John Desmond

Branch Manager

infoonhsoa@gmail.com

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.

John Desmond

Branch Manager

infoonhsoa@gmail.com