Aligned Mortgage Processing

Nadia Evangelou, senior economist & director of forecasting for the NAR, predicts the 30-year fixed rate to hover around 2.8% to 2.9% in Feb. Bidens administration’s new stimulus checks, enhancement to the unemployment benefits, and funding for more vaccine all are contributors.

Here’s some information:
• Up to 85% LTV with min 680 ficos, rates start at 7.125%
• Up to 80% with 660, rates start at 7.125%
• Up to 70% with 580, rates start at 9.%
• No Prepayment penalties
• Full documentation using tax returns or 12 Bank stmts in leu of using tax returns. (We use 50% of the deposits in the bank statements)
• Can also use a CPA Letter in leu of Tax returns or P&L Only
• No Tradelines (alternative credit) needed if no credit scores
• Recent Major Credit Events Allowed
• Up to 50% Debt to income ratios
• No Reserves Required
• 30 year fixed options
• Primary Residence or Investment

For other loans options, or any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

Using a gift when buying your first home? When the donor transfers gift funds to our borrower, the transfer must be documented by one of the following:
• Donor's withdrawal slip and client's receipt of deposit
• A copy of the donor's check and evidence of deposit into the client's account.
o If gift funds are deposited with other funds, in addition to the gift, the remaining amount of the deposit must meet proof of large deposit. If the remaining portion of the deposit does not meet proof of large deposit, source the additional assets or back the funds out of the clients account.
o If the deposit is less than what is listed on the gift letter, obtain a new gift letter with a lower amount and source the deposit.
• Wire receipt showing the transfer of funds from the donor to the client's account.
• If gift funds are being transferred at close, obtain a copy of the donor's certified check/wire receipt and Closing Disclosure indicating the exact amount of the gift.
o Gift must be transferred and available by the day of signing.
• If gift funds are being used to pay off or down a debt directly by the donor to the creditor, we would need to follow the paying off debt requirements guidelines.
• If bank statement is used to document the transfer, and funds are transferred prior to close, then funds received must show on the bank statement.

For any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

The gift letter must include:
Client's name as recipient
Donor's name, address and phone number
Donor's relationship to the client
Amount of the gift
Date the funds were/will be transferred
Donor's statement that no repayment is expected
Donor's signature
Can be e-signed through DocuSign
Contain language certifying the funds were not obtained from an unacceptable source (including the seller, real estate agent/broker; builder, loan officer or any entity associated with them).
Client must e-sign or wet-sign and date the gift letter

Fannie, Freddie, Agency Plus & FHA only: The Property Address is only required for a Gift of Equity. See the Gift of Equity topic for all requirements.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521.

Patti Contrasto | Mortgage Broker| NMLS #294661
[email protected] | Direct Line: 713-387-9521
Address: 2700 Post Oak Blvd Floor 21 (We Work Office), Houston Tx 77056
Boxwood Mortgage LLC | www.boxwoodmortgage.com |Co. NMLS # 1824674

On an FHA loan, when you receive a gift, there is a list of Allowable Use of Funds.

The following are allowable use of gift funds:
• From a personal gift received from an acceptable donor.
• An acceptable donors business.
• The signature on the gift check must match the signature on the gift letter.
o If there is a remitter listed on the certified/cashier's check, the remitter must include the donor listed on the gift letter.
• Towards the down payment (including EMD) and/or closing costs.
o Can not be applied to reserves.
• To pay off debt to qualify if all gift requirements are met.

For any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

• Primary residence or second home only
o Can not be used on an investment property.

• From a personal gift received from an acceptable donor.

• An acceptable donor's business.
o The signature on the gift check must match the signature on the gift letter.
o If there is a remitter listed on the certified/cashier's check, the remitter must include the donor listed on the gift letter.

• Towards the down payment (including EMD) and/or closing costs.
o Cannot be applied to reserves.

Fannie, Freddie, & Agency Plus only: Can be used to pay off debt to qualify on a primary or second home if all gift requirements are met.

For any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

Thinking of refinancing your home? Here’s a refinance option.

Refinance FHA; non-credit qualifying streamline
• Credit Score. No Minimum
• 1-4 Units
• Ratios, No Max
• No appraisal required
• Primary residence only
• Loans up to county loan limits
• No removal or addition of borrowers. Using same existing value and no debt consolidation for a non-credit Qualifying Streamline

For other loans options or any mortgage processing related questions, we are here to help you, please give us a call at 832-431-1633.

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

Gift donors cannot be affiliated with any interested party to the transaction including, but not limited to:
• Seller
• Builder
• Developer
• Real Estate Agent

For any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

Did you know that when doing a Conventional loan, a borrower can get a gift from the following types of donors?

Spouse
Parent (Including step and foster)
Grandparent (Including great, step and foster)
Grandchild (Includes great and step)
Aunt/Uncle (Including great and step)
Niece/Nephew (Including step)
Cousin (Including step and adopted)
In-laws
Child (Including step, foster, and adopted)
Sibling (Including step, foster, and adopted)
Gifts can also be donated by a:
Domestic Partner
Fiancé(e)

Fannie Only: Future In-laws

For any Mortgage Processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056

Curious about a non-conforming loan? Here’s are some details:

Non-Conforming Loans:
• 10% Down Payment, up to $679,650
• High Balance, Nationwide Conventional Mortgage
• Loan amounts can go up to $679,650.00
• The down payment is only 10% of the sales price
• There is no mortgage insurance on this loan
• Primary and second homes are eligible
• The minimum credit scores is 680

For more information on other loans we offer or and mortgage processing related questions, we are here to help you, please give us a call at 832-431-1633

Esperanza Garcia | Aligned Mortgage Processing Co LLC | NMLS ID #1902292
[email protected] | Direct Line: 832-431-1633 | E-FAX 1-832-532-8202
Address: 2700 Post Oak Blvd Floor 20, Houston Tx 77056