THE CONVENTIONAL ADVANTAGE

Slides:



Advertisements
Similar presentations
USDA, FHA, VA and Conventional Training. Use for:  Questions about program guidelines  Review a 1003 & Credit to see if the borrower(s) will qualify.
Advertisements

The Sapphire Grant Product. Sapphire Product Do not need to be a first time homebuyer Can be used with an FHA, VA, or USDA 1 st trust deed.
CHDAP 2 nd Trust Deeds 1/29/ FHA 1 st TD at 96.5% Combine with a CHDAP 3% 2 nd TD This program can only be done with an FHA – 30 year fixed. No.
The Sapphire Grant Product 3/28/ Sapphire Product Do not need to be a first time homebuyer Can be used with an FHA, VA, or USDA 1 st trust deed.
HELP FOR HOMEOWNERS Program Sponsor: BMC Ministries & Outreach Inc. dba USA HELP EIN is /22/
CHDAP 2 nd Trust Deeds 6/30/2016. FHA 1 st TD at 96.5% Combine with a CHDAP 3% 2 nd TD This program can only be done with an FHA or VA 1 st Trust Deed.
SEE PAGE 1 OF RATE SHEET FOR GRANT$ AND % FUNDS FORGIVEN NO RECAPTURE NO REPAYMENT ALL PRODUCT FEATURES & RATES ARE THE SAME EXCEPT… INCOME LIMITS ARE.
Essex Mortgage Brings CALHFA PRODUCTS to you!
A Comparison of HomeReady and FHA Loan Programs
Essex Mortgage Brings CALHFA to you!
DC Open Doors July 2015.
ESSEX OFFERS: Home Ready (DU) Home Possible (LP) 2/8/2016.
Essex Mortgage Brings CALHFA to you!
Essex Mortgage Brings CALHFA to you!
Essex Mortgage Brings CALHFA to you!
HELP FOR HOMEOWNERS Program Sponsor: BMC Ministries & Outreach Inc
See page 1 of rate sheet for grant$ and % INCOME LIMITS ARE HIGHER ON
Chenoa 2nd behind an FHA 1st soft or amortized 2nd
MassHousing Mounzer Aylouche Relationship Manager
10/10/2017.
Essex Mortgage Brings CALHFA PRODUCTS to you!
HELP FOR HOMEOWNERS Program Sponsor: BMC Ministries & Outreach Inc
Essex HELP Product Allowed in Nevada, CA and Utah
9/8/
Essex HELP Product Allowed in Nevada, CA and Utah


Essex Mortgage Brings CALHFA PRODUCTS to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!




Essex Mortgage Brings the VA CALHFA PRODUCT to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!

CalHFA Loans MWF Wholesale Brokers
BUY WITH USDA FINANCING
Essex Mortgage Brings CALHFA PRODUCTS to you!

FHA 203h Disaster Loan Presented by: Kelly M. Smith with Guest VP of Operations Paul Isola Account Executive NORCAL
Introducing our 100% DPA PRODUCT LET US HELP YOU BUY THAT HOME TWO CHOICES – ADVANTAGE OR EDGE
Essex Mortgage Brings CALHFA PRODUCTS to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!

Welcome to our 100% Down Payment Assistant Program

Essex Mortgage Brings CALHFA PRODUCTS to you!
Introducing our 100% DPA PRODUCT LET US HELP YOU BUY THAT HOME TWO CHOICES – ADVANTAGE OR EDGE IN HOUSE APPROVAL!!! Welcome to our 100% Down Payment Assistant.
Essex Mortgage Brings CALHFA PRODUCTS to you!
Essex Mortgage Brings CALHFA PRODUCTS to you!
Introducing our Essex Advantage 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! Welcome to our Essex Advantage program - FHA 100% Down Payment.
Essex Mortgage Brings CALHFA PRODUCTS to you!
THE CONVENTIONAL ADVANTAGE
Introducing our 100% DPA PRODUCT LET US HELP YOU BUY THAT HOME TWO CHOICES – ADVANTAGE OR EDGE IN HOUSE APPROVAL!!! Welcome to our 100% Down Payment Assistant.
Introducing our Essex Advantage 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! Welcome to our Essex Advantage program - FHA 100% Down Payment.

Introducing our 100% DPA PRODUCT LET US HELP YOU BUY THAT HOME TWO CHOICES – ADVANTAGE OR EDGE IN HOUSE APPROVAL!!! Welcome to our 100% Down Payment Assistant.
Essex Mortgage Brings CALHFA PRODUCTS to you!
THE CONVENTIONAL ADVANTAGE
THE CONVENTIONAL ADVANTAGE
Introducing our Essex Advantage 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! Welcome to our Essex Advantage program - FHA 100% Down Payment.
Introducing our Essex Advantage 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! Welcome to our Essex Advantage program - FHA 100% Down Payment.
CCM Product Guidelines
Introducing our Essex Advantage 100% fha DPA PRODUCT 0% DOWN PAYMENT IN HOUSE APPROVAL!!! Welcome to our Essex Advantage program - FHA 100% Down Payment.
CalHFA Loans MWF Wholesale Brokers
Community Partners Loan Pool (CPLP)
Presentation transcript:

THE CONVENTIONAL ADVANTAGE 5/16/2019

Product Facts Products 97/100% Conventional 97/100% Home Ready Loan purpose Purchase Same Amount of Assistance on 2nd: 3% of s/p or a/v whichever is less 1st: Conforming Conventional limits 2nd: Rate will be 2% over the 1st TD rate. Amort. 10 years. A payment is counted in DTI. Occupancy and Property type: Owner occupied, 1 unit SFR, Condo or PUD, no manufactured homes Minimum Fico 640 Borrower Contribution 0% Seller Contributions Up to 3% on a 95%+ LTV Gifts – Family Members Okay No need for borrower’s own contribution 5/16/2019

How do the products differ? 97/100% Conventional 97/100% Home Ready Income Limits None 100% of AMI or none if in low income census tracts Other Income Normal FNMA guidelines Boarder or Accessory Dwelling units – see more info on the following screens First Time Homebuyer (FTHB) At least 1 borrower must be a FTHB Not Required Non Occupant Co Borrowers N/O/O permitted to max 95% LTV with max 43% DTI for occupying borrower (no income limits) Same as Conventional but income for N/O/O will be considered in income limits 5/16/2019

More differences…. Product 97/100% Conventional 97/100% Home Ready Ownership of other Property Both occupant and N/O/O MAY NOT have ownership in other property Both occupant and N/O/O MAY have ownership in other property Homeownership Education Not required At least one borrower has to complete Framework Homeownership Education Course - $75.00 fee or recent HUD approved nonprofit counseling agency prior to signing a purchase contract. Mortgage Insurance % 35% MI Coverage 25% Coverage (LTV’s 90.01% to 97.00%) 5/16/2019

Sample Rate Sheet Always check for the most current pricing – see page 8 of rate sheet 5/16/2019

Major “pricing benefits” when using Home Ready Agency fee hits for Condos and FICO HITS are limited based on FICO FICO 680+ capped at 0% for agency hits FICO 640-679 – capped at 1.50% for agency hits Example: You have a 682 FICO + Condo Normally: Pricing Hits: 682 (1.50%) condo (.75%) Home Ready you would be capped at 0% fee hits – a saving 2.25% Example: You have a 644 FICO + Condo Normally the hits would be 2.75% for FICO and .75% for Condo Home Ready you would be capped at 1.50% fee hits – a savings 2% 5/16/2019

Home Ready Other Income Boarder income (relatives or non-relatives): Up to 30% of qualifying income Documentation for at least 9 out of the most recent 12 months Averaged over 12 months Proof of shared residency for the past 12 months Accessory Dwelling Units: Rental income can be used if the appraiser can provide comps that support the value of it and provide comparable rental data. It does not necessarily have to be permitted. 5/16/2019

Homeowner Education At least one borrower on each Home Ready purchase mortgage must do one of the following: Complete: https://homeready.frameworkhomeownership.org/ $75.00 fee(paid by the borrower to Framework – prior to closing; or Receive housing counseling from a HUD approved non profit housing counselling agency (as evidenced by a signed Certificate of Completion of housing Counseling (Form 1017) prior to the borrower signing a purchase contract. 5/16/2019

Screen shot on how to show 2nd on 1003 and DU - 97% conventional & 97% Home Ready Be sure you to indicate on the 1003 on details of transaction that you have a 2nd. Also on your Declaration Questions on the 1003. DU details: 5/16/2019

Sample MI Chart 5/16/2019

Submit – Fees – Product Codes Upload a 1st and 2nd – two loan numbers On the 1st package – we need complete credit package & submission sheet. On the 2nd package – only need submission sheet Fee for the 1st is $1350 Fee for the 2nd is $250 If using Contract Processor, max $1125 and indicate on submission sheet, include billing (not counted on the 3% max points and fees) Product Codes Conventional 1st 1030CH 2nd: 4030CHC Home Ready 1ST 1030HRCH 2nd: 4030HRCH 5/16/2019

Locking your loan PLEASE CALL YOUR AE WITH ANY QUESTIONS This is a MANUAL LOCK. This will not price thru the Broker Connect. Loan must have an approval and underwriter must have reviewed the appraisal. Loan must be locked by 1:00 PST. When you have reviewed the rate sheet and you are ready to lock, email: locks@essexmortgage.com PLEASE CALL YOUR AE WITH ANY QUESTIONS THANK YOU FOR CHOOSING ESSEX MORTGAGE 5/16/2019