Ray Evans- Realtor Information Packet

About AboutUs Us

Office Office 470-481-3947 704-728-0191

7 Baynard Park, Suite B, Newnan, GA 30265

Direct Lender - In-House Processing In-House Underwriting means faster loan approvals and higher pull through.

Communication

We communicate throughout the loan process, explaining it clearly, while educating you on the product choices that fit your individual needs.

Experience & Integrity

Over 100 years of combined residential lending experience, Element Funding will seamlessly guide you through the home buying process.

Customer Service

We are committed to providing excellent customer service that you deserve.

‘’A High Powered Mortgage Company With A Hometown Feel”

Meet our Team We are committed to providing clients with the highest level of service, expertise and experience.

We understand that a home, for most clients, is the largest investment they have. Our job is to help them professionally manage that debt. We strive to provide professional, courteous and personal service, and feel that honesty and integrity are essential aspects of any business relationship. We know that there are many options for mortgage services, and we appreciate you choosing us! Our goal is to exceed your expectations...

Ray has years of experience in real estate and the mortgage industry. He joined Element Funding, where he has been a top producer and branch manager, serving Georgia, Alabama, and Florida. Ray has the experience and industry knowledge to help identify and secure home financing that fits clients’ unique needs and wants.

The other players on Team Element Funding include Sylvia Campbell, Melanie Whobrey and Adrienne McDaniel. With their extensive experience in commercial and residential lending, these ladies provide the knowledge and experience you can put your confidence in. Unlike other lenders, our team specializes in providing each of our clients with the utmost care, walking with them through each step of the loan and going above and beyond to meet their needs. It’s no wonder our clients keep coming back for more!

Ray Evans

Branch Manager

Adrienne McDaniel

Sylvia Campbell

Client Relations Specialist

Loan Coordinator

Melanie Whobrey Loan Processor

Partner Benefits Timely Response for Clients

$

More Lending Options Available Monthly Lead Reports Tuesday Morning Update Approval Gift Sent

on behalf of you and my team

Guaranteed on Time Closings Free Marketing List Reports Moving Dinner Pizzas

delivered on behalf of you and my team

Included with our Services 4 Weekly personal concierge updates while under contract to closing.

4 Lock and Shop you can lock your interest rate at no cost while shopping for a home (consult with our team for specifics and needs based on market conditions).

4 Passport to the Atlanta’s Event Facebook membership and discounts to local businesses.

4 Family Pizza Delivery Service week of closing.

4 12 month membership to Element Advantage Up to $7500 in discounts from major retailers on furniture, appliances, home dĂŠcor, tools and more! (Including retails such as Target, Papa Johns, Costco, Sears ADT to name a few).

4 12 month membership to Element Travel Up to 50% off Hotels, air travel, gym membership, car care and more!

4 Annual Review Service Yearly on your mortgage anniversary our experienced team reviews your current financing terms, principal balance, interest allocation, amortization schedule, insurance and more. This service is included year after year regardless of your servicer and is available to friends or family members at no additional cost.

This service has saved clients thousands over the term they retain the home.

4 Low Cost Interest Rate Reduction, Refinances, and Term Reductions.

MORE OPTIONS, MORE CLOSINGS! • VA • Conventional • HomeReady • Home Possible • HomeStyle Renovation • Open Access Select • Medical Doctor Select • Manufactured Homes • Modular Homes • USDA 100% Rural

• 100% no MI • FHA • 203K Renovation, Limited and Standard • HUD $100 Down • HECM, Reverse • Georgia Dream, 100% • DPA’s, NSP’s, Grants • JUMBO Loans • HELOC

• Non-Traditional • Bank Statement Program • Recent Credit Issues, BK, Foreclosure, etc.

• Investor Cash Flow “No Income” Program • Asset Qualifier Program • Foreign National Program

The Mortgage Mortgage Process Process

The Process, Step by Step Step TheMortgage Mortgage Process,

by Step

Before Before you you purchase purchase a a home, home, get get acquainted acquainted with with the the basics basics of of the the home home loan loan process. process. Follow Follow these these steps steps to to familiarize familiarize yourself yourself with with common common terms terms and and milestones, milestones, and and for for a a smoother smoother overall overall buying buying experience. experience. You’ll You’ll be be glad you did!

Preapproval:A preapproval helps you know in advance how much home you can afford. To start, you may Preapproval: A helps you know in advanceCompleting how much this home you can afford.

To start, may be asked bepreapproval asked to complete a loan application. step will also increase youryou negotiating powertowhen complete a loan application.

Completing this step will also increase your negotiating power when making a making a purchase offer. purchase offer.

Documentation: Paperwork supporting the application must also be submitted, which includes income

Documentation: Paperwork supporting the application must also be submitted, which includes income and asset documents.

and asset documents.

The TheHunt: Hunt:Begin Beginshopping shoppingforfora ahouse. house.Once Onceyou youfind findthe theright rightone, one,the theterms termsofofthe thesale salewill willbebenegotiated, negotiated, including including the the price price and and potentially potentially the the terms terms of of the the loan loan being being sought. sought. A A professional professional real real estate estate agent agent can can make make this part of the process fun and less frustrating. this part of the process fun and less frustrating.

Inspection Appraisal: Lenders require an appraisal and may require certain inspections on allon all Inspectionand and Appraisal: Lenders require an appraisal and may require certain inspections

home sales. By knowing the true value of the home, the borrower is protected from overpaying. During this time, a title examination is also performed to determine whether any liens exist on the property’s previous owners.

Loan Decision: The loan is approved or declined. A conditional loan approval may be contingent on additional Loan Decision: The In loan is approved or declined.

A conditional loan approval may be contingent documentation or actions. some cases a counter approval may be provided with alternative loan options. on additional documentation or actions. In some cases a counter approval may be provided with alternative loan options.

Closing: All final loan and escrow documents are signed. The lender confirms and completes the transaction with the necessary loan funds.

Closing: All final loan and escrow documents are signed. The lender confirms and completes the transaction with the necessary loan funds.

If you or anyone you know has questions regarding the If youloan or anyone know to has questions regarding home process,you I’m happy help.

Get in touch today. the

home loan process, I’m happy to help. Get in touch today.

Mortgage Cheat Sheet SEASONING REQUIREMENT:

FLIP GUIDELINES:

Conv FHA VA USDA 7 years* 3 years 2 years 3 years FC 4 years 3 years 2 years 3 years SS Ch 7 4 years 2 years 2 years 3 years Ch 13 2 years** 1 year*** 1 year*** 1 year*** *7 years from date of sale unless included in a BK then it is 4 years **2 years from discharge or 4 years from dismissal ***1 year in BK plan with the Trustee approval and 12 month on-time payments

MORTGAGE INSURANCE AND FUNDING FEES:

>15 year term

<=15 year term

FHA

UFMIP Annual

UFMIP Annual

LTV

LTV

>95%

>90%

1.75% . 85%

<=95% 1.75% .80%

1.75%

.70%

<=90% 1.75%

.45%

VA

1st Use

2nd + Use

Veteran

2.15%

3.3%

Nat Guard or Reserves

2.40%

3.3%

VA Disabled

0%

0%

USDA:

1% UPFRONT FINANCED INTO THE LOAN .35% MONTHLY MI

CONVENTIONAL:

Monthly, LPMI and BPMI available.

Pricing is based upon credit score, down payment, DTI and number of borrowers on the loan.

FHA:

VA:

Properties owned <=90 days not eligible. Contract must be written on or after day 91.

Support and document increase

Conventional: Support and document increase USDA:

If the increase is >20% of the price the seller paid, the appraiser must provide photos of the renovations/repairs and comment on the value increase.

MISCELLANEOUS INFO:

FHA Case Number: Follows property for 6 months and the appraisal expires in 120 days.

Conventional Appraisal: Cannot be transferred between lenders.

Ordering Appraisals: Cannot be ordered until LE is disclosed to borrower and accepted by borrower.

USDA and GA Dream/DCA closings: Cannot guarantee closing date. Suggest writing a contract close date a minimum of 45 days from offer date.

Medical Collections: Does not have to be paid off or counted in DTI but does still effect credit score.

Repair Escrow Holdback: Available if repairs will not affect the livability, safety or structural integrity of the property or affect the ability to obtain a Certificate of Occupancy on new or proposed construction.

Mortgage Cheat Sheet MORTGAGE SLANG:

CEL: Consumer Explanation Letter CIC: Change in Circumstance CD: Closing Disclosure LE: Loan Estimate LTV: Loan to Value AUS: Automate Underwriting System DU: Desktop Underwriting (AUS) for Fannie Mae LP: Loan Prospector (AUS) for Freddie Mac UW: Underwriter/Underwriting VOE: Verification of Employment VOD: Verification of Deposit VOR: Verification of Rent VOM: Verification of Mortgage EM: Earnest Money BK: Bankruptcy: Chapter 7 or Chapter 13 FC: Foreclosure SS: Short Sale LOX: Letter of Explanation DTI: Debt to Income CO: Certificate of Occupancy MI: Mortgage Insurance PMI: Private Mortgage Insurance MIP: Mortgage Insurance Premium LPMI: Lender Paid Mortgage Insurance BPMI: Borrower Paid Mortgage Insurance

GIFT FUND REQUIREMENT FHA:

Donor must show their most recent 30 day bank statement and provide funds by wire to the attorney or check to the borrower prior to closing. If check, deposit must be documented into the borrowers account.

Conventional, VA and USDA:

Donor can wire funds directly to the closing

attorney with no further verification required.

Lender will request copy of the wire receipt

from the attorney.

MINIMUM CREDIT SCORE REQUIREMENT: FHA: 580 VA: 600 Conventional: 620 USDA: 620 GA Dream: 640 THDA Dream: 640

MAX SELLER CONTRIBUTIONS:

FHA: 6% VA: Seller can pay all CC plus 4% towards

pre-paid items and/or debt to be paid

off at closing Conventional: >90% LTV = 3%

<=90% - 75% LTV = 6%

<75% LTV = 9% Conventional Investor Loan: 2% USDA: 6% GA Dream: 6%

MINIMUM DOWN PAYMENT REQUIREMENT:

Gift Funds Allowed FHA: 3.5% VA: 0% Conventional: 3% USDA: 0% GA Dream: $1000

THE ELEMENT DIFFERENCE > In-house Underwriting, Processing and Closing

> Direct Lender > Manual Underwriting Available

> Same Day Pre-Approvals > Fast Closings > No Lender Overlays > Upfront Underwriting Available

Community Partners

Community Partners

Home Mortgages A Touch Above The Rest.

Your Mortgage Team www.ElementFunding.net 470-481-3947 Ray Evans MLO 28058 NMLS#218350 RayEvans@ElementFunding.com 7 Baynard Park, Suite B, Newnan, GA 30265

Primary Residential Mortgage, Inc., DBA Element Funding, NMLS #3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval.

Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Georgia Department of Banking and Finance 6521. Alabama Banking Department Bureau of Banking MC 20316. NMLS 218350, MLO 28058