M-Choices |

Purchasing a Home?

You need our training

Understanding regulations that apply to lenders, and knowing what you as the borrower need to, can be the difference between buying that home or failing to secure the lender you need!

Seminar Topics Get In Touch

7

Welcome to M-Choices

We provide seminars that cover a broad range of educational topics on purchasing a home.

Beautiful Luxury Home with Swimming Pool at Sunset

Working with Realtors and negotiating an offer to a Seller can be a challenge when there are many Buyers trying to buy the same home. The borrower, the Lender’s Loan Originator, and the Buyer’s Realtor should work together as a team. This is why many Realtor’s will insist that the Buyer become pre-qualified or pre-approved prior to submitting an offer. So before you jump in a car to go look at homes you should have already done your homework by learning the mortgage process.

That is why an education seminar on purchasing a home, and a confidential free initial consultation with a Lender is so important.

Why M-Choices

M-Choices Can Take The Uncertainty Out Of Your Search

Although we do allow a question and answer section in the seminar, we do not discuss confidential situations. Those are best handled after attending the seminar by scheduling an appointment for a free initial consultation in a private conference room.

The seminar includes current popular topics such as

Affordable Housing Requirements
Down Payment Assistance
Low Down Payment loan programs

Some Programs are only available in certain Census Tracts or have Income restrictions or eligibility based on your occupation. Some programs have no restrictions on income and allow co-signers, but include a more expensive mortgage insurance payment. Down Payment Assistance is available in the form of a second mortgage with payments, or a forgivable grant that does not need to be paid back.

Question & Answer

Get Your questions answered on many topics

Of course, many are curious to know what they qualify for based on their credit score and their income and debt ratio. Some seminar attendees have been frustrated with the process since there is a lack of information available.

In Hawaii, Affordable Housing is typically sold through a lottery system that require pre-approval and may require deposits if you are selected. Others may have errors on their credit reports and don’t have any idea how to fix errors or improve their score. As a result, many potential buyers just give up and continue to rent and may actually be paying more in rent than the cost of owning.

We have also heard of those that relocate their job and family to a different state in the search for affordable housing. Then there are the property requirements based on the condition of the home itself. The fixer-upper has an attractive lower market price but many loan programs may find these homes to be ineligible. There are renovation loan programs that can overcome property condition problems to fix the home and finance the repair cost in to the new loan.

Buying a Condominium has a different set of requirements and may or may not be eligible for most loan programs. Vacation Resort areas may have a majority of non-owner occupants that may disqualify the condominium making it non-warrantable. It is important to know which condominiums are eligible, and which ones are not eligible, and what loan programs allow financing.

Purchasing in a rural area can also have its own set of challenges. The property needs to have access to a public road, or have a private road access agreement. Does the rural home have a County water meter, or does it require a well for ground water, or water catchment. Does the home have County sewer, or does it have a cesspool or septic tank that has been approved by the Department of Health?

Then there are regulations that Lenders must follow that the borrower needs to understand. Large cash deposits in to a bank account can be red flagged and may or may not qualify as income or as a down payment. The Lender must identify the source of the deposits within the last 30-60 days. Some Lenders may allow the deposits if the amount is below a certain dollar amount, or has been vested for one or two months.

Seminar Speakers are Licensed Mortgage Professionals with many years of experience in the many facets of purchasing a home.

What is Affordable Housing?
How can I purchase a home with No Money Down?
What is Down Payment Assistance?
What is a forgivable second mortgage?
What are census tracts?
Which loan programs have maximum income restrictions?
Do the number of occupants change the income limits?
Which loan programs do not have maximum income restrictions?
What are the qualification requirements?
Can I use boarder income to qualify?
Can I use a co-signer to qualify?
How can a relative provide financial assistance?
Does a higher credit score reduce my interest rate?
How can I improve my credit score?
How can I qualify for discounted Mortgage Insurance?
What is Lender Paid Mortgage Insurance?
How can I compare loan programs?
How do I find a Lender that offers these loan programs?
What website verifies if the Loan Officer is licensed?
What is a Pre-Qualification Letter?
What is a Pre-Approval Letter?

How do I search for homes and find a realtor? Is the realtor commission negotiable?
Will I be required to put down a deposit, and is my deposit refundable?
What is the difference between Fee Simple and Leasehold?
Why are some condominiums considered to be ineligible?
How can I finance home repairs in to a home loan?
Can I finance energy efficient appliances in to a home loan?
Can I finance Photovoltaic solar panels in to a home loan?
What are the home safety issue that can disqualify a home purchase?
What is homeowners insurance and how can I get discounts?
What is windstorm insurance and how can I get discounts?
What is flood insurance and how can I get a discount using an elevation certificate?
What is the Federal Privacy Act, and how do I protect my confidential information?
How do I use secure encrypted websites to safeguard your documents?

Am I expected to have a computer to electronically sign documents?
Do I have to pay Credit Report fees and Appraisal fees when buying a home?
What fees are typically charged at closing when you buy a home?
Can I shop around and different quotes from different Lenders?
What is the difference between a Mortgage Lender and a Mortgage Broker?
What is a credit report inquiry and how can I get a “soft pull” credit report?
What special loan programs are available for the self-employed?
What is occupancy fraud?
What are the FBI Money Laundering Regulations and why must I prove my Source of Funds?
What is a straw Buyer?
What is identity theft?
Can I buy a home if I am not an American citizen?
How can I qualify using non-traditional credit without a credit score?
Can I get a loan if I had a bankruptcy, foreclosure, or deed in lieu?
Can my home be modified to make it handicap-accessible if I am disabled?
Questions and Answers (Please do not discuss your confidential information in public)