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o Business Accounts ............................................................... 22<br />
o Earnest Money Funds .......................................................... 22<br />
o Using Funds from a newly formed LLC Account ............ 23<br />
o Can I use my HELOC for funds to close? ......................... 23<br />
o New Fannie Mae reserve requirements for investors with<br />
multiple properties owned ................................................. 24<br />
o Can I use Gift Funds for my Investment property loan? 26<br />
o Funds for Closing .................................................................. 27<br />
• The Underwriting Stage ............................................................... 28<br />
o Your Credit History ............................................................... 28<br />
o Your Credit Score ................................................................ 29<br />
o Debt to Income Ratios ........................................................ 30<br />
o <strong>Loan</strong> to Value Percentage ................................................ 31<br />
o Property Appraisal ............................................................... 32<br />
o Borrower’s Landlord Experience ....................................... 33<br />
o Clear Title on Subject Property .......................................... 34<br />
The Title Search ............................................................... 34<br />
The Owner’s Title Policy ................................................. 34<br />
o What is TRID? ........................................................................ 35<br />
• The Closing Stage ....................................................................... 37<br />
o Pre-Closing ............................................................................ 37<br />
o How Long Will Closing Take? ............................................. 38<br />
o Where Will the Closing Be and Who Schedules it? ........ 38<br />
o What to Bring to Closing .................................................... 38<br />
o How does a Mobile Notary Work? .................................... 39<br />
• Funding .......................................................................................... 39<br />
SPECIAL NOTE ........................................................................................... 40<br />
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