Good morning, Texas Realtors, it’s Bubba Bashaw with Lionshare training in Austin’s Lender right here in Central, Texas You’re probably wondering why I’m wearing such a bright spring shirt Because I’m getting ready for the spring and it is going to be better than any year We have seen in real estate in the past. I was just making a few notes and with your permission I’ll share them with you this spring our office is set up to do FHA and conventional loans faster than you can ever imagine and I’m going to tell you why first of all our rates are Unbelievable. I shop the market all the time calling my competitors our rates blow everybody out of the water So if your goal is to give your customer the lowest rate and the best experience There’s only one place to go and that’s Austin’s lender and we make it so easy For you because now we have a new website called prequalmybuyer.com Www.prequelmybuyer.com you go there and you put in your information your name your phone number your brokerage your email address and then your Customers name phone number email and then there’s a section for notes So let’s say you’ve got a call today from Bob and Sally and they want to go look at a listing you can of course Call our office at 512-953-7359, or you can go to www.prequalmybuyer.com Fill in your information the custome’rs information Any notes and then it immediately will come to two people in our office will be on the phone to call you first to let you know that we have received the inquiry and to see if there’s any additional information and Then we’re going to call the customer. After 25 years of being in this business, we know how hard Realtors work and we work with you. The first thing we do is we tell the customer how lucky they were to have found you as their Realtor. The other thing we do is when we get a loan app from them, we put them in our computer locked to you. So if they end up wandering off and in the hands of another Realtor. We immediately call them say no your Realtor Karen sent you over. Let us get you back with Karen. We believe that we always want to return the customer to the rightful realtor. That is the Realtor who sent them to us. So there’s more exciting stuff than that. As you know for years past all the delays and mortgage lending. We’re waiting for a bank statement. We’re waiting for a tax return. We’re waiting for this we’re waiting for that no more. Customers don’t even have to dig for documents anymore today. Everything is electronic. So when your customer replies at AustinsLender.com in that loan app comes to us we upload it directly into our portal and we click a button that allows the electronic transmission of their assets statements their pay stubs or w-2s their tax returns so they don’t even have to find them. All they have to do is give consent and Electronically we will go and get all of that stuff immediately and it’s much faster. There’s no missing pages. It makes it so fast and so simple. Now in addition to that you’re used to getting a pre-qualification. A Pre-qualification is where a loan officer pulls a credit report and says well based on everything the customer told me and based on the credit Report they look like they should be okay and you get that pre-qual letter. No more! From now on we are doing full Pre-approvals with even before a property has been located. So what that means is your borrower is going to go to AustinsLender.com to come into a loan app. We’re gonna submit it to our investor and get a complete credit underwrite within 24 hours. That way when we give you a certificate that says this borrower is Pre-approved it’s much different than being pre-qualified. So the only thing that would be outstanding at that point is going to be a contract a survey Insurance and an appraisal so that we can quickly close in front your loan. And that is how we’re able to close FHA and conventional loans at the absolute best rates imaginable in 10 days 10 days. So here’s the nice thing a lot of times. The Realtor says we got all the way to the end they have the file for three weeks and this other lender to latent the last minute they called us and told us there was something wrong. If we can prepare your loan for closing in 10 days and you write a 30-day contract You’re going to know fast if there’s any issues That were unforeseen and the credit report or something else that didn’t appear but later showed up in underwriting So the good news is we’re going to nip it in the bud right off the bat now. There’s more. The pre-approval credit underwriting again 24 hours for conventional and FHA borrowers and we call that our Fast-track loan. We’re going to issue a pre-approval With the address to be determined because you haven’t even found the property yet. That is awesome Now don’t forget we do offer FHA and VA down to a 500 credit score, but I want to caution you Every 500 credit score is not going to qualify They’re gonna have to have a substantial story and still why what happened? There was a car wreck medical bills something happened and they’re gonna have to have a sizable downpayment as you know with FHA from a five hundred to a 579 credit score it requires 10% down plus closing costs if for a 580 and above it’s three and a half percent down plus closing costs The good news is regardless of 500 all the way up The down payment can come from the borrower’s own funds or a gift or a 401k if that money in a retirement plan And we’re going to work with your customer and make sure that we vet out the absolute best way to quickly Get them approved. Okay, a couple more things. This is huge Doc-less loans and I kind of mentioned it earlier when we upload the loan into our system We’re going to click a button so that your borrower receives an electronic link where they give permission for us to get their bank statements or w-2s their tax returns all the stuff that generally takes Sometimes weeks to gather because it’s in a storage box and we moved and we don’t know where that is. Don’t worry about it It’s easy We call it our doc-less loan and that’s what allows us to quickly loan on get the loan moving through the process so we can give you a fast approval and Quickly close and fund your transaction that is going to be huge and not many investors in the country are offering it. Alright the next thing we have this big. Austin’s lender has now been redesigned in its much easier to use our website. It’s almost like follow the bouncing ball So when your customer goes to AustinsLender.com to do a pre-qualification They’re not gonna see a form name address city state zip. They’re not going to do that It’s going to be a series of pages that open up and all they do is put in their name Enter and that comes up with your date of birth enter and it walks them through the entire loan application easy, easy easy Once that comes in to us and again, everybody hears electronically notified We’re going to immediately call the borrower and fill in any missing pieces so that we can quickly get them Into our system for a pre-approval now if you’re in a hurry to go look at a property on Saturday morning And you send them to us and you say hey, I just want a free quote right now. We’ll do that but know that a pre-qualification is only as good as The documentation that supports the information they put in the loan app will issue a pre-qual but we really want to move to that full Pre-approval credit underwrite so that the only outstanding item is the property the appraisal the survey Etc. Okay. HOA. So here we go the next thing. Bank statement loans Many of you who were in the business previous to 2008 Remember what bank statement loans were. Bank statement loans allow a person who’s self-employed To use their last 12 or 24 months bank statement deposits averaged To qualify for income. No tax returns. No pay stubs. No 4506 transmittal summary from the IRS. We’re going to take 12 months bank statements and we’re going to look at the deposits We don’t care about the ending balance. Just how much went in in the month of January how much went in in the month of February how much went in in the month of March and then we’re going to average the Months and that dollar amount is used to qualify them for home And I’m going to tell you right now on a bank statement program people qualify for a lot more at home Than they do if they’re using their tax returns. Here’s an example. Let’s say you have John who owns A taco restaurant and he does breakfast tacos and has a good lunch business and every day he deposits $3,000 in his bank account. That’s 90,000 dollars a month that we are using to qualify him to purchase a home. So generally when we use a bank statement program a customer called say hey, what did I qualify for? And the answer generally is we’ll the loan officer qualified you for a $15,000,000 home But I know that’s not what you’re looking for Luxury homebuyers love the bank statement loan because tax returns create issues and I’ll tell you why first Of all you’re going to have multiple schedules. If it’s a high net worth Individual they’re going to have K-1. You’re going to have partnerships and you’ve got to get a return for every one of those entities We close the loan for a guy had a 153 joint ventures. It was a nightmare. The tax return was 2500 pages long. We did close the loan but oh my god. Bank statements would have been so much easier, because all we’re going to do is average the Deposit into the bank statement and use that to calculate their qualifying income tax returns also create Rabbit trails you want to avoid for example, let’s say we look today. It’s a 2017 tax return and it shows that they had a total Liability to the IRS of $120,000, they paid in $63,000, the remaining balance Shows right there on the tax return The first thing an underwriter is going to ask for because they’re required to under federal law is Proof that previous balance has been paid. And a lot of times it hasn’t been paid and you can’t unspread that butter So by going bank statements that previous balance that was due never appears It’s a non-issue. It allows us to quickly close and fund that borrowers loan again Often with a much higher loan approval than we would have had using tax returns because every self-employed person wants to take every deduction They possibly can and I don’t blame them. Our goal is to pay what’s due to the government, but not up anymore, right? So that’s what the bank statement loan allows self-employed people to do Now your Realtor you need to be looking for self-employed people Every time you go to a restaurant who’s the owner? Have you ever thought about buying a new home? We can use your bank statements to qualify. We have a lender that specializes in Self-employed individuals. Easiest loan you’re ever going to have in your life Everybody you talk to in the industry Roofers – self-employed. Plumbers – self-employed. CPAs – self-employed. Attorneys – self-employed. You get my point. Everybody after that self-employed has no clue how easy it is for them to get a home owned and I assure you that If you visit with them and let them know about this bank statement program your sales are going to flourish in 2019 and don’t be the only Realtor who doesn’t because I assure you The other Realtors watching right now are already thinking who can I call where’s my favorite restaurant? How about my hairdresser? How about my nail tech you’re gonna want to get in front of these people so that you can get them Pre-qualified to purchase a home. Because right now they don’t think they can. So when that being said bank statement loans are going to be a huge thing I hope that you have learned a little bit today. This is going to be a great year in real estate for every Realtor who wants to take it seriously. But for the next 60 days you should be setting the groundwork. You should determine am I going to go after first-time homebuyers? One of the programs we offer on the “home ready” and the “home possible” now through the end of February is we cover the price of the appraisal up to $525 for those borrowers. It is a great program in a great way to get a first-time buyer into a home You may want to farm We are going to be teaching a class soon on using every door direct mail to farm a specific neighborhood Look, you can be the jack-of-all-trades for the king of something if the Realtors who farm and Really take an area of town and they make it their farm and they hit it repeatedly. They’re the ones who are really successful. That’s not the only thing you can also like I said go after self-employed people in these lists are readily available. So I Hope this year. You’re going to give us a try AustinsLender.com. My name is Bubba Bashaw. I’ve been teaching lending for the last 25 years. We have every program imaginable, conventional Fannie Mae jumbo USDA VA and again were the only people I know of then offer FHA and VA down to 500. But remember those are not all going to be approved. But some of them will in every loan that gets approved is a home sale in a commission for you. So, please don’t forget us our number five one two, nine five three seven three five nine austin’s lender or Austin slender. Bubba Bashaw. Give us a call 512-953-7359 if you want to get a fast pre qual go to www.prequalmybuyer.com or if you want to just send your clients straight to our website. It’s Austin’s lender com or You got it Austin slender dot com. Let’s have a great spring. I hope you’re going to be making your plans. Let’s make it happen.