IL, Single-Family, Purchase, $350K, 600 FICO, 100% LTV
Posted on 8/17/2016 7:53:17 AM
RESIDENTIAL/BOND FUNDING PROGRAM w/ 1% interest Rate
REAL ESTATE TRANSACTION HIGHLIGHTS:
* 100% Financing & No LTV Restrictions
* Purchase, Purchase/Rehab, Refinance: No Cash Out
* Refinance/Rehab: Debt Consolidation
* 30 Year Term, No Pre-Payment Penalty
* Approximately (+/-) 1% Fixed Rate. No Rate Restriction
* No Credit Check (FICO): Asset Based
* Minimum Loan Amount is: $350,000.00 and upward. No maximum
* 2nd Home/Vacation Home is underwritten case by case
RESIDENTIAL TRANSACTION INVOICE:
4.5% of the loan amount/loan request; includes Bond Premium, Lender, Underwriting, and Appraisal Report & Survey Fees.
Client: Needs to provide (Proof of Funds of: 4.5%) to start submission.
Client pays invoice after receiving their loan quote from underwriting upon approval “Must be paid in Order to proceed”.
Funds are wired to: Trust Account @ Wells Fargo Bank (BCL: Bank Capability Letter: Generated at the time).
Brokerage Commission: 4% of loan request; is due at the time of funding. Purchase/Re-finances: This fee can be built into the loan request. (Brokers are protected).
30-45 days for closing.
STEPS TO FOLLOW IN SUBMITTING LOAN APPLICATION
1. Submit the Uniform Residential Loan Application 1003 along with Proof of Funds to Dawnn L. Long, Alexis Realty Solutions at firstname.lastname@example.org along with your referring Alexis Consultant’s name. You will also need to provide Purchase Agreement.
2. The underwriter will require the following:
A. Purchase Agreement
D. Title work
E. May ask: Land Survey
3. After approval of your loan, you will receive a Funding Addendum that you will need to have your client sign and notarize and wire the 4.5% bond money within 24 hours.
4. Upon client’s request you will receive an Approval letter.
Please note the following:
• Closing cost is a tax write-off.
• Broker fees are also a write-off; tell your clients keep all statements and receipts we provide to them.
• 4.5% bond funding is also a tax write-off.
• Inspection Fee Included.
• You can use this loan product to refinance current home as well as follows: (Use the same 1003 Application)
- You can pay off your current mortgage by providing lender’s name and home owner insurance company, agent, address and phone number.
- You can pay off your debts
- You cannot get cash back on this loan product
(414) 779-4730 cell