Presented byThomas Drasler

HomeQuest Mortgage Corp.

Conventional – Non Conforming – FHA

714-478-3153www.DraslerHomeLoans.com

Anatomy of Getting a Anatomy of Getting a Home MortgageHome Mortgage

Documentation, documentation, and more documentationDocumentation, documentation, and more documentation

My Background• Experience

– Licensed California Residential Mortgage Broker; Passed S.A.F.E. Act National and State of California Certification Exams

– HomeQuest Mortgage Corp, a Brokerage Firm Serving California since 1996

– Conventional and Government Loans including FHA, VA, Teacher & State Assistance Loan Programs

– Conventional and Jumbo Loans up to $3,000,000

– Offering Over 100 loan programs from Major National, Regional and Community lenders

– Prior 25+ Career in Computer Hardware and Software Industry

Thomas DraslerDRE#1775516 NMLS#297791

714-478-3153 Direct

949-460-7799 OfficeHomeQuest Mortgage

Corporation www.DraslerHomeLoans.com

Conventional – FHA - VA

Loan Qualification – The 5 C’sLoan Qualification – The 5 C’s

• Credit History

• Capacity - Income

• Capital - Assets

• Collateral

• Character

Prepare to Provide Lot’s of Documentation Prepare to Provide Lot’s of Documentation

Income Information Needed:•Last 2 years Personal and Corporate Federal Tax Returns •Last 2 years W2’s, 1099’s•Most recent paystubs covering 30 day period•Written Explanation if employed less than two years or any if gaps in employment•Proof of retirement income, pensions, and/or Social Security •Proof of child support – 12 months of cancelled checks and bank statements showing deposits

Documentation Needed (cont’d)Documentation Needed (cont’d)

Credit and Asset Information:•Last 3 months asset statements for checking/savings and investment accounts•Most recent quarterly 401k, IRA or retirement account statements•Landlord name, phone and address (if applicable)•Documentation of any obligations due to legal action, i.e., alimony, child support, lawsuit judgments, taxes etc. (if applicable)•Copy of divorce decree (if applicable)•Copy of complete bankruptcy papers including discharge papers & supporting documentation leading up to bankruptcy•Credit explanation letters for any late payments, collections, judgments or other derogatory items

Documentation Needed (cont’d)Documentation Needed (cont’d)

Large Deposits: • Documentation for any large deposits over $500 other than

payroll or gift of fund deposits – requires bank image of deposit and copy of source statements

Other Information:• Copy of drivers license • Copy of homeowner’s insurance policy• Copy of rental property lease agreements – if NOT on Schedule E• K1’s

FHA/VA Loan Applicants:• Copy of Social Security card• Certificate of eligibility• Statement of military service (DD214)

Lender Requirements You Weren’t ExpectingLender Requirements You Weren’t Expecting

•Eligible Condominiums – no current or pending litigation; no more than 10% HOA dues delinquencies; owner occupancy >50%•Carbon monoxide detectors installed – CA law•Cash reserves – up to 6 months PITI payments•Use of vacating property as a rental – requires 30% equity in prior primary residence•Use of gross rental income – borrowers must have 2 years landlord experience•Deferred Student Loans-monthly payment must be included as a liability

Lender Guidelines You Weren’t Expecting – (cont’d)Lender Guidelines You Weren’t Expecting – (cont’d)

•Bankruptcy Rule for home purchase eligibilityCh. 7 or 11 – 4yrs/2yrs with extenuating circumstances

Ch. 13 – 2 years from discharge date•Foreclosure – 7yrs/3yrs with extenuating circumstances

•Short Sales – 4yrs/2yrs with extenuating circumstances

Benefits of Home OwnershipBenefits of Home Ownership

• Build wealth• Not wasting money on rent• Pride of personal ownership• More control over finances and ability to

manage equity• Tax advantages

Select a Professional RealtorSelect a Professional Realtor Cheryl Eagleson Cheryl Eagleson The Home SearchThe Home Search

• Understand your Needs• Area analysis • Multiple Listing Service• Showings

“Your Mortgage Consultant for Life”Serving Southern California since 1996

Knowledgeable – Experienced – Ethical Personalized Service – Choice

Tom Drasler Tom Drasler Licensed Mortgage AdvisorLicensed Mortgage Advisor

DRE#1775516 NMLS#297791DRE#1775516 NMLS#297791

www.DraslerHomeLoans.com714-478-3153714-478-3153

25283 Cabot Road, Suite 10625283 Cabot Road, Suite 106Laguna Hills, CA 92653Laguna Hills, CA 92653