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.
* Enjoy the peace of mind REALTORS of driving your clients around town with the mortgage loan already approved!
“FAMILY OWNED* LOCALLY OPERATED* WE CLOSE THE WRIGHT LOANS”
■A simple one-step process, so
we do all the coordination; there is no third party for
you or the borrower to engage with
■ DPA is a grant equal to 2% of purchase price
■May be combined with up to 6% seller concession for
■ No resale or borrower repayment restrictions
■ Minimum qualifying credit score: 580
■ Can be used with the FHA 203(b) program or any of our
FHA renovation programs
ELIGIBLE BORROWERS (Any one of the following)
■Total borrower’s income is equal to or less than 140% of median
■ First-time home buyers
■ Any borrower on the loan application who is a current, retired,
volunteer, or non-paid:
– First-responder: police officer, firefighter, public safety officer,
paramedic, or emergency medical technician (EMT), including
volunteers or similar
– Medical personnel: nurse, doctor, phlebotomist, or health
ambassador, or hospital, American Red Cross worker, or similar
– Civil servant in a federal, state, or local municipality
– Military personnel
New Downpayment Assistance Program!
Wright Mortgage has a new program that provides up to 3% in down payment assistance, in the form of a non-repayable grant for FHA, VA and USDA 30-year fixed mortgage loan only. There is no repayment associated with this down payment assistance program.
The grant program may be applied against the borrower s down payment, closing costs and prepaids. This is a regular FHA loan but a new down payment assistance program.
The loan must be a owner-occupied home and the borrower must not own any rental property.
- 4% DPA- FHA, VA & USDA
- 3% DPA – Conventional (Fannie & Freddie)
- Program Requirements Income limits restricted by county
- Minimum Credit Score: 640 minimum
- Purchase price maximum Government – $250,200 Conventional – $324
There’s no doubt about it – negotiating takes both finesse and confidence. It’s not for everyone, especially those of us who are passive. But when the times comes to purchase a new home and you’re sitting across the table from a home seller, buyers meek and confident alike must be able to hold their own in a negotiation. A skilled realtor can certainly help, depending on what’s on the table. Either way, the cost of backing down too soon could be too much to bear, literally.
Not always negotiable fee-wise, but if the seller can pay them, see that they do. Transferring the cost to the seller will take a hefty up-front expense off of your loan.
Buyers can have these point fees transferred to the seller, reducing the cost of the loan. Even when a seller pays these points, the borrower can still deduct them from their taxes.
Wright Mortgage offers an innovative new mortgage loan to homebuyers before they find their home. We. An complete the loan process actually approving buyers without an identified property. Please call us at 832-895-6587.