
October 25, 2017 – Meeting Minutes
Leader: Carol Kearney
Attendance: 18 members, 7 guest
Spotlighter: Greg Simmons
On Deck: Mark Moore
Action Points:
- Next week we will be back at Paul Davis.
- We will be collecting $6 from our members to go toward the coffee fund.
- We will be having a LeadShare mixer in November. Keep you eyes peeled for the FB event.
- We are also planning on wrapping presents for Mobile Hope which will likely be early December.
Spotlighter: Greg Simmons – First Savings Mortgage
- Been in the mortgage business for 16 years
- Registered in 4 states, DC MD VA NC
- Started in origination moved to post closing, underwriting, etc
- Assisted in $785 million in loans
- Promotes himself as a mortgage professsional that is now in sales, not a sales professional that is now in the mortgage business
First Savings Mortgage
- Largest private owned lender
- Been in the business for 39 years
- Largest lender by volume in DC in 2014-2016
- Only provides residential mortgage lending
- $44 Billion in closed loans
Mortgage Basics
- Preapproval – Annalyzing Credit, Income, and ability to pay down payment
- Starts with an online application – www.greglends.com
- Pulls credit from the 3 credit reporting agencies
- the lender uses the middle of the 3 scores not an average of the 3.
- anything over 760 is good (761 and 805 get the same rate)
- Credit report is good for 120 days
- Debt-to-Income ratio should be less than 40%
- Can only loan on the lesser of purchase price or appraised value
Low Down Payment
- Up to 97% financing with Fannie Mae and Freddie Mac – Home Possible
- FHA required 3.5% down payment
- VA loans allow for 100% financing up to 630k
- VHDA – FHA+ 97% loan with a 2% second mortgage
Fixer Upper Loans
- Properties need certain things to lend on a property (cabinet, floors, no holes in the walls)
- There can also be some construction loans that can help cover those costs.