Land Home – Your “Preferred Lender”
- What we found working with many other builders is that they usually have their own lender and then a list of three preferred lenders to choose from if their in-house lender cannot approve them they select from the Alternative List. The problem we see is that list of three alternative lenders all do the same thing and in most cases the same the in house lender? That’s where we come in – we’re different and unique as you see below from most lenders!
- Our company is a “Direct Seller Servicer” with Fanny, Freddy and Ginny and we service 90% of all our loans which means the customer stays with us and submits their payments to us directly. This allows us to make approvals on “make sense loans” instead or corresponding to another lender and following their guidelines because the loan is being sold to another lender.
- We have no Overlays – when we pre-approve a Borrower, we follow the agency guidelines exactly to what the Automated Underwriting System approves and tells us.
- Because we are a direct lender, our pricing is the top 4% of all lenders in our market.
- We are a true Community Based Lender – which means we offer all the Down Payment Assistance programs for buyers that need them and we even offer own in House DPA program which gives 5% of the sale towards down payment and closing cost as a true gift no lien and no payback on purchase price up to $417,000.00 with a minimum 620 credit score.
Review the Comparisons – We are Better for You as a Builder
- (LHFS) No minimum credit scores on Conventional – (MOST LENDERS) Do not go below 640 some 620
- (LHFS) Minimum credit score on FHA 580 – (MOST LENDERS) Minimum credit score of 620 – some 640
- (LHFS) Income ratios up to 57% with AUS approval – (MOST LENDERS) Income ratios up to 50% – some 55%
- (LHFS) We do not require Tax returns on W2 Borrower – (MOST LENDERS) Require Tax returns regardless
- (LHFS) We allow Commission, Overtime & Bonus Income after 1 full year of client receiving them – (MOST LENDERS) Want 2 years of history to be qualified and allowed
- (LHFS) We do not deduct 2106 Expenses on W2 Borrowers that do not receive Commission or Bonuses – (MOST LENDERS) Deduct the 2106 Business expenses against the Borrowers income
- (LHFS) We allow part-time Job after 1 full year – (MOST LENDERS) Want 2 years of history
- (LHFS) Conventional Loans: if the Borrower has 10 payments or less on revolving accounts and Installment accounts we do not count the debt – (MOST LENDERS) Only allow installment debt – not revolving
- (LHFS) We allow revolving accounts to be paid down to zero and not close the account – (MOST LENDERS) Require the account to be closed
- (LHFS) We do not require disputed accounts to be removed from the credit report; which will lower the credit score (MOST LENDERS) Require the disputed accounts to be removed
Additionally, we have a about a 70% conversion rate on “turn downs” from already built homes from the following builders: Lennar, Pulti, Park Square, KB Homes, DR Horton, Snow Construction, Meritage, Minto & Toll Brothers and am very confident we can do the same with your organization.
*Please note all percentages and statements are subject to change based on regulations that may arise. The use of hypothetical, predictive, and current statements, by Land Home Financial Services are meant to illustrate current operation standards.