ULTIMATE HOMEBUYER’S HANDBOOK KEYS TO UNLOCKING YOUR MORTGAGE
LINDSAY BROUGHTON
Senior Loan Officer | NMLS #1722536
P: (925) 786-2083
E: lbroughton@S1L.com
W: FinanceWithLindsay.com
BRUCE KELLY
Senior Loan Officer | NMLS #250389
P: (510) 386-5620
E: bkelly@S1L.com
W: S1L.com/Bruce-Kelly
1 Don ’t apply for new cre dit of any kind
2. Do ke ep all existing cre dit card account s op en .
3 . Don ’t M A X OU T or overcharge existing cre dit cards .
4 . Do maintain your employment at your current job.
5 . Don ’t consolidate debt to one or t wo cards .
6 . Do pay of f collec tions , judgement s , or tax liens rep or te d within one year.
7. Don ’t make any large purchases .
8 . Do stay current on your existing account s .
9. Don ’t make any large dep osit s into any of your account s .
10. Do ca ll u s . We are here to help you through your home loan process .
N d a n A g en t?
Do n ’ t ha ve a n a g ent a nd need so me sug g estio ns?
N o pro blem! J ust let us kno w!
He r e a r e 10 imp tant tips e v e r y
free to keep this accessible as a reminder! h o meb u
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FINDING THE RIGHT LOAN FOR YOU
We offer both fixed and adjustable interest rate loan products to fit your needs!
CONFORMING FIXED AND ADJUSTABLE RATE
We offer both fixed and adjustable interest rate loan products to fit your client’s needs!
• Gift funds permitted
• Up to 6% seller paid closing
• USDA Rural Housing loans are available
• 90% up to $1,500,000 with no Mortgage Insurance
• Loan sizes up to $3,000,000
• Cash out up to $500,000 on primary residences, second home and investment properties
• Fully amortized terms
•
•
•
•
• Credit scores as low as 620
• Conventional loan
R e q u ir e s Z E R O do w n p a ymen t Has ZERO Mor tgage Insurance VA 1 2 Depending on market, offers lower rates than conventional loans. 3
• No down payment required
costs
to
USD A
qualified low-to-moderate income homebuyers purchasing a home in a designatied rural area
Programs
• Bank Statement
Properties - Debt Service Program
Asset Depletion
• Investment
•
Non-Warrantable Condo
Doc Available
DTI
N O N QM Non-Warrantable
Combination of Full Doc and Reduced
•
up to 50%
Credit Scores as low as 680
Non-QM
Loans
Agency
• Primary and second home only
Agency 97
• Credit scores as low as 620
CO N DOS : Consider one o f these loan option s for you r cond o pu r chas e ONE TIME CLOSE CONSTRUCTION Building Your Dream House is Easier with a One time Construction Loan • C on f o rm in g Hi gh Bal a n c e a n d Ju mb o Lo a n Am oun t s • P rim a ry Re si de n c e - Own e r O c c u pi ed O n l y • S i n g le C l os i n g C o n structio n HELOC R e c ei v e fu nd s f r o m y ou r eq ui t y o f y ou r ho m e in as f e w as 5 d a y s* f o r t hin gs li k e ho m e imp r ov em en ts, d e bt c on s olida t ion , o r ma jo r p u r ch as e
• Conventional loan
JUMBO AND SUPER JUMBO MINIMUM FIC O CREDIT SCOR E MINIMU M DOWN P AYME N T 3% 3.5% CONVENTIONAL FHA 620+ *Only one score with DU Approval *No score with DU Approval and Co-borrower with a score 580+ with AUS Accept and Manual 620+ for manual UW
*The Extended Rate Lock Program allows borrowers to lock an interest rate for up to 360 days by paying an up front fee along with an interest rate adjustment. The upfront fee is non-refundable, unless the loan is declined by underwriting. A Float down option is available within 30 days of funding. *Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.
must have been owned for 90 days. *Available in select states. ®
*Properties
My Home ASSISTANCE PROGRAM
Are you a first-time homebuyer needing a little help with your down payment or closing costs? We have a program just for you, to meet those needs.
Guidelines: The MyHome Assistance Program (MyHome) is a deferred payment, simple interest rate subordinate loan that may only be used with a CalHFA first mortgage.
MY HOME features:
· Down payment or closing costs assistance
· Deferred payment junior loan
· Low interest rate
Additional benefits: MY HOME must be combined with:
· All CalHFA first mortgages, including Cal PLUSSM with ZIP
· Mortgage Credit Certificate Program (MCC) - federal income tax credit that may lower your taxes and increase your disposable income
Stop Renting & Start Owning
California Housing Finance Agency
WAGE EARNER W2 Income
A W2 is the most common type of income.
You can determine your base income by taking your hourly rate and multiplying it by the hours you worked.
Example: $25 an hour multiplied by 40 hours is your weekly income, which is $1,000.
To calculate your annual income, you will want to take your weekly income of $1,000 and multiple it by 52 (as there are 52 weeks in a year).
Your base annual pay, assuming you work 40 hours a week regularly, is $52,000.
To calculate your monthly income, take your annual pay of $52,000 and divide it by 12 (months) and you will get a monthly income of $4,333.33.
BONUSES: A history of receiving bonuses for the last 2 years is required as bonuses are averaged over a period of 24 month. It is important to note that an underwriter may exclude this income if there is no past history of bonuses and a history of declining bonuses will also affect the average.
OVERTIME: A history of overtime for the past 24 months is required as just like bonuses, overtime is averaged over the past 24 months. An underwriter may also exclude this income if a history of overtime is not provided. Declining overtime may also affect the average.
COMMISSION: Commission is averaged over a period of 2 years and requires a history of receiving commission to be included when calculating your total income. Failure to provide history of commission may lead to an underwriter excluding this income from your Total Income. Declining commission can also affect the average.
States We Are Synergy One Lending, Inc. Licensing Legend States We Are Licensed States We Aren’t Licensed Moving out of state? NO PROBLEM! Synergy One Lending, Inc is licensed in 49 states and Washington D.C!
l PL WITH ZIP
Are you looking for a fixed with closing cost assistan with ZIP is for you.
CalPLUS features:
• A 97% LTV Conventional or 96.5% LTV FHA first mortgage loan
• Fully amortized terms
ZIP closing cost assistance:
• Zero interest, junior loan
• Deferred payments
Additional benefits:
First-time homebuyers can also add these to Cal PLUS with ZIP:
• MyHome Assistance Prog payment junior loan for do and/or closing costs
• Mortgage Credit Certificate - federal income tax credit th your taxes and increase disposa *MCC cannot be used for qualifying
Stop Renting & Star t Owning
L O C A L
HO M EO WN ER’ S
I N SU RA N C E OP TIO N S
We c o en d
L o o king f o r so me lo c a l Ho meo wner’ s insura nc e o ptio ns but no t sure where to sta rt? N o pro blem!
J ust let us kno w a nd o ur tea m will be mo re tha n ha ppy to g o o ver so me rec o mmenda tio ns with yo u.
T H IN K IN G O F
fin an c in g?
REASONS TO REFINANCE
• Better terms
• Reduce your monthly mortgage payment
• Lower interest rate
• Consolidate/pay off debt
TYPES OF REFINANCE PROGRAMS WE OFFER
Cash-Out Refi
A cash-out refi means that you can apply for a new loan that is larger than the existing amount owed on your current loan – allowing you to take cash out against your homes equity.
You can then use this cash on home improvements to help increase the appraised value of your home, to consolidate debt such as student loans or credit cards, or help pay for big purchases like kids’ tuition and family vacations.
RefiNowTM
According to the Federal Housing Finance Agency (FHFA) eligible homeowners could save an estimated $100 to $250 a month— an equivalent of up to $3,000 a year! Plus, Synergy One Lending will issue a $500 credit towards an appraisal, if one is required.
Qualification highlights:
Current income at or below 100% of the area median income (AMI)
No missed payments on their current mortgage loan in the past six months and no more than one missed payment in the past 12 months*
A mortgage with a loan-to-value ratio up to 97% and DTI of 65% or less (Applies to the new refinance loan)
*Missed payments due to a COVID-19 forberearance that have been resolved in accordance with Lender Letter LL-2021-03 are not considered delinquencies for purposes of meeting these payment history requirements
Synergy One Lending’s with Fannie Mae permits expanded eligibility requirements designed to help you refinance to a lower interest r a t e a nd r e du c e y o ur mo n t hl y mor tgage payment. partnership Freddie
adopted a new refinance option for loans to borrowers with incomes at or below 80% of the median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either
or
you may be eligible to refinance your mortgage under this refinance option. You can determine whether your mortgage is owned by
by checking the following websites: Freddie Mac Loan Look-up Tool or Fannie Mae Mortgage Loan Lookup
Mac and Fannie Mae have
Freddie Mac
Fannie Mae,
either Freddie Mac or Fannie Mae
A Fannie Mae-owned mortgage secured by a one unit, principal residence
IDEAS Home Impr ement
INTERIOR PAINTING
One of the best ways to update the look and style of your home is by adding an new coat of paint!
Below are some tips when painting your home:
• If you’re planning on repainting multiple rooms, buy a 5 gallon paint container to save some money
• When it comes to painting, going with a high quality paint, although it may be more expensive, it will pay off in the long run as you will avoid having to apply multiple coats of paint.
LANDSCAPING
Updating your landscaping not only gives your home more curb appeal, which can increase the value of your home, but it also lets you expand usable outdoor space for you and your family!
Below are some tips when updating your landscaping:
• Going with more hardy perennials can save you money compared to buying new annual plants each year. Consider types of bushes, shrubs and trees that can thrive all year round.
REMODELING YOUR KITCHEN
The kitchen is no longer the room just for meal preparation, it has become a place of social gatherings and family times. Remodeling your kitchen to be more open and spacious will allow you to have another room to socialize and mingle
Below are some tips when remodeling your kitchen: While your kitchen is out of commission, make sure to have a temporary kitchen in place so you can cook, wash dishes and make your morning coffee. Save a few of your old cabinets and countertops to build a makeshift kitchen.
Do not order countertops until your cabinets are installed. The cabinets may have a different dimension after installation due to out of square walls.
CLOSING COSTS
at are t
Closing Costs for BUYERS in California
On average, a Californian home buyer can expect to see their closing costs to average around 2% to 3%. Closing costs are split into two types of expenses: one-time expenses that are non-recurring and recurring expenses that are either pro-rated or ongoing. Below is a breakdown of the fees for each type of expenses:
NON-RECURRING FEES
These fees are only required to be paid once and are not recurring.
• Down Payment
• Escrow Fees - fee for escrow services
• Title Insurance – this fee allows a search of the title’s history to ensure that the title has no defects such as liens. This is paid by the buyer/borrower to protect the lender in case issues with title arises
• Notary
• Recording
LENDER FEES
• Mortgage Origination – cost for originating
• Underwriting
• Processing
• Flood Certification – fee for a risk assessment of the property
• Discount Points
• Mortgage Insurance – fee typically required when the down payment is less than 20% of the purchase price of the property
RECURRING OR PRORATED FEES
You can expect recurring fees over the course of owning the home. An example of this is property taxes. At closing, some funds are pulled aside to pay the first few payments of these ongoing expenses. This allows for a smoother transition for you as a new home owner.
In most cases, three months of home insurance and six months of property taxes are collected at closing. These will be disbursed for you on your behalf each month by the lender.
• Prepaid Mortgage Interest – this covers the interest portion of the mortgage payment for the current month
• Property Taxes
• Hazard Insurance
• HOA Dues – fee to cover the first two months
Te imoni s CLIENT
Lindsay was always on point, professional and communicative throughout the whole process. Her engaging and friendly personality definitely put me at ease with all my questions. In addition, her patience maneuvering through my complicated work schedule. She was awesome!!
••••• REVIEWED BY CHRISTINA V. •••••
Lindsay and team made the process very easy and took their time answering all of our questions and reviewed everything every step of the way.
••••• REVIEWED BY BILLY C. •••••
Everyone worked together smoothly and confidently during my home purchase. Just about everything was done for me, I only had to sign paperwork via email and it was very simple. If I ever had a question, I was answered in a timely manner. If anyone is looking for a great team for your Real Estate needs, definitely go with Lindsay and Bruce, they are the BEST!! AAA+
••••• REVIEWED BY LESLIE W. •••••
ady art? LINDSAY BROUGHTON Senior Loan Officer | NMLS #1722536 P: (925) 786-2083 E: lbroughton@S1L.com Synergy One Lending, Inc. | NMLS 1907235 | www.nmlsconsumeraccess.org | 3131 Camino Del Rio N 150, San Diego, CA 92108 | (888) 995-1256 | State required licensing information: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act and California Financing Law license. Not affiliated with any government agency. All Loans are subject to underwriting approval. Terms and Conditions apply. Subject to change without notice. BRUCE KELLY Senior Loan Officer | NMLS #250389 P: (510) 386-5620 E: bkelly@S1L.com Sc a n the QR c o de to get pre-approved today
