make your
move mortgage solutions
STAUNTON FINANCIAL, INC., DBA JOHN ADAMS MORTGAGE NMLS#140012
mortgage moves W hen you're b ot h b uying and selling , it can feel like t here's a lot g oing on at once. Our t eam is here t o p ut you in t he b est p ossib le p osit ion t o achieve your hom e ow nership g oals. This g uid e w ill p rovid e m ore d et ails ab out our Make Yo ur Move m ort g ag e solut ions t hat are availab le t o you. These op t ions not only g ive you a com p et it ive ed g e in t his m arket , t hey w ill also help you b reat he easier t hroug hout t his ent ire exp erience.
table of contents Good t o Go Loan Com m it m ent ..........................................................................3 Brid g e Loans..............................................................................................................4 $10 0 0 Lend er Cred it ...............................................................................................5 Guarant eed Closing Prog ram .........................................................................6-10 Ot her Prog ram Op t ions.........................................................................................11 2
Good to Go loan commitment Get m o re t han a p re-ap p roval let t er w it h a fully und erw rit t en lo an ap p roval.
W hat are t he ad vant ag es? Have an Ed g e o n Co m p et it io n. Good t o Go m akes you a st rong er b uyer b ecause you have a fully und erw rit t en loan ap p roval. Sellers and list ing ag ent s w ill t ake you m ore seriously ( com p ared t o som eone w ho only has a p re-ap p roval let t er) .
How d o es it w o rk? A n und erw rit er verifies your incom e, asset s and cred it You g et a full und erw rit ing ap p roval on a "To Be Det erm ined " ad d ress
Clo se Fast er. W hile g et t ing t he Good t o Go Loan Com m it m ent t akes a few m ore d ays t han a t yp ical p re-ap p roval let t er, you'll b e ab le t o close fast er in t he long run.
The ap p roval is sub ject t o an accep t ab le ap p raisal and t it le
get these docs ready
Sho p Sm art er. You'll know exact ly w hat you can afford , w hich w ill help you st ay w it hin b ud g et w hen craft ing your offers.
Yo u m ay no t need all o f t hese, b ut it 's b et t er t o b e p rep ared ! 2 years W 2?s Last 2 p ay st ub s 2 m ont hs b ank st at em ent s Divorce Decree, if ap p licab le Bankrup t cy p ap ers w it h d ischarg e, if ap p licab le
3
Bridge Loans buy before you sell Our Brid g e Lo an let s yo u use eq uit y now fo r t he d ow n p aym ent o n yo ur next ho m e. Use a Brid g e Loan t o b uy your next hom e w hile your current one is st ill on t he m arket . This w ill help you avoid cost ly d oub le m ort g ag es. W e also have a Brid g e Loan t o help you m ake renovat ions, so you can g et m ore value out of your hom e w hen you sell.
Pro g ram Req uirem ent s Loan t o Value of 75% is availab le t o b e used t ow ard renovat ions on a hom e b eing sold .
Maxim um loan t o value of 80 % and m axim um loan am ount is $54 8,250 . You m ust have a sig ned p urchase ag reem ent on t he new hom e.
Your hom e d oes not need t o b e list ed for t he 75% LTV Brid g e Loan.
A ll p roceed s m ust b e used for t he d ow n p aym ent and closing cost s on t he new hom e ( no cash t o t he b orrow er) .
The closing on your new hom e can t ake p lace 24 hours aft er t he Brid g e Loan closes.
Your current hom e m ust b e list ed and on t he MLS for t he 80 % LTV.
Only ap p licab le for p rop ert ies locat ed in Michig an.
4
$1000 Lender Credit save at the closing table Use t he $10 0 0 fo r yo ur next ho m e p urchase and sw eet en yo ur o ffer by g iving it t o t he Seller o f yo ur d ream ho m e, t o o. W hen you com m it t o w orking w it h John A d am s, w e w ill q ualify you for t he $10 0 0 Lend er Cred it . This cred it is ap p lied t o closing cost s and p rep aid it em s.
How Can t he Cred it Be Used ?
Pro g ram Req uirem ent s
Buyers w ho are p urchasing a hom e can use t his cred it at t he up com ing closing on t heir new hom e.
Your loan consult ant m ust b e aw are of t he cred it prior t o loan ap p licat ion. The Buyer/ Seller w ho is using t he cred it m ust w ork w it h John A d am s.
Buyers can includ e t his cred it in t heir offer t o t he Seller of t heir d esired hom e. The Seller can t hen use it t ow ard t heir next hom e p urchase.
Buyers can use a cred it for t heir ow n t ransact ion and g ive a cred it t o t heir Seller. This incent ive can b e com b ined w it h t he Second Look and Full House p rog ram s.
Sellers w ho are also in t he m arket t o b uy can use t his cred it w hen t hey close on t heir next hom e.
MSHDA Loans d o not q ualify.
5
Guaranteed Closing beat the cash offers Our Guarant eed Clo sing p ro g ram help s co nvent io nal m o rt g ag e b uyers co m p et e w it h cash b uyers. How it W o rks fo r Buyers
How it W o rks fo r Sellers
Sellers like cash offers b ecause t hey avoid t he cont ing encies involved w it h m ort g ag es. To g ive t he b uyer a com p et it ive ed g e, w e'll g uarant ee t he seller a closed sale, m eaning w e'll p urchase t he hom e even if t he b uyer d oesn't .
W hen w orking w it h a b uyer w ho has q ualified for t his p rog ram , t he seller is g uarant eed a closed hom e sale. If t he b uyer d oes not p urchase t he hom e und er t he t erm s of t he p urchase cont ract , t hen w e w ill.
the power play Our g uarant ee is p ow erful b ecause w e're b acked b y t he Real Est at e One org anizat ion, w it h $6 b illion in annual real est at e sales. Typ ical cash b uyers st ill have t o verify t heir p roof of fund s, m aking us t he m ore st ab le and cert ain choice for t he seller.
6
The Guarant eed Clo sing Pro cess The b uyer g et s a Good -t o-Go Loan Com m it m ent from John A d am s Mort g ag e.
W hen everyone is on t he sam e p ag e, t hen t he cont ing encies are w aived , and w e set a closing d at e.
W hen t he b uyer m akes an offer on a hom e t hroug h t heir real est at e ag ent , t hey w ill includ e a Guarant eed Closing Prog ram A d d end um w it h t heir offer. This ad d end um need s t o b e sig ned b y t he b uyer, seller and Invest m ent s One ( our affiliat ed ent it y t hat act ually m akes t he g uarant ee) . The offer m ust includ e b ot h a p rop ert y insp ect ion and ap p raisal cont ing ency.
If Invest m ent s One d eclines t o g uarant ee t he closing d ue t o t he insp ect ion rep ort or t he ap p raisal, t he seller st ill has t he op t ion of cont inuing t he sale w it h t he b uyer, just w it hout t he Guarant ee. In t hat case, t he b uyer and t he seller sim p ly m ove t o a closing d at e. If t he seller d eclines t o cont inue, t hen t he t ransact ion is canceled , and t he earnest m oney is ret urned t o t he b uyer.
Once t he p rop ert y insp ect ion is d one, t hen Invest m ent s One w ill let t he b uyer know w it hin t w o d ays if t hey also are on b oard w it h t he insp ect ion and t he ap p raisal result s.
Buyer Qualificat io ns The Guarant eed Closing p rog ram w orks w it h convent ional loans for a p rim ary resid ence, sing le-fam ily or w arrant ab le cond om inium w it h a p urchase p rice b et w een $150 ,0 0 0 and $50 0 ,0 0 0 . Before t he b uyer m akes an offer on a sp ecific p rop ert y, t hey m ust b e sure t o check w it h t heir John A d am s loan officer t o m ake sure t he p rop ert y w ill q ualify for t he p rog ram .
7
The b uyer m ust ag ree t o sub m it a form al m ort g ag e ap p licat ion t o John A d am s w it hin t w o calend ar d ays aft er t hey receive not ice of all p art ies? accep t ance of a b ind ing p urchase ag reem ent and t he A d d end um . The b uyer m ust ag ree t o p rovid e b ot h t he p rop ert y insp ect ion and ap p raisal t o Invest m ent s One for t heir review and ap p roval.
Guaranteed Closing Continued Co m m o n Buyer Quest io ns
Co m m o n Seller Quest io ns
W hat hap p ens if I can?t clo se fo r any reaso n, can I st ill p urchase t he p ro p ert y?
W hat are t he d o cum ent s I need t o sig n? A s t he Seller, just t he Guarant eed Closing A d d end um .
You w ill have an ad d it ional 4 5 d ays aft er Invest m ent s One closes on t he p rop ert y t o p urchase t he hom e from Invest m ent s One.
W hat hap p ens t o t he earnest m o ney d ep o sit if t he b uyer d o es no t clo se? If t hey are unab le t o p urchase t he p rop ert y, it w ill b e ret ained b y Invest m ent s One t o help cover it s cost s t o resell t he hom e.
W hat hap p ens t o m y earnest m o ney d ep o sit if I d o n?t clo se? If you are unab le t o p urchase t he p rop ert y, it w ill b e ret ained b y Invest m ent s One t o help cover it s cost s t o resell t he hom e.
W hat hap p ens w hen Invest m ent s One b uys m y ho m e? Once g iven not ice, Invest m ent s One w ill close und er t he t erm s of t he cont ract w it hin 10 d ays.
W hat are t he d o cum ent s I need t o sig n? There are t w o, t he p rog ram ag reem ent ( w hich says m uch of w hat t his d oes) and t he Guarant eed Closing A d d end um t hat is includ ed w it h your p urchase offer.
8
9
SA M PL E
10
SA M PL E
Finance with Confidence W hen it co m es t o financing yo ur new ho m e, yo u sho uld feel co nfid ent and ed ucat ed ab o ut t he cho ices yo u have. Should a Brid g e loan not b e t he b est fit for you rig ht now , w e have m any d ifferent p rog ram s t hat are availab le t o sup p ort you.
Our Pro g ram s Includ e: FHA MSHDA Convent ional Loans Renovat ion Jum b o VA USDA Rural Develop m ent Doct or Non-W arrant ab le Cond os
11
make your
move
mortgage solutions
12 ADAMS MORTGAGE NMLS#140012 STAUNTON FINANCIAL, INC., DBA JOHN