Energy Efficient Mortgage Program DOYLE Loan #: Case #:

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Energy Efficient Mortgage Program DOYLE Loan #: 3001716496 Case #: 045-8129173-703"

Transcription

1 Date: MAY 28, 2014 U.S. Department of Housing and Urban Development Energy Efficient Mortgage Program Case #: FHA's Energy Efficient Mortgage program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase or refinancing mortgage. Purpose In 1992, Congress mandated a pilot demonstration of Energy Efficient Mortgages (EEMs) in five states. In 1995, the pilot was expanded as a national program. EEMs recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage to cover the cost of the energy improvements on top of the approved mortgage. FHA EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a downpayment on it. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD. FHA insures loans. FHA does not provide loans. Eligibility Requirements The borrower is eligible for a maximum FHA insured loan, using standard underwriting procedures. The borrower must make a 3.5 percent downpayment. This 3.5 percent downpayment is based on the sales price or appraised value. Any upfront mortgage insurance premium can be financed as part of the mortgage. Eligible properties are one- to four-unit existing and new construction. EEMs may be added to some other loan types, including streamline refinances. The cost of the energy efficient improvements that may be eligible for financing into the mortgage is the lesser of A or B as follows: A. The dollar amount of cost-effective energy improvements, plus cost of report and inspections, or B. The lesser of 5% of: The value of the property, or 115% of the median area price of a single family dwelling, or 150% of the conforming Freddie Mac limit. To be eligible for inclusion in the mortgage, the energy efficient improvements must be cost effective, meaning that the total cost of the improvements is less than the total present value of the energy saved over the useful life of the energy improvement. The cost of the energy improvements and estimate of the energy savings must be determined by a home energy rating report that is prepared by an energy consultant using a Home Energy Rating System (HERS). The cost of the energy rating report and inspections may be financed as part of the cost effective energy package. The energy improvements are installed after the loan closes. The lender will place the money in an escrow account. The money will be released to the borrower after an inspection verifies that the improvements are installed and the energy savings will be achieved. The maximum mortgage limit for a single family unit depends on its location, and it is adjusted annually. To find FHA maximum mortgage limits for any county in the country, go to The cost of the eligible energy efficient improvements is added to the mortgage amount. The final loan amount can exceed the maximum mortgage limit by the amount of the energy efficient improvements. For More Information Contact your local HUD office. - BORROWER - ALE R - DATE - FHA Energy Efficient Mortgage Program Page 1 of 1

2 INFORMED CONSUMER CHOICE DISCLOSURE NOTICE Date: MAY 28, 2014 In addition to an FHA-insured mortgage, you may also qualify for other mortgage products offered by your lender. To assure that you are aware of the possible choices in financing, your lender has prepared a comparison of the typical costs of alternative conventional mortgage product(s) below, using representative loan amounts and costs (the actual loan amounts and associated costs shown below will vary from your own mortgage loan transaction). You should study the comparison carefully, ask questions, and determine which product is best for you. The information provided below was prepared as of June, Neither your lender nor FHA warrants that you actually qualify for any mortgage loan offered by your lender. This notice is provided to you to identify the key differences between these mortgage products offered by your lender. This disclosure is not a contract and does not constitute loan approval. Actual mortgage approval can only be made following a full underwriting analysis by your mortgage lender. FHA Financing 203 (b) Fixed Rate Conventional Financing 95% with Mortgage Insurance (MI) 1 Sales Price $100,000 $100,000 2 Mortgage Amount $96,500 ($98,188 w/up-front Mortgage $95,000 Insurance Premium) 3 Closing Costs $2000 $ Downpayment Needed $3500 $ Interest Rate and Term of Loan in Years 5.25%/30 Year Loan 5.25%/30 Year Loan 6 Monthly Payment (principal and interest $ $ only) 7 Loan-to-Value 96.5% 95% 8 Monthly Mortgage Insurance Premium $ $74.42 (first year) 9 Maximum Number of years of Monthly 30 Years Approx. 10 Years Insurance Premium Payments 10 Up-front Mortgage Insurance Premium (if applicable) $1,688 2 (Included in Mortgage Amount, line 2) 1 Monthly mortgage insurance premiums are calculated on the average annual principal balance, i.e., as the amount you owe on the loan decreases each year, so does the amount of the monthly premium. 2 Based on an up-front mortgage insurance premium rate of 1.75%. N/A FHA Mortgage Insurance Premium Information: In addition to an upfront mortgage insurance premium (UFMIP), you may also be charged a monthly mortgage insurance premium. You will pay the monthly premium for either: the first 11 years of the mortgage term, or the end of the mortgage term, whichever occurs first, if your mortgage had an original principal obligation (excluding financed UFMIP) with a loan-to-value (LTV) ratio of less than or equal to 90 percent; or the first 30 years of the mortgage term, or the end of the mortgage term, whichever occurs first, for any mortgage involving an original principal obligation (excluding financed UFMIP) with an LTV greater than 90 percent. You are required to make these payments on your FHA-insured loan unless you refinance or the mortgage is otherwise paid in full. If you were not charged an up-front premium you will pay the monthly premium for the life of the mortgage. I/We have received a copy of this disclosure. - BORROWER - ALE R - DATE Page 1 of 1

3 Borrower(s): Seller(s): ALE R AMENDATORY CLAUSE/REAL ESTATE CERTIFICATION Property Address: 6501 N. KENNEDY AVENUE, FRESNO, CA Case #: Date: MAY 28, 2014 AMENDATORY CLAUSE It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise, unless the purchaser has been given, in accordance with HUD/FHA or VA requirements, a written statement by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $175, The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. - BORROWER - ALE R - DATE - - SELLER - - DATE - The actual dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause, along with the revised or amended sales contract. REAL ESTATE CERTIFICATION The borrower, seller, and the selling real estate agent or broker involved in the sales transaction certify that the terms and conditions of the sales contract are true, to the best of their knowledge and belief, and that any other agreement entered into by any parties in connection with the real estate transaction is part of, or attached to, the sales agreement. - BORROWER - ALE R - DATE - - SELLER - - DATE - - LISTING AGENT - - DATE - - SELLING AGENT - - DATE - WARNING: It is a Federal Crime punishable by fine, imprisonment, or both to knowingly make any false statement concerning any of the above facts as applicable under the provision of Title 18, United States Code, Sections 1012 and Page 1 of 1

4 U.S. Department of Housing and Urban Development Federal Housing Administration (FHA) OMB Approval No: (exp. 05/31/2014) Why a Buyer Needs a Home Inspection For Your Protection: Get a Home Inspection A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to: Evaluate the physical condition: structure, construction, and mechanical systems; Identify items that need to be repaired or replaced; and Estimate the remaining useful life of the major systems, equipment, structure, and finishes. Appraisals are Different from Home Inspections An appraisal is different from a home inspection. Appraisals are for lenders; home inspections are for buyers. An appraisal is required to: Estimate the market value of a house; Make sure that the house meets FHA minimum property standards/requirements; and Make sure that the property is marketable. FHA Does Not Guarantee the Value or Condition of your Potential New Home If you find problems with your new home after closing, FHA can not give or lend you money for repairs, and FHA can not buy the home back from you. That is why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision. Radon Gas Testing The United States Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the toll-free National Radon Information Line at SOS-Radon or As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test. Be an Informed Buyer It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection. HUD CN (6/06)

5 NOTICE TO HOMEOWNER Assumption of HUD/FHA-Insured Mortgages Release of Personal Liability You are legally obligated to make the monthly payments required by your mortgage (deed of trust) and promissory note. The Department of Housing and Urban Development (HUD) has acted to keep investors and non-creditworthy purchasers from acquiring one-to-four family residential properties covered by certain FHA-insured mortgages. There are minor exceptions to the restriction on investors: loans to public agencies and some non-profit organizations, Indian tribes or service persons; and loans under special mortgage insurance programs for property sold by HUD, rehabilitation loans or refinancing of insured mortgages. Your lender can advise you if you are included in one of these exceptions. HUD will therefore direct the lender to accelerate this FHA-insured mortgage loan if all or part of the property is sold or transferred to a purchaser or recipient (1) who will not occupy the property as his or her principal residence, or (2) who does occupy the property but whose credit has not been approved in accordance with HUD requirements. This policy will apply except for certain sales or transfers where acceleration is prohibited by law. When a loan is accelerated, the entire balance is declared "immediately due and payable." Since HUD will not approve the sale of the property covered by this mortgage to an investor or to a person whose credit has not been approved, you, the original homeowner, would remain liable for the mortgage debt even though the title to the property might have been transferred to the new buyer. Even if you sell your home by letting an approved purchaser (that is, a creditworthy owner-occupant) assume your mortgage, you are still liable for the mortgage debt unless you obtain a release from liability from your mortgage lender. FHA-approved lenders have been instructed by HUD to prepare such a release when an original homeowner sells his or her property to a creditworthy purchaser who executes an agreement to assume and pay the mortgage debt and thereby agrees to become the substitute mortgagor. The release is contained in Form HUD , ("Approval of Purchaser and Release of Seller"). You should ask for it if the mortgage lender does not provide it to you automatically when you sell your home to a creditworthy owner-occupant purchaser who executes an agreement to assume personal liability for the debt. When this form is executed, you are no longer liable for the mortgage debt. By signing below, you acknowledge that you understand the above certifications and have received a copy of this document for your records. MAY 28, 2014 Date - BORROWER - ALE R - DATE - Instruction to Lender: For Mortgages subject to the 1989 Act and security instruments containing a new assumption provision, the Notice to Homeowners must be issued (a) to all applicants for FHA-insured mortgages prior to settlement of the transaction, and (b) upon any inquiry by a seller or purchaser for information on HUD's creditworthiness review criteria, or on assumption or release from personal liability procedures generally Page 1 of 1

6 Date: MAY 28, 2014 Borrower's Certification & Authorization Certification In this document, "I," "me," and other first person pronouns refer to the borrower(s), whether singularly or collectively, who applied for the loan referenced above. I, the undersigned, hereby certify the following: 1. I have applied for a mortgage loan from WESTERN BANCORP. In applying for the loan, I have completed a loan application containing various information on the purpose of the loan, the amount and source of the down payment, employment and income information, and assets and liabilities. I certify that all of the information is true and complete. I made no misrepresentations in the loan application or other documents, nor did I omit any pertinent information. 2. I understand and agree that WESTERN BANCORP reserves the right to change the mortgage loan review process to a full documentation program. This may include verifying the information provided on the application with any employer and/or any financial institution. 3. I fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when applying for a mortgage, as applicable under the provisions of 18 USCA I provided a verbal and/or written authorization to order a consumer credit report and verify other credit related information in connection with my loan application, including but not limited to any mortgage or landlord reference and any other source of credit as determined by WESTERN BANCORP. 5. I further authorize WESTERN BANCORP to order a consumer credit report and verify other credit related information in connection with my loan application, including but not limited to any mortgage or landlord reference and any other source of credit as determined by WESTERN BANCORP. I understand that the purpose for this order is for WESTERN BANCORP to determine my eligibility and creditworthiness for the loan being applied for, as well as for other legitimate purposes associated with my account. Authorization to Release Information To Whom It May Concern: 1. I have applied for a mortgage loan from WESTERN BANCORP. As part of the application process, WESTERN BANCORP and the mortgage guaranty insurer (if any), may verify information contained in my loan application and in other documents required in connection with the loan, including accessing a new credit report, either before the loan is closed or as part of its quality control program. 2. I authorize you to provide to WESTERN BANCORP, and to any investor to whom WESTERN BANCORP may sell my mortgage, and to the mortgage guaranty insurer (if any), any and all information and documentation that they request. Such information includes, but is not limited to, employment history and income; bank, money market, and similar account balances; credit history; and copies of income tax returns. 3. WESTERN BANCORP or any investor that purchases the mortgage, or the mortgage guaranty insurer (if any), may address this authorization to any party named in the loan application. 4. A copy of this authorization may be accepted as an original. 5. Your prompt reply to WESTERN BANCORP, the investor that purchased the mortgage, or the mortgage guaranty insurer (if any) is appreciated. 6. Mortgage guaranty insurer (if any): N/A Authorization to Release Information to Government Agency 1. I, having read the explanation of my rights as set forth below, hereby authorize WESTERN BANCORP to disclose my loan application and other documents required in connection with processing and making my loan including, but not limited to, copies of paystubs, credit reports, tax returns, and financial account (such as a savings or money market account) statements to the Department of Housing and Urban Development/Federal Housing Agency, to any investors to whom WESTERN BANCORP may sell my loan, and to a mortgage guaranty insurer (if any) of the loan for the following purposes: a. Verification that the information contained in the loan application and other documents are correct; b. Conducting any reasonable originating, processing, underwriting, or closing mortgage lending practice executed pursuant to making the loan; and/or c. To use as part of a quality control program. 2. I understand that this particular authorization to release information to a government agency may be revoked by me in writing at any time before my records, as described above, are disclosed and that this particular authorization is valid for no more than three months from the date of my signature. Statement of Customer Rights Under the Right to Financial Privacy Act of 1978 Federal law protects the privacy of your financial records. Before banks, savings and loan associations, credit unions, credit card issuers, or Page 1 of 2

7 other financial institutions may give financial information about you to a Federal Agency, certain procedures must be followed. Authorization To Access Financial Records You may be asked to authorize the financial institution to make your financial records available to the Government. You may withhold your authorization, and your authorization is not required as a condition of doing business with any financial institution. However, in order to be considered for approval by a Federal Agency for the particular type of loan you are applying for, you will need to authorize the release of your financial records to this Federal Agency. If you choose not to, you may still be eligible to obtain a conventional loan through the same financial institution. If you provide authorization, it can be revoked in writing at any time before your records are disclosed. Furthermore, any authorization you provide is effective for only three months, and your financial institution must keep a record of the instances in which it discloses your financial information. Generally, a Federal Agency that obtains your financial records is prohibited from transferring them to another Federal Agency unless it certifies in writing that the transfer is proper and sends a notice to you that your records have been sent to another Agency. Without Your Authorization Without your authorization, a Federal Agency that wants to see your financial records may do so ordinarily only by means of a lawful administrative subpoena or summons, search warrant, judicial subpoena, or formal written request for that purpose. Generally, the Federal Agency must give you advance notice of its request for your records explaining why the information is being sought and telling you how to object in court. The Federal Agency must also send you copies of court documents to be prepared by you with instructions for filling them out. While these procedures will be kept as simple as possible, you may want to consult an attorney before making a challenge to a Federal Agency's request. Exceptions and Penalties In some circumstances, a Federal Agency may obtain financial information about you without advance notice or your authorization. In most of these cases, the Federal Agency will be required to go to court for permission to obtain your records without giving you notice beforehand. In these instances, the court will make the Government show that its investigation and request for your records are proper. When the reason for the delay of notice no longer exists, you will be notified that your records were obtained. If the Federal Agency or financial institution violates the Right to Financial Privacy Act, you may sue for damages or seek compliance with the law. If you win, you may be repaid your attorney's fee and costs. Additional Information If you have any questions about your rights under this law, please contact your lender. Execution By signing below, I hereby certify and authorize (as applicable) the foregoing items of information. - BORROWER - ALE R - DATE - SSN: BORROWER - - DATE - SSN: - BORROWER - - DATE - SSN: - BORROWER - - DATE - SSN: Page 2 of 2

FHA Amendatory Clause & Real Estate Certification

FHA Amendatory Clause & Real Estate Certification FHA Amendatory Clause & Real Estate Certification Borrower Name(s): Borrower Address: Property Address: FHA Case Number: FHA AMENDATORY CLAUSE It is expressly agreed that notwithstanding any other provisions

More information

CONVENTIONAL FINANCING CONTINGENCY EXHIBIT " "

CONVENTIONAL FINANCING CONTINGENCY EXHIBIT  CONVENTIONAL FINANCING CONTINGENCY EXHIBIT " " 2013 Printing This Exhibit is part of the Agreement with an Offer Date of for the purchase and sale of that certain Property known as:,, Georgia. 1. Application.

More information

HUD/VA Addendum to Uniform Residential Loan Application OMB Approval No. VA: 2900-0144

HUD/VA Addendum to Uniform Residential Loan Application OMB Approval No. VA: 2900-0144 HUD/VA Addendum to Uniform Residential Loan Application OMB Approval No. VA: 2900-0144 HUD: 2502-0059 (expires 11/30/2010) Part I - Identifying Information (mark the type of application) 1. VA Application

More information

FHA Disclosures. FHA loans complete both the Basic Up Front Disclosures and FHA Disclosures.

FHA Disclosures. FHA loans complete both the Basic Up Front Disclosures and FHA Disclosures. FHA Disclosures FHA loans complete both the Basic Up Front Disclosures and FHA Disclosures. HUD 92564-CN For Your Protection: Get a Home Inspection To be signed and dated on or before the purchase contract

More information

Loan and Line of Credit. Home Equity

Loan and Line of Credit. Home Equity Loan and Line of Credit Home Equity Table of Contents Welcome... 2 Your Most Valuable Asset... 2 Compare Options... 2 Home Equity Loan... 3 Home Equity Line Of Credit... 3 Who Can Get An Equity Loan?...

More information

ESCROW ACCOUNT OPTION NOTICE TO BORROWER

ESCROW ACCOUNT OPTION NOTICE TO BORROWER ESCROW ACCOUNT OPTION NOTICE TO BORROWER The mortgage interest rate and discount points agreement which you are entering into with Mission Mortgage is based on the assumption that you will be making monthly

More information

VA Assumption Package With Release of Liability *Please Read Carefully*

VA Assumption Package With Release of Liability *Please Read Carefully* VA Assumption Package With Release of Liability *Please Read Carefully* The loan must be current PRIOR to the receipt of the Assumption Package. The assumption process will NOT begin until the below items

More information

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans

Financing Residential Real Estate. Lesson 12: VA-Guaranteed Loans Financing Residential Real Estate Lesson 12: VA-Guaranteed Loans Introduction In this lesson we will cover: characteristics of VA loans, eligibility requirements, VA guaranty, VA loan amounts, and underwriting

More information

MEMBER FDIC. Initial: Page 1 of 4

MEMBER FDIC. Initial: Page 1 of 4 MEMBER FDIC EQUAL HOUSING OPPORTUNITY Main Office Northeast Branch University Branch North Pole Branch Delta Branch 500 Fourth Ave. 1248 Old Steese Hwy. 1380 University Ave. 45 St. Nicholas Dr. 1380 Richardson

More information

Financing Residential Real Estate

Financing Residential Real Estate Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA)

Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) Chapter 42 Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs A. LOAN PROGRAMS OF THE FEDERAL HOUSING ADMINISTRATION (FHA) INTRODUCTION Besides conventional loans discussed

More information

Chapter 13: Residential and Commercial Property Financing

Chapter 13: Residential and Commercial Property Financing Chapter 13 Outline / Page 1 Chapter 13: Residential and Commercial Property Financing Understanding the Mortgage Concept - secured vs. unsecured debt - mortgage pledge of property to secure a debt (See

More information

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low

More information

Sample. Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION DOWN PAYMENT ESCROW

Sample. Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION DOWN PAYMENT ESCROW Rider Clauses to Contract of Sale Purchaser DEED DESCRIPTION 1. The deed shall contain a metes and bounds description of the premises being conveyed thereby. The same shall be satisfactory to the title

More information

Mortgage Refinance Instructions

Mortgage Refinance Instructions 68 West Main Street Freehold, NJ 07728 732.462.6700 Office 732.431.0429 Fax www.freeholdsavingsbank.com Mortgage Refinance Instructions Thank you for interest in Freehold Savings Bank s mortgage products.

More information

INTERVIEW CHECKLIST for Refinances

INTERVIEW CHECKLIST for Refinances INTERVIEW CHECKLIST for Refinances The following will be needed to complete your loan application. As you gather this information, place a check mark beside the items collected. Your loan request can be

More information

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Chapter 3, Table of Contents Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Section A. Refinance Transaction Overview Overview... 3-A-1 1. General Information on Refinance

More information

Investor s Guide to HUD and FHA Mortgage Financing. By William Bronchick

Investor s Guide to HUD and FHA Mortgage Financing. By William Bronchick Investor s Guide to HUD and FHA Mortgage Financing By William Bronchick The U.S. Department of Housing and Urban Development (HUD) was founded in 1965, with a mission is to increase homeownership, support

More information

HOMEBUYER S MORTGAGE GUIDE

HOMEBUYER S MORTGAGE GUIDE WWW.WINTRUSTMORTGAGE.COM WINTRUST.COM/MYHOME HOMEBUYER S MORTGAGE GUIDE HELPFUL INFORMATION ABOUT THE MORTGAGE PROCESS TO GUIDE YOU AS YOU PURCHASE YOUR NEW HOME. www.wintrust.com/myhome WHY WINTRUST?

More information

We look forward to working with you, Kristen Dennett. Cheryl Landry. Please mail, drop off or e mail your completed application to:

We look forward to working with you, Kristen Dennett. Cheryl Landry. Please mail, drop off or e mail your completed application to: Thank you for choosing Coastland Federal Credit Union for your financial needs. We realize that refinancing your home is an investment of your time and we are here to make that process as smooth as possible.

More information

Guide to Reverse Mortgages

Guide to Reverse Mortgages Guide to Reverse Mortgages Prepared by Steve Juetten, CFP Juetten Personal Financial Planning, LLC. www.finpath.com 425-373-9393 Disclaimer: the information in this report was prepared from reliable sources;

More information

Home Equity Loan Instructions

Home Equity Loan Instructions 68 West Main Street Freehold, NJ 07728 732.462.6700 Office 732.431.0429 Fax www.freeholdsavingsbank.com Home Equity Loan Instructions Thank you for interest in Freehold Savings Bank s mortgage products.

More information

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents HUD 4155.2 Chapter 7, Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) 1. Types of MIPs... 7-1 2. Up Front Mortgage Insurance

More information

MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION

MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION Mortgage Finance Division Single Family Office 10400 Detrick Avenue, Kensington, Md 20895-2484 (240) 627-9798 Phone // (301) 942-3817 Fax MORTGAGE PURCHASE PROGRAM DISCLOSURE OF INFORMATION APPLICATION

More information

The Guide to Single Family Home Mortgage Insurance

The Guide to Single Family Home Mortgage Insurance U.S. Department of Housing and Urban Development Office of Housing Office of Single Family Housing The Guide to Single Family Home Mortgage Insurance www.hud.gov espanol.hud.gov Becoming a Homeowner Many

More information

Sunrise Loan Fund Application Form

Sunrise Loan Fund Application Form Sunrise Loan Fund Application Form Instructions For Application Form Sections I, II, III. Please provide the information requested. "You" refers to the proprietor, general partner, or corporate officer

More information

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview Section C. Maximum Mortgage Amounts on Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Information on 3-C-2 2 Without an Appraisal

More information

HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development

HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development HUD.GOV/HUDHomes U.S. Department of Housing and Urban Development HUD Listing and Bidding Procedures Disclosures HUD Homes are sold "As Is" without warranty. Irregularities in bids: HUD reserves the right

More information

FHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG

FHA Fixed. FICO <580 Requirements: 1-4 580 (c) Varies by County (a) 97.75% 97.75% Per AUS (d) Sub 580 (560-579 FICO) FF30580SG FF15580SG NOTES Primary Residence Units Minimum Credit Score SERIES G Max Loan Amount Continental US PURCHASE LTV CLTV Max Debt-to- Income Ratio 1-2 560 (e) Varies by County (a) 90% (e) 90% (e) 31/43% (e) 1-4 580

More information

7. Loan Amount: (include the UFMIP if for HUD or Funding Fee if for VA) 10. Discount Amount: (only if borrower is permitted to pay)

7. Loan Amount: (include the UFMIP if for HUD or Funding Fee if for VA) 10. Discount Amount: (only if borrower is permitted to pay) HUD/VA Addendum to Uniform Residential Loan Application Part I Identifying Information (mark the type of application) 1. VA Application for HUD/FHA Application for Insurance Home Loan Guaranty under the

More information

Mortgage Assistance Program Down Payment Assistance

Mortgage Assistance Program Down Payment Assistance Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance

More information

Lesson 13: Applying for a Mortgage Loan

Lesson 13: Applying for a Mortgage Loan 1 Real Estate Principles of Georgia Lesson 13: Applying for a Mortgage Loan 2 Choosing a Lender Types of lenders Types of lenders include: savings and loans commercial banks savings banks credit unions

More information

What s s New With FHA?

What s s New With FHA? What s s New With FHA? Presented By: Bill Ladewig 866.204.9733 http://www.mortgage- FHA Calculator Calculates everything needed to quote or qualify FHA loans Click to Open: http://www.themtgmentor.com/fha_mortgage_calculator.html

More information

Document List for Mortgage Application

Document List for Mortgage Application Document List for Mortgage Application Thank you for applying at Shell New Orleans Federal Credit Union for your home mortgage. To expedite your application approval please read and complete the following

More information

QUICK MORTGAGE GUIDE

QUICK MORTGAGE GUIDE QUICK MORTGAGE GUIDE TABLE OF CONTENTS FNMA CONVENTIONAL LOANS - Page 3 FHA LOANS - Page 7 VA LOANS - Page 11 ADJUSTABLE RATE MORTGAGES - Page 15 CONTACT INFORMATION - Page 16 FNMA CONVENTIONAL LOANS The

More information

Dr. Debra Sherrill Central Piedmont Community College

Dr. Debra Sherrill Central Piedmont Community College Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options

More information

Revolving Loan Fund Application Form

Revolving Loan Fund Application Form Revolving Loan Fund Application Form Instructions For Application Form Sections I, II, III. Please provide the information requested. "You" refers to the proprietor, general partner, or corporate officer

More information

HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN

HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN HOME EQUITY EARLY DISCLOSURE IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN This disclosure contains important information about our Home Equity Line of Credit Plan. You should read it carefully

More information

SONYMA FHA Plus Correspondent Term Sheet

SONYMA FHA Plus Correspondent Term Sheet Product Type 30 Year Fixed Rate Mortgages Sales Focus This program provides the flexibility offered by FHA s 203(b) or 234(c) mortgages along with SONYMA s Down Payment Assistance Loan (DPAL). HUD Mortgagee

More information

Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents

Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents Chapter 3, Table of Contents Chapter 3. Mortgage Loan Requirements and Eligibility Criteria Table of Contents Section A. Loan Application and Finance-Related Policies Overview... 3-A-1 1. Maximum Loan

More information

Guide to FHA Streamline Refinances. By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage

Guide to FHA Streamline Refinances. By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage Guide to FHA Streamline Refinances By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage What is a streamline refinance? The FHA streamline refinance has become an increasingly attractive option

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

DREW MORTGAGE ASSOCIATES CUSTOMER IDENTIFICATION FORM

DREW MORTGAGE ASSOCIATES CUSTOMER IDENTIFICATION FORM DREW MORTGAGE ASSOCIATES CUSTOMER IDENTIFICATION FORM Complete the required information for Borrower and each Co-Borrower. (Place completed form with the Loan File.) LOAN NUMBER: BORROWER NAME: Borrower

More information

Title Insurance Glossary

Title Insurance Glossary Title Insurance Glossary Abstract of Title A condensed history or summary of all transactions affecting a particular tract of land. Adjustable Rate Mortgages Mortgages with an interest rate that may change

More information

Definitions. In some cases a survey rather than an ILC is required.

Definitions. In some cases a survey rather than an ILC is required. Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing

More information

Turn the equity in your home into an income you can t outlive

Turn the equity in your home into an income you can t outlive Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of

More information

Residential Loan Application for Reverse Mortgages

Residential Loan Application for Reverse Mortgages Residential Loan Application for Reverse Mortgages This application is designed to be completed by the applicant(s) with the lender s assistance. Applicants should complete this form as Borrower or Co-Borrower,

More information

HOME BUYING101. 701.255.0042 www.capcu.org i

HOME BUYING101. 701.255.0042 www.capcu.org i HOME BUYING101 701.255.0042 www.capcu.org i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended,

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960 FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value

More information

Thank you for your interest in PARDA S Debt Buster Mortgage Service!

Thank you for your interest in PARDA S Debt Buster Mortgage Service! PARDA Federal Credit Union 2601 Cambridge Court Suite 210 Auburn Hills, Michigan 48326 Debt Buster Mortgage Application Packet Thank you for your interest in PARDA S Debt Buster Mortgage Service! Enclosed

More information

Broker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1

Broker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1 Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on

More information

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i

HOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i HOME BUYING101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

STANDARD CLAUSES RELATED TO COLUMBUS REALTORS RESIDENTIAL PURCHASE CONTRACT August 2013

STANDARD CLAUSES RELATED TO COLUMBUS REALTORS RESIDENTIAL PURCHASE CONTRACT August 2013 STANDARD CLAUSES RELATED TO COLUMBUS REALTORS RESIDENTIAL PURCHASE CONTRACT August 2013 WARNING!! Real estate licensees are not permitted to engage in the authorized practice of law. The clauses set forth

More information

Uniform Residential Loan Application

Uniform Residential Loan Application Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "" or "," as applicable. information

More information

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program

October 20, 2008 MORTGAGEE LETTER 2008-33. Home Equity Conversion Mortgage (HECM) for Purchase Program U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER October 20, 2008 MORTGAGEE LETTER 2008-33 TO: ALL APPROVED MORTGAGEES

More information

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE

RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE RESIDENTIAL MORTGAGE PRODUCT INFORMATION DISCLOSURE Whether you are buying a house or refinancing an existing mortgage, this information can help you decide what type of mortgage is right for you. You

More information

HOUSING LOAN SUBORDINATION POLICY

HOUSING LOAN SUBORDINATION POLICY HOUSING LOAN SUBORDINATION POLICY Housing Loan Subordination Policy OBJECTIVE: To provide administrative guidance on processing requests for subordination of City/Agency loans PURPOSE: In consideration

More information

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE Loan Terms Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM 30 years PURPOSE Purchase PRODUCT 5 Year Interest Only, 5/3

More information

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP)

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) HUD 4155.2 Chapter 7 Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) Introduction This topic contains information on the types of mortgage insurance premiums

More information

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT

EFFECTIVE FOR FHA CASE NUMBER ASSIGNMENTS ON AND AFTER SEPTEMBER 14, 2015 OVERLAY MATRIX: GOVERNMENT Appraisals Attached PUDs Automated Findings Condominiums Credit History VA: Form 2055 Appraisal dated prior to the Note Date required on IRRRLs if current VA loan is not serviced by BB&T. FHA: Property

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

HUD Real Estate Owned (REO) Loan Program Guide

HUD Real Estate Owned (REO) Loan Program Guide Table of Contents HUD Real Estate Owned (REO) Loan Program Guide Wholesale Lending January 9, 2014 Program Guide... 2 Pacific Union Financial Credit Philosophy... 2 Ability to Repay and Qualified Mortgages...

More information

AgAmerica Lending Raw Development Land Loan Application

AgAmerica Lending Raw Development Land Loan Application AgAmerica Lending Raw Development Land Loan Application Principal Borrower Loan Terms Loan Amount Requested Term in Years Requested Interest Rate Security Acres County State Legal Description: Additional

More information

MORTGAGE BANKING TERMS

MORTGAGE BANKING TERMS MORTGAGE BANKING TERMS Acquisition cost: Add-on interest: In a HUD/FHA transaction, the price the borrower paid for the property plus any of the following costs: closing, repairs, or financing (except

More information

Request for Transcript of Tax Return

Request for Transcript of Tax Return Form 4506-T (Rev. January 2010) Request for Transcript of Tax Return Department of the Treasury Internal Revenue Service 1a Request may be rejected if the form is incomplete or illegible. Name shown on

More information

A Simplified Overview of FHA Loan Origination

A Simplified Overview of FHA Loan Origination Introduction to FHA Origination A Simplified Overview of FHA Loan Origination Topics of Discussion Introduction to FHA Fundamentals of Loan Origination FHA Loan Limits Borrower Eligibility Property Eligibility

More information

Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually.

Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Glossary Adjustable Rate Mortgage (ARM) a mortgage with a variable interest rate, which adjusts monthly, biannually or annually. Amortization the way a loan is paid off over time in installments, detailing

More information

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS TDHCA FHA Streamline Refinance Program

TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS TDHCA FHA Streamline Refinance Program TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS TDHCA FHA Streamline Refinance Program FOR TMP 79 LOANS - SERVICER LOAN NUMBER FOR LOANS WITH MCC - MCC NUMBER NOTICE TO BUYERS Texas Department of Housing

More information

Real Estate Principles Chapter 12 Quiz

Real Estate Principles Chapter 12 Quiz Real Estate Principles Chapter 12 Quiz 1. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater

More information

Assembly Bill No. 344 CHAPTER 733

Assembly Bill No. 344 CHAPTER 733 Assembly Bill No. 344 CHAPTER 733 An act to amend Sections 4970, 4973, 4974, 4975, 4977, 4978, 4978.6, 4979, and 4979.7 of the Financial Code, as added by Assembly Bill 489 of the 2001-02 Regular Session,

More information

G. Property Location H. Settlement Agent: name, address. I. Settlement Date:

G. Property Location H. Settlement Agent: name, address. I. Settlement Date: A. HUD-1 Settlement Statement U.S. Department Of Housing And Urban Development OMB No 2502-0265Computer form published by Law Disks, www.lawdisks.com B. Type Of Loan: 6. File Number 7. Loan Number 8. Mortgage

More information

HOME EQUITY LOAN. The following Mortgagee Clause will need to be added to each policy prior to closing:

HOME EQUITY LOAN. The following Mortgagee Clause will need to be added to each policy prior to closing: HOME EQUITY LOAN We will issue a Loan Estimate within 3 business days of receipt of an application as defined by the TILA-RESPA Integrated Mortgage Disclosure rules. Once you express your Intent to Proceed

More information

Residential Loan Application for Reverse Mortgages

Residential Loan Application for Reverse Mortgages Residential Loan Application for Reverse Mortgages This application is designed to be completed by the applicant(s) with the lender s assistance. Applicants should complete this form as Borrower or Co-Borrower,

More information

7/2013 PHFA FORM 3. I/We [print name(s)]: do hereby attest that I/we and the property being purchased meet the following program requirements:

7/2013 PHFA FORM 3. I/We [print name(s)]: do hereby attest that I/we and the property being purchased meet the following program requirements: PENNSYLVANIA HOUSING FINANCE AGENCY MORTGAGOR S AFFIDAVIT OF ELIGIBILITY AND ACKNOWLEDGMENT OF PROGRAM REQUIREMENTS FOR KEYSTONE HOME LOAN, HOMESTEAD AND MORTGAGE CREDIT CERTIFICATE PROGRAMS To be completed

More information

Freddie Mac Condominium Unit Mortgages

Freddie Mac Condominium Unit Mortgages For all mortgages secured by a Condominium Unit in a Condominium Project, you must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 42, Special for Condominiums,

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

More information

Uniform Residential Loan Application

Uniform Residential Loan Application Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "" or "," as applicable. information

More information

Home Equity Conversion Mortgage (HECM) for Home Purchase

Home Equity Conversion Mortgage (HECM) for Home Purchase Home Equity Conversion Mortgage (HECM) for Home Purchase A Guide to HECM s Home Equity Conversion Mortgage (HECM) for Home Purchase A Home Equity Conversion Mortgage for Purchase can be life-changing for

More information

Energy Efficient Mortgages & HERS Ratings. Peter V. Vargo Nu-Tech Energy Solutions, Co LLC

Energy Efficient Mortgages & HERS Ratings. Peter V. Vargo Nu-Tech Energy Solutions, Co LLC Energy Efficient Mortgages & HERS Ratings Peter V. Vargo Nu-Tech Energy Solutions, Co LLC PA Housing & Land Development Conference February 20, 2013 Energy Efficient Mortgages & HERS Ratings Peter V. Vargo

More information

Cherokee County HOME Rehabilitation Program Eligibility Criteria

Cherokee County HOME Rehabilitation Program Eligibility Criteria Cherokee County HOME Rehabilitation Program Eligibility Criteria Cherokee County has funds available to provide loans for housing rehabilitation repairs to qualified homeowners. This money can be used

More information

Glossary of Terms. Here are some helpful definitions to common terms.

Glossary of Terms. Here are some helpful definitions to common terms. Glossary of Terms Here are some helpful definitions to common terms. 1003 Loan application 4506 IRS form requesting copy of tax return Abstract of title A historical summary provided by a title insurance

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

Chapter 5. How to Process VA Loans and Submit Them to VA Overview

Chapter 5. How to Process VA Loans and Submit Them to VA Overview Chapter 5. How to Process VA Loans and Submit Them to VA Overview In this Chapter This chapter contains the following topics. Topic Topic name See Page 1 Refinancing Loans 5-2 2 Processing Procedures 5-3

More information

The Short Sale Process

The Short Sale Process Short Sale Solutions, LLC. 5755 Mark Dabling Boulevard, Suite 110 Colorado Springs, CO 80919 (719) 884-5314 The Short Sale Process Upfront non-refundable fee of $100. Call to lender to get necessary documentation

More information

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages.

There are no asset or income limitations on borrowers receiving HUD's reverse mortgages. DEPARTMENT OF HUD REVERSE MORTGAGE INFORMATION Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining are eligible to participate in HUD's reverse mortgage

More information

Chapter 11: Refinances

Chapter 11: Refinances Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located

More information

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

More information

BORROWER'S SIGNATURE AUTHORIZATION

BORROWER'S SIGNATURE AUTHORIZATION BORROWER'S SIGNATURE AUTHORIZATION (s) Name and Address Lender Name and Address Subject Property Address Lender Contact Lender Phone No. Loan Number Authorization I hereby authorize the Lender to verify

More information

F. Name & Address of Lender Seller 1217 Fort Branch Blvd. Austin, TX 78721

F. Name & Address of Lender Seller 1217 Fort Branch Blvd. Austin, TX 78721 File No 2413014409 A. Settlement Statement U.S. Department of Housing and Urban Development OMB No. 2502-0265 B. Type of Loan 1. FHA 2. 6. File Number 7. Loan Number 8. Mortgage Ins Case FmHA 3. Conv Unins

More information

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. Coming to Grips With Settlement. What to Know Before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement Coming to Grips With Settlement What to Know Before Your Closing The closing, also known as the settlement, is the last step in getting your mortgage and actually becoming

More information

APPLICATION PACKET. Union County Affordable Housing Fund. First Time Homebuyers Program

APPLICATION PACKET. Union County Affordable Housing Fund. First Time Homebuyers Program APPLICATION PACKET Union County Affordable Housing Fund First Time Homebuyers Program This packet includes Preliminary Application Rules and Procedures Income Limits Union County Government Center 155

More information

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78%

Also in 2013 MIP Will No Longer Expire Currently MIP Expires in five years and when loan to value drops to 78% FHA MORTGAGE INSURANCE PREMIMUM (MIP & UFMIP) FHA charges Two Mortgage Insurance fees on each loan; Up Front Mortgage Insurance Premium (UFMIP) typically financed in the loan and Annual mortgage Insurance

More information

Presented by Concorde Mortgage Co.

Presented by Concorde Mortgage Co. Presented by Concorde Mortgage Co. Zanesville Office (740) 454-8876 Coshocton Office (740) 623-2995 Toll Free (800) 579-1291 Website: www.concorde-mortgage.com 1) Are You Ready to Buy? 2) Important Financing

More information

VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS

VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS VA HOME LOANS A QUICK GUIDE FOR HOMEBUYERS AND REAL ESTATE PROFESSIONALS Disclaimer: The information contained herein is strictly provided as information only. Veterans seeking more detailed information

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

We look forward to serving you!

We look forward to serving you! Please provide the following documentation at application: Completed Application Proof of current home owners insurance: Hazard & Windstorm Flood (if required) Warranty Deed or Deed of Trust Current Mortgage

More information