Instructor: JD Teitelman, Main Street Home Loans

Elective CE: 2 hours*

*Each course listed below will give one hour per course of elective continuing education credit.

Understanding the Pre-Approval Process (1 hour)  We know that the best way to work with your client is to understand how much house they can afford. This class we will pull the curtain back into what a mortgage loan officer does to get your client pre-approved for a mortgage and how the process works. The class will discuss the difference between a Pre-Approval and Pre-qualification. In addition, we will discuss the four C’s of underwriting (Capacity, Collateral, Credit and Capital) as to how it relates to the pre-approval process. Finally, we will discuss which question agents (especially listing agents) should ask of mortgage loan officers, when verifying a pre-approval letter.

First Time Home Buyer Financing (1 hour)  According to the recent NAR Generational Trends report, first time homebuyers account for between 25% and 33% of recent home buyers. Buying a home is many peoples largest purchase of their lives. Working with first time homebuyers requires a certain set of skills that are different from repeat buyers. In this class, we will look at home mortgage financing for first time homebuyers.

We will start by reviewing the various definitions of First Time Homebuyers. Next, we will review various information from surveys on who are a First Time Homebuyers. We will then discuss mortgage restrictions on First Time Homebuyers, different state agency programs (down payment assistance) available to first time homebuyers and mortgage insurance. We will finish the class with a conversation about borrowers with limited/no credit and how we can use alternative credit to get these clients approved.