Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!
We can complete the loan process – actually approving your buyer – without an identified property.
With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:
Sellers know the loan process has been completed so there is no worry that the sale won’t close.
Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing
How does it work?
The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
We process the loan and, upon approval, we’re ready to close once the property is identified.
Who is eligible for this program?
Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
Qualify more borrowers with credit challenges to achieve the American Dream.
* Enjoy the peace of mind REALTORS of driving your clients around town with the mortgage loan already approved!
“FAMILY OWNED* LOCALLY OPERATED* WE CLOSE THE WRIGHT LOANS”
New FHA Down Payment Program
The down payment program is a great program if you need funds for down payment for that new home. If you qualify for the program, you will be eligible to receive funds to cover a portion of your required down payment amount. The maximum amount of funds you can receive under the program is 2% of the purchase price of the home being purchased; you will still be required to pay any remaining amount of the required down payment yourself or with a gift from a family member.
- One program used for all types of borrowers, with the same qualifications
- Completely forgivable grant, equals 2% of purchase price
- May be combined with up to 6% seller concession for closing costs
- No resale or borrower repayment restrictions
- No underwriting fee
For example, if you are purchasing a home with a purchase price of $150,000, the maximum amount of down payment assistance you can receive under the program is 2% of $150,000, or $3,000. If the required down payment amount is $5,250 (3.5% of $150,000), you would still be required to fund $2,250 yourself, or from a gift from a family member.
FHA Limited 203(k) Rehabilitation Mortgage