Conventional Loans

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                  "Conventional loans are the traditional mortgage loan product that we all know about. It requires 20% down and high credit scores coupled with low debt to income ratios. This creates a lower risk loan for the lender and you will be rewarded with a low rate and no monhtly PMI charges. Currenlty there are many programs available for existing conventional mortgage holders to help assist them in refinancing. In addition to having excellent qualifying criteria it is also very important you use the right bank. This is nearly impossible for the client to shop around and find the right lender. I am a direct correspondent lender, so I will be able to take this part out of the equation for you. Give me call and see how amazing my rates can be for these programs. "

                                                                                             Brian Dawson
                                                                                             Sr Loan Officer
                                                                                             NMLS # 142285

             Purchase Highlights

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1. Low rates with good qualifications
2. Overall Low closing costs
3. No additional "program" fees
4. Investment properties
5. Vacation Homes/ 2nd Homes
6. Fast approvals and Closings
7. No monthly PMI with 20% down
                                                         8. 80/10/10 loan programs available (this means only having to put 10% down and not having to pay monthly PMI!)
                                                          9. Lender paid MI available.
                                                         10. One time buy out of the PMI at the closing table by either the borrower OR the lender!

           Refinance Highlights

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1. Cash out refinance up to 80% of appraisal
2. Refinance 1st and Subordinate your 2nd!
3. Rate and term up to 95% of appraisal
4. Investment properties
5. Vacation Homes/ 2nd Homes
6. Overall low closing costs
7. Low rates with good qualifications

Home Affordability Refinance Program 2.0

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              There are two "Bail out" programs available to conventional mortgage holders. One is for Fannie Mae mortgage holders and the other is for Freddie Mac mortgage holders. If your home has lost a significant amount of equity or even if yoiu are upside down on your mortgage this program can help you. Below are some program highlights and links to find out if your conventional loan is backed by Fannie Mae or Freddie Mac.  When looking into this program it is EXTREEMLY important you are working with a company that has access to multiple investors. Each investor has made their own overlays and rules for this new program that are above and beyond what Fannie Mae and Freddie Mac have set. The more investors you have access to the more options you have. You will also have more competitve rates by taking this approach,

Fannie Mae DU/Refi Plus

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1. Refinace up to unlimited% of home value*
2. Updated relaxed debt to income ratio tolerances
3. No monthly PMI reglardless of LTV**
4. No appraisal required***
5. Low Closing costs
6. 620 and up credit scores

Freddie Mac Open Access

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1. Refinace up to unlimited% of home value*
2. Updated relaxed debt to income ratio tolerances
3. No monthly PMI reglardless of LTV**
4. No appraisal required***
5. Low Closing costs
6. 620 and up credit scores
 * Subject to Lender Guidelines
 **Only if current loan does not have PMI
 ***Subject to automated findings

Bank owned (REO) Purchase

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HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

Benefits to You, the Borrower

  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes and investment properties.
  • Many condo project requirements are waived; ask your lender for details

Purchase and renovation in 1 loan

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by Fannie Mae





HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation - up to 35% of the as completed value, no more than $35,000.

Benefits to You, the Borrower

  • Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • Renovation amount based on appraisal “as completed” value.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes, and investment properties.
  • Many condo project requirements are waived; ask your lender for details.