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Buying a Home in
Today’s Market
Wells Fargo Home Mtg.
Encino CA.
10/30/2012
Homeownership Works!
Homeownership may be
the single most important
investment you’ll make in
your lifetime.
that’s still true today!
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Building Long-term Financial
Security
A home is an investment in personal and
financial well-being
Homeownership isn’t a get-rich quick
scheme -- it’s a sure and steady way to build wealth
over time
It’s critical to get the financing right
That’s why you should work with
Wells Fargo
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And add to that. . .
significant tax advantages*
for homeownership
Interest paid on mortgages is deductible for
most homeowners.
Property taxes are deductible for most
homeowners.
For most homeowners, there are no capital gains
taxes when a primary residence is sold.
*See your tax advisor
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Compare Apples
to Apples
Every interest rate is associated with a
point amount – zero, a half-point, a full
point, etc.
When comparing rates,
get the whole story -Compare rates with the
same number of points charged.
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Get pre-approved for your loan first
– before house-hunting
This determines the upper limit
of your price range
Borrow only as much as you feel
comfortable borrowing
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Questions to ask
• What is the term of the loan?
• What is the interest rate?
• Is the rate fixed or adjustable?
• When are the payments due?
• What happens if I make a late payment?
• Are taxes and insurance included in my monthly
payment?
• What will my closing costs be? What’s included?
Wells Fargo will work with you to ensure
you understand the answers to these questions.
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Key Qualifying Components
 Credit
 Income
 Assets
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Credit
 Normally good for 120 days.
 3 Bureaus – 3 Scores
 Scores range from 300-870
 Score based on many things
 Payment history
 Length of credit history
 Newly established credit
 Outstanding revolving balances
 Inquiries
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Credit
Helpful Tips
Revolving balances below 50% of
the available limit.
Bankruptcies need to be at least 24 years past the discharge date.
Limit unnecessary inquiries.
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Income
 Documentation
 1 month of paystubs
 2 most recent w-2’s
 Salary or Hourly?
 Commission or Bonuses?
 Self-Employed?
 2 Years Personal and Business returns
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Income
 New job may require additional
documentation.
 Written VOE
 Job Offer Letter
 Gaps in employment?
 Declining or inconsistent income?
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Assets
 2 Months of bank statements.
All pages
Large deposits?
Insufficient funds/bad checks?
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Assets
 Use of non-liquid accounts
Retirement accounts
Stocks
 Need terms of withdrawal or proof
of liquidation of funds.
 Gifts.
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Union Plus® Mortgage Program
provided by
Wells Fargo Home Mortgage
Exclusive benefits designed for union families
Jeff Neistein
Branch Manager
818 808-1038
Unique value proposition
What makes the Union Plus Mortgage Program stand out is the unique
combination of benefits it makes available to union members, including:
• $500 award card
compliments of Wells Fargo Home
Mortgage1
• $500 First-Time Home Award
from Union Plus
• Mortgage payment assistance
through Union Plus
1. Eligible individuals can receive the Wells Fargo My Mortgage GiftSM promotion, consisting of a Performance Plus Award MasterCard® issued by The Bancorp Bank,
Wilmington, Delaware in the amount of $500.00, after closing on a new purchase or refinance loans secured by a first mortgage or deed of trust with Wells Fargo Home
Mortgage, subject to qualification, approval and closing, when identifying themselves as eligible under the Union Plus Mortgage program. The My Mortgage GiftSM promotion is
not available with any Wells Fargo Three-Step Refinance SYSTEM® program, The Relocation Mortgage ProgramSM or the HOME program. Only one award permitted per new
loan. This promotion is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Gifts may constitute taxable income. Federal, state and
local taxes, and any use of the gift not otherwise specified in the Terms and Conditions provided at receipt of gift are the sole responsibility of the My Mortgage GiftSM recipient.
Please see Terms and Conditions document for more information.
For real estate professionals only.
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Down-payment Assistance
Programs - DAPS
 NHS Platinum – 3-5% Grant
 CALHFA – 3% Loan
 LIPA – up to $60k.
 MCC – 15-20% Federal Tax Credit
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We’re happy to answer
your questions. . .
Thank you for attending!
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
© 2010 Wells Fargo Bank, N.A. All rights reserved.
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