A Better Way to Buy a Home MORTGAGE PROCESS & LOAN PROGRAMS Learn about the mortgage process, as well as the different loan programs from the #1 mortgage bank and in Missouri.
MY NEW HOME PROS CONS USE THIS PAGE TO TAKE NOTES
ABOUT USA MORTGAGE USA Mortgage is locally owned and operated. We have 3 different locations throughout Columbia, making it easier and more convenient. Our staff is all based in Columbia MO with over 50 years of mortgage backed knowledge. We pride ourselves on the lending excellence and the superior level of service that our status as a mortgage bank enables us to provide. USA Mortgage is a full-service mortgage bank. We will see you through all aspects of the loan process from the time we meet to the day you sit at the closing table. We also will fund your loan with our moneyno waiting for the corporate bigwigs halfway across the country to cut your check! To borrowers and Realtors, being a mortgage bank means you can expect a home financing experience free of hassles and headaches. The complete control means having inhouse operations such as processing, underwriting, closing, and funding. We have an entire team of experienced Realtors that are here to help you with all of your real estate buying and selling needs. Whether you are looking for your next dream home or a great piece of land to build your next custom home, we can help through every step of the way. Contact one of our qualified real estate agents to help you with any buying, selling or general real estate questions you may have.
WHY USA MORTGAGE? 1. LOWER FEES 2. BETTER RATES 3. ONSIGHT MORTGAGE ADVISORS FOR AFTER YOU BUY A HOME 4. MORE PROGRAMS TO FIT ALL YOUR NEEDS 5. EXCELLENT CUSTOMER SERVICE 6. FULL-SPECTRUM LENDING WITH LESS RESTRICTIONS 7. IN-HOUSE UNDERWRITING 8. FAST TURN TIMES 9. CONVENIENTLY LOCATED INSIDE LOCAL REAL ESTATE OFFICES 10. FIRST-TIME BUYER INCENTIVES
PROCEDURE: If USA Mortgage doesn t match or beat your APR, they will make your first mortgage payment. Consumer presents USA with a locked loan estimate from another lender USA issues loan estimate to consumer If consumer decides to use the competing lender with the lower APR, they must present competitor s closing disclosure within 20 days of the loan closing USA will issue a check to borrower in the full amount of the principle + interest of the 1st mortgage payment It s more than just about rate, many fees and charges go into a home loan. The APR is a calculation of your rate and the amount you re paying to buy the rate down and/or close the loan. We guarantee to match or beat the competitor s APR or we ll make the 1st month s mortgage payment for you. DISCLAIMER: Not a commitment to lend. Terms and conditions apply. Promotion begins March 15, 2017. Customer must present DAS Acquisition Company, LLC d/b/a USA Mortgage (USA Mortgage) a genuine Loan Estimate and Closing Disclosure prepared and issued by another lender in order to qualify. The Annual Percentage Rate (APR) on the Loan Estimate and Closing Disclosure issued by another Lender must be lower than the APR listed on USA Mortgage s Loan Estimate. The Closing Disclosure issued by another lender must be presented with 20 days of the Closing Date listed on same. Promotion is only applicable if the following information on the Loan Estimate and Closing Disclosure prepared and issued by another lender is identical to the information relied upon by USA Mortgage in completing its Loan Estimate: Property, Sales Price (if applicable), Loan Term, Purpose, Product and Loan Type. The applicants listed on the Loan Estimates and Borrowers listed on all Closing Disclosures must be identical. Any Loan Estimate or Closing Disclosure prepared by another lender and presented to USA Mortgage in connection with this promotion must have a Date Issued on or after March 15, 2017. Promotion shall not be applicable if another lender makes a counteroffer in response to Mortgage s Loan Estimate. Payment to the customer shall not exceed $1,000.
HOME LOAN PROCESS 1PRE-QUALIFICATION & DOCUMENTATION The first step is to complete a full loan application, which can be done online or with the assistance of your loan officer. Once your application is received your loan officer will guide and help determine which loan program best fits your needs while informing you of the needed documentation to move forward with the process. START SHOPPING 2FOR YOUR NEW HOME This is the fun part; you can work with a licensed real estate professional that will help find that house you can call home! Along the way, they will assist in making sure you are aware of any unseen or unnoticed issues to insure you are buying with confidence. Once you find the right place they will work on your behalf for the best terms and price of the sale. 3BEGIN THE LOAN PROCESS Once all parties have agreed to the terms of the sales contract, your loan officer will begin the processing of this loan on your new home while ensuring we have the correct programs and terms to fit you and the property. You will then review and sign your Loan Estimate so you have a realistic picture of the transaction.
4UNDERWRITING A Mortgage Underwriter s job is to assess the risk of lending you the applicant money, to purchase your home. They consider factors such as credit history, employment history and income when determining whether to approve the loan. 5INSPECTION & APPRAISAL Your realtor can recommend a capable home inspector for a thorough inspection of the property. The inspector will check for any structural and/or material defect, items you will want to know about before your purchase. After the inspection is complete your loan officer will place the order for your appraisal and a licensed appraiser will be randomly selected to complete the order. 6CONDITIONAL APPROVAL Once the underwriter has reviewed all the documentation provided for the buyer and it meets the minimum requirements they will issue an early approval however this approval will still have a few items needed to get a final approval. 7FINAL APPROVAL & CLOSING Once the additional items from the early approval #6 have been obtained and the underwriter signs off giving it a clear to close. The file will now move into closing. T his is where the get the paperwork ready for the borrower to sign and move the money to the title company to pay for the home.
LOAN PROGRAMS MHDC FIRST PLACE & NEXT STEP Practically a $0 out-of-pocket 4% of the loan amount to be applied towards down payment Do not need to be first time buyer for MHDC USDA No down payment required Reduced monthly mortgage insurance premiums No county loan limits Seller concessions of 6% of sales price Not restricted to first time home buyers Location restrictions may apply CONVENTIONAL 3% DOWN HOMEPOSSIBLE & HOMEREADY 3% seller concessions 3% minimum down payment required 1 unit - down payment can be gifted 1-4 unit properties for primary residence No monthly private mortgage insurance options available Only 5% minimum down payment Maximum loan amount of $424,100 Seller concession limited to 3-6% of sales price (please call for details)
FHA Only 3.5% minimum down payment Max loan amount will be $275,665 No income limits Seller concessions up to 6% of sales price FHA 203(k) Borrow additional money for repairs and or renovations Only 3.5% minimum down payment Maximum loan amount of $275,665 Monthly mortgage insurance premium Existing homes eligible Seller concessions 6% VA 0% down payment requirement No monthly mortgage insurance VA funding fee financed into loan Disabled veterans can waive funding fee HOMESTYLE CONVENTIONAL RENOVATION No minimum loan amount 1-4 unit property for primary residence 1 unit investment property or second home purchase Funds received cover renovations, repairs, remodeling or energy upgrades ADDITIONAL LOAN PROGRAMS Jumbo Loans- best rates in the market Bridge Loan Construction Loan
MORTGAGE DOs & DON Ts DOs: KEEP ALL RECORDS IN GOOD ORDER AVAILABILITY - Keep your financial records close at hand in case updates are requested. INCOME - Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as received. ASSETS - Continue saving income account statements. Keep all numbered pages of each statement. Ex. 8 of 8. GIFTS - If you re receiving any gift money from relatives, they ll need to sign a gift letter (we ll provide) and an account statement evidencing the source, which must be seasoned funds. CURRENT RESIDENCE - If you re renting, continue paying your rent on time and save proof of payment. If you re selling your current residence, be prepared to show your closing disclosure. If you ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month s rent and security deposit. KEEP YOUR CREDIT SHINING - Continue making payments on time. Your credit report may be refreshed, and any negative change to your score could cause you to lose your approval and your home. UNDERSTAND THAT THINGS HAVE CHANGED - Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn t need it, they wouldn t ask.
DON Ts: APPLY FOR NEW CREDIT - Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with us first. CHANGE JOBS DURING THE PROCESS - Probationary periods, career or even staus changes (such as from a salaried to a commisioned position, leave of absence or new bonus structure) can be subject to very strict rules. MAKE UNDOCUMENTED DEPOSITS - Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Make sure you keep all documents on any large deposit. WAIT TO LIQUIDATE FUNDS FROM STOCK OR RETIREMENT ACCOUNTS - If you need to sell investments, do it now and document the transaction. Don t take the risk that the market could move against you leaving you short of funds to close. EVER BE AFRAID TO ASK QUESTIONS - If you re uncertain about what you need or what you should do, we re here to help you through the process, even long before you intend to buy.
33 East Broadway Suite 290 Columbia, MO 65203 573.397.6090 www.missourimortgagesource.com