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FINANCING OPTIONS
Conventional, FHA, VA, USDA (Rural Housing), Jumbo, & Non-QM
Conventional: The majority of loans we originate, tend to be conventional loans. With down payment required as low as 3% and flexible mortgage insurance options make conventional loans available to most buyers.
FHA: Low down payment options, and the possibility for a lower interest rate with less than perfect credit.
VA: 100% financing with low rates for those that qualify, based on military service.
USDA: 100% financing for homes in designated rural areas, great option for homes that qualify, although they do have income restrictions.
Jumbo: These loans are for higher loan amounts. Each county has a maximum conforming loan limit, ranging from $510,000-$762,000. This means loans greater than the conforming limit have special guidelines.
Non-QM: We offer a full suite of “out of the box” options for unique income and employment situations. The number of Non-QM loans is growing as investors create unique financing options to meet the needs of those that don’t fit in the “box”.
One of areas we pride ourselves on is preparing the different options available to each client and analyzing the best loan for each situation. Our years of experience have given us the opportunity to work with first time homebuyers, move up buyers, builders – new construction, and relocation.
We have great options for each situation, from low down payment options for first time buyers, larger loans for high-end homes, and financing for second homes and investment properties.
Mortgage Payment Breakdown:
- Principal: The amount of money borrowed
- Interest: The cost of borrowing the money
- Taxes: the amount assessed by the county which are paid annually, these are typically included in your monthly payment.
- Insurance: This is required coverage, provided by the company of your choice, to rebuild your home in the event of loss, such as fire.
- Mortgage Insurance: Insurance typically required on loans with less than 20% down payment. We do have special programs with alternatives to regular mortgage insurance.
What are Typical Closing Costs:
- Investor/Underwriting Fee: This is paid to the investor for review and approval of each loan.
- Credit Report: Provides credit scores and liability/debt info.
- Appraisal: An appraiser helps in determining the fair value of a home, based on how it compares to other homes, recently sold in the area.
- Title Fees: The title company performs the final review and closing of your loan, handles all monies in a transaction, and the transfer of ownership from a seller to the new buyer.
- Pre Paids: The other component of closing costs is the creation of an escrow account for the home insurance and property taxes. This amount will vary, depending on when you close and cost of your insurance and taxes.
Dos and Don’ts During the Loan Process:
When determining your qualifications for a mortgage loan the major components are your credit score, employment and income, and monthly debt obligations. Any changes to these can jeopardize closing on your new home. So, here are some things we recommend:
- Don’t quit or change jobs without talking to us first – even changes to pay structure can affect qualifying.
- Don’t apply for any new loans – credit cards, boat, autos, or buy new appliances or furniture on credit.
- Don’t move money between accounts – we have to source and season funds used for down payment. Moving money between accounts can create extra documentation required.
- Do continue to make payments on time.
- Do call us if you have any questions about any of these items. We can talk through any possible exceptions, based on your situation.
The Pre-approval Process
Being pre-approved for financing is important for a few reasons:
- First: You will know how much money is needed for down payment and closing costs, the monthly payment for a given property, and that any you are ready to submit an offer.
- Second: Narrowing your search to homes that are within your budget will make the process more exciting and less stressful.
- Third: You are placing yourself in the best position to negotiate with a seller if you are already approved. They will take your offer seriously, which is important in a market where sellers are receiving multiple offers. Doing everything you can to strengthen your offer is important.
What is Needed For Pre-approval:
In order to expedite the processing of your approval you can send us the following items. We have a secure upload system, which you can use to send them electronically. It’s as easy as attaching something to an email.
- Pay stubs covering the most recent 30 day period.
- W2s for the most recent two years
- If employed by a company we’ll need the most recent year’s tax return
- If self-employed the most recent two year’s personal and business tax returns along with K-1 statements
- Copy of valid driver’s license
- Bank Statements for the most recent two months
Direct Advisors Team
Direct Advisor Team is a collaboration of individuals striving to raise the bar in the mortgage industry.
We understand that purchasing a home or investing in real estate can be an interesting process, which is why we are committed to providing personalized guidance and support every step of the way. Our team is dedicated to ensuring that our clients are well-informed and confident in their financial decisions.
With a strong focus on communication and transparency, we strive to make the mortgage process as straight forward as possible. Our team of experienced loan advisors are here to answer any questions you may have and provide expert advice tailored to your individual needs.
Our goal as the Direct Advisors Team, is to go above the traditional standards of lending by dedicating our time to the art of crafting a mortgage experience. Whether it’s your first mortgage or your 8th investment we are here to guide you through. Contact us today to align an experience that is truly unmatched in the industry.
Meet The Direct Advisors Team
Lacie Sidwell
NMLS ID: 1440715
laciesidwell@directcorp.com
(801) 924-1886
Lacie Sidwell is a dedicated and knowledgeable professional who is committed to providing exceptional service to her clients. As the manager of underwriting for Direct Mortgage, Corp. Lacie brings her unique perspective and problem-solving abilities to the Direct Advisors Team. She is skilled at analyzing complex financial situations and finding creative solutions to help her clients secure the best possible mortgage terms. Lacie is passionate about helping her clients achieve their homeownership goals and is known for her attention to detail and exceptional customer service. With Lacie on your side, you can trust that your mortgage needs will be handled with care and expertise.
Jesse Clark
NMLS ID: 260737
jesseclark@directmortgage.com
(801) 243-3862
As a founder of the Direct Advisors Team, Jesse Clark brings a deep understanding of the mortgage process and strives to make it as smooth and stress-free as possible for his clients and Realtor partners. He is determined to find solutions and is an essential source of knowledge for all involved.
Jesse is known for his strong work ethic, attention to detail, and commitment to providing exceptional customer service. He takes the time to listen to his clients’ needs and goals and works closely with them to find the best mortgage solution for their unique situation. His passion for his work, combined with his expertise and dedication, make him an asset to our Direct Advisors Team.
Megan Fisher
NMLS ID: 1510013
meganfisher@directmortgage.com
(801) 414-7986
Megan Fisher’s passion for helping others shines through in her approach to her work in the mortgage industry. She understands the importance of guiding clients through the loan process with care and attention to detail, ensuring that they find the perfect loan product for their needs. Her commitment to making others happy aligns perfectly with the values of the Direct Advisors Team, making her a valuable addition to the team. Clients of theirs can trust that Meg will work tirelessly to ensure their loan process is a smooth and positive experience.
Brandon Tripp
NMLS ID: 290440
brandontripp@directmortgage.com
(801) 597-9274
Brandon Tripp is a highly experienced mortgage loan officer with over 18 years of expertise in the field. As the V.P. of Retail Sales with Direct Mortgage Corp. and an originator of the Direct Advisors Team, Brandon brings his extensive knowledge of every aspect of residential home loans to help clients achieve their homeownership goals. He is also licensed as a Principal Lending Manager with the Utah Department of Real Estate, ensuring that he is always up-to-date with the latest industry regulations and practices.
Brandon is known for his commitment to providing his clients with honest, dedicated, and hardworking service. He takes pride in understanding each client’s unique financial situation and tailoring a loan solution that meets their specific needs. As a result, Brandon’s extensive experience, dedication to his clients, and commitment to knowing the market make him a trusted leader of the Direct Advisors Team.
Kim Stagg
Kim Stagg is the genie behind the curtain of the Direct Advisors Team. As the Loan Processor, she is the ally between the procedures and our clients and is the glue that holds the operation together.
Kim effectively communicates the necessities of the process in a manor to which all can understand. Being well versed on the details of each loan, she methodically sorts, examines, and connects the information gathered and is on alert for potential questions that may arise. Her dependability and genuine commitment to our clients makes her the heart of the Direct Advisors Team.
