What i want to know about mortgages for realtors

What I want to know about Mortgages?

(954) 567-7300 NMLS# 64918 www.Loans-4-u.com Racheli Refael (Smilovits) www.loans-4-u.com 954-567-7300 Copyright Â©Racheli Refael Smilovits 2017

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Background Born and raised in Israel Served in the Israeli Army, & she know to shoot well Was a Flight Attendant during her college days Been in the financial arena since 1986 Licensed Mortgage Broker since 1995.

• Used to be 65lb heavier • Hobbies are Health and nutrition, People, Yoga, Rollerblading, Learning and Reading, and a passionate Traveler • Love to teach Real Estate Agents Marketing & Technology www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2017

www.loans-4-u.com 954-567-7300 Copyright Â©Racheli Refael Smilovits 2017

What I want to know about Mortgages?

What is the minimum Credit Score to get a mortgage

â&#x20AC;˘ Minimum score 620 for FHA 660 for conventional 700 for Jumbo >$417K

www.loans-4-u.com 954-567-7300 Copyright ÂŠRacheli Refael Smilovits 2017

What I want to know about Mortgages?

Do you always have to put 20% down of the home Value? • No FHA 96.5% • Conventional 97% • Non Conventional Yes

What I want to know about Mortgages? How to qualify for a home mortgage as a Self Employed ? • Income is calculated on the NET INCOME average for the last 2 years from K-1 or Schedule C • Although you can deduct most anything you don’t have to. • Leave dome dough so we can make bread” www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2017

What I want to know about Mortgages?

1st Time Home Buyer • Little down as low as 3.5% • Credit doesn’t need to be perfect 620 is OK • Some cities have down payment assistants

What I want to know about Mortgages?

Flip Homes • FHA must wait 90 days • Conventional are OK, however the appraiser may request to see receipts for work done

What I want to know about Mortgages? Can you buy a home after Foreclosure, Shortsale? Bankruptcy? • Yes • New Program NO waiting periods

What does it take to get a mortgage? One must have 5 Components • • • • •

Credit Income Assets Debt to Income Ratio Property

What does it take to get a mortgage? 1. Credit

• Minimum score 620 for FHA 660 for conventional 700 for Jumbo >$417K • Every $100 in monthly payments reduces the home buying power by $10,000

What does it take to get a mortgage? 2. Income • 2 years Tax return all pages and schedules • 2 pay checks • If self employed 2 years business returns & YTD P&L • To have Real Estate income counted must have it showing on tax return for last 2 years • Depreciation can be added back

What does it take to get a mortgage? 3. Assets

• 2 months statements for all liquid cash checking, savings, IRA, 401K, Stocks Bonds. Funds should be seasoned 60 days. • Gift Funds are acceptable but must be sourced with the donor statement & check. • Any large deposits and transfers MUST be sourced. www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2017

What does it take to get a mortgage? 4. Debt to Income Ratio • Every account that shows on your credit report will count against you. • If an account is paid by business or someone else MUST show 12 mo cancelled checks. • Every $100 in debt =~$10,000 less in home price. • 43%-50% is the allowed Debt to income ratio. www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2017

What does it take to get a mortgage? 4. Debt to Income Ratio (Contâ&#x20AC;&#x2122;)

$100,000 Income $3,333/month = 40% towards Mortgage and Liabilities that are on the credit report $275,000 Loan $1325 $ 400 RE Tax $ 250 Insurance $ 1,975 Aprx $350 towards Car credit cards etc/ www.loans-4-u.com 954-567-7300 Copyright ÂŠRacheli Refael Smilovits 2017

What does it take to get a mortgage? 5. Property • Single Family

• Primary Residence

• Home Owner Asso.

• 2nd Home

• Condo Associations

• Investment

We Do Mortgage Right!

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Qualification Processing Underwriting Closing Funding

ALL UNDER One Roof

Foreign Nationals •

Documentation needed for a Foreign National loan – Accountant/CPA letter verifying income figures for the last 2 years and providing a year to date income figure. Please make sure the last 2 years are broken down on a per year basis.

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2 letters of reference from a banking or financial institution showing at least a 24 month history and relationship status 2 months bank statement to verify funds for closing and reserves

– 2 Credit references from creditors in country of origin Copy of passport and visa (when applicable) All letters must be originals, Letters, documents, and bank statements must be translated into English, if necessary Up to 70% loan to value on Single Family Up to 65% loan to value on Condos Loan amounts as low as $200,000

How to Pre-qualify • Income Ar Employee at a company

or

2 years same profession

Self employed >2 years in Business

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Credit-

Have you established credit? Have you had Short sale Foreclosure Bankruptcy

•

Assets-

for down payment and closing costs

When it’s Time to Run the Numbers, Call Racheli with 98% pre-approvals to closing Ratio

NMLS # 64918

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