Download - New hsoa recruiting presentation
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A Little About Us..• Home Savings of America is a federally chartered stock savings and loan
association
• Proud members of the American Banking Association
• We’ve been in the banking business, helping homebuyers and homeowners achieve their dreams, since 1934
• Corporate headquarters are located in Little Falls, Minnesota
• Our two underwriting centers are located in Charlotte, North Carolina and San Diego, California
• Member FDIC
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What we offer..
Ability to lend in 50 states
No state testing or licensing required
Ability to bank or broker all loans
Exceptionally low rates
24-48 hour underwriting turn time
Competitive compensation package
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Calyx/Point for loan origination
Optional use of national title company for initial document signings
Latest online technology - eHome
Our web-based underwriting system (eHome) allows our LO’s to price a loan scenario, submit loan data, request a lock, and manage their pipeline.
High-level customer service
Our Technology
All disclosures sent through DocMagic for nationwide compliance
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Run Program Scenarios Pipeline Report
Price or Lock Your Loan
eHome allows you to:
Upload Your Loan
Track Your Loan
Credit Report and DU findings will be automatically attached to the loan
User-friendly Application
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Products Conforming, including high balance products
Direct Fannie Mae seller – HSOA Direct
FHA/VA/USDA
Streamline 203(k) Renovation Loan
Niche products
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HSOA DirectThis fixed rate conforming loan allows for:
• 5-10 financed properties (primary residence, second home and investment properties).
• Loan size up to $1 million on 3-4 units (up to FNMA limitations).
• 10-20 acre properties eligible.
• No minimum number of trade lines to establish a score.
• Income verification – per DU.
• Proposed rents allowed on investment purchase with rental survey.
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High Balance• 15-30 year fixed or 5/1, 7/1 & 10/1 ARMs
• 90% LTV O/O purchase or rate-term refinance with 700 FICO (fixed rate)
• 75% LTV O/O purchase with 680 FICO
• 60% LTV O/O cashout with 740 FICO
• DTI per DU findings (up to 45% for LTV>80%)
• 2nd home or investment properties 65% LTV w/ 740 FICO
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• If your borrower is making a smaller (less than 20%) down payment, choosing a shorter term mortgage, and/or is planning to move within the next 10 years, Lender Paid Mortgage Insurance may be the borrower’s best option.
• Cost is included in the interest rate, resulting in a lower monthly payment than other options
LPMI Option
• Tax deduction may be larger
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LPMI Option
Property type Maximum LTV Minimum credit score
1 unit primary residence 95% 680
1 unit second home 90% 720
Purchase and Rate/Term Refinance
Property type Maximum LTV Minimum credit score
1 unit primary residence 85% 720
Cashout Refinance
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FHA’s Streamline 203(k) program is ideal for:
• Buyers with limited funds for down payment and rehabilitation costs.
• Homeowners wanting to refinance and update their existing home.
• First-time home buyers wanting to purchase a bank-owned property in need of repair
With all of the bank-owned properties on the market, it’s getting harder to secure financing on these well-priced homes due to the amount of repairs needed.
Much of the time, banks will not fix these issues which kills your sale.
Streamline 203(k)
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The Streamline 203(k) loan is the perfect solution for the issue!
Streamline 203(k)
Program highlights
FHA Streamline 203(k) allows your borrower to purchase or refinance a property that needs up to $31,120 in repairs such as:
Carpet/Flooring
Painting
Energy-Efficiency
Updates
Electrical, Plumbing
and HVAC Updates
Kitchen Remodeling
Finished Basements
Roofs, decks,
porches, and patios
Appliances
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USDAThrough the USDA Rural Development Program, Home Savings of America can offer home buyers a 30-year low fixed rate mortgagee with:
• No money down.
• Closing costs can be included in the loan amount.
• Relaxed Credit Guidelines (similar to FHA and VA).
• No monthly PMI Insurance.
• No cash reserves required.
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USDAIs my client eligible?
• Monthly housing/total debt ratios can exceed the standard 29%/41%.
• 640 FICO score required.
• Household income can be up to 115% of the median income for your area.
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USDAIs the home they’re looking at eligible?
• The house must be in an eligible rural area, but many suburban areas qualify.
• The home must be owner-occupied.
• Single family homes; some condos may be eligible.
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Compensation• Minimum wage draw against commission
• Self-Generated Loans
Up to $1 Million in total volume: 100BPS
Over $1 Million in total volume: 110BPS
• Lead-Generated Loans
70 BPS
• Brokered Loans (14 Lenders Currently)
100 BPS less processing fee
• Benefits
401k through John Hancock
• Maximum per loan compensation - $6,500