Hi and thanks for attending this brief overview of the Fairway CRNA mortgage program. This program was recently expanded to be available to CRNAs for our MD and DMD clients, so we’re really excited to share this program with you. I’m going to give you a brief overview of the program and try and iterpret some of the mortgage vernacular, if you will, some of the acronyms that we have. I would invite you to contact me – you’ll notice on the bottome of the flyer here there’s email, office and cell number and i encourage you to reach out to me at your convenience.
Fairway CRNA program, some of the highlights would enable you to close between 60 and 90 days before the start of your employment contract. Obviously a huge benefit for anyone relocating; not wanting to move your family twice – start the job, wait for paycheck stubs and then close.
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Jumbo loans will enable you to close up to 60 days. Non-jumbo loans, generally loans that are around the $417,000 range you can close up to 90 days before the commencement of your employment contract. Now it is important that we review your employment contract well in advance because there are some requirements that need to be what’s considered an non-contingent contract. Meaning that your income is based on an hourly or annual salary type compensation plan rather than a commission or RVU profitability type plan. So, there are some caveats to that. Get those employment agreements to us as soon as possible. We can also accept an offer letter. So if your practice that you are going to join doesn’t use employment contracts, they use offer letters, that’s absolutely something we can look at.
The other major benefit is that you don’t have monthly mortgage insurance. And you’ll notice that the loan to values (LTVs) are between 95% and 97% up to $636,000 loan amount. And if you were to finance greater than 80% of the value of the property – less than 20% down – we have programs with no mortgage insurance. And that is really advantageous number 1 because it is going to reduce your payment; it’s going to be much less without mortgage insurance. And it also gives you a littler greater tax efficiency because in most cases the interest on your mortgage is tax deductible, where your mortgage insurance is typically not tax deductible. I’m not a CPA, please consult yours, but that is the information that my CPA and many CPAs of our clients have told us.
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The other benefit would be qualifying with income driven repayment amounts on student loans. So, if you have zero payment, or if you have a smaller income based repayment or income drive repayment, any of the repayment plans would work, RePay, Pay As You Earn. We can qualify you with that payment amount, as opposed to how conventional underwriting guidelines require you to qualify, which is generally between 1% and 2% of the outstanding balance. So, if you have $200,000 in student loans, conventional underwriting guidelines may require you to qualify with a $4,000 a month payment where we could qualify you with a $150 income driven repayment amount. So big benefit there.
You’ll see the loan amounts. Now these loan amounts are contingent based on the area that you are in. So, the $424,000 is national, but there are some areas that have what’s called high balance loan limit areas, so you can go as high as $636,000. Above that we go 90% financing up to $1.5 million.
One of the intangibles and the last thing we put on there, obviously, is we treat you how we’d like to be treated if our roles were reversed. And we have a vast experience with looking at employment contracts, handling relocations, student loans, and we’re not going to make a mistake and get you – ay you’re pre-approved and then you find a home and you’re disappointed once your loan makes its way to an underwriter. So, we’re experienced with all those moving pieces and make we give you the right information up front.
Again, if you have any questions, I’d encourage you to contact us directly, 385-355-2130 is my office number or 801-699-4287 is my cell or you can email me at email@example.com and I’d love to answer any additional questions you might have.