottom part of this page are declarations and you just need to answer these as Yes or No.
Page 4: Here are declarations that have carried over from the previous page and you just
need to finish answering these as Yes or No.
At the bottom of the page is a government monitoring question that you do not have to legally
answer should you decide to leave blank but is placed on the application by law and is used by
the government to ensure lenders are compliant with the equal credit opportunity act.
Page 5: This page is blank and is for you to use to add anything we may need to know or to
add any details you didn’t have space for on the first four pages.
Please Forward Application To:
Email To vamilitaryhomeloans@gmail.com (Scan as PDF file)
OR
Click Here To Download Black & White Copy For Fax (Print Pages 1-5)
(Use The Highlighted Copy As A Guide)
Fax To: (800) 420-0401 (No Cover Needed)
Mor tgage Application (Print) Pages 27-32