Special Circumstances

SPECIAL CIRCUMSTANCES

Income From Future Employment.

Get your borrower mortgage approved if starting a new job

and borrower has a guaranteed contract for employment?

This is acceptable if all the following are met:

  • Purchase transaction, 1 unit primary residence only
  • The employment offer is non-contingent and is fully executed by the employer and accepted by the borrower. If there are contingencies to the offer, any contingencies or conditions of employment must be satisfied prior to closing.
  • Employment begins no later than 120 days after signing the note.
  • PITIA reserves equal to the number of months between the note date and the start date of the new employment plus reserves required by DU.

100% LTV- Zero Down Payment 

 FHA Purchase

NOT a bond program

640 Minimum FICO Score

3.5% Soft Second Mortgage

No Repayment of the soft second mortgage

If the Borrower does not exceed 115% of AMI.

 

For example:  Area Medium Income for Travis County Texas is $77,800

If the borrower income does exceed 115% of $77,800, the soft second has to be repaid at time of sale of property, but if borrower income does not exceed 115% of AMI, then we will allow the 2nd soft with interest rates as low as ZERO!*

Soft Second mortgage goes away after 3 years –

no repayment required if the mortgage is kept for 3 years!*

 

Turbo Mortgage

Turbo Mortgage, LLC is a Technology, Marketing, and Mortgage Education company.Sammy Ray Trantham (NMLS #208667) performs licensed origination settlement services sponsored by LendMoney Mortgage Services, LLC, (NMLS #221869) using the assumed name of Turbo Mortgage with the consent to Turbo Mortgage, LLC.

Sammy Ray Trantham
NMLS #208667
1202 Lakeway Blvd., Suite 5B, Lakeway, TX 78734

LendMoney Mortgage Services, LLC
NMLS #221869
4727 Andover St.
Sugar Land, TX 77479-3946

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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV