Posts tagged OSI
The Fed Leaves Rates Alone
Second Opinion

Need a second opinion?

Are you looking for a second opinion on your mortgage?

Even if you’re working with another mortgage lender, I’m still happy to look at your loan documents. I know how important it is to find the right mortgage for your situation, and I’d love to provide any guidance on your current options.

Get in touch with me if you need…

• A second look at any mortgage documents from your current lender

• Information on your available loan options

• Guidance on down payments or other financing questions

Please don’t hesitate to reach out to me throughout your transaction – I can still serve as your mortgage expert.

This material is informational only and not an advertisement to extend credit as defined by TILA/Regulation Z nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting approval and determining applicant’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution [8-2019]

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HomeReady

Cherry Creek Mortgage Co., Inc. NMLS #3001. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products.

Fannie Mae’s HomeReady® and Freddie Mac’s HomePossible® programs are designed to provide affordable mortgages to creditworthy borrowers with low to moderate incomes or those located in low-income census tracts. This chart can help you discover which program is best for your client.

HOMEREADY® &

HOME POSSIBLE®

offer low down payment options for low to moderate income borrowers.

All Programs Feature:

Purchase & no cash-out refinance loans for primary only

620+ FICO

Fixed: 30 year

First Time Home Buyers (FTHBs) allowed but not required

HomeReady

Home Possible

Home Possible Advantage

Max Loan

Units Conforming (Continental US)

1 - $484,350 2 - $620,200

3 - $749,650 4 - $931,600

Units Conforming (Continental US)

1 - $484,350 2 - $620,200

3 - $749,650 4 - $931,600

Units Conforming (Continental US)

1 - $484,350

Property Types

• 1-4 Units, Condos, & PUDs

• Primary Residences Only

• 1-4 Units, Condos, & PUDs

• Primary Residences Only

• 1 Unit, Condos, & PUDs

• Primary Residences Only

Debt-to-Income

DU findings

LPA findings

LPA findings

Max LTV

LTV: 97%; 2 Unit: 85%; 3-4 Unit: 75%

CLTV: 105% (Community Seconds)

LTV: 95% 1-4 Units

CLTV: 95%

LTV: 97% 1-Unit

CLTV: 105% (Affordable Seconds)

Mortgage Insurance

25% if above 90.01% LTV standard at 90 and below

25% if above 90.01% LTV standard at 90 and below

25% if above 90.01% LTV standard at 90 and below

Reserves

DU findings

1 Unit: Determined by LPA

2-4 Units: At least 2 months

Determined by LPA

Income Limits

Up to 80% of Area Median Income (AMI).

Up to 100% of Area Median Income (AMI). No income limits in low-income census tracts.

Up to 100% of Area Median Income (AMI).

Buyer Education

Home buyer: Required for at least one borrower.

Landlord: N/A

Home buyer: Required for at least one borrower when all are FTHBs.

Landlord: Required for one borrower on 2-4 unit primary purchase.

Home buyer: Required for at least one borrower when all are FTHBs.

Landlord: N/A

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HomeReady, Home Possible - Referral Only

Cherry Creek Mortgage Co., Inc. NMLS #3001. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products.

Fannie Mae’s HomeReady® and Freddie Mac’s HomePossible® programs are designed to provide affordable mortgages to creditworthy borrowers with low to moderate incomes or those located in low-income census tracts. This chart can help you discover which program is best for your client.

HOMEREADY® &

HOME POSSIBLE®

offer low down payment options for low to moderate income borrowers.

All Programs Feature:

Purchase & no cash-out refinance loans for primary only

620+ FICO

Fixed: 30 year

First Time Home Buyers (FTHBs) allowed but not required

HomeReady

Home Possible

Home Possible Advantage

Max Loan

Units Conforming (Continental US)

1 - $484,350 2 - $620,200

3 - $749,650 4 - $931,600

Units Conforming (Continental US)

1 - $484,350 2 - $620,200

3 - $749,650 4 - $931,600

Units Conforming (Continental US)

1 - $484,350

Property Types

• 1-4 Units, Condos, & PUDs

• Primary Residences Only

• 1-4 Units, Condos, & PUDs

• Primary Residences Only

• 1 Unit, Condos, & PUDs

• Primary Residences Only

Debt-to-Income

DU findings

LPA findings

LPA findings

Max LTV

LTV: 97%; 2 Unit: 85%; 3-4 Unit: 75%

CLTV: 105% (Community Seconds)

LTV: 95% 1-4 Units

CLTV: 95%

LTV: 97% 1-Unit

CLTV: 105% (Affordable Seconds)

Mortgage Insurance

25% if above 90.01% LTV standard at 90 and below

25% if above 90.01% LTV standard at 90 and below

25% if above 90.01% LTV standard at 90 and below

Reserves

DU findings

1 Unit: Determined by LPA

2-4 Units: At least 2 months

Determined by LPA

Income Limits

Up to 80% of Area Median Income (AMI).

Up to 80% of Area Median Income (AMI).

Up to 80% of Area Median Income (AMI).

Buyer Education

Home buyer: Required for at least one borrower.

Landlord: N/A

Home buyer: Required for at least one borrower when all are FTHBs.

Landlord: Required for one borrower on 2-4 unit primary purchase.

Home buyer: Required for at least one borrower when all are FTHBs.

Landlord: N/A

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Home Possible and HomeReady - Referral Only

Cherry Creek Mortgage Co., Inc. NMLS #3001. *Not all borrowers will qualify and approval is subject to a full underwriting review. **MortgageAssure® benefit offered with loans with MI provided by Radian. The material provided here is intended as educational and informational only and is for distribution to real estate or financial professionals and is not intended for distribution to consumers; this does not constitute an offer to lend or to recommend available products.

Why do home buyers love the

HOMEREADY® & HOME POSSIBLE® MORTGAGE PROGRAMS?

We offer a wide range of programs tailored for today’s buyers. Let’s talk about how I can help your clients find a loan they’ll love.

Housing costs are rising, but wages are not! This trend is leaving a number of home buyers in a pinch - especially those with lower incomes and limited cash reserves.

Fannie Mae’s HomeReady® program and Freddie Mac’s Home Possible® program were designed with these buyers in mind and offer the following attractive benefits*:

Low down payments

No minimum contribution towards down payment or closing costs is required

Reduced monthly mortgage

insurance costs

Job loss protection that covers mortgage payments for six months in the event of an involuntary job loss available for LTVs from 95.01% to 97%**

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Wholesale - VA Refinancing
Refinance - Mortgage Check Up
RECRUITING -  Connections Referral Partner App
Connections Referral Partner App - Referral Only
Refinance - Options for Veterans - TX Only

Cherry Creek Mortgage Co., Inc. NMLS #3001. Program details listed above are specific to Texas. This material is informational only and not an advertisement to extend credit as defined by TILA/

Regulation Z nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting approval and determining applicant’s ability to repay. Not all applicants are

eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution.

Cherry Creek Mortgage Company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S.

Department of Agriculture, Veterans Administration or the Federal Government.

REFINANCE

OPTIONS FOR

VETERANS

If you’re an eligible Veteran who is interested in refinancing, we can help!

Eligible participants include:

• Current active military (90 days min. service), honorably-discharged Veterans, and Reservist members (six years with an

honorable discharge or 60-180 days of active duty)

• Surviving spouses of Veterans who died during service and have not remarried.

• Those granted Veteran status through civilian employment.

VA Interest Rate Reduction Refinance Loan (IRRRL)

This is great for those looking to take advantage of lower market interest rates or pay off an adjustable rate mortgage.

Benefits include:

• Roll closing costs into the loan

• No appraisal required

• Streamlined underwriting

IF YOU THINK A VA REFINANCE TRANSACTION COULD BENEFIT YOU,

REACH OUT TODAY FOR MORE INFORMATION!

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Refinance - Options for Veterans

Cherry Creek Mortgage Co., Inc. NMLS #3001. This material is informational only and not an advertisement to extend credit as defined by TILA/Regulation Z nor an application for credit as defined

by RESPA/Regulation X. All applications are subject to underwriting approval and determining applicant’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered.

All loan programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution. Cherry Creek Mortgage Company is not endorsed

by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration

or the Federal Government. *Debt consolidation does not pay off the debt, please consult a financial advisor regarding the effect of consolidating short-term debt into long-term debt.

If you’re an eligible Veteran, you have a variety of

refinance options. Eligible participants include:

• Current active military (90 days min. service), honorablydischarged

Veterans, and Reservist members (six years

with an honorable discharge or 60-180 days of active duty)

• Surviving spouses of Veterans who died during service

and have not remarried.

• Those granted Veteran status through civilian employment.

VA Interest Rate Reduction Refinance Loan (IRRRL)

This is great for those looking to take advantage of lower

market interest rates or pay off an adjustable rate mortgage.

Benefits include:

• Roll closing costs into the loan

• No appraisal required

• Streamlined underwriting

REFINANCE

OPTIONS FOR

VETERANS

IF YOU THINK A VA REFINANCE TRANSACTION COULD BENEFIT YOU,

REACH OUT TODAY FOR MORE INFORMATION!

VA Cash Out Refinance

This type of refinance transaction is a good option for

home owners looking to tap into their home’s equity.

You could use these funds for:

• Paying off debt*

• Emergency expenses

• Paying for large purchases like tuition

VA Home Renovation Loan

If you’re interested in refinancing to make

improvements, a VA Renovation loan allows you to

roll the cost of home upgrades into your loan. Loan

benefits:

• Include repair and upgrade costs of up to $50,000

in a single loan

• Borrow up to 100% of the “after improved” value on

purchase or refinance loans

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Mortgage Process - Top 6 Benefits of Home Ownership
Mortgage Products - First-time Home Owner