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Who is Emily C Ingram?• Local mortgage lender with New
American Funding• 14+ years experience • Loan originator, processor, and
underwriter• Bachelor’s degree in mathematics• Board member, Jefferson Co Home
Builders Association• Board member, Real Estate
Professionals for Affordable Housing• Extra lumbar vertebrae
Objectives
• Discuss current regulatory environment• Identify (and sell) “problem” property types• Utilize mortgage for programs and products to
increase buyer’s purchasing power.
How can you help?• Set appropriate expectations.• Allow ample time.• Fees to escrow two weeks prior to closing.• Encourage buyers to use email.• Electronic disclosures save time!
Categories of Mortgage Loans
• Conventional ConformingFNMA / FHLMC
• GovernmentFHA / VA / USDA
• Conventional Non-ConformingJumbo Loans / Funky Properties / Funky People
Conventional Non-Conforming
• Funky products, people, or property
• Lenders determine guidelines
• Lenders determine interest rates
• Fewer options
Jumbo Loans
• Loan amounts > $417,000• Intense competition• 20-25% down payment• Credit scores 680+• Lower debt to income ratios• Reserves required• Other non-conforming products: interest only,
construction loans, lines of credit
Funky People
• Recent major derogatory credit
• Asset dissipation• High debt to income ratio• Stated income• Foreign national
Condominiums• Condo project must be eligible• No “spot” approvals• FNMA/FHLMC, FHA, and VA all have slightly
different guidelines• If you list a condo, have it pre-approved by
your lender!
Manufactured Homes
• Fewer options• Doublewide• Built after June, 1976• Moved only once• Permanent foundation• Foundation inspection• L&I inspections
Renovation Loans• FHA or Conventional• Same underwriting standards• Finance the cost of renovation/repairs• Work with a specialist
Energy Efficient Mortgages
• Used with FHA/VA financing• Finance energy efficient improvements• May require energy savings estimate• Eliminate baseboard heaters and crappy metal
framed windows
Down Payment Assistance• Available through WSHFC • Second mortgage used for down payment• Some have deferred payments/no interest• Follow standard underwriting guidelines • No FTHB requirement• Must work with an “approved” lender and LO• Income limits• Home buyer education
required• Higher interest rates
Mortgage Credit Certificate
• Tax credit equal to 20% of annual interest• Program can be combined with any mortgage• Must work with an “approved” lender and LO• First time home buyer• Income limit $65,000 (1-2 people)• Acquisition limit $235,000• Home buyer education required
Refer to Emily C Ingram(AKA shamless self promotion)
• More product options• Local presence• Local appraisers• Go the extra mile
Contact Me!
www.facebook.com/emilycaryl
www.linkedin.com/in/emilycaryl
www.slideshare.net/EmilyCIngram1