Introducing 1% Down Kirt Grant 480-639-8166 by mmcsx


									 Introducing 1% Down
Kirt Grant 480-639-8166

       Increase sales up to 40%
       Increased Buyer Activity
       Expanded Target Market
The Lending Company (TLC) Founded in 1995
and is both a full service Mortgage Banker and
Broker, staffed by over 120 industry
professionals who know the importance of
attention to detail and customer service.
TLC takes the home loan application process to a
level you — and your clients — can appreciate!

From start to finish, TLC will provide answers to your
questions, assist you in resolving credit issues and
keep you apprised of all facets of the loan process
through our state-of-the-art computerized loan
Full Service Direct Lending in 34 States (on our way to all 50) with consumer
   direct retail, wholesale, correspondent, builder and Realtor™ divisions

                Full Service Loan Menu
               Government Loan Programs
                  FHA – 203K ―An unconditional approval
                    Direct Endorsement (DE Licensee)
                  VA – Purchase and IRRRL
                  Rural-Home-Loan (USDA)
                  Instrumentality of the Santee
                    Sioux Nation - SSN Capital for 2nd
                    lien down payment loans

               Conventional Loan Programs
                    Fannie Mae REO’s Home Path
               Jumbo Loans
               Reverse Mortgages
                    Retirez™ Purchasing a Home with a reverse
               Commercial Loans
               Construction Loans
               Lot Loans
               Credit Restoration
               Loan Modifications
               Discount Insurance on site
               Title & Escrow on site
           TLC’s Technological Competitive Advantages
   Internet Based Loan Platforms
   We offer the best mortgage tools available on the Internet - easy, convenient, on-line
    shopping for the best loan programs and most current rates available.

   Loan Process Tracking
   Clients and interested parties are never ―out of the loop‖ with our secure loan status
    tracking and live real time update tools.

   Internet Based Communications Platform
   From online knowledge management to lead capture systems - we enable all parties
    involved in developing or managing transactions to be updated in real time.

   Pricing, Eligibility and Sourcing Engines
   These tools assure the most competitive rates, the highest eligibilities and the resources to
    locate unique loans.

   Marketing Platforms
   We help our Realtor and affiliate partners in acquiring new clients
               Highlights – “What makes us Different”
   FHA Direct Endorsement (DE) Licensee – Our mortgage banking ―Full
    Eagle‖ license allows us ―in house‖ underwriting, document preparation,
    funding, closing, and insuring, which creates rapid loan closings. Our
    average underwriting time is less than 48 hours! Supervised mortgage
    companies are required to submit loan packages on a brokered basis.
    Approximately 5% of FHA DE approved lenders are unsupervised.

   USDA Guaranteed Rural Housing Program – The Lending Company, at
    time of approval was ―one of seven‖ Arizona mortgage bankers approved in
    Maricopa County by the USDA Rural Development to offer a ―non-FICO‖
    driven product for borrowers that may be eligible for financing featuring up
    to 102% financing!

   Unique and Exclusive Low and No Down Payment Programs
          Highlights – “What makes us Different”
   Fannie Mae Direct Seller – Fannie Mae exists to expand
    affordable housing and bring global capital to local communities in
    order to serve the U.S. housing market. Fannie Mae has a federal
    charter and operates in America's secondary mortgage market to
    enhance the liquidity of the mortgage market by providing funds to
    mortgage bankers and other lenders so that they may lend to home

   Ginnie Mae – A Ginnie Mae security, which is a bundle of
    mortgages sold to investors and backed by the federal government,
    offers additional safety and liquidity and a higher yield over
    traditional treasury bonds, making them the most popular
    mortgage-backed security among investors. These MBS’s allow us
    to obtain better prices for our mortgages in the secondary market;
    thereby expanding our ability to create additional loans to qualified,
    potential homeowners with more competitive terms."
Why Choose a Direct Mortgage Banker –vs.- Mortgage Broker

                 Wholesale Investor                            Wholesale Investor

       Wholesale Lender      Wholesale Lender        Wholesale Lender      Wholesale Lender

                              Mortgage Broker        Mortgage Banker

            TLC’s Direct Banker Advantage

                  Mortgage Backed Security

                     The Lending Company

                                Faster Turn Times
                            No Excessive Broker Fees
                    Higher Percentage of Loan Commitments
                    No Middleman Assuring Competitive Rates
                 Largest Selection of Loan Options and Products
Certified and Trained Loan Professionals that Abide by a Stringent Code Of Ethics
So what does this mean to you?
     Attitude – We want to do loans - what ever it takes to surpass client
     Variety – Large offering of unique and exclusive products that help
      get more people qualified and help you sell more homes. A loan
      sourcing search engine that helps us find investors for hard to place
     Speed – In house processing, underwriting, document drawing,
      insuring, funding and servicing.
     Pricing – Millions spent on unique investor pricing search and
      eligibility engines.
     Knowledge – Product Specialists.
     Support – Plugging in to the network (Team concept).
     Communication – good old fashioned customer service combined
      with leading edge technology.
     Marketing Support - Getting the phone to ring and acquiring new
A Realtor Marketing Platform
   That Produces Winning
                                            1. Initial Contact
                       9.Funding,           Prequalification
                       Recording            Credit evaluation

      8.Preaudit                                                  2.Application
      reviewed,                                             (in person, over phone
  signing scheduled                                              or on the Web)

 7.Loan Docs
drawn and sent
    to Title
                             Proactive Loan Process                  LSR Given

                 Proactive Loan Process
          6.All conditions                          4.Loan Documentation
             signed off,                              collected, purchase
            clear to doc         5.File submitted       contract written
                                 To underwriting
                                  approval with
    Let’s Talk Loan Products

   Everything I learned about loan
    products I learned in ….
FHA Government Insured Loans
     Maricopa County Limits $346,250
     Owner Occupied/Primary Residence Only
     DU approval or Manual underwriting
     Seller contributions 6% maximum
     Non-Occupant Co-Borrower allowed
     3.5% Down Payment Requirement
     Gift allowed for down payment requirements (either family
      member, employer, union or non-profit FHA approved
     Down Payment can be financed as a second lien by
      governmental entity
     All Loans have UFMIP added to max mortgage amount*
     All loans have additional monthly insurance regardless of
      down payment.
FHA Government Insured Loans
              What it Takes to Qualify
   Credit Information
   Tri-merge Credit report required
   No minimum credit score required per FHA…However, Investor guidelines
       have their own requirements
   Alternative Credit acceptable
   If no credit, must have some compensating factors

   Previous/Present rental or mortgage history evaluated

   No defaults or late payments on Student loans
   Collections, Judgments and Inquiries
        If court ordered must be paid regardless of amount (exceptions allowed
        All collections and judgments must be explained by borrowers in writing
        If collection not court ordered possibly will not have to be paid at closing
        Chapter 7: at least 2 years from date of DISCHARGE with new good credit
        Chapter 13: must have been one year in re-payment and proof of payment
             performance and approval from the trustee to do a loan (refinance or purchase)
        Foreclosure: must be 3 years from Trustee Sale Date
        Consumer Credit Counseling: same as Chapter 13
   Credit required on disclaiming spouse
        Any debt to be included in DTI ratio if the credit was after marriage
   Disclaiming spouse must sign a disclaimer deed to the property
    FHA Government Insured Loans
             Can you afford to pay the loan back?

   Debt To Income Rations
         Flexible 31%-43% of income is optimal
         Debt-to-Income (DTI) ratio is another important factor. Lenders look at the "front-end" and "back-
          end" ratios. Front-end DTI is based upon primary housing expense divided by income. Back-end
          DTI is based upon all monthly debt (generally only what appears on the credit report, not utilities
          etc.) divided by income. Generally, the guideline for DTI is 31% front-end and 43% back-end.
          Some loan programs allow for higher DTI’s.
         Excellent credit scores, reserves and assets that you could sell to pay your bills may allow for higher
   Employment
         Two year employment history in the same line of work preferred
         If new to the industry, school transcripts for training/education can be part of the two year
         Recent return to work force must be in the current field 6 months or more and must show previous
          employment for a 2 year history, explaining the gap in employment
   Self Employment
         2 years tax returns (Federal) to average income. If declining income, explanation required
         If a manual underwrite, Business tax returns, business credit report and a YTD Profit & Loss and
          balance sheet required
   Commissioned Employee
         If commissions are received, must have tax returns (Federal) and average commission income over
          two years
         Bonuses will also be averaged but tax returns not required. 2 year average
   Second/Part – time Job
         Must be employed for a minimum of at least 2 years to include the income.
         Seasonal employment, same as above with the additional information that they will be re-hired
          during the season of their employment (i.e.. Christmas)
  FHA Government Insured Loans
                     What about the property?
Acceptable Properties include:
  Single Family, 2-4 family are OK without any approvals necessary
  PUD’s (Planned Unit Development ) no longer require FHA approval
  Condo‖s require FHA approval
  Spot approval can be done based on Occupancy ratios
  Manufactured Housing allowed
  Based on FHA guidelines (very strict)

  FHA appraisal requirements must be met for repairs and all FHA loans require
   termite inspections
  If repairs are required per the appraiser, final inspections must be complete prior to
  No Holdbacks are allowed on FHA loans

Property Flipping
  Any resale may not occur any less than 90 days from the sellers purchase of the
   property. New contract should not be dated until the 91st day.
  For any resale between 91-180 days the new sales price cannot exceed the previous
   sales price by 100% or more or there will be additional documentation required by
   FHA and the investor (per their guidelines)
                      Loan Products
                      The #1 obstacle to home ownership is
                    the lack of down payment funds available

            We offer 6 different programs of which 4 are exclusive to us!
                        “No or Low Down Payment Products”

      VA – full delegation, LAPP approved 100% Financing
      USDA - Outer Limits- 100% Loan based on the homes appraised value
      H.O.M.E. - 1% down – Gift Program
      L2O Loan to Own $500.00 down -Borrower can finance down payment and closing
      TLC Heroes Program for School Teachers, First Responders, Clergy, Healthcare etc.
       - No Money Down % Interest Free loan for the Down Payment
      Community Reinvestment Notes (coming soon)
      FHA approved city, county, and state down payment assistance programs –Seller
       funded dpa’s no longer allowed
      FHA & Conventional Gift Programs
          Family
          Employer
          Union
          Non-Profit Down Payment Assistance Organizations (not seller funded)
                        Loan Products
                                VA LOANS
   Features                              Benefits
   No down payment on loan                Veterans may retain their savings, if
    amounts to $417,000 for purchase      any, for other purposes. Offers an
    and construction loans if the         advantage to borrowers who have been
    veteran has full entitlement          unable to accumulate savings
   Monthly mortgage insurance is not      Monthly Payment is less without having
    required.                             to pay another monthly fee
   No Cash Reserves are required.         For ease in qualifying, VA does not
   Debt Ratios of 41% for loans with     require a housing ratio and has a higher
    manual underwrites                    allowable TOTAL debt ratio
   4% seller concession Limitation        Allows seller to contribute more
    does not include most closing         towards the transaction
    costs                                  The Assumption feature offers an
   The loan may be assumed under         attractive re-sale option, if rates are
    the original terms if the             higher than the original VA Loan
    prospective purchaser qualifies for    Veterans get a quick, easy and low cost
    the loan                              option to refinance their VA Loan and
   An existing VA Loan can be            take advantage of lower interest rates No
    refinanced with an Interest Rate      Appraisal means No Declining Market
    Reduction Refinance Loan (IRRRL)      Impact
    without an appraisal and no credit
    qualifying in most cases
              Loan Products
Outer Limits USDA Rural Development Loans
         102% Loan can be used to also payoff
          personal debt to qualify
         Targeted areas
         Income Limitations
         FHA underwriting guidelines
         Owner Occupied/Primary Residence
         Can Own no other properties at closing
         Alternative Credit Accepted
         Improvements to home can be included in loan
         Seller can contribute 6% for buyer closing and
          prepaid costs
         NO MI
         No prepayment penalty
         Modular Homes and New Construction
         Non Occupant Co-borrowers NOT ALLOWED
                    Loan Products
                   H.O.M.E. Gift Program
                        1% Down
   FHA guidelines on a 99% - 102% maximum Loan to Value
     (based on AVM Value PASS or FAIL) on specific property
      Borrower required to have 1% of their own funds
          can be gifted from a family member
      2.5% Non Profit Gift towards down payment
   Can own no other properties at closing
   Income limitations per HUD Median Income x 1.25
   Maximum Loan is $346,250
   Owner Occupied Only/Primary Residence
   Seller can contribute up to 6% towards buyers closing and
    prepaid costs
   No prepayment penalty
   Non Profit Gift has no repayment features
   Alternative Credit Accepted
   Non Occupant Co-borrowers ALLOWED
               Loan Products
          L2O – LOAN TO OWN
     TLC’s Exclusive $500.00 Down
FHA guidelines on a 100% maximum Loan to Value
     Borrower required to have $500.00 of their own funds
          can be gifted from a family member, religious organization,
           employer or non profit.
     First mortgage @ 96.5% LTV
     Second mortgage @ 3.5% LTV (20 year fixed loan)
          Interest rate @ 7% (FICO over 620)
Can own no other properties at closing
  Income limitations per HUD Median Income
  Maximum Loan is $271,050
 Owner Occupied Only/Primary Residence
  Seller can contribute up to 6% towards buyers closing and
        prepaid costs
  First and Second mortgage may be combined as one mortgage
  No prepayment penalty
  Alternative Credit Accepted
  Non Occupant Co-borrowers ALLOWED
                 Loan Products
A 203k is FHA's Rehabilitation or Renovation Mortgage loan.
    Our Extreme Makeover Home Loan is Perfect for this
    market with all of the foreclosures, REO’s and Short
    Sale Properties that need a little TLC.

    With this loan, a borrower can purchase or refinance a home and
    include additional money for repairs up to 110% of future
    appraised value or ―As is‖ sales price plus borrower paid repairs
    minus sales concessions.

    The HUD rehab and construction loans can be used for current
    or new home purchases for home improvement, repairs and fix

    The FHA 203k loan is the perfect loan for fixing up your dream
                           Click here for the FHA 203K Presentation
                  Loan Products
                   Conventional Loans

   Conventional loans are secured by government
    sponsored entities or GSEs such as Fannie Mae and
    Freddie Mac. Conventional loans can be made to
    purchase or refinance homes with first and second
    mortgages on single family to four family homes.

   In general, Fannie Mae and Freddie Mac's single family,
    first mortgage loan limit is $417,000 in 2009. This limit
    is reviewed annually and, if needed, changed to reflect
    changes in the national average price for single family
    homes. The current loan limit applies to all conventional
    mortgages delivered after January 1, 2009.
            Loan Products
            Conventional Loans

   Home Path
                  Loan Products
                   Conventional Loans
                       Loans up to $417,000
Hero Programs
My Community Programs
Flex Programs
Perfect for Investors, Second or Vacation Homes
         ARM                                      Fixed
         1/1                                      7-Year Balloon
         3/1                                      10-Year
         5/1                                      15-Year
         7/1                                      20-Year
         10/1                                     30-Year
         Community Seconds®                       40-Year
         Expanded Approval®                       Biweekly
         Flexible 97®                             Community Living®
         HomeStyle Renovation                     Community Seconds®
         Interest-Only                            Expanded Approval®
         Jumbo-Conforming Mortgages               Flexible 97®
         MyCommunityMortgage®                     HomeStyle® Construction-to-Perm
         Native American/Section 248              HomeStyle Renovation
         Streamlined Refinance                    Interest-Only
         Uniform Hybrid 5/1                       Jumbo-Conforming Mortgages
         Reverse                                  MyCommunityMortgage®
         Home Equity Conversion Mortgage (HECM)   Native American/Section 184
         Home Keeper and Home Keeper for Home     Native American/Section 248
         Purchase                                 Rural Development/Section 502
                                                  Streamlined Refinance
                 Loan Products
                        Jumbo Loans
Jumbo loans, also called non-conforming loans, are mortgages with loan amounts
greater than the conforming loan limit. The conforming loan limit is set every
January. The current conforming loan limit is $417,000.

Jumbo loans can be fixed rate mortgages, adjustable rate mortgages, or FHA
loans with up to 97% financing and new higher loan limits--your mortgage banker
can help you choose depending on your needs.

What is the Conforming Loan Limit?
The conforming loan limit is the maximum loan size eligible for purchase by either
Fannie Mae or Freddie Mac, who purchase the underlying securities from mortgage
originators. Those funds are then reinvested in new mortgages, and the flow-of-
funds cycle continues.
The conforming loan limit, or "Jumbo Loan amount" is set every January.

The 2009 limit for single-family homes and condominiums will remain $417,000
for 2009 for most areas in the U.S. but specified higher limits in certain cities and
counties. Loan limits for two-, three-, and four-unit properties will remain at 2008
levels as well: $533,850, $645,300, and $801,950 respectively, for homes in the
continental U.S.
                 Loan Products
                       Jumbo Loans

   When a Loan Becomes a Jumbo
   When a loan amount is higher than the conforming limit, it
    becomes a Jumbo Loan, or non-conforming loan, with slightly
    higher interest rates .
   Jumbo Loans, compared with historically low mortgage rates, can
    bring greater flexibility for some home buyers to purchase the
    house they want and make the payment they want.

   What jumbo loans are available?
   With Jumbo Loans, you do have options. Jumbo loans can be fixed
    rate mortgages, adjustable rate mortgages, or FHA loans with up
    to 97% financing and new higher loan limits. Talk with your
    mortgage banker about your current financial situation, and your
    goals, and they'll work with you to find the best choice based on
    your needs.
   With interest rates so low, consumer interest in Jumbo Loans is
    very high. If you are interested in finding out about securing a
    high end home without the jumbo mortgage rate, or getting your
    Jumbo Loan with a low (or no) down payment, talk to a mortgage
    expert at The Lending Company by calling us.
      The Retireze Home Loan
       Purchasing A Home With A Reverse Mortgage

If you are over age 62 you can buy your dream home
   and never pay another mortgage payment.

                   Downsizing Scenario
   75-year old retiree owns a $720k home but owes
    $550k on it and the $4000/month payment is killing
    her finances.
   She sells the home for $690k, and now has $140K
    after paying off her mortgage. She Buys a New
    home for $420k with a reverse mortgage.
   Reverse Mortgage pays $283k, proceeds from sale of
    old home cover the down payment.
   Goes from $4000/month to no mortgage payment
    for the rest of her life (or until she leaves the home.
         The Retireze Home Loan
           Purchasing A Home With A Reverse Mortgage

    If you are over age 62 you can buy your dream home and
               never pay another mortgage payment.

                     Upgrading Scenario

   75-year-old retiree owns a double-wide manufactured
    home worth $60K outright – doesn’t own land
   Sells home for $50k
   Buys single family home for $120K with a reverse
   Reverse mortgage pays $76K and he pays $44K down
   She pockets $6000, gets to live out her life in a nicer home
    and still has no mortgage payment ever.
                  Loan Products
           Reverse Mortgages or H.E.C.M.

A Home Equity Conversion Mortgage is a loan, administered
   exclusively through the Federal Housing Administration, that
   allows you to borrow a portion of the equity in your home,
   turning it into Tax-Free Income, without ever having to make
   any monthly payments or pay back, as long as you continue to
   live in the home.
● You ALWAYS maintain ownership
● Home will pass to your heirs, NOT to the bank!
● You cannot outlive the money
● Fees and Rates are highly regulated
● HUD Counseling is required
● Does not affect Social Security or Medicare
 The H.E.C.M. program provides the widest array of cash-advance
                 options, giving you ―flexibility for life.‖
                   Loan Products
            Reverse Mortgages or H.E.C.M.

●   Take a single, lump-sum payment
●   Receive monthly payments for life
●   Establish a credit line that you control
●   Mix and match
●   No fees to ―change your mind‖
●   Take the trip of a lifetime
●   Do some Home Improvements
●   Spend more time with grandchildren
●   Pay off all other debts
●   Save it for a rainy day
●   Homeowner must be 62 years of age, and live in the home.
●   Your home must be a single-family residence or condo.
    Manufactured homes can be eligible.
●   Your home must meet FHA minimum property standards
●   You must complete the HUD required counseling
      Other Loan Products
 Jumbo Loans to $7 Million
 Foreign Nationals
 Unlimited Investor Purchase (LLC-
  Corporation or Trust)
 Bridge Loans
 1031 Exchange
 Construction
 Commercial
 Multi-Family
    Training Resources Available

          TLC Online University

 PowerPoint presentations
 On Demand video presentations
 Seminar Series
 Webinar Series
Contact Us Today!

           The Lending Company
    6910 E Chauncey Lane Suite 220
            Phoenix, AZ 85054
                  Kirt Grant
         Direct: (480) 639-8166
             Cell: (480.639.8166

Thank you so much for
      your time!
Call Kirt Grant 480-639-8166
                          Loan Products
FHA 203K Rehabilitation or Renovation Mortgage Loan

      Purchase and rehabilitate (also can be used for refinance) home completed for
       more than one year
      15- to 30-year fixed-rate and terms in 5-year increments or 30-year 1-year
       ARM, 30 Yr Fixed rate comparable to FHA 30 Yr Fixed rate
      Rehabilitation construction must begin within 30 days of closing, and all work
       must be completed within six months of closing
      If contractor is used they must be licensed and bonded, borrower can complete
       work themselves if it is done in workman-like manner
      Most improvements are eligible provided they add value and are permanently
       affixed to the foundation
      Improvements to detached structures and luxury items are not allowed
      Structural alterations and reconstruction (repair or replacement of structural
       damage, chimney repair, additions to the structure, installation of an additional
       bath(s), skylights, finished attics and/or basements, repair of termite damage
       and the treatment against termites or other insect infestation, etc.)
      Major landscape work and site improvement
      Improvements for accessibility to the Handicapped (e.g., remodeling kitchens
       and baths for wheelchair access, lowering kitchen cabinets, installing wider
       doors and exterior ramps, etc)
      New free standing range, refrigerator, washer and dryer, trash compactor
                        Loan Products
FHA 203K Rehabilitation or Renovation Mortgage Loan

      Changes for improved functions and modernization (remodeled
       bathrooms and kitchens, including permanently installed appliances,
       i.e., built-in range and/or oven, range hood, microwave, dishwasher).
      Elimination of health and safety hazards (including the resolution of
       defective paint surfaces or lead-based paint problems on homes built
       prior to 1978)
      Changes for aesthetic appeal and elimination of obsolescence (new
       exterior siding, adding a second story to the home, covered porch,
       stair railings, attached carport)
      Reconditioning or replacement of plumbing (including connecting to
       public water and/or sewer system), heating, air conditioning and
       electrical systems. Installation of new plumbing fixtures is acceptable,
       including interior whirlpool bathtubs.
      Installation of Well and/or Septic System. Roofing, gutters and
      Flooring, tiling and carpeting.
      Energy conservation improvements (new double pane windows, steel
       insulated exterior doors, insulation, solar domestic hot water systems,
       caulking and weather-stripping, etc.)
                         Loan Products
FHA 203K Rehabilitation or Renovation Mortgage Loan

      TLC requires that an FHA 203k consultant be used when doing the FHA 203k
       program ($500 fee can be rolled into loan)
      Draws are determined by 203k consultant
      203k Streamline-any repairs less than $35,000 Repair/Replacement of roofs,
       gutters, and downspouts
      Repair/Replacement/Upgrade of existing heating, ventilation, and air
       conditioning systems
      Repair/Replacement of plumbing and electrical systems
      Repair/Replacement of flooring
      Minor remodeling that does not involve structural repairs, such as kitchens
      Exterior and interior painting
      Weatherization, including storm windows and doors, insulation, weather
       stripping, etc.
      Purchase and installation of appliances, including free-standing ranges,
       refrigerators, washers and dryers, dishwashers, and microwaves
      Lead-based paint stabilization or abatement of lead-based paint hazards
      Repair/Replacement/Addition of exterior decks, patios, porches
      Replacement of windows and doors and exterior wall re-siding

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