Realtor Information

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1 Realtors Guide to Qualifying All Borrowers

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Here is a brief snap shot of what Crosscountry Mortgage can offer you.

Transcript of Realtor Information

Page 1: Realtor Information

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Realtors Guide to Qualifying All Borrowers

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• Direct Lender

• Over 40yrs of industry experience

• Streamlined Process Tailored to Realtors

• Competitive Interest Rates

• In House underwriting for all loans!

• UW jumbo loans up to a million dollars

• 24 Hour Underwriting turn times

• VA Automatic

• Fannie Mae Direct

• Ginnie Mae Direct

• USDA

• Freddie Mac

• No investor overlays

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Putting Customers First We pride ourselves on providing superior customer service and creating satisfied customers. We work

hard to satisfy the mortgage needs and exceed the expectations of our customers. This is accomplished through constant communication with “Both” the realtor and the customer

Lower Mortgage Costs Through Cutting-edge Mortgage Origination Technology Our customers save money and close their loans quickly because we employ the most advanced

mortgage technology available. In a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms.

Highest Quality Mortgage Services From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff

will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We're committed to building rewarding, long-term customer relationships. With that in mind, you'll receive the highest quality mortgage services.

Meeting Every Challenge We rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a

result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs.

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Government Loans We are approved to underwrite FHA, VA, and USDA loans,

allowing for a speedy loan process

Conventional Loans We are approved to sell loans directly to Fannie Mae which

removes investor overlays.

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96.5% Max LTV

Upfront MI of 1.75%

Monthly MI

• Greater than 15 yr term • Under 95% LTV = 1.20% • Over 95% LTV = 1.25

• 15 yr Term • Under 90% = .35% • Over 90% = .60%

Credit Scores as low as 620

Up to 6% seller Concessions

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Federal Housing Administration

(FHA)

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102% LTV for Purchases 2% toward Closing costs and pre-paids

Upfront Fee

Credit scores as low as 620

Up to 4% Seller Concessions

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Type of Veteran Downpayment 1st Time Use Subsequent Use

Regular Military None 2.15% 3.30%

5% to 10% 1.50% 1.50%

10% or More 1.25% 1.25%

Reserves /

National Guard None 2.40% 3.30%

5% to 10% 1.75% 1.75%

10% or More 1.50% 1.50%

The US Department of Veterans Affairs

(VA)

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Available for Rural Development Purchases

102% Financing available for Purchases

No Money Down

Up Front Fee of 2%

Monthly MI of .40%

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US Department of Agriculture

(USDA)

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Follows FHA Guidelines For MI

Available for First Time Homebuyers

99.9% Max LTV

Credit Scores as low as 640

Up to 6% Seller Concessions

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HUD REO $100 Down

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Total Cost not to exceed $35,000

Max LTV not Limited to 96.5%

Eligible Properties

Owner Occupied

Non Occupying Co--Borrower

Single Family Residence

PUD

HUD Homes and all types of REO homes (SFR)

Credit Scores As low as 620

Up to 6% Seller concessions

Minimum loan size at $50,000 after improvements

Borrower can choose their own contractor (no minimum bids)

No Self –Help borrower cannot do the work themselves

Lead Paint Mitigation – we can put the HUD Credit in escrow and still close before work is

completed.

Contingency Reserves

10% on all properties except the following

15% for any REO Transaction and properties in which utilities are not on at time of appraisal

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FHA 203K Streamline

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ELIGIBLE REPAIRS

Repair/Replacement of roofs, gutters and downspouts

Repair/Replacement/Upgrade of existing HVAC systems

Repair/Replacement /Upgrade of plumbing and electrical systems

Repair/Replacement of flooring

Minor remodeling, such as kitchens, which does not involve structural repairs

Painting, both interior and exterior

Weatherization, including storm windows and doors, insulation, weather stripping etc.

Purchase and installation of appliances, including free-standing ranges, refrigerators,

washers/dryers, dishwashers and microwave ovens

Accessibility improvements for persons with disabilities

Repair/Replace/Add exterior decks, patios, porches

Basement finishing and remodeling, which does not involve structural repairs

Basement waterproofing

Window and door replacements and exterior wall re-siding

Septic system and/or well repair or replacement

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INELIGIBLE REPAIRS

Major rehabilitation or major remodeling, such as the relocation of load-bearing wall

New construction (including additional rooms or add-ons)

Repair of structural damage

Repairs requiring detailed drawings or architectural exhibits

Landscaping or similar site amenity improvements

Any repair or improvement requiring a work schedule longer than four months

Rehabilitation activities that require more than two payments per specialized contractor

Luxury items are not eligible such as hot tubs, swimming pools, fountains, etc.

Necessitate a consultant to develop a “specification of repairs/work write-up”

Require plans or architectural exhibits

Require a plan reviewer

Require more than four months to complete

Result in work not starting within 30 days after loan closing or cause the mortgagor to be

displaced from the property for more than 30 days during the time the rehabilitation work is

being conducted (FHA anticipates that; in a typical case, the mortgagor would be able to

occupy the property after mortgage loan closing)

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97% Max LTV Up to 6% seller Concession

PMI

97% - 680 Credit Score

95% - 620 Credit Score

Mortgage Insurance can be financed, available for borrowers who put less than 20% down

Single Premium can be financed in the loan

• No monthly mortgage insurance required • No adjustment to the interest rate (lender paid)

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HomePath Mortgage allows a buyer to purchase a Fannie

Mae-owned property with a low down payment, no lender-requested appraisal and no mortgage insurance

97% Max LTV

Credit Score as Low as 620

Up to 9% Seller Concessions

Available for Investors

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HomePath

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80% Max LTV Fannie/ Freddie Investment

90% Max LTV Fannie/ Freddie 2nd Home

PMI with Credit scores as low as 620

2% - 9% Seller Concessions allowed

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Investments & Secondary Home Purchases

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Superior Service

• Strive to create Partnerships

• A local Cleveland company who understands the local Market

Constant Communication

• Always Available to speak directly

• All the Processing and Underwriting completed in house, we will always know the status of your loan

Team of Experienced Individuals

• Over 40 Years of Experience

Diverse Programs

• We are a ONE Stop shop

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