More Related Content
What's hot (17)
Similar to Mktg Market Changes Guaranteed Rate Solutions040609 (20)
Mktg Market Changes Guaranteed Rate Solutions040609
- 1. Ìý
- 2. Market Changes Guaranteed Rate Solutions Why choose Guaranteed Rate Agenda
- 3. Market Changes Federal Housing Bailout and Government Stimulus Package Second Mortgages CLTV > 85% are not eligible. Stated Income eliminated Non- Owner properties eliminated Jumbo Loans Market liquidity has led to more restrictive guidelines (i.e. higher credit scores, etc..) FICO Restrictions PMI requires a higher min FICO Monthly premiums vary based on FICO score Higher score = Lower premiums Elimination of programs- Stated/No Doc Declining Markets More stringent appraisal requirements. Tougher to support value. Additional PMI restrictions (Condos > 90% LTV, Non-owner properties ineligible, higher FICO scores required, etc.)
- 4. Guaranteed Rate Mortgage Solutions FHA & VA Loans Conventional Fixed and Adjustable Rate Mortgages Jumbo Loan programs Affordable Housing Programs First Time Home Buyer Programs Lowest Rates in the Market Realtor Advantage Program
- 5. FHA Loans Guaranteed Rate is a government approved FHA mortgage bank Lower down payment – only 3.5% required Gift funds OK for down paymentÌý More flexible credit guidelines make it easier to qualify Lower Minimum FICO score, no income limits Non-Occupying co-borrowers allowed Loan Amounts vary by county (Go to https://entp.hud.gov/idapp/html/hicostlook.cfm for loan amounts) Not just for first-time home buyers
- 6. VA Loans ZERO down payment is required in most cases NO monthly Mortgage Insurance Relaxed credit standards, so perfect credit is NOT required NO income caps NO reserves required Flexible underwriting with expanded debt ratios Seller or other parties may contribute up to 4% of the Veteran’s closing costs
- 7. Conventional & Jumbo Loan Programs Conventional Fixed & Adjustable Rate Mortgages: SFH – 5% Down (Max 95% LTV) Condos – 5% Down in Chicago area (Max 95% LTV); 10% Down elsewhere – Chicago MSA counties: https://www.efanniemae.com/sf/refmaterials/hudmedinc/hudincomeresults.jsp Jumbo Loans – Adjustable Rate Mortgages: Programs available up to $3,000,000 (varies by state – check for LTV/CLTV restrictions) 90% Loan To Value Programs (varies by state)
- 8. Ìý 3% Down Payment Programs (Fannie Mae’s My Community & Freddie Mac’s Home Possible ) designed to help first time homebuyers Higher LTV thresholds allowed under the program (depending on number of units and property location) – 97% LTV 1-4 unit primary residences allowedÌýÌý Additional flexibilities for teachers, firefighters, law enforcement officers, healthcare workers and military personnelÌý(varies by state & county)Ìý Closing costs can be paid from gift from a related person Reduced mortgage insurance coverage levelsÌý Affordable Housing Programs
- 9. Home Buyer Programs First-Time Home Buyer Tax Credit Up to $8,000 for homes purchased on or between January 1 - December 1, 2009 Does not have to be repaid Equal to 10% of the home’s purchase price up to a maximum of $8,000 Single taxpayers with incomes up to $75,000; married couples with incomes up to $150,000 Builder-Paid PI Principal & Interest paid by builder for first 6 months
- 10. Guaranteed Rate Advantage Lowest Rates – Guaranteed! More Products and Better Pricing Faster Turnaround and Better Service: We Control the Transaction: In House Underwriting Department In-House Closing Department In-House Funding Department In-House Secondary Marketing Department – Best Pricing
- 11. Realtor Partner Program Value-added marketing tools to help Realtors build their business: Broker Open Catering Virtual Tours Home Loan Analysis Sheets Daily Mortgage Rate Search Engine Neighborhood Reports Just Listed – Just Sold Postcards Co-Branded Custom Marketing (Postcards, Quarterly Newsletter, Flyers, Signage)
- 12. About Guaranteed Rate Guaranteed Rate was founded in 2000 and since its inception has experienced double digit growth each year, becoming the largest independent mortgage company in the nation -- and is growing strong. Headquartered in Chicago, with over 600 employees companywide and offices throughout the U.S. and currently licensed in 43 states. As a mortgage bank, we offer the best of both worlds --- the financial strength of a large bank and the flexibility of a mortgage broker. Closed Loan Volume of $4 Billion for 2008
- 13. Guaranteed Rate In the News