Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products. We don’t just take the cookie cutter loans. We tackle the difficult situations for the good of our client and we make sure that the product our borrowers choose is a good fit for them. Below are examples of different mortgage loan types just from the months of August and September 2014 to show you what we mean, including: equitable distribution, construction perm loans with one closing, loans with no scores or just one score, tax credits, 100% loans, investment property, 2nd homes to 90%, extended rate locks, different types of PMI, low credit scores, higher debt ratios, etc.
Here is a rundown of the loan types provided through our team (several of these types, we closed multiple ones):
2 – FHA purchases
2 – 2nd home conventional purchases < 80% LTV
VA purchase with one score
Rate/term 15 year refinance without escrows for taxes and insurance
FHA purchase where both borrower had only 1 credit score
80% LTV investment property purchase
$40,000 conventional loan (most lenders won’t lend less than $50,000)
95.01% My Community Mortgage with reduced PMI
FHA purchase with a 56% debt ratio
VA purchase with husband overseas – Military POA closing
FHA purchase with 581 credit score
VA purchase where one borrower had no scores
5 – Construction to Perm using appraised value 95% LTV
Freddie Mac conventional loan with 6 month Extended lock
95% Conventional purchase with split premium PMI (helped keep the debt ratio lower but keep cash to close down)
2 – NC Home Advantage 97% conventional purchase with reduced PMI
5 – USDA purchase
USDA purchase with MCC tax credit (borrower only had one trade line on credit and no rent with a 680 score) Click here to see the Household Income Limits for the MCC Tax Credit
80% cash out refinance without escrows for taxes and insurance
Construction to Perm one-time closing using appraised value 90% LTV
4 – VA Purchases
85% Rate/Term Refi with single premium PMI to satisfy an equitable distribution
3 – 95% Conventional purchase with monthly PMI
2 – 90% 2nd home conventional purchase withmonthly PMI
USDA purchase with 1 credit score
VA Purchase purchase from family
90% conventional purchase using gift of equity from parents (sellers) for down payment
As you can see, we really work hard for our clients to know our products, know our clients, and provide great service on top of that. So Contact Team Move and give us your scenario and we will do our best to help you.
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.