Tips for Real Estate Agents when writing Purchase Contracts (Offer to Purchase)

Quick update / good information for all Real Estate Agents when writing contracts…

Offer to Purchase Requirements
Updated the Offer to Purchase guidelines and is providing the following reminders for the Offer to Purchase. Increased requirements are due to Fannie Mae adding the Offer to Purchase to their list of Quality Control documents.

All Loan Transactions (All States):
• The Offer to Purchase is required for all Purchase transactions.
• If the Spouse of the Borrower is not party to the loan transaction, they must not be listed on the Offer to Purchase.
• The Property Address listed on the Offer to Purchase must match the closing documents in the file.
• The Closing Date listed on the Offer to Purchase must be dated on or after the Loan Closing Date.
o If the actual closing date is after the date listed on the Offer to Purchase, a fully executed Amendment to the Offer to Purchase must be obtained and included in the loan file.
o If the Closing Date on the Offer to Purchase is on or after the Loan Closing Date, no action is required.
• The Offer to Purchase must be fully executed by all parties to the transaction and the Seller’s signature line must match the Title Commitment and the HUD1 for the current Owner (prior to sale).
• Personal Property cannot be included in the Offer to Purchase and is defined as any item that is not affixed to the Real Estate. See below for examples of what is allowable as Fannie does not consider the following as personal property. There are other allowable items so keep that in mind as the below simply includes examples.
• Items that can be included in the Offer to Purchase include, but are not limited to:
o Kitchen appliances
o Stoves
o Dishwashers
o Lawn mowers
o Pool tables

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Key Homebuyer Options you should be taking advantage of

Matt Scott’s Key Mortgage Options to keep in mind that I offer that will help almost all home buyers:

  • Incredibly low JUMBO loan rates: 30 Year fixed at 4.375% & 15 Year at 3.375 – ARM rates in the 3′s
  • One Time Free Interest Rate Float-Down: if rates drop, you get new lower rate
  • Lender Rebate: allows us to cover your costs such as closing fees, PMI, prepaid(s)
  • Free Refinance for life for any past client
  • Multiple PMI options (Single Premium or Monthly) – contact me for details
  • We allow the required 5% down payment on Conventional loans to be in form of GIFT MONEY – better option than FHA financing in most cases
  • We allow Non Occupying Co-borrowers on Conventional Loans – great when a co borrower is needed to qualify to purchase their home

Call me if you have any questions.  We have a solution for just about every situation.

Thanks!

Matt

(314) 496-9506

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One TIme Free Float Down. What does that mean?

As mortgage rates trend lower we offer Free One Time Float-Down Option so you can relock at the lower rate. Just another great reason to call me if your buying or refinancing.  Call me at (314) 496.9506.  Thank you!

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First Time Home Buyers – Great Rates and Options

This is still a good time to buy for first time home buyers.  There are many types of loan options with great rates.  Contact me and I will walk you through the steps.  Click on the Apply Now button above to submit your application.  We will review all of your options and determine the best package for you.

1st_time_ home_buyers-matt-scott

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View My Zillow Profile

Just click here and you can see my profile on zillow.com

http://www.zillow.com/profile/Matt-Scott/

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