Your Lake of the Ozarks Mortgage Lender: home buying at Lake of the Ozarks

Friday, January 19, 2024

USDA Rural Development Loan Program

USDA – Rural Development Loans

Many first time home buyers do not have the standard down payment saved to invest in their new home purchase. There are several loan programs available to help with this dilemma….USDA Rural Development Loans are one of those options.

This program will allow the borrower to purchase their new home with no money down and will also allow for the seller to pay closing costs for the borrower so they could potentially purchase a new home with no money out of their own pocket.

This program has several requirements that must be met by the borrowers such as:

- Household income limits (this includes income for all persons that will be living in the home, not just the borrowers on the loan)

- Debt ratio limits (these are typically lower than conventional loan requirements)

- Limited Assets (borrowers cannot have access to monies that could be used to meet the 20% down payment requirements for conventional financing)

When pursing a USDA Rural Development Loan, the property must also meet certain inspection requirements with regards to safety issues, water sources, etc. These inspections can usually be performed by the appraiser to see if they meet the requirements of USDA, if the appraiser is certified by USDA; if not, a separate inspector will be required to perform these inspections.

Depending on how the property appraises, the borrower can sometimes roll closing costs into their loan and/or have upgrades to the property (i.e., flooring replacement, etc.) included in their loan amount.

Team Lasson is here for all your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started. We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson

2751 Bagnell Dam Blvd Suite B

Lake Ozark, MO 65049

Cell: (573) 216-7258

Email: mlasson@fsbfinancial.com

Website: www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Wednesday, December 13, 2023

Mortgage Technology - Moving Forward in 2024

Mortgage Technology – Moving forward in 2024

Do you remember the days of having to physically go to an office, be it a title company, lawyer’s office, or banking center to spend an hour or more signing documents to purchase or refinance your home or condo? Sometimes you’d spend half the day waiting for the funds to be wired in and disbursed so you could get on with your day and go enjoy your new property.

Well, those days are over! Team Lasson has been using the hybrid closing system offered by First State Bank Mortgage for quite some time, and it’s fantastic! This system not only streamlines the process but also significantly reduces the time spent at the actual closing. Here’s how it works:

· A few days prior to the closing, the borrowers receive an electronic copy of their closing documents through our secure client portal.

· Upon receipt, the borrowers should review these documents in case they have any questions or to notify us of any errors prior to the closing.

· The morning of closing, the documents that can be signed electronically are sent to the client portal to be electronically signed by all borrowers.

· At the closing, borrowers sign documents that require a “wet” signature. This includes the Note and other documents which require a Notary Public.

Sometimes borrowers are unable to be present for their closing and need to do it remotely. We have a couple of solutions for that as well. The first option is to have a mobile Notary meet with the borrowers to sign the closing documents in person. This can also be done in conjunction with the Hybrid closing mentioned above. This process is usually completed the day before the actual closing date so the Notary can overnight the original packet back to the title company or lender on or before the date of the closing so funds can be disbursed on time.

The second option is a newer process called Remote Online Notarization or “RON” Closing. In this online digital closing, the Notary and borrowers meet through an audio-video application, enabling the signing and notarization of documents in an electronic format. While the fundamental elements of this closing resemble those of any other closing, specific requirements must be met. These conditions typically include:

· Notary must be physically present and licensed in the state of the property

· The RON technology platform must offer multi-factor authentication and knowledge-based identification to verify the identity of the signers

· The RON platform must have the ability to scan a government-issued ID for the Notary to verify the identity of the signer and the validity of their ID

· Documents must be digitally stamped and tamper-sealed to prevent interference with the authenticity and security of the notarial ceremony

· The notary must keep a video recording as well as an electronic journal as backup files of the notarial ceremony. These must be kept for a period specified by the state law (if not specified, the standard is 7 years)

Please Note: Not all the states allow for RON closings, and each state has its own laws regarding them. Be sure to check with your lender, title company, and attorney to determine if this is a feasible option for you.