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TBD Approvals

TBD Approvals

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved: 

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.

"FAMILY OWNED* LOCALLY OPERATED* WE CLOSE THE WRIGHT LOANS"

New FHA Down Payment Program

The down payment program is a great program if you need funds for down payment for that new home. If you qualify for the program, you will be eligible to receive funds to cover a portion of your required down payment amount. The maximum amount of funds you can receive under the program is 2% of the purchase price of the home being purchased; you will still be required to pay any remaining amount of the required down payment yourself or with a gift from a family member.

• One program used for all types of borrowers, with the same qualifications
• Completely forgivable grant, equals 2% of purchase price
• May be combined with up to 6% seller concession for closing costs
• No resale or borrower repayment restrictions
• No underwriting fee

For example, if you are purchasing a home with a purchase price of $150,000, the maximum amount of down payment assistance you can receive under the program is 2% of $150,000, or $3,000. If the required down payment amount is $5,250 (3.5% of $150,000), you would still be required to fund $2,250 yourself, or from a gift from a family member.

RENOVATION MORTGAGE PROGRAMS

PROPERTIES INTO DREAM HOMES WITH THE HOMESTYLE ® MORTGAGE

The Fannie Mae HomeStyle® Renovation Mortgage is a single-close loan that allows borrowers to purchase a home that needs repairs, or refinance their existing home, and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home.

There are no required improvements or a minimum dollar amount for the repairs – Repairs or improvements however, must be permanently affixed and add value to the property. Luxury items such as pools are eligible improvements.

So, How Can Your Borrower Qualify?
• 620 minimum qualifying credit score
• Available in 15 and 30 year fixed terms – ARMs are not permitted
• Eligible properties include 1 - 2 unit primary residences, 1 unit second homes and investment properties, PUDs, and Fannie Mae approved Condominiums
• The property must have been completed for at least one year
• No minimum dollar amount required for repairs

TBD Approvals

TBD Approvals

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.