Toscano FHA

Slide 2: 

John P Dreibelbis Presents………. FHA: An Old Friend for a New Environment

FHA Overview : 

FHA Overview FHA is a Federally Insured Mortgage Loan Program. It gives Stability and Predictability. Interest Rate is FIXED for the Life of the Loan. Provides a viable financing option for many borrowers. Flexible Credit Underwriting; Not necessarily “Score Based”. Co-signers do NOT have to occupy the property if they are related. Minimal Down payments or equity required. 6% seller concessions are permitted. Can be used for Refinance and Purchases. Fast approval process !

FHA Qualifying : 

FHA Qualifying Minimum credit score is 580 Bankruptcy chapter 7 must have been discharged for 2 years Bankruptcy chapter 13 requires court approval and one year satisfactory payment history. Foreclosure be within the last 3 years, unless there are documents extenuating circumstances.

Gifts : 

Gifts 100% of the total move-in can be a gift from a relative, borrower employer, or close friend with a clearly defined and documented interest in the borrower. The gift donor may not be a person or entity with an interest in the sale of the property.( examples Seller, Realtor, Mortgage broker, Etc…) FHA considers Gifts as the Borrower’s own funds, and can be used accordingly Gift Donor’s MUST be able to verify that they had the ability to give the gift, show transfer of funds from donor’s account to borrower.

Every one wants a place to call home : 

Every one wants a place to call home

FHA Qualifying : 

FHA Qualifying Collections with no activity for more than 12 months need not to be paid off. Accounts placed for collection within the 12 months must be paid off before or at closing. Debt to income should not pass 43% of individual or combined income.

Down Payment : 

Down Payment Maximum Loan to Value is 96.5% Property MUST be Owner Occupied. This means Minimum Down payment of 3.5 %

By the way this is our gym : 

By the way this is our gym

Income Guidelines : 

Income Guidelines FHA is a “FULL DOC” Only Program !! Borrower (s) must demonstrate TWO years of CONTINUOUS Employment ( not necessarily in same line of work ). Gaps in employment must be satisfactorily Explained. For “WAGE EARNER” borrowers, income has to be demonstrated by last 2 Year’s W-2’s and recent pay stubs. In addition, a standard FNMA VOE will be sent to the employer, plus a verbal verification. For “Self-Employed” borrowers, income will be verified by the previous 2 years FEDERAL tax returns, and a Year To Date, unaudited, P & L from the borrower’s Accountant. IRS Form 4506-T will be required, and verified PRIOR to closing.

Nice Lobby for your Guest and relatives to wait for you !! : 

Nice Lobby for your Guest and relatives to wait for you !!

We Want Your Business : 

We Want Your Business Years in Business doing FHA Loans Common Sense Underwriting. Fast Turn-around times. Manual Underwriting Conditional Commitments issued within 48-72 Hours of loan submission. Personalized Attention and Service

Convenient clubhouse for most occasions : 

Convenient clubhouse for most occasions

Here’s How to Find Us !! : 

Here’s How to Find Us !! John P. Dreibelbis Mortgage Consultant Homeservices Lending, LLC Series A An Affiliate Of Wells Fargo Home Mortgage Mac M1874-090 355 Alhambra Circle, Suite 950 Coral Gables, FL 33134 Work - (305)992-7512 Efax- (1866)-603-8628john.p.dreibelbis@homesvclending.com