About Me 3 Years Mortgage Experience 2 nd Generation Mortgage Professional Started as a Call Center MLO Mortgage Loan Officer Formerly an MLO Training Manager Currently an Affinity Retail MLO ID: 1046117
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1. Approved Vs Denied“What it takes to make it through the home buying process”
2. About Me3+ Years Mortgage Experience2nd Generation Mortgage ProfessionalStarted as a Call Center MLO (Mortgage Loan Officer)Formerly an MLO Training ManagerCurrently an Affinity Retail MLO
3. How do Lenders determine the quality of a borrower?
4. The 4 C’s
5. Capacity: Ability To Repay
6. Credit: Payment History
7. Capital: Liquid AssetsInvestments that can be converted to cashSavingsMoney Market FundsGift’s from Family MembersDown payment Assistance Programs GrantsEquity
8. Collateral: Subject Property
9. What makes Lenders say Yes or No?
10. Mortgage Loan Programs
11. Factors We Look At When Determining a Loan Program
12. Conventional LoanMinimum Credit Score: 620Maximum DTI: FE 28% / BE 36%BE can go up to 45% and in some cases 50%
13. FHA LoanMinimum Credit Score: 580Maximum DTI: FE 31% / BE 43%BE can go up to 50% and in some cases 55%Max LTV 96.5%Borrower’s must put at least 3.5% down.Only available for a Primary Residence
14. VA LoanMinimum Credit Score: 580-620Maximum DTI: BE 41%BE can go up to 50% and in some cases 55%Max LTV 100%VA loans do not require a Down Payment.Only available for a Primary Residence
15. USDA LoansMinimum Credit Score: 640Maximum DTI: FE 29% / BE 41%BE can go up to 50% and in some cases 55%Max LTV 100%USDA loans do not require a Down Payment.Only available for a Primary Residence in a Rural area
16. Non-Qualified Mortgage LoanPrograms that are offered by Private InvestorsSome Features include:No DTI LoansDSCR (Debt Service Cover Ratio) LoansQualify using just reserves (12 or 24 Months worth)
17. Q & A