Section 184 Indian Home Loan Guarantee Program

Jan 11 2016

2_Section184.jpg

As part of our extensive FHA program at The Money Source, we offer the Section 184 Indian Home Loan Guarantee Program. 

This program is specifically designed for America Indian and Alaska Native families, Alaska Villages, Tribes or Tribally Designated Housing Entities. It can be used, both on and off native lands, for new construction, rehabilitaion, purchase of an existing home, or refinance. 

The Department of Housing and Urban Development (HUD) established this program to help increase Native American homeownership, by increasing access to capital for Native Americans and guaranteeing these loans 100%. 

By becoming a partner of The Money Source, you and your clients will have access to this special program. If you already are partnered with TMS, contact your Account Executive for more information. If you have yet to partner with us, fill out our Become a Partner form and benefit from this program.

More information can also be found on the HUD website.

Topics: Correspondent Loans, FHA, TMS, The Money Source, Correspondent Mortgage, Section 184, Become a Partner, Pink Unicorn, Indian Home Loan Guarantee Program

FHA 203(k) - For Those Who See Possibilities

Aug 13 2015

New_203k.jpg

The 203(k) Rehab Loan helps borrowers rehabilitate their property with a single loan that
finances both the purchase price and the costs of home improvements.

This is the perfect program for those homebuyers who want to take a fixer-upper and transform it into their dream home!

Highlights of the 203(k) program are:

  • 30-year fixed FHA renovation program
  • Contractor chosen by buyer
  • Seller receives agreed upon sale price
  • Buyer’s loan includes rehab escrow account
  • Work begins at closing
  • “After improved” value used to approve loan
  • Cost of work is included in the loan
  • Program uses an easy FHA “subject to” appraisal
  • Full 203k - Extensive repairs - $35,000+
  • Streamline 203k - Smaller repairs - $5,000 to $34,999

To take advantage of our 203(k) program and all The Money Source has to offer, visit our Become a Partner page!

Topics: Correspondent, FHA, The Money Source, 203k, Pink Unicorn, Renovation

Did You Know?

Jul 31 2015

tmsDIDYOUKNOW

At The Money Source, we specialize in direct to agency loan securitization. Our goal is for our lending partners to reach a larger number of qualified clients with superior products and tools to enable exponential growth of their businesses.

Here are a few things you may have not known about The Money Source:

  • TMS does not have a retail channel to compete with you. If your client wants to refinance, we refer them back to you.
  • No Overlays! Our Credit Philosophy is to allow GSE guidelines and let you decide what overlays you might need. Empowering your underwriters to make fast and confident decisions, saving your company time and money on the front and back end of your loan process.
  • Our average purchasing turn time is under seven business days for the past 18 months.
  • QM without overlays! Rebuttable Presumption allowed with no overlays to DTI or documentation.
  • VA program niches: Cash-out to 100% LTV, IRRRL unlimited LTV/CLTV, No FICO IRRRL allowed, Manual UW to 50% DTI, High Balance priced as over $417K base loan amount (not the note loan amount).
  • EEM, GNND, DAPs allowed; Section 184 Indian Home Loans offered.
  • Manufactured homes allowed.
  • FHA: 550+; Follow the 4155/4000.1, whichever is applicable
  • 203k Full or Streamline

To become a partner with The Money Source and take advantage of our offerings, visit our Become a Partner page.

Intended for use by real estate and lending professionals only and not for distribution to consumers. This document is not an advertisement as defined in 12 CFR 226.2 (a) (2). All products are subject to credit and property approval. Program terms and conditions are subject to change without notice. Other restrictions and limitations may apply. NMLS # 6289. Subject to change without notice. All rights reserved. Equal Housing Lender.

 

Topics: USDA, Correspondent Loans, Manufactured Homes, FHA, VA, The Money Source, Corresondent Mortgage, The Money Source Inc., 203k rehab, Products and Services

Follow Us

Twitter Facebook LinkedIn

Recent Posts

Posts by Topic

see all