• 25 OCT 17
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    October 25, 2017 – Meeting Minutes

    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.

    Upcoming Events:

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