HOME BUYING LOAN SOLUTIONS

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1 HOME BUYING LOAN SOLUTIONS A Guide to Realizing Your Dream Home Every homebuyer is unique, so are we.

2 Our goal is to provide education and guidance to ensure that our clients understand the lending process from the first meeting to the closing on their loan. We believe in providing each client with all of the information they need to make an informed decision on the best solution available to them. We pride ourselves on our honesty, integrity and trust building. We want each client to achieve their goals and come to know us as a friend, not just their lender. Concord Mortgage Group is a full service mortgage banker with an experienced staff offering expertise in all areas of mortgage lending. Whether you are considering a new home, second home, construction loan, refinance or reverse mortgage, we have the products and services you need and we will work tirelessly to find the best option to accommodate your needs and achieve your financing goals. David Weinstein Direct: Cell: Senior Loan Officer Fax: david@concordmg.com To get pre-qualified online and read more about our programs, please visit WeinsteinMortgageTeam.com.

3 WHAT WE DO Get to know our clients. Explore your financial situation. Outline your goals. Determine the options available to you. Compare the options, rates, benefits, and/or concerns associated with your options. Determine the best solution for you. Communicate and educate you throughout the lending process. Provide resources. Communicate with your builder, seller, or realtor. Convenient online application. Efficient process by offering e-signing and electronic documents. Regular loan updates and progress reports. Timely closings. Honest and transparent communication. Provide personalized customer service.

4 ONE COMPANY, MANY SOLUTIONS Concord Mortgage Groups offers a wide variety of loans to best fit your mortgage lending needs. Below is a list of loans that we offer and a brief description of each loan is provided in the following pages. Loan programs are being added and replaced constantly. We may have an even better program available to fit your needs. Please call for a complete list of current loan programs that we offer. Conventional Mortgage Loan ARM (Adjustable Rate Mortgages) FHA (Federal Housing Administration) Loan FHA 203K USDA (Rural Areas) VA (Veterans) Loan HECM (Home Equity Conversion Mortgage) Jumbo Bond Program State Housing Finance Agencies Target Area Loan product Down Payment Assistance Mortgage Credit Certificate 203(k) Loans We were extremely satisfied with every person we had the pleasure of working with at Concord Mortgage. All questions were answered completely and quickly. We were confident along the way that we made the right choice in choosing Concord! -Jeffrey and Kristine S., recent homebuyers **Please note that all loan programs require homeowners insurance

5 David understood our issues and challenges right from the start and had the knowledge and patience to assist us with the best strategy to reach our goal of home ownership. I would recommend him to anyone! Don A., a recent homebuyer CONVENTIONAL MORTGAGE This fixed rate mortgage is a traditional loan that offers a set rate and payment for its duration. This alone makes it the most popular mortgage option. Some of the benefits include: Low down payment options available for qualified borrowers. Provides for cash out refinances. Loan amounts available up to $417, , 15, 20, and 30 year terms available. Gift money for down payment. Unique Private Mortgage Insurance options for loans with <20% down David Weinstein and his team did a great job giving me exactly what I needed for my refinance. My second experience with them and both were excellent. Karina W., a recent homebuyer ARM (ADJUSTABLE RATE) ARM loans can be a great option for those planning to only be in their home for a short period of time. The ARM loan offers a lower interest rate for a fixed period of time and will adjust after that period. Interest rates can be fixed for 3, 5, 7, or 10 years. There are a number of options within the ARM product line. It will be important to assess this closely with you to gauge your needs to determine if this type of loan is right for you. Since the interest rate will eventually change, and more than likely rise, it is only recommended for a specific type of borrower.

6 I think David can make almost anything happen or come up with an alternative that just might work! Natalie H., a recent homebuyer FHA MORTGAGE The Federal Housing Administration Loan (FHA) assists borrowers who may need a low down payment and flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance or become homeowners for the first time. Criteria includes: A required 3.5% down payment this can come in the form of a gift. Under the FHA program, current FHA loan borrowers can refinance with no appraisal. Seller can contribute up to 6% of the borrower s closing costs. David Weinstein made the loan application process easy and totally stress free. I was surprised how easy it was compared to past borrowing experiences. Robert and Betty P., recent homebuyers STATE HOUSING FINANCE AGENCY Each state has a Housing Finance Agency that facilitates the development, rehabilitation and financing of low- to moderate-income housing. The Agency s programs help first-time homebuyers, renters, senior citizens, and others find quality affordable housing that meets their needs. Specifically, the first time homebuyer program products include: Target Area Loan product Down Payment Assistance (up to 5% of the purchase price) Mortgage Credit Certificate product 203(k) Loan product

7 David and team did a great job - I have already referred David to another family member and will not hesitate to refer others. James S., a recent homebuyer FHA 203K REHAB The FHA 203K renovation loan program provides funds for both the purchase and renovation of a home packaged into one mortgage loan. Once the purchase of the home is consumated, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors. There are two types of 203K loans: Standard for homes that need structural repair or over $35,000 in rehab Streamlined for homes that need less extensive improvements and will cost less than $35,000 Criteria for these loans are the same as those for standard FHA loans. Other stipulations include: Renovations must begin within 30 days of closing on the property and be completed within 6 months. Funds for the renovations are set aside in escrow by the lender and released as approved draw requests from the contractor are received and work is inspected by lender. Any funds left over are either used for additional improvements or applied to the principal due. Contractor must complete contractor packet and provide proper insurance, licensing, and references along with itemized bid and contractor agreement. David and his team were wonderful, he has a depth of knowledge and was able to find a great solution for us despite obstacles we kept throwing his way through the process. We felt secure and he had our full trust from start to finish. This is the 2nd time working with David and we highly recommend him and his team. Nicholas G., a recent homebuyer

8 Thankful for the time taken to walk me through this process. Amanda N., a recent homebuyer USDA RURAL DEVELOPMENT The USDA (rural development loan program) provides low and moderate income borrowers with better affordable housing finance options with little or no down payment or out of pocket costs. The property must be located within a USDA designated rural area. Some criteria include: 100% financing available to qualified borrowers. Seller can contribute up to 6% of the borrower s closing costs. Flexible mortgage guidelines. Income and property restrictions do apply. Concord Mortgage exceeded my expectations in a huge way. I am really impressed and will definitely do business with them in the future. Heather D., a recent homebuyer VA LOAN The Veterans Affairs loan is an excellent loan that assists our nation s veterans in obtaining homeownership. Some of the benefits include: Up to 100% financing available. No monthly mortgage insurance. Seller concessions up to 4% of the reasonable value of the property. Credit scores as low as 620. Surviving spouse may be eligible, as determined by VA. Must be a veteran, active duty military, or member of the Reserves.

9 It was great working with people who understood the new build condo process, and worked with me to get me the financing I needed when I needed it, under the best terms possible. Very smooth process! Tobi G., a recent homebuyer HECM The HECM loan is a product specifically for clients who are 62 years of age and older. This program can be utilized in both a purchase or refinance setting. Some of the details include: To Purchase a Home or to Refinance a Home Generally 40 50% down payment required. No on-going mortgage payments. No monthly collection for real estate taxes and insurance. Allows homeowner to take the equity in their home to pay for emergency expenses such as home repairs, medical expenses, etc. Home must be primary residence. Must be up to date on property taxes and homeowner s insurance. Home must be in good condition and not in need of major repairs. You will not pay back the loan as long as the home remains your primary residence. Overall income and credit score do not matter when qualifying for a HECM loan (since it is your equity), but you must maintain the home and property. JUMBO LOAN Jumbo Mortgages are large loans that span from above $417,000 up to $5 million. We will work closely with you to determine if a Jumbo loan is the best choice for you.

10 UNDERSTANDING YOUR CREDIT WHAT ACTIONS WILL HURT YOUR CREDIT SCORE? HOW CAN YOU IMPROVE YOUR CREDIT SCORE? Missing a payment (regardless of the dollar amount. It will take 24 months to restore credit with one late payment). Maxing out your credit cards. Closing credit cards out. This lowers available capacity. Shopping for credit excessively. Opening numerous credit accounts in a short time period. Having more revolving accounts in relation to installment loans. Borrowing from finance companies. Collections! Collection accounts now Pay down credit cards. Do not close credit card accounts because that will decrease your capacity. Always make payments on time. Older late pays will become less significant with time. Resist opening new accounts. Acquire a solid credit history with years of experience. Move revolving debt to installment debt; pay down credit cards. Do not allow collection accounts to go unpaid. report as rolling late payments. REFERENCES FOR CHECKING YOUR CREDIT REPORT AND HANDLING DISPUTED INFORMATION: WHAT MAKES UP YOUR CREDIT SCORE? Experian (888) Equifax (800) Trans Union (866)

11 NOTES AND/OR QUESTIONS David Weinstein Get prequalified at WeinsteinMortgageTeam.com CHECKLIST TO GET STARTED Pay stubs covering the most recent 30 days. Driver s License or State ID Two (2) Years Income: W-2 s/tax Returns Three (3) Months Asset Statements (i.e. checking; savings; money market; C.D.; stock evidence) Items of legal record (i.e. divorce and/or separation papers; bankruptcy papers; trustee documents). If Self-Employed or Commissioned: Federal tax returns, (2) including all schedules Profit and loss statement and balance sheet. (Current, YTD, signed and dated)

12 A Division of NOIC, Inc. David Weinstein 735 Ceramic Place, Suite 220 Westerville, OH (614) WEINSTEIN MORTGAGE TEAM We believe in educating our clients towards the best solution. Learn more at: WeinsteinMortgageTeam.com Concord Mortgage Group is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, gender, familial status, national origin, military status, disability, or ancestry. Contact Concord Mortgage Group directly to learn more about its mortgage products and your eligibility for such products. MBMB /NMLS# LO /NMLS#224152