Posts tagged loan
Medical Doctor - Alliant - Medical Professional Program

Cherry Creek Mortgage Co., Inc. NMLS #3001. Cherry Creek Mortgage 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, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’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.

Our MEDICAL PROFESSIONAL MORTGAGE PROGRAM is a

great resource

for new doctors

If you are a medical professional who is looking for mortgage financing, please contact me to learn more about this unique program.

Our Medical Professional Program accommodates these common issues by offering the following guidelines and benefits:

Student loans that are deferred for at least 12 months are excluded from debt ratio calculations.

Up to 95% of the purchase price of a home (or appraised value, if lower) may be borrowed, and loan amounts up to $850,000 are allowed.

Program is available for:

––

Actively-practicing medical doctors, dentist or dental surgeons, medical teaching professors.

––

Newly-licensed medical residents who are currently employed or are in residency.

––

Newly licensed medical, dentists or

dental students who are about to begin their new employment/residency within 90 days of closing.

The average doctor graduates from medical school with a considerable amount of student loan debt. This high credit burden combined with significant changes in income from residency to practice can make it difficult to acquire financing for a new home.

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Builder’s Choice New Home Construction Financing Flyer

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.

Let’s face it. Building – and financing – a new home can be a complicated process for home buyers. Large amounts of

paperwork are required by both the builder and the lender, and due to the long time frames involved, from the point at

which the sales contract is signed to the time when the home is finished, buyers often have to submit updated versions

of the same documents (e.g. pay stubs and bank statements) multiple times.

Our Builder’s Choice program offers a simpler pathway to permanent financing for new construction homes. With

Builder’s Choice a buyer’s income, asset, credit, and approval docs are good for 12 months! Only a simple reverification

of the buyer’s employment is required. Here are some key program considerations:

Builder’s Choice simplifies

the process of SECURING

FINANCING FOR NEW

HOME CONSTRUCTION

To learn more about this permanent financing program for new home construction, reach out to me today!

• Employment, income, asset, credit, and Loan

Product Advisor (Freddie Mac) automated

underwriting findings must be dated within 365

days of the note date. Buyer must meet all program

underwriting guidelines.

• The borrower’s credit standing will be monitored

through an Undisclosed Debt Monitoring (UDM)

service to ensure there are no significant changes to

the buyer’s credit profile from application till closing.

• Requalification is required in the following circumstances:

–– Borrower’s employment or income changes.

–– Borrower experiences an adverse credit event or

acquires additional debt.

• Available for 1-unit primary or second homes.

• Manufactured housing NOT allowed.

• Home must be purchased from a builder – previous

occupancy not allowed.

Read More
Loan Program Options

Cherry Creek Mortgage Co., Inc. NMLS #3001. *Program available in Colorado, Florida, Illinois, Indiana, Iowa, New Mexico, Oregon, Tennessee, and Utah. 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 2/23/17.

This material is not from HUD or FHA and the document is not approved by the Department of HUD or any Government Agency. HUD does not approve the material presented. 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, or the Federal Government. BPMI = Borrower Paid Mortgage

Insurance; LPMI = Lender Paid Mortgage Insurance. LPMI may not be cancelled by the borrower; it terminates only when the loan is refinanced or paid off, and it usually results in a loan with a higher interest rate

than BPMI unless discount points are added to lower the rate. BPMI may be cancelled or terminated when the loan reaches 80% of the original value of the property.

We are proud to provide a variety of home

loans without the overlays imposed by many

other lenders. Because we are a direct seller

to Fannie Mae, Freddie Mac, and Ginnie Mae,

as well as an investor direct seller, we can

offer our clients and business partners a wide

range of mortgage options.

LOAN PROGRAM

OPTIONS

TRADITIONAL SOLUTIONS:

• Conventional – Minimum 620 credit

score required

• Conforming 97% LTV loans with

mortgage insurance

• Fannie Mae HomeReady and Freddie

Mac HomePossible

• FHA – Minimum 580 credit score

required

• FHA Streamline refinancing

• FHA High Balance

• FHA loans with no minimum trade line

requirements

• Lender paid mortgage insurance options

• Local and state down payment

assistance options for first-time home

buyers (where available)

• USDA – Minimum 620 credit score

required

• VA – Minimum 580 credit score required

• VA interest rate reduction refinance

loans

MANUFACTURED HOME

SOLUTIONS:

• Conventional manufactured home

financing

• FHA 30-year fixed

• Zero down VA loan

BUILDER/RENOVATION

SOLUTIONS:

• Conforming Renovation loans on second

homes and investments

• Extended rate lock options

• FHA Streamline 203k Renovation

• FHA Standard 203k Renovation

• FHA/VA Energy Efficient Loans

• FNMA Homestyle Renovation

NICHE SOLUTIONS:

• 80% LTV available on investment

properties

• Foreign nationals

• Non-warrantable condos

• Asset-based income program

• 100% gift funds allowed (condos

included)

• Properties on acreage

• Up to 10 financed properties

• Non-occupant co-signers allowed

• Property flips less than 90 days owned

• Kiddie condo

• Rental property loans that allow

borrowers to qualify based on their

assets – no income verification

• Your Home Opportunity offers 97% LTV

with no MI*

2ND LIEN SOLUTIONS:

• 1st & 2nd Mortgage Piggyback to

eliminate PMI

• Alternative solution to Jumbo financing

SENIOR SOLUTIONS:

• Reverse Mortgage

JUMBO SOLUTIONS:

• 95% LTV available to $850,000 loan

amount

• 90% LTV available to $1.5M loan amount

– No PMI

• 85% LTV available to $3,000,000 loan

amount – No PMI

• 50% Debt-to-Income

• VA Jumbo up to $1M loan amount

• Fixed & ARM options

• Interest-only options

NEED TO KNOW FACTS:

• Manual underwriting available

• Overnight lock protection on purchases

• Secure and encrypted web portal for

clients to send and receive private

information

Read More
Loan Program Comparison Chart Flyer

LOAN OPTIONS

Conventional loans are not

guaranteed by a government

agency and follow guidelines

of two Government

sponsored enterprises,

Fannie Mae & Freddie Mac.

• Lower monthly mortgage insurance,

making the overall payment lower.

• No mortgage insurance needed if

20% down.

• When mortgage insurance needed,

it ends when the equity in the

property is greater than 20%.

• Property standards not as picky.

• Less paperwork involved.

• Holds buyer to a higher standard in

terms of credit, savings and debt-to-income.

• Interest rate and monthly mortgage

insurance may be higher with lower

credit scores.

FHA loans are insured by

the Federal Housing

Administration (part of HUD).

• More flexibility with bruised or newer credit,

limited savings or tighter debt-to-income.

• Down payment can be gifted

from a family member.

• Interest rate may be lower than

some conventional options.

• Monthly mortgage insurance can be higher

and in effect for the life of the loan if only the

minimum down payment is made.

• FHA charges a 1.75% upfront fee (rolled

into the loan balance).

• The property needs to meet a higher

standard than needed for conventional loans.

• More paperwork is involved.

USDA loans are guaranteed

by the USDA for homes in

areas deemed ‘rural.’

• No down payment needed.

• Monthly mortgage insurance is less

expensive, making the overall payment lower.

• In some situations, the cost for repairs can be

rolled into the loan.

• Interest rate is often lower than for a

conventional loan.

• Only homes in eligible areas can be financed

with USDA mortgages.

• USDA needs to review all files which often

delays the closing process.

• The home needs to meet minimum property

standards set by USDA that are more

stringent than some other loan types.

VA loans are guaranteed by

the Department of Veteran

Affairs for eligible Veterans.

• Typically no down payment needed.

• No monthly mortgage insurance,

loans do require VA Funding Fee but

which can be financed into the loan.

• Interest rate may be lower than some

conventional options.

• Property needs to meet a slightly

higher standard.

• Seller may be required to pay some

buyer related fees.

• More paperwork is involved.

WHAT IT IS PROS CONS

VA USDA FHA CONVENTIONAL

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 3/30/17. 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, or the Federal Government.

Read More
HUD 184 - Native American Loan Flyer

Creek Mortgage 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, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’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. HUD-184 eligibility requires primary borrower must be an enrolled member of a federally recognized tribe.

WE PROUDLY OFFER THE SECTION 184 PROGRAM

FOR OUR NATIVE AMERICAN BORROWERS

If you are of Native American heritage,

our Section 184 loan offers you a

number of great benefits.

Flexible underwriting guidelines are aligned

with the needs of Native American borrowers

and communities.

Low down payment can be gifted by your

tribe or a family member.

Purchase and refinance transactions are available for properties located on either non-tribal or tribal lands.

Qualified borrowers of all income levels are eligible,

and loan amounts generally follow FHA limits.

CALL ME TO FIND OUT IF THIS PRODUCT MEETS YOUR MORTGAGE FINANCING NEEDS!

Read More
Student Loan Debt Flyer

Cherry Creek Mortgage Co., Inc., NMLS #3001. 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.

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.

Call me. Let’s talk about whether you

could benefit by refinancing now!

The broad burden of student loan debt.

Student loan debt impacts 44 million people in the United States and 41% report that they are delaying homeownership

because they find it difficult to qualify for a mortgage due to the impact of these loans on their debt-to-income ratios.

Help is on the way for homebuyers with student loan debt.

We are excited to announce that Fannie Mae is making it easier for home buyers with student loan debt to purchase or

refinance a home by implementing the following guideline changes:

• Changes to how debt-to-income ratios are calculated for borrowers with student loans

• Expanded guidelines that allow borrowers to pay off student loans without the typical rate increase that’s

required for cash out transactions

• Exclusion of student loan payments from debt-to-income ratio calculations when a borrower can verify those

payments are made by a family member with 12 month’s canceled checks

Now is a great time to connect with your clients who have been impacted by student loan debt to let them know

Fannie Mae is making changes to help them! Reach out to me today to learn more about how your buyers can benefit

from these new guidelines.

Help is on the way...

FOR BORROWERS WITH STUDENT LOAN DEBT

Read More
Do's and Don'ts of the Loan Process Flyer

LICENSE# XXXXXX

Hold on making any significant career moves or changing your pay structure (such as transitioning from a salaried position to a 100% commission job).

Resist the temptation to make any big purchases using either existing credit cards or new lines of credit.

Avoid making unusual deposits or transfers into your checking and savings accounts, and check with your lender to learn how to properly document any gift funds you receive.

Don’t just get pre-qualied for a mortgage. Get pre-approved because this will improve your negotiating leverage and buying power.

Continue to make all of your monthly payments on time (including those that are in dispute).

Pay down as many debts as you can, but avoid closing any of your revolving credit accounts (such as credit cards).

Save as much money as you can toward your down payment. The larger your down payment, the better!

Take into account your current spending levels and housing expenses when evaluating how much you want to spend for your new home.

DO’S & DON’TS DURING

THE LOAN PROCESS

DON’T

DO

Cherry Creek Mortgage Co., Inc. NMLS #3001. This material is informational only and is not an offer to lend or recommend available products. This is not an advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets, value of subject property and borrower’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. Individual circumstances may vary. CCMC is not a credit counseling agency, credit repair organization, or similar service. We do not assist or advise consumers on how to improve their credit scores.

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VA Loan Benefit Flyer

Cherry Creek Mortgage Co., Inc. NMLS #3001. Cherry Creek Mortgage 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, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. This material is informational only and is not an offer to lend or recommend available products. This is not an

advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets,

value of subject property and borrower’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.

WHO’S ELIGIBLE?

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

honorably-discharged Veterans, and Reservist

members (6 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.

CAN I REFINANCE?

• As a VA loan holder, an Interest Rate Reduction

Refinance Loan may allow you to lower your rate

and/or term without an appraisal or inspection.

• Eligible individuals may be able to refinance a

non-VA loan into a VA loan.

WHAT ARE THE ADVANTAGES?

• No down payment with full entitlement (available

to max loan limits, which may be adjusted

annually).

• No monthly mortgage insurance payment.

• VA Funding Fee can be financed into loan.

• VA loans may be assumable (subject to VA

approval).

• Interest Rate Reduction Refinance Loans are

available with streamlined documentation.

• Fully qualifying cash-out refinances are available.

LET’S TALK ABOUT THE

VA LOAN

BENEFIT

The men and women who serve our country as part of the US Armed Forces deserve our respect

and gratitude. We have served those who serve us for more than a quarter-century, providing the

VA home loan benefit to Service members, Veterans, and eligible surviving spouses.

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Myths about VA Loan Referral Flyer

Cherry Creek Mortgage Co., Inc. NMLS #3001. Cherry Creek Mortgage 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, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. This material is informational only and is not an offer to lend or recommend available products. This is not an

advertisement to extend credit as defined by Regulation Z, nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting guidelines and approval based upon the credit, assets,

value of subject property and borrower’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.

BENEFITS OF VA LOANS

• Typically no down payment up to locally

variable limits

• Lender (or seller) can pay 100% of the

veteran’s closing costs

• VA loans have competitive rates

MYTHS ABOUT

VA LOANS

Let’s help our deserving veterans buy a home today!

MYTH

VA loans cost the seller a lot more

money than other types of financing.

FACT

There are typically no extra expenses to

the seller with a VA loan.

MYTH

VA benefits expire or can

be used only once.

FACT

A veteran can use his or her VA benefits multiple times

if the old loan is paid off; the benefit never expires.

MYTH

VA loans take a lot longer to close.

FACT

VA loans typically take no longer than other loans to

process, and we review, underwrite and approve in-house.

• No monthly mortgage insurance, but the VA

does require a funding fee, which may be

financed into the loan

• Available 2 years after a short-sale,

foreclosure, or bankruptcy

Read More
Student Loan Hurts You From Qualifying

Will your STUDENT

LOANS hurt your

chances o f qualif ying

for a mortgage loan?

Outstanding student loan debt

Monthly payment

on credit report

FHA

LOAN

FANNIE

MAE LOAN

Student loan payment

used for qualification

$2,380*

$5,535 Additional monthly income needed

Student loan payment

used for qualification

$26

$61 Additional monthly income needed

1% of the outstanding loan

Current monthly payment

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

programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution.

*FHA requires lenders to use either the documented, fully amortized payment OR the greater of either the amount showing on the credit report or 1% of the outstanding balance.

**Assumes maximum debt to income ratio of 43%. Actual required debt to income ratio will vary by program selected.

.

If you have student loans and want to learn more about how those debts will impact your ability to qualify for a mortgage,

reach out to me today! I'll be happy to review your credit history, income, and housing needs, and I'll help you select the

right mortgage program for your unique circumstances.

CREDIT REPORT INFO

$238

$26

You worked hard to achieve your educational goals, but if you’re

like most individuals, you’re still paying for that degree with

monthly student loan payments. If you’re in the market to

purchase a home, your student loan debt can impact whether or

not you qualify for a mortgage loan, and it will dictate the loan

amount for which you qualify.

Mortgage programs can have vastly dierent rules about how

student loan debts are calculated, so it is important to work with

a lender who has access to a broad range of mortgage programs.

Check out the following example of how student loan debt

payments - and their impact on how much income is needed to

qualify - can change

from one program to the next....

As you can see, Fannie Mae makes it easier for home buyers with student loan debt to qualify for a mortgage by oering more

flexible guidelines around how student loan payments are calculated. Fannie Mae has also implemented additional helpful

rules around student loan debt that allow:

Borrowers to pay o student loans without the typical rate increase that’s required for cash out refinance transactions.

Student loan payments to be excluded from debt-to-income ratio calculations when a borrower can verify those payments

are made by a family member with 12 month’s canceled checks.

Read More
Student Loan Debt

STUDENT

LOAN DEBT?

Education costs have skyrocketed, causing many

individuals to take on significant student loan debt.

If you’re ready to purchase a home, that student

loan debt can have a big impact on your experience.

Mortgage lenders look at your income and your

debt payments while evaluating your mortgage

loan application. Some mortgage programs require

lenders to count your fully-amortized student loan

payment, while others allow the lender to use

lower payment amounts that may show on your

credit report. This difference could impact the size

of the loan for which you can qualify, and in some

cases it could represent the deciding factor in your

application being approved or denied.

$238k Outstanding student loan debt

$26 Monthly payment

on credit report

Student loan

payment used for

qualification

FHA $5,535

LOAN

FANNIE

MAE LOAN

$2,380*

Additional monthly

income needed to offset

the student loan debt**

$26 $61

Real-World Example of How Student Loan Debt

Impacts Income Needed to Qualify for a Mortgage…

1% of the outstanding loan

Current monthly payment

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.

*FHA requires lenders to use either the documented, fully amortized payment OR the greater of either the amount showing on the credit report or 1% of the outstanding balance.

**Assumes maximum debt to income ratio of 43%. Actual required debt to income ratio will vary by program selected.

Read More