Maria Sample Mortgage Originator NMLS# 111111 7600 E. Orchard Ave., Ste 250N Greenwood Village, CO 80111 msample@ccmclending.com www.CherryCreekMortgage.com 303-320-4040
LO State Disclosure--Copyright Š 2013 Cherry Creek Mortgage Co., Inc. Company NMLS# 3001. All rights reserved. Loan products are not available outside of CO. Regulated by the Division of Real Estate. Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
This material is informational only and is not an offer to lend or recommend available products. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice. Cherry Creek Mortgage Company, Inc. is not endorsed by, nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. Copyright Š 2013 Cherry Creek Mortgage Co., Inc. Company NMLS# 3001. All rights reserved. Loan products are not available outside of CO. Regulated by the Division of Real Estate.
FHA Loans The Federal Housing Administration, generally known as “FHA,” provides mortgage insurance on loans made by lenders, which allows the lender to bear less risk in the event of the homeowner’s default.
The FHA has insured over 34 million homes since its inception in 1934. • For 1st time homebuyers and move-up buyers • Available for 1-4 unit properties (owners must occupy one unit) • Gift funds from immediate family members allowed for down payment and/or closing costs • Qualified non-occupant co-signers permitted on 1-unit properties • Options to buy a home and finance the fix-ups, or refinance and add the cost of repairs or remodel. • Flexible credit qualifying guidelines for debt-to-income ratio, credit history, and credit scores Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
USDA Loans
A USDA loan is a mortgage from the United States Department of Agriculture loan program offered to rural property owners. • • • • • • •
100% financing offered Closing costs can be gifted from a family member OR paid for by the seller Minimum mid-credit score of 640. The maximum annual income for a family of 4 in Clallam County is $74,900.00. The program is only eligible for stick built homes in good condition. USDA charges a 2.00% fee at closing which gets added to the loan. USDA has an annual fee of 0.40% which is included in the monthly loan payment.
Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
VA Loans
Cherry Creek Mortgage believe that the men and women who serve our country as part of the US Armed Forces deserve our respect and gratitude. We will be there for your home lending needs. Our professional loan originators will be there to guide you through the loan process to ensure you have a smooth and hassle free experience. Advantages of a VA loan: • • • • • •
No down payment available up to maximum loan limits (which may be adjusted annually) No monthly private mortgage insurance required Most VA loans include a VA Funding Fee, which may be financed into the loan amount. Competitive interest rates VA provides a home loan guarantee benefit to purchase or refinance. VA loans may be assumable (subject to VA approval)
Who is eligible? • • • • •
Current active military (minimum of 90 days) Honorably discharged veterans Reservist member (6 years with a honorable discharge or 60-180 days active duty) Surviving spouse of a veteran who died during service and has not remarried Those granted veteran status through civilian employment
Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
Cherry Creek Mortgage Co. offers the FHA 203(k) Standard and Streamline Programs The Section 203(k) HUD’s primary program for rehabilitation and repair of single family properties helps qualified borrowers purchase or refinance and renovate with a single loan. 203(k) Streamline covers both the acquisition and a loan for minor repairs or improvements to the property. 203(k) Standard loan covers both the acquisition and repairs, structural changes, additions, landscaping, and more. Project may be over $35,000.* *Maximum loan amount up to $417,000 based on FHA max county limits. Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
Financing Options and Examples Financing options for a loan amount of $165,000 LOAN PROGRAM
30 YEAR FIXED
30 YEAR FIXED W/ PMI
USDA***
Down Payment
20.00% / $33,000
5.00% / $8,250
0.00% / $0
Loan Amount
$132,000
$156,750
$168,367
Interest Rate / APR
4.625% / 4.722%
4.625% / 5.123%
4.250% / 4.854%
Term / Due In (Months)
360 / 360
360 / 360
360 / 360
Monthly Payment
$678.66
$805.91
$828.26
Total Monthly Payment
$864.49*
$1,078.63**
$1,069.78**
Closing Costs
$4,495.86
$4,522.52
$4,417.80
Total Cash to Close
$37,417.86
$12,772.52
$3,510.65
*Includes taxes & estimated insurance. **Includes taxes, estimated insurance, & mortgage insurance. ***Contact lender for specific qualification details; not all applicants eligible, certain restrictions apply to this program. Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.
This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice., but are current and valid as of 11/06/2013.
Documentation Needed for a Mortgage Income and Employment Information • • • • •
2 years employment history including job titles, dates of employment, employers’ addresses and phone numbers. Paystubs for the most recent 30 days. Copies of W2s for the last two years. Copies of federal, personal, and business tax returns for the previous 2 tax years, including all W2s, 1099s, K1s, and all schedules. If filing an extension, please provide copy of the extension. Letter of explanation for any changes in employment over the past two years. Please sign and date.
Bank and other statements • • • •
Most recent 2 months of quarterly bank statements for all checking, savings, and liquid investment accounts. Please provide all pages, even if blank. Most recent 2 months or quarterly 401K/retirement statements. Please provide all pages, even if blank. Copy of the cancelled/cleared Earnest Money check when it clears your bank account, along with a copy of your recent bank statement showing the check clearing. Non-payroll deposits: we will need to verify the source and receive explanation for non-payroll deposits to your accounts, including any transfers between accounts. Please make a copy of any check you deposit.
Documentation Needed for a Mortgage (cont’d.) Residence Information • • • •
2 years residence history including addresses, dates, and phone numbers for landlord if renting If you currently own a home, please provide the most recent mortgage statement If you currently own a home and you do not escrow your taxes and insurance, please provide your annual tax statement and homeowner’s insurance statement. Name and phone number for your homeowner’s insurance agent.
If applicable to you, the following items may also be needed: • • • • • • •
Complete divorce decree and/or separation papers Alimony/Child Support income: proof of receipt may be required (12 months proof of receipt.) Bankruptcy discharge papers, including filings, discharge, and the list of creditors If receiving Social Security or Retirement income your Award Letter and proof of receipt may be required. If any portion of your down payment or closing costs is coming in the form of a gift, please CALL because the documentation required for gifts is fairly comprehensive. Once we pull credit, we may need a signed letter of explanation and/or documentation on any inquiries on your credit report or on derogatory credit. VA loan: DD214 and Certificate of Eligibility Feel free to drop off, scan/e-mail, fax, or upload your documentation to our website. For instructions on uploading directly to our website, please contact us directly.
Cherry Creek Mortgage Loan Officer Websites We provide secure access to your loan information 24/7
• Easy Online Application • See updates on your loan as it moves through the loan process. • Documents can be securely uploaded to your loan through the website. We make it easy for you to do a mortgage with us! Do review our Privacy Policy, please visit our website. http://www.cherrycreekmortgage.com/ccmccorporate/privacy-policy
We will work with you every step of the way to ensure a smooth and hassle free loan. We are here to provide the loan you need to buy the home you want! Copyright Š 2013 Cherry Creek Mortgage Co., Inc. Company NMLS# 3001. All rights reserved. Loan products are not available outside of CO. Regulated by the Division of Real Estate. Cherry Creek Co., Inc. is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development , Federal Housing Administration, the Veterans Administration , the U.S. Department of Agriculture or the Federal Government.