Let's explore how to handle grants and second mortgage programs with monthly payment requirements in QuickQual!
Navigate to Step Three of a QuickQual:
- Once you’ve initiated your QuickQual, advance to step three, where you will find the "Points, Credits, Grants, and More" section.
Select Additional Credit or Grant:
- Check the box titled "Additional Credit or Grant." This action allows you to enter the specifics of the program you’re using.
Enter Program Details:
- In the provided fields, type the name of the grant or program.
- Note: You can specify the amount either as a flat dollar figure or as a percentage of the sales price or loan amount, depending on the program’s rules.
Utilize the Secondary Financing Box:
- Our new feature is integrated within the secondary financing box.
- Here, you’ll input the dollar amount required for the monthly payment of the grant.
- Here, you’ll input the dollar amount required for the monthly payment of the grant.
If the grant or second mortgage doesn’t require repayment (such as a soft second), leave this box unchecked and empty.
Display Borrower Payment Information:
- Once the payment amount is entered, it becomes part of the borrower’s PITI payment. You can see this inside of the Estimated Monthly Payment panel:
This feature currently supports flat dollar amounts only. If the grant amount is percentage-based and subject to change, you will need to discuss this with the borrower directly.
Now you can leverage our secondary financing feature effectively, ensuring your borrower interactions are smooth and informed. For more detailed instructions or further inquiries, contact us at LenderLogix support!