Choosing a Lender

1. Choosing a lender

A. Although not required, we highly recommend only one lender for financing your new Landon Home or John R. Landon Home.
B. Knowledge and expertise with settlement procedures of a Landon Home are unmatched at Cinch Funding.
C. Preferred customer discounts for Landon customers thru aggressive pricing of rates and fees without the hassle of feeling like you are shopping at a used car lot.
D. There may be additional incentives available for closing your mortgage at Cinch Funding. Please get with your Landon sales manager to learn more.
E. Life is easier when you save on money, time, and stress. Choose a lender that has proven itself on delivering happy customers to closing on time over and over again.

2. Loan products and financing options

A. Conforming

• Loan amount of $726,200 or less
• Minimum credit score of 620
• Minimum 3% down payment
• Maximum debt to income ratios up to 50%

B. Jumbo

• Loan amounts above $726,200
• Minimum credit score of 660
• Minimum 10% down
• Maximum debt to income ratios up to 43%
• Typically requires additional cash reserves after closing

C. Government FHA/VA/USDA

• FHA loan amount up to https://entp.hud.gov/idapp/html/hicost1.cfm
• VA loan up to the conforming limit at 100% loan to value
• VA high balance available with a portion of down payment
• USDA in “rural” regions https://eligibility.sc.egov.usda.gov/eligibility/welcomeaction.do
• Government insured and guarranteed loans typically allow for lower credit scores, higher debt to income ratios, and shorter time constraints after credit events.

3. Step by step guide to knowing you are on your way to closing on time

A. Pre approval

• Online appication
• Customer review

B. Updated document request

C. Rate lock

• Finalize your terms of your loan

D. Loan disclosure/re-disclosure

• Electronic disclosures that confirm the terms of your loan.
• Many of these disclosures will be part of your official closing package so if there are any mistakes, changes, or questions please do let your loan officer know so they can be addressed well before consumation of your loan.

E. Processing

• Updated documentation will be reviewed by a loan processor to ensure it is sufficient and not extraneous in preparation for underwriting.
• Appraisal ordered
• Title work ordered
• Verifications ordered for employment, IRS, credit, etc..
• Documents imaged into secure document storage
• Submit to underwriting

F. Underwriting

• Credit approval (Underwriter issues an approval on your loan with conditions to be addressed prior to closing)

G. Processing 2

• Collateral review of appraisal
• Request and review any outstanding conditions
• Obtain homeowners insurance binder from your selected agent
• Request closing disclosure
• Credit refresh verification to ensure no substantial changes
• Resubmit to underwriting for clear to close

H. Underwriting 2

• Review and clear conditional items
• Clear to close!

I. Closing preparations

• Prepare initial closing disclosure
• Work with title to finalize instructions for closing
• Send documents to title company

J. Consumation / closing

• Scheduled 1.5 hour appointment at Stewart Title for settlement of transaction.
• Wiring of funds from lender to stewart title to be held for funding.
• Certified funds needed at closing from you will need to be either a cashier’s check or wire transfer via confirmed wiring instructions from stewart title.
• Funding documents sent from title to lender for review.
• Funding authorization provided by lender to access funds.
• Funding! Title to disburse funds to interested parties.
• A landon sales team member will call to notify you that your keys are available to move into your new home. Typically this occurs about 2 hours after you leave the closing.
• Congratulations!!!

Equal Housing Lender. ©2023 Cinch Funding. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. Cinch Funding encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought.

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