Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Danny Singh's Financial Seminar on the Student Loans and Credit Crisis in Ame...Danny Singh, M.B.A., MSEd
Danny Singh is the teen who refinanced his mom's house and car at 14 and has never been late on any type of bill for the past 8 years. He now hopes to raise the awareness of the student loans crisis and teach consumers the most effective methods to repay their debts in months instead of years while having enough money for everyday expenses and retirement. For this reason, he is doing financial seminars and has published a book titled "Finance 101: The Whiz Kid's Perfect Credit Guide." All profits are donated to the Children's National Medical Center for HIV treatment research. Danny has been recognized by Governor Rick Perry, First Lady Anita Perry, Seminole County Commissioner Bob Dallari, Florida State Representative Jason Brodeur, and Senator Marco Rubio. Please contact him using www.facebook.com/studentsfinance. Thank you.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Danny Singh's Financial Seminar on the Student Loans and Credit Crisis in Ame...Danny Singh, M.B.A., MSEd
Danny Singh is the teen who refinanced his mom's house and car at 14 and has never been late on any type of bill for the past 8 years. He now hopes to raise the awareness of the student loans crisis and teach consumers the most effective methods to repay their debts in months instead of years while having enough money for everyday expenses and retirement. For this reason, he is doing financial seminars and has published a book titled "Finance 101: The Whiz Kid's Perfect Credit Guide." All profits are donated to the Children's National Medical Center for HIV treatment research. Danny has been recognized by Governor Rick Perry, First Lady Anita Perry, Seminole County Commissioner Bob Dallari, Florida State Representative Jason Brodeur, and Senator Marco Rubio. Please contact him using www.facebook.com/studentsfinance. Thank you.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
American Homeowner Preservation Series 2014B Unlevered Equity OfferingJorge Newbery
American Homeowner Preservation (AHP) offers socially responsible high-yield distressed mortgage investments. Investor funds are pooled to purchase pools of troubled mortgages from banks at big discounts. AHP then offers sustainable solutions for homeowners to stay in their homes with reduced payments and discounted principal. If families do not want to stay in their homes or homes are already vacant, AHP offers cash incentives to cooperate with Deeds in Lieu of Foreclosure in order to promptly return vacant homes to service and mitigate blight in communities across America.
website: ahpinvest.com
Nationwide buyer of non-performing mortgages,
focused on low balance and “issue” loans.
U.S. market of over $300B in underwater mortgages, with concentrations in low- to- moderate income communities.
2,000+ loans acquired since 2011, averaging over 20% gross returns.
Private Mortgage Lending: The Basics to Becoming Your Own BankDan Schwartz
info@BaltimoreWealthBuilders.com
http://www.BaltimoreWealthBuilders.com
Did you know you can become the bank and lend money for real estate purchases?
Did you know you can earn interest completely tax-free, backed by real property as collateral?
Did you know you can invest in real estate out of your IRA using a specific type of IRA?
Learn all this and more in the comprehensive guide outlining the basics of private mortgages.
We will discuss WHY private lending works and how real estate investors can afford to pay higher rates of interest than what you may be used to earning.
• What is a Reverse Mortgage?
• What is the Home Equity Conversion Mortgage
(HECM) for Purchase?
• How can it help you build your business?
• How can it help senior homebuyers?
• Example of a HECM for Purchase transaction
How To Invest In Nonperforming Mortgages For Financial & Social Gain 5 12 2015Jorge Newbery
Jorge Newbery, Founder & CEO of American Homeowner Preservation, shares a primer on How To Invest in Nonperforming Mortgages for Financial & Social Gain
Everything you need to know before you buy your first home. Includes steps of the process, descriptions of financing options, lender red flags and credit score information.
American Homeowner Preservation Series 2014B Unlevered Equity OfferingJorge Newbery
American Homeowner Preservation (AHP) offers socially responsible high-yield distressed mortgage investments. Investor funds are pooled to purchase pools of troubled mortgages from banks at big discounts. AHP then offers sustainable solutions for homeowners to stay in their homes with reduced payments and discounted principal. If families do not want to stay in their homes or homes are already vacant, AHP offers cash incentives to cooperate with Deeds in Lieu of Foreclosure in order to promptly return vacant homes to service and mitigate blight in communities across America.
website: ahpinvest.com
Nationwide buyer of non-performing mortgages,
focused on low balance and “issue” loans.
U.S. market of over $300B in underwater mortgages, with concentrations in low- to- moderate income communities.
2,000+ loans acquired since 2011, averaging over 20% gross returns.
Private Mortgage Lending: The Basics to Becoming Your Own BankDan Schwartz
info@BaltimoreWealthBuilders.com
http://www.BaltimoreWealthBuilders.com
Did you know you can become the bank and lend money for real estate purchases?
Did you know you can earn interest completely tax-free, backed by real property as collateral?
Did you know you can invest in real estate out of your IRA using a specific type of IRA?
Learn all this and more in the comprehensive guide outlining the basics of private mortgages.
We will discuss WHY private lending works and how real estate investors can afford to pay higher rates of interest than what you may be used to earning.
• What is a Reverse Mortgage?
• What is the Home Equity Conversion Mortgage
(HECM) for Purchase?
• How can it help you build your business?
• How can it help senior homebuyers?
• Example of a HECM for Purchase transaction
How To Invest In Nonperforming Mortgages For Financial & Social Gain 5 12 2015Jorge Newbery
Jorge Newbery, Founder & CEO of American Homeowner Preservation, shares a primer on How To Invest in Nonperforming Mortgages for Financial & Social Gain
Everything you need to know before you buy your first home. Includes steps of the process, descriptions of financing options, lender red flags and credit score information.
Why work with William Doom of loanDepotWilliam Doom
Benefits of working with loanDepot to secure your home financing. Learn how we are helping real estate professionals grow their business and consumers secure their dream of homeownership.
In this class we discuss what lenders are looking at when you apply for a home loan.
Did you know that bad credit can result from not knowing how to build good credit? We talk about common myths about your credit report in this informative class as well.
What is required by the lender when you apply for a home loan? It's covered in this class.
Understanding your mortgage options as a home buyer is the first step to home ownership. With millions of lenders that offer millions of solutions, who do you pick. In this presentation, we will help clear some of your options.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
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NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...
Your first home mortgage
1. Your First Home Mortgage
by Rhonda Porter
Washington State Licensed Loan Officer MLO-1213241
Mortgage Master Service Corporation CLA 40445
2. • Senior Loan Officer at Mortgage Master Service
Corporation , where she’s been employed since
April 2000.
• Licensed Mortgage Originator MLO121324 for
homes located in Washington State
• Author of nationally recognized blog, The
Mortgage Porter
• Interviewed by NPR, Seattle Times, MSN
Money, WSJ Market Watch.
• 2012/2011 WAMP Outstanding Loan Originator
finalist
• Lives in Seattle area with hubby, three kids (off to
school), flat coated retriever and kitten
• Enjoys cooking and painting on black velvet (in her
spare time)
3. The “4 C’s” of Mortgage Underwriting
Basics
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When reviewing an application for a mortgage, lenders consider the
borrower's "4 C's".
Capacity = the ability to repay the mortgage factoring your
income, employment history and debts.
Credit = credit history and scores.
Capital (or Cash) = your available assets, including your down
payment.
Collateral = the proposed home you are considering financing.
I often compare the "4 C's" to the legs of a bar stool.
If one of the legs are weaker than the other three, the stool may
still be okay. The more weak legs, the less sturdy the stool will be.
Lenders will often consider borrowers who do not have strength in all areas of the
"4 C's".
It's important to start the preapproval process early in case you need to make
improvements to your financial scenario.
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BASIC QUALIFICATIONS
• 2 years steady employment history in same line of work
(formal education may count).
• Income and assets fully documented.
• Debt to income ratio less than 45%
• 3-4 established credit lines 1-2 years old currently in use
• Credit scores 620 or higher
• Savings for down payment + enough savings for 2 months
mortgage payments "in reserves"
5. Credit Scores
What YOU Need to Know
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Credit scores favor older established debt over new accounts/debts.
New debt brings scores down.
Keeping balances below 50% of credit lines improves scores.
Scores improve again when balances are below 30% of the credit line.
Paying off and closing older accounts may lower your score.
Paying off collections may lower your scores (consult with a LO first).
3 - 4 established and active credit accounts preferred.
Credit scores change constantly to reflect current use of credit.
What Creates a Credit Score?
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Lenders rely on scores from three credit bureaus which each produce a score for a borrower.
The middle credit score is what is used for underwriting purposes and for pricing the mortgage
rate.
If there are more than one borrower, like a husband and wife, the lowest middle score is what is
used.
In the example above, the borrower's middle score is 730 and co-borrower's middle score is
775. For this couple, lenders will use the lower of the two scores: 730.
Conventional programs are more credit score sensitive than FHA, VA or USDA mortgages.
Free Credit Report
You have access to a free copy of your credit report at www.annualcreditreport.com.
This is a great place to start reviewing your credit.
Lenders do not use the same scoring modules as what you will find online so the credit
scores you see will most likely be different than those pulled from a mortgage
company.
7. Qualifying
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Your current debts and income are reviewed to determine how much
mortgage payment you qualify for.
The monthly mortgage payment along with the mortgage program and
current interest rates determines what loan amount you qualify for.
The amount of funds used for down payment will determine the sales
price you qualify for.
1
2
3
8. Debt to
Income Ratios
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Debt to income ratios consist of a "front" and "back" end ratio, also referred to as "dti"
(debt to income) ratios.
The front ratio is the proposed total new mortgage payment, including any HOA
dues, divided by the borrower(s) gross monthly income(s).
The back end ratio is the proposed new mortgage payment PLUS the borrowers debts
divided by the gross monthly income.
Let's assume a mortgage program allows for a 28/45 debt-to-income. If the borrowers
gross monthly income is $5000, this means that they qualify for a $1400 total monthly
mortgage payment assuming their debts do not exceed $850 in monthly payments.
$5000 income x 28% (front ratio) = $1400
$5000 income x 45% (back ratio) = $2250
$2250 - $1400 = $850 max monthly debt
The more monthly debt a borrower has, the less mortgage payment they qualify for.
NOTE: One of the biggest mistakes I see home buyers make is buying a car before
buying a home. The monthly payment typically reduces what they would have
qualified for and it negatively impacts credit score.
aka
DTI
9. Income & Employment
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Ideally, lenders want a two year history of steady employment in the same
line of work. Sometimes a borrower's formal education may count as
employment history. And borrowers with new jobs may be able to use an
employment letter or contract to show their future employment.
Employment and income are documented by W2's, paystubs and
sometimes tax returns.
Self-employed borrowers need a minimum of two years history with 2 years
of tax returns to support their income.
It's important to meet with a local mortgage professional early to review
your employment and income scenario.
10. Calculating Income
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Salaried Borrowers
Annual base salary / 12 Months
Commission, Bonus income or Self Employed
Averaged over 2 years
Hourly Income
Averaged over 2 years
Overtime
Averaged over 2 years
Child Support or Alimony
Must have 3 years continuance and paid regularly
This is just a small example of different types of income and how they're
basically calculated.
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Down Payment and Closing Cost
The amount of funds you have available for down payment determine the sales price
you qualify for.
For example, if you qualify for a $400,000 mortgage based on your income and debt
load, and you have saved $50,000 for down payment, you may buy a home priced at
$450,000 (assuming the seller or lender paid rebate pricing pays closing cost).
Typically, the down payment for a home needs to come from the home buyers funds.
These funds will need to be "sourced" or documented with complete statements
showing where the funds came from and proving they are the borrowers.
Closing cost can be paid for by the buyers seasoned funds or other resources, such as
rebate credit or a seller contribution. "Seasoned" funds means that the funds have been
in the buyers account for two months.
Lenders will require documentation of large deposits on your asset accounts to verify
the funds used in the transaction are yours.
Cash on hand is rarely accepted by lenders for down payment or closing cost.
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Acceptable funds for closing cost
All the above
Seller/builder contributions (subject to program guidelines)
Lender rebate pricing (increasing interest rate to generate rate credit)
This is just an example of where funds for closing can come from.
Acceptable funds for down payment
Checking and savings
Stocks/bonds/mutual funds
Retirement funds (can be borrowed or withdrawn)
IRS refund
Gift from family (% of gift varies depending on program guidelines)
Inheritance
Sale of personal property (keep documentation)
Funds from down payment assistance program
13. Mortgage Programs
There are many mortgage programs available to the first time home buyer.
Which one you select will depend on your personal financial scenario, including down
payment, credit scores and income.
It's important to ask your mortgage professional to review mortgage programs that you
may qualify for and what the pros and cons are.
Consider how long you plan on staying in the home and what your financial goals are.
Be sure to ask plenty of questions!
www.mortgageporter.com | @mortgageporter | Facebook | Google + | Yelp | Rate Quote
Home Buyer Education Classes
I am a Washington State Housing Finance Committee
trained instructor teaching classes with real estate agents
in Western Washington.
July 13th at High Point Library in West Seattle
July 20th at Green Lake Library in Seattle
For a list of classes where I'm teaching or to rsvp, visit
www.mortgageporter.com/education
14. Home Advantage
with Down Payment Assistance
Home Advantage is a program that is offered through the Washington State Housing Finance Commission.
Home Advantage is typically combined with a Home Advantage second mortgage that can finance closing
cost and the down payment. Unlike the House Key program (state bond), this program has unlimited funds
available for qualified Washington home buyers.
The first mortgage can be FHA, VA or a conventional mortgage. Waiting periods DO apply. With a 680 or
higher credit score, the conventional mortgage offers reduced mortgage insurance premiums which makes
this a very attractive option for home buyers shy on down payment who have been considering FHA.
The second mortgage has a maximum loan amount of 4% of the first mortgage loan amount and the
payment is deferred for 30 years (or until the property is no longer owner occupied) at zero percent
interest. Should the home owner convert the property to an investment/rental or sell the home, the second
mortgage may be called due.
Here are some of the program guidelines:
property must be owner occupied/primary residence
only for homes in Washington state
you do not need to be a first time home buyer
maximum debt to income ratio is 45% (exceptions up to 50% with specific compensating factors)
620 is the minimum credit score
home buyers must attend a Home Buyer Education seminar that has been registered with WSHFC
As a WSHFC trained mortgage originator, I'm pleased to be able to offer their programs.
www.mortgageporter.com | @mortgageporter | Facebook | Google + | Yelp | Rate Quote
15. "Traditional" Conforming Mortgage
Basic Guidelines
20% down payment to avoid private mortgage insurance
Second mortgages up to 85% loan to value
Down payment as low as 3% with private mortgage insurance.
Perfect credit scores are not required however the better your credit, the
lower your rate will be.
45% debt-to-income ratios (especially w/pmi)
Loan limits vary by county. Most counties in Washington have a $417,000
loan limit. King, Pierce and Snohomish Counties have a loan limit of
$506,000 for single family dwellings.
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Conforming Loan Limits
for King, Pierce & Snohomish Counties
1 Unit: $506,000
2 Unit: $647,750
3 Unit: $783,000
4 Unit: $973,100
16. Fannie Mae HomePath
Fannie Mae HomePath properties
are homes that Fannie Mae has
foreclosed on. These homes are
generally in better condition that
typical distressed properties.
Often times, Fannie Mae will
make minor improvements prior to
putting the homes on the market.
Property must be eligible.
Visit www.homepath.com for available homes.
Minimum 3% down payment
No private mortgage insurance with credit scores above 660
No appraisal required
Seller can contribute towards closing cost
Gifts for down payment acceptable with 5% down or more
Only available for specific homes owned by Fannie Mae (foreclosed).
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17. FHA Insured Mortgages
Minimum down payment 3.5% - 5%
Maximum allowed Seller contribution is 6% of bona fide closing cost, prepaids
and reserves
Owner occupied only
No mandatory Seller paid closing cost
Higher loan limits than conforming in Seattle, Pierce and Snohomish Counties
Mortgage insurance regardless of loan to value.
No income limits
Appraisals are essentially the same as conventional. Possible second
appraisal if property was "flipped" - HUD does not allow 2nd appraisal fee to be
paid by buyer.
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18. Why FHA?
Less reserve requirements if borrower owns different property.
Buyers who pay alimony may consider this program due to flexible
underwriting.
Popular with young professionals who have great employment and income
and are shy on down payment.
Home buyers can purchase 2-4 plex w/minimum down payment IF they're
occupying one of the units.
203k rehab programs allow for remodeling with an all-in-one FHA mortgage.
FHA Loan Limits
King, Snohomish & Pierce Counties
1 Unit: $567,500
2 Units: $726,500
3 Units: $878,150
4 Units: $1,091,351
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19. VA Mortgages
Only available to those who
have served our country in the
military
Not difficult to underwrite
Appraisals are done through
VA's system
Seller pays for buyer's escrow
fee
Maximum allowed seller
contribution is 4%
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VA Loan Limits
King, Snohomish & Pierce Counties
$500,000 for zero down payment
NOTE: VA does not set loan limits. VA down
payments for loan amounts over the zero
down limit are 25% of the difference.
For example, a $600,000 sales price has a
minimum down payment of $25,000 in
King County. 600,000 - 500,000 = 100,000.
100,000 x 25% = 25,000.
20. USDA Mortgages
Zero Down -Rural Housing
Only available for homes that are in designated rural areas. (not orange on map)
Income limits apply based on county and family size
Owner occupied only
No maximum seller contribution
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Current household income limits for USDA
King and Snohomish Counties: 1-4 Person $93,450 | 5-8 Person $123,350
Pierce County: 1-4 Person $82,450 | 5-8 Person $108,850
21. Jumbo Mortgages aka "non-conforming"
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Typically requires higher credit scores.
Less than 20% down payment possible with piggy back mortgages or
LPMI (lender paid mortgage insurance).
Additional reserves typically required of buyers.
Two appraisals may be required.
Seller contribution varies depending on the lender.
22. Mortgage Insurance (pmi)
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When you have less than 20% down payment, odds are you have some sort
of mortgage insurance. Mortgage insurance protects the lender in the event
the borrower defaults on the mortgage loan - it does not protect the buyer.
Government loans, such as FHA, USDA and VA loans all have their own
forms of "mortgage insurance" which each have their own unique terms. FHA
and USDA have both upfront and monthly insurance premiums. VA loans
currently just have an upfront insurance premium called a "funding fee".
Conforming mortgages may have private mortgage insurance with premiums
that vary depending on program type, credit scores, loan to value and other
factors.
Mortgage insurance premiums may be paid monthly, in a lump sum, split
premium (portion paid upfront and monthly) or lender paid mortgage
insurance (typically rate is slightly higher for the lender to absorb the cost of
the pmi).
You may have several options and you should ask your mortgage professional
to explain what is available to you.
23. Property Types
Different types of property may impact your financing, including the interest rate.
Detached Single Family Dwelling is your basic house. If it's in a plat with a home owners
association (HOA), it may be considered a "Planned Unit Development" or "PUD".
Documentation may be required if there are dues associated with the HOA.
Condominiums have special requirements. Lenders want to make sure that the HOA is
financially sound and that not too many of the units are rentals/non-owner occupied.
Government loans (FHA, VA and USDA) have a list of condos that are approved for mortgages.
Conventional mortgages charge a 0.75% fee (priced into the rate) if the mortgage term is more
than 15 years or less than 25% down payment.
Townhomes can be considered a single family dwelling or condo. The only real way to know is
by the property's legal description. If it has HOA dues, it's probably a condo. If it is a condo, the
lender will treat it as such as far as guidelines and pricing.
Manufactured Homes. At this time, Mortgage Master Service Company does not lend on this
type of property.
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24. Mortgage Rates
Mortgage rates have been historically low for a long period of time largely thanks to the Fed's
manipulation of the market.
Mortgage rates are based on mortgage backed securities (bonds) and the Fed has been buying mortgage
backed securities (MBS) in order to keep rates low. The intent is to help spur the housing marketing and
allow home owners to refinance and save money on their monthly mortgage payments.
When the stock market is rallying, you may see mortgage rates trend higher as investors will pull money
from bonds (like MBS) to seek a potentially higher return from stocks. The reverse is also true.
Mortgage rates may change several times a day when the markets are volatile. Unless your rate is
locked, it's subject to change.
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25. 10 Factors to Pricing a Rate
When I’m pricing a rate quote, I use our pricing engine which sorts through all the lenders we work
with and provides their current pricing based on the criteria I enter. The different lenders we work
with may have better pricing based on various price points.
Here are some of the required criteria I need to consider before I’m able to produce live rates for my
quote:
1. Loan amounts for the first mortgage and (if applicable) second mortgage or heloc balance
2. Property or sales price (or appraised value)
3. Purpose of the loan (is it a purchase, refi, cash-out refi, etc.)
4. Occupancy (primary residence, second home or investment property)
5. Estimated mid-credit score of all borrowers
6. Property type (detached, condo, 2-4 plex, et.c)
7. Loan type (conforming, jumbo, FHA, VA, USDA, etc.)
8. Loan term/amortization (30, 20, 15, etc.)
9. Amortization type: fixed or adjustable rate (arm)
10. Lock period (when is the transaction anticipated to close)
Any of the above factors can impact how a rate is priced. Add to this criteria that we’re dealing with
live, changing pricing that is impacted by mortgage backed securities (bond markets).
There also may be bank pricing overlays or special programs, like Home Advantage or Fannie Mae
HomePath.
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26. Where do you start?
The first step is to get preapproved so that you know how much you qualify
for before you present an offer on a property.
After you're preapproved, you can begin to shop for your first
home, knowing how much you can buy and what your new mortgage
payment will be. You really cannot start the preapproval process too early!
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27. Typical Documentation
for getting Pre-Approved
Last two years W-2's
Last two years tax returns (if self employed or paid commission)
Most recent paystubs covering 30 days of income
Most recent bank statements/asset accounts (all pages) documenting
funds for closing and reserves
Complete loan application
Social Security Award Letters
Divorce Decree/Child Support Order
Bankruptcy and Discharge
When considering buying a home,
it's time to unplug your shredder.
Keep copies of everything, including deposits
to your bank or asset accounts. Questions?
Ask your Loan Officer.
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28. References and Resources
• APR (Annual Percentage Rate)
• Conforming Loan Limits
• Credit Scores
• Debt to Income Ratios
• Do's and Don'ts during the Mortgage Process [Flyer]
• Down Payment
• FHA Loan Limits
• FHA guidelines on "flips"
• Finance Flyers for Listings Sample [Flyer]
• HUD - FHA Condo approved list
• Loan Application
• Preapproval
• Rate Quote
• Seller Contributions
• The Mortgage Porter - Blog
• USDA income limits
• VA Loan Limits
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29. The Fine Print
The content provided is presented or compiled for your convenience by
Rhonda Porter and is provided for informational purposes only. It does
not necessarily represent the views or opinions of Mortgage Master
Service Corporation.
Neither Rhonda Porter nor Mortgage Master Service Corporation
assumes any legal liability or responsibility for the
accuracy, completeness, or usefulness of any information disclosed, or
represents that its use would not infringe privately owned rights.
The information provided should not be construed as offering
legal, financial or other advice to be relied on by the reader to make or
refrain from making any decision or to take any action.
The investment, mortgage or financial services or strategies mentioned in
and throughout this website may not be suitable for you.
Mortgage Master Service Corporation is an Equal Housing Opportunity
Lender.All rights reserved. All content, including but not limited to
text, photos and videos are protected by US Copyright. Plagiarism will
not be tolerated.
Rhonda Porter is NMLS Licensed Mortgage Originator MLO-121324.
Mortgage Master Service Corporation NMLS# CLA-40445.
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