Tag Archives: Conventional Home Loans

HomeStyle Rehab Loan

Fannie Mae HomeStyle Loan

I am sure many of you are asking why I am so driven and passionate about this “HomeStyle” loan program.  Maybe I am crazy?  LOL this is a possibility

For decades many homeowners have not focused on building equity in their home.  In my 30+ years in real estate I believe that creating and building equity in your home is major building block in your family’s financial foundation.  By building equity you can buy up every few (5 – 7) years and after your 2nd or 3rd home sell you will have the home of our dreams without the high monthly payment!

Fannie Mae “HomeStyle” Loan allows up to 50% in remodel / repairs (based on “as completed value”).

Some of the Benefits of a HomeStyle Loan:

  • Ability to explore more home choices for purchase
  • Can immediately add equity to the home
  • Advantageous for the First Time Home Buyer, no need to save up for the home repairs, needs and wants
  • Avoiding high interest rate credit cards for home repairs
  • Borrowers can purchase the appliances they may not own
  • Have the ability to personalize home improvements
  • Get in your desired school district or neighborhood
  • Have more house than you thought you could afford
  • Get the kitchen, bathroom, or office they wanted or needed
  • Remodel a home to fit their needs
  • Monthly mortgage insurance will be based on the estimate value of the home after renovation. And NO upfront funding fee that Government Loan require (FHA, VA & USDA)

The HomeStyle Loan is for both Purchases and Refinances!

To get more details on this loan product click on the link. HomeStyle

Contact me and we will get started on your HomeStyle Loan building equity and your financial future.

An attitude of gratitude creates blessings – Sir John Templeton

Blessings,

Cindy Seely NMLS # 245378

Western Missouri Branch Manager & Licensed  Loan Originator

National Asset Mortgage, LLC NMLS # 836952

(816) 728-1384

1201 N. W. Briarcliff Parkway, Kansas City, Mo 64116

 

Homebuyers Reduce your Stress and Make a More Solid Offer to the Seller with a TBD Approval!

First to clarify TBD – To Be Determined; meaning the property has yet to be found or under contract.

Many buyers think they need to find a house before getting “Approved” for a mortgage.  That is NOT True!  In reality the majority of the underwriting process can be done before finding your new home with a TBD file.

Buying a home can be stressful from negotiating the sales price of the home to the loan and underwriting process.

The solution to reducing the stress:  a TBD Approval!  There is a big difference between getting “Pre-Approved” from a lender and having an “Approval”.  And it will carry more weight with the seller and seller’s agent when making an offer.

TBD Process: signing disclosures, providing supporting docs i.e. income, assets etc.  The file is then submitted to the lender.  Your file will be completely underwritten by an underwriter and fully approved.  Then you will go out and find your new home.  J

When you find the home you want you will then negotiate with the seller on a price which you both agree on.  In the negotiation process you will provide the seller with an “Approval Letter” which carries more weight than a “pre-approval” letter since the underwriter has already seen, analyzed and accepted your credit report, income and assets.

Once you have a property under contract the only thing that the underwriter will require is specific information on the property: appraisal, title, homeowners insurance, inspections etc.

TBD’s are a HUGE benefit to the buyer, seller, Real Estate Agents.

#1.  Buyers have more confidence and less stress knowing that the underwriter has viewed, confirmed and approved their financial picture.

#2.  Sellers have less fallout when dealing with TBD approvals and TBD buyers are held in higher esteem than buyers who have only been “Pre-Approved”.

#3.  The benefit to Buyer, Seller and Real Estate Agents knows that the process will be smoother and take less time to close the sale.  Time needed to close will be reduced by 2 -3 weeks!

How do you get TBD approved and enjoy these benefits? Contact Me at:  (816) 728-1384 or Cindy@CindySeely.com

I can provide TBD’s on Conventional, VA, FHA and USDA Loan Products.  Hot Happy Couple

 

If you have any questions please don’t hesitate to ask and I will answer.

Blessings,

Cindy Seely

NMLS # 245378, Mo 10-1649-MLO, Ks 0009720