Not all lenders have the same rules and systems and programs. I want to point out 5 things Caliber Home Loans that might be different than many other lenders. These 5 things might appear to be small, but they really can be significant.
1. APPRAISERS- It seems like every week this year I am hearing about a low appraisal coming from another lender. I have hand selected my branches appraisers which I have all know for over 15 years. They are very experienced appraisers that I trust. Many companies have appraisal management companies which means you have no idea what appraiser will get the order and many times the appraiser will be out of time and not really care what value they bring in the appraisal. I have had several deals this year where we have been successful getting a client to switch to me after another lender brought in the deal low and every time so far my appraisers have come up at purchase price or higher. I have heard about several other deals that we could not talk the client to switching lenders and most of those did not have good ending results and many cases the transaction diedL
2. USDA- It has been announced recently USDA ran out of money. This happens most years. Many lenders will choose to stop doing these transactions when this happens and wait until they have available money again. Caliber will still proceed and fund these loans and we will get reimbursed later once funds are available again through USDA.
3. No Monthly Mortgage Insurance- Caliber will allow high credit score borrower have no monthly mortgage insurance for a very minimal fee and in some cases will cover the entire costs. Borrowers putting 5-15% down on a conventional loan can save several thousands of dollars by taking advantage of this program.
4. Direct seller to all the agencies- Caliber services it’s loans and we are a direct seller to Fannie Mae and Freddie Mac (conventional loans), and Ginnie Mae (FHA and VA loans). Basically what this means we don’t have all the overlays most other lenders have. This can cause us also to do many loans other companies can’t and cause less paper work for clients. For example, many lenders ask for two year tax returns on all borrowers and at least all self-employed borrowers. Caliber will only ask for most current year of tax returns from a self-employed borrower. If 2013 returns show a lower income and 2014 returns are higher we can just use 2014 instead of doing a 2 year average. There are countless examples I could give, but another significant example is we do not require asset reserves. Many lenders will require reserves especially if the client is not selling their current residents before buying their new home.
5. 1% assessed value on real estate taxes even if property lost exemptions- if property lost exemptions real estate taxes are usually double. This could cause buyers to stray away from a property and maybe not even qualify. Caliber will only collect 1% of the assessed value and start escrowing this amount right away. This will allow the borrowers payment to be significantly lower payment #1 and many times allow the client to qualify.
(Special Thanks goes to Mark Davis, Caliber Home Loans).
Mark Davis
Branch Manager – Mortgage Consultant
Caliber Home Loans
10080 E. US HWY 36
Avon, IN 46123
NMLS ID 525365
(317) 550-2105 (Office)
(317) 590-8665 (Cell)
(855) 880-7227 (EFax)
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