Posts tagged brokers
Boarder - Income

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.

HomeReady by Fannie Mae allows up to 30% of qualifying income to come from boarders.

IF THE BORROWER CAN:

((

Document proof of shared residency

((

Provide 12 months of cancelled rent checks from boarder

Millennials are ready to buy!

Maximize their purchasing power with Cherry Creek!

Borrowers can use supplemental income from a boarder to help qualify for a loan! This program provides expanded opportunities for home ownership through flexible underwriting.

DON’T FORGET TO ASK ABOUT ADU INCOME TOO!

Have questions about this program? Call me today!

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Renovation – HomeStyle Program Guidelines
203K Renovation Loan

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 the 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 [4-11-17].

GUIDELINE HIGHLIGHTS

Home improvement project costs can be rolled into the loan. The maximum loan amount is based on what the appraised value of the home will be after the improvements are completed! Examples

of acceptable project types include:

Flooring upgrades

Kitchen and bath remodels

Room additions

Outdoor kitchens

In-ground pool repair

Installation of energy-efficient windows

Roof and gutter replacement and repair

Are you thinking about RENOVATING YOUR EXISTING HOME – or you would like to purchase?

Limited 203(k) Loan covers both the acquisition cost and specific repair costs up to the maximum loan amount allowed by FHA county limits. The total repair cost may not exceed $35,000 and must be cosmetic only.

203(k) Standard Loan covers both the acquisition and repairs, including structural changes, additions, and more, up to the maximum loan amount allowed by FHA county limits. The total repair cost may exceed $35,000.

HUD’s Section 203(k) program helps qualified borrowers purchase or refinance – and renovate – with a single loan.

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Renovation - Steps to Get Renovating
Short Assets – NOO Transaction

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.

If you get Streamlined Accept findings, no reserves are required if you receive the following feedback:

EV________ Assets and Reserves__________

QE No reserves are required

Short Assets on an Investment or Non-Owner Occupied Transaction?

We can help.

Get in touch with me today to learn more!

Your borrower may not be subject to reserve requirements if you run LP!

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Live Wire Funding - Realtor
Live Wire Funding

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.

Make Your Last

Impression Count

Cherry Creek’s innovative

Live Wire Funding makes

your closings fast & easy!

Get CDs out early!

HIT THESE MILESTONES

((Appraisal, approval, locked, disclosed

SEND THESE DOCUMENTS

((DOC request, prelim, binder, invoices

Efficient DOCS flow

((DOCS are put in line at final submission!

Funding On Time, Every Time!

((The Live Wire is ordered with the DOCS

to ensure on-time funding!

Only available from:

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Jumbo – Prime Jumbo
Gifting Money – Live Wire Funding

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. 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.

Step 1:

Show the donor’s ability and intent to gift by providing:

((

Pre-wire bank statement

((

Signed gift letter

Step 2:

Wire the funds directly to escrow:

((

Wiring is the lowest documentation option available

Step 3:

Provide confirmation of

gift funds with:

((

Outgoing wire confirmation that matches the account from the gift letter

((

Incoming wire confirmation that matches the outgoing wire confirmation

Wiring makes gifting money on FHA easy!

Financial gifts often help borrowers make home ownership a reality.

The FHA has three simple steps for wiring gift funds 

Contact me today for more details!

THREE SIMPLE STEPS

FOR GIFTING MONEY

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Early-Appraisal – Ordering

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.

Early appraisal

ordering means

faster closings!

GET TO THE CLOSING TABLE FASTER 

With a streamlined appraisal process, Cherry Creek

Mortgage can help you deliver great results.

Interested in learning about our appraisal process? Call me today!

What are the requirements for ordering an appraisal?

(( Request a Loan Estimate (LE) from our team

(Case number needed for FHA)

(( 3.2 upload

(( Credit report

What are the requirements for an LE request?

(( Fees

(( Form 1003

(( Settlement service providers list

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