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For real estate agents consideration
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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
What we offer..
Ability to lend in 50 states
Ability to bank or broker all loans
Exceptionally low rates
24-48 hour underwriting turn time
Products Conforming, including high balance products
Direct Fannie Mae seller – HSOA Direct
FHA/VA/USDA
Streamline 203(k) Renovation Loan
Niche products
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.
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
• 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
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
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)
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
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.
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.
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.