Step 3 – Questions And Answers
In Step 3, you’ll find general questions you may receive from potential clients along with the answers. Do your best to remember each question and answer so you can be properly prepared when speaking to clients.
Feel free to email Processing any additional questions you think you may get and questions that you have received but isn’t listed here and we’ll update this page with your new questions along with the answers.
Q & A 1:
Q: Why do I have to pay $57?
A: We have to pull your credit to see what you qualify for.
Q & A 2:
Q: If I’m not approved, can I get a refund of the $57?
A: Unfortunately no because the credit pull is what the credit bureaus charge us so we forward the fee to you. We don’t charge you more at all.
Q & A 3:
Q: Can I see the property before I ger approved?
A: Unfortunately no because you are getting approved for the program, not the property. Once you are approved, you can get any property based off your approval.
Q & A 4:
Q: What if after my approval, I don’t like the property I applied for?
A: You can get a different property. Remember, you are approved for the program, not the property.
Q & A 5:
Q: After I am approved for the program, then what’s the next step?
A: You will be assigned to a Realtor or Realtor Assistant, that person will show you the property you applied for along with a few others.
You’ll select one of those properties, the Realtor will send you the contract to eSign and the Realtor will submit to the Listing Agent.
If the contract is accepted, you will be in contract with the Seller and then we can proceed with your loan.
Q & A 6:
Q: What is the 3-Step Process?
A: First is completing the online application and paying for your credit pull so we can know what you qualify for.
Second is to download the Checklist that contains a list of documents that is needed to get you approved.
Third is to upload the required documents to our site, that’s it.
Q & A 7:
Q: I seen a house that I like and the Listing Agent said I have to pay $1,000 Earnest Money Deposit. What is this?
A: The EMD is on the Real Estate side and once you are in contract, you have to pay the Earnest Money Deposit either to the Listing Agent or the Title Company in order to take the property off the market.
At closing, the EMD will be a credit toward your closing cost.
Q & A 8:
Q: How much is my Closing Cost?
A: Closing Cost can range from $3,500 to $7,000+ depending on the sale’s price, taxes, fees, property insurance and the state the property is in.
Q & A 9:
Q: What are the upfront fees?
A: With PhoneOps, there is the $57 credit pull fee.
When taking the property off the market, there is an EMD (Earnest Money Deposit) paid to the Listing Agent or Title Company.
To appraise the property, there is an Appraisal fee paid directly to that company and that can range between $650 to $950 depending on the property.
Everything else is paid at closing.
Q & A 10:
Q: What if I don’t have all the money for my closing cost?
A: You can get a gift from a family member such as your mom, dad, sister or brother.
Your assigned Realtor can also request seller concessions up to 6% of the sales price.
These additional funds will go towards your closing cost.
Q & A 11:
Q: I have my documents filed in my filing cabinet. Can I take a picture with my phone and email it to Processing?
A: Unfortunately no. We only accept PDF documents so if it’s possible, you can buy a printer from Walmart at a reasonable price or you can go to Staples or Office Max and have them email the documents to Processing.
Q & A 12:
Q: How soon can we close so I can let my landlord know?
A: It can take anywhere from 15 days to 30 days. We can only go as fast as you so submitting your documents quickly can really help speed up the process.
Q & A 13:
Q: Can I go to PhoneOps office to give my documents?
A: PhoneOps address is: 1222 Dixon Blvd. Num 1. Cocoa, FL 32922.
You can also mail your documents but if you want your documents returned, you must include a return envelope.
Q & A 14:
Q: Can I meet with you to give you my documents?
A: Yes, we can meet at a public place and I’ll take your documents and submit to Processing for you. Or, you can go to a Staples or Office Max and have them send it to Processing. Which one do you prefer?
(Only offer to take their documents
if you have a printer/scanner)
Q & A 15:
Q: My disclosures say 96.5% LTV instead of 100% LTV, why?
A: With the 100% Financing Program, it is in conjunction with the DPA (Down Payment Assistance) Program.
Your standard down payment is 3.5% so with the DPA program, it pays your down payment and it will be a 2nd loan.
Q & A 16:
Q: I am a 1st Time Home Buyer. Am I required to do a course or class to qualify for the DPA?
A: Yes, you are required to complete a 1st Time Homebuyer’s class prior to signing a purchase contract.
Processing will provide you with the details to complete the course.
Q & A 17:
Q: What does my score have to be in order to qualify for this program?
A: The standard credit score needed is 600. However, we can go down to a 580 FICO score but it requires a higher interest rate. This will not affect your closing cost so no worries.
Q & A 18:
Q: I went to Credit Karma to get my scores. Can I use this instead of paying for a credit Report?
A: Unfortunately no. Credit Karma is a consumer report, not a Financial Institution report. Our report is a Tri-Merge hard pull report and it’s needed for a mortgage loan.
Q & A 19:
Q: Is there a fee for the home counseling class?
A: I’m not sure as each agency that offers counseling has their own rules and standards. It will be best to contact the agency directly to ask.
Q & A 20:
Q: May I get a copy of my credit report?
A: Unfortunately, I don’t have access to those reports as it is run internally and it’s for your protection. However, you can go to www.AnnualCreditReport.com to get a copy of your report.
Q & A 21:
Q: I am not a 1st time homebuyer. Can I still qualify for $100% financing?
A: Yes, if you are either a police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT), including volunteers, or similar, a nurse, doctor, phlebotomist, health ambassador, or hospital worker, American Red Cross worker, or similar, a Civil servant in a federal, state, or local municipality, you qualify for 100% financing.
Q & A 22:
Q: I would like to refinance my home. Can you help me with this?
A: Yes, I just text you the link (text him or her the following: www.PhoneOpsFunding.com/QM). Watch the video then click either the FHA or Conventional logo to start the 3-Step Process.
Remember to put my full name on the last page of your application so I can look out for it.
Q & A 23:
Q: I am a Veteran. Can I utilize this program?
A: Oh, we have a program just for Veterans. I just text you the link (text him or her the following: www.PhoneOpsFunding.com/QM).
Watch the video then scroll down and click the VA logo to start the 3-Step Process.
All Veterans get 100% Financing and we go down to 500 FICO scores.
Q & A 24:
Q: I found a house that I like but it need some work. Can I apply for this program and get additional funds for repairs?
A: That’s a good question and yes. I just text you the link (text him or her the following: www.PhoneOpsFunding.com/QM). Watch the video then click the 203k logo to start the 3-Step Process.
If you are a 1st time home buyer, you may qualify for 100% financing plus additional funds for repairs up to $35,000. If you are not a 1st time home buyer, you can still get additional funds but your down payment would be 3.5%. This is still a good deal!
Here are some tools that can help you along the way. If you have additional questions, you can always reach out to Processing or feel free to schedule a One-on-One.
First Amercian Title Company
You may have a client that want to know the total amount needed for closing cost. You have the option to do the calculations for them or inform them a range.
To do the calculations, click on the logo to your right, click All fees then complete the form. Transaction type will always be Sale w/Mortgage. Loan Amount will always be 96.5% of the sales price. Any field that is option, leave blank and click Next. When you see the PopUp, click Yes. The last screen will show the total fees, scroll down to Buyer total and there you’ll see a total.
This is just Title Fees. Property insurance needs to be included in the closing cost and that can range from $500 to $1,200; the client can search for a quote. PhoneOps fees would always be 2.75% of the 1st lien loan amount so this amount would need to be included.
Online Application
When a potential client is completing the online application and get stuck, you are now able to help guide them along.
Click the logo to your right to view all the questions that is on the application so if you get any questions, you’ll be able to help without going to the website and completing the application too to see what they are talking about.
Printer For Your Clients
If you have a client that doesn’t have a way to submit their documents, you now have the option to help.
Click the logo to your right to view an affordable printer at Walmart.
You can meet with your client, collect their documents then scan and email the documents to Processing. You can then return the originals when showing the house.
Helping your clients build trust and this means referrals.
Online Calculator
This tool will be useful when you have questions about compensation, 1st LTV, DPA amount, etc.
For the most part, you can forward your clients to Processing but if you want to know for your own knowledge, you can do the calculations here.
Here are a few calculations for you: You are paid 1% of the 1st lien loan amount.
Example: Sales Price: $350,000 X 96.5% (1st lien) = $337,750. $337,500 X 1% = $3,377.50 is your commissions based on this example.
Keep in mind, the client is getting two loans that totals 100% LTV (loan to value) so a $350,000 sales price breaks down to the 1st lien/loan of 96.5% and the DPA of 3.5% is the 2nd lien/loan.
This would be $337,750 for the first loan and $12,250 for the DPA loan.
Housing Counseling
You can help your clients out by clicking the logo to your right to find a housing counseling class for them as this is needed to get the DPA loan.
Most clients are required to complete this step prior to signing a purchase contract so you can help to get this out of the way after they are approved for a loan.
After clicking the logo to your right,
* Enter the client’s zip code
* For distance, select less than 50 miles
* For type of service, select Buying a Home
* For Counseling Method, select Internet Counseling
* For Perferred Language, select english
* Then click Search. You can then email the list to your client.
