The
Brooker Financial Bulletin
 A Realtor's Guide to the Residential Mortgage Industry
November, 2014
Welcome To Brooker Financial Corp.'s
Monthly Realtor Newsletter
Striving to be your #1 Residential Mortgage Resource
 


At Brooker Financial Corp. we are fully committed to obtaining the best possible deal for our clients.  Our experienced loan officers work diligently to match our clients with the best loan opportunity, and are resourceful in finding loan programs to best suit our clients' needs.

Recent changes to FHA Mortgage Insurance rules have made FHA loans very expensive for customers.  Under the revised rules, a 30-year FHA Loan will keep mortgage insurance for the lifetime of the loan, in most cases.  Even a 15 year FHA loan, keeps mortgage insurance for 11 of the 15 years.  These time frames are applicable regardless of down-payment size!  Obviously, this makes an FHA loan a "loan of last resort".

We will always strive to get customers to the most inexpensive loan possible, usually meaning Conventional.

Here are two little known facts which help us qualify more customers conventionally (rather than FHA):

1.  Gifts:  The "old" rules disallowed the use of Conventional Loans for clients who needed to use Gift Funds for down-payments. (This was a common reason Loan Officers pursued FHA financing with their clients. 
Fannie Mae and Freddie Mac (conventional loans) now allow 100% of down-payment / closing costs / pre-paids to be paid by Gifts, thus allowing those clients to qualify conventionally.

2.  Non-occupying co-borrowers: used to be available only for FHA loans. For clients with difficult budget or borderline credit, FHA Loans would allow for a non-occupying co-borrower to be added.  This is now allowable on Conventional loans as well!  As recently as last month, we had a client tell us that they were told by another loan office that this is not allowable....that is wrong!  It is permissible, and we know how to do it!

Please consider Brooker Financial Corp. as a source for your clients' home loans.  We will ALWAYS work to find them the best deal possible.   You can also count on us to close on time, at the price quoted, and with honesty and clear communication throughout the entire loan process.

Sincerely,
Darrin Hutchinson Jr.
Mortgage Loan Originator
Brooker Financial Corp.

Brooker Financial Corp.

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Issue: 2 
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In This Issue
Recent Changes to FHA Mortgage Insurance Rules
Brooker Financial Corp.
Brooker Building
Brooker Financial Corp. is a member of the Brooker family of financial and insurance companies which has been serving the residents of Northeast Ohio for more than 75 years.

Brooker Financial Corp. is a full service mortgage company with expertise in all areas of mortgage lending.  A vast array of available programs through our wholesale lender network allows our highly trained and experienced mortgage professionals to provide the program that satisfies the unique needs of our clients at competitive terms and prices.

For more information:
Call us today at:

(440) 334-5269
(866) 537-2476

www.brookerfinancial.com
ANSWER TO LAST MONTH'S 
 MORTGAGE 
TRIVIA QUESTION    
Are you in the know?
__________________
Q:  TRUE OR FALSE?  
The very minimum down-payment to buy an investment property is 20%.
___________________

A.  False.  There are now programs available that permit 15% down for investment properties.  Call us today for more information.
 
Darrin Hutchinson Jr.
OH LO.044312.000         NMLS ID 1066200
 
Brooker Financial Corp.
MB.803816.000              NMLS No. 235766