What I want to know about mortgages 2016 racheli mortgage lender 954 800 0330

What I want to know about Mortgages?

(954) 567-7300 NMLS# 64918 www.Loans-4-u.com Racheli Refael (Smilovits) www.loans-4-u.com 954-567-7300 Copyright ŠRacheli Refael Smilovits 2015

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Background Born and raised in Israel Served in the Israeli Army, & she know to shoot well Was a Flight Attendant during her college days Been in the financial arena since 1986 Licensed Mortgage Broker since 1995.

• Used to be 65lb heavier • Hobbies are Health and nutrition, People, Yoga, Rollerblading, Learning and Reading, and a passionate Traveler • Love to teach Real Estate Agents Marketing & Technology www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

www.loans-4-u.com 954-567-7300 Copyright ŠRacheli Refael Smilovits 2015

www.loans-4-u.com 954-567-7300 Copyright ŠRacheli Refael Smilovits 2015

What I want to know about Mortgages?

What is the minimum Credit Score to get a mortgage

• Minimum score 620 for FHA 660 for conventional 700 for Jumbo >$417K

www.loans-4-u.com 954-567-7300 Copyright ŠRacheli Refael Smilovits 2015

What I want to know about Mortgages?

Do you always have to put 20% down of the home Value?

• No FHA 96.5% • Conventional 97% • Non Conventional Yes

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What I want to know about Mortgages?

How to qualify for a home mortgage as a Self Employed ?

• Income is calculated on the NET INCOME average for the last 2 years from K-1 or Schedule C • Although you can deduct most anything you don’t have to.

• Leave dome dough so we can make bread” www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What I want to know about Mortgages?

1st Time Home Buyer • Little down as low as 3.5% • Credit doesn’t need to be perfect ^20 is OK • Some cities have down payment assistants

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What I want to know about Mortgages?

Flip Homes

• FHA must wait 90 days • Conventional are OK, however the appraiser may request to see receipts for work done

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What I want to know about Mortgages?

Can you buy a home after Foreclosure, Shortsale, Bankruptcy?

• Yes • New Program NO waiting periods

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

One must have 5 Components • • • • •

Credit Income Assets Debt to Income Ratio Property

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

1. Credit

• Minimum score 620 for FHA 660 for conventional 700 for Jumbo >$417K • Every $100 in monthly payments reduces the home buying power by $10,000

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

2. Income • 2 years Tax return all pages and schedules • 2 pay checks • If self employed 2 years business returns & YTD P&L • To have Real Estate income counted must have it showing on tax return for last 2 years • Depreciation can be added back

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

3. Assets

• 2 months statements for all liquid cash checking, savings, IRA, 401K, Stocks Bonds. Funds should be seasoned 60 days.

• Gift Funds are acceptable but must be sourced with the donor statement & check.

• Any large deposits and transfers MUST be sourced. www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

4. Debt to Income Ratio • Every account that shows on your credit report will count against you.

• If an account is paid by business or someone else MUST show 12 mo cancelled checks.

• Every $100 in debt =~$10,000 less in home price.

• 43%-50% is the allowed Debt to income ratio. www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

What does it take to get a mortgage?

4. Debt to Income Ratio (Cont’)

$100,000 Income $3,333/month = 40% towards Mortgage and Liabilities that are on the credit report $275,000 Loan $1325 $ 400 RE Tax $ 250 Insurance $ 1,975 Aprx $350 towards Car credit cards etc/ www.loans-4-u.com 954-567-7300 Copyright ŠRacheli Refael Smilovits 2015

What does it take to get a mortgage?

5. Property • Single Family

• Primary Residence

• Home Owner Asso.

• 2nd Home

• Condo Associations

• Investment

Commercial Loans for apartment buildings www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

We Do Mortgage Right!

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Qualification Processing Underwriting Closing Funding

ALL UNDER One Roof

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

We are looking for • Clients-

1st time Home Buyers, Move up, family growing Trophy, want the BIG home Down size- kids to school, Death, Consumers after Short Sales/Foreclosures

• Referring sources-

Nice Realtors you worked with or know Financial Planes Bankers Mortgage Brokers CPA

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015

When it’s Time to Run the Numbers, Call Racheli with 98% pre-qualification to closing Ratio

NMLS # 64918

www.loans-4-u.com 954-567-7300 Copyright ©Racheli Refael Smilovits 2015