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203k Presentation for Realtors

Nov 28, 2014

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Real Estate

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Use this Presentation for your Realtor Partners to show the benefits of using a 203k loan to sell more short sales and foreclosures in need of repair
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Page 1: 203k Presentation for Realtors
Page 2: 203k Presentation for Realtors
Page 3: 203k Presentation for Realtors
Page 4: 203k Presentation for Realtors
Page 5: 203k Presentation for Realtors
Page 6: 203k Presentation for Realtors
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FHA 203k Renovation Loan

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Repair

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Remodel

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Renovate

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One Single Loan

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Rehab Loan

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Sally Realtor

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Dated Kitchen

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Remodel

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Remodel Expenses

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What if….

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You Choose!

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Guess What Happened???

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Yes Siree!

Three Offers!!Full Offers!House Sold!No Out of Pocket Money to Seller or Buyer!

Wow!

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203k Creates Options

Buyers Get What THEY WantNo Cost to SellersNO Guessing on Colors, Styles, etc.!!!Sells HOMES!

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Lets Talk NumbersThe number of loans that have been financed as Streamlined 203 (k) loans have continued to increase over the past several years.

24

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203(k) Volume

• 2008, the 203(k) program insured 6,749 loans, nearly double the previous year’s level.

• 2009, 16,904 203(k) loans were insured, and the volume continues to increase.

*Source: FHA. FY 09 as of September 30, 2009

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2010 Endorsements

PROJECTIONS RATE OFFY 2011 FY 2011 FY 2010 CHANGE FY 2010

AS OF OCT 10 TO DATE TO DATE 2011/2010 FINAL

Section 203(k) 22,000 4,781 5,274 -9.3% 22,491

2011 21,297

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What Does the FHA 203k Offer?

More favorable loan termsHigher loan limitsFlexible down payment options

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Down Payment

3.5%On the Total Loan Amount

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Conventional Loan Down Payment

10%

20%

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6% Seller Concessions

On the Purchase Price

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203k Owner Occupied Only30 Year Fixed Rate

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Standard FHA Guidelines

• Same Qualifications• Same AUS• Same Gift Funds• Just a 203k instead of a 203b

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First Time Home Buyers

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Not Just for First Time Home Buyers

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How Does a 203k Work?

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Two Types – 203k

Streamlined (k) Standard (k)

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Standard (k)

Purchase PriceClosing CostsCost of Repairs

Purchase PriceClosing CostsCost of Repairs

Streamlined (k)

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Repair

Remodel

Renovate

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Purchase Price Cost of Repairs

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Loan Closes

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Money Dispersed in Draws after Closing

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Streamlined ½ at Closing to

Each Contractor for the Amount of Their Bid

½ THEIR BID

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StandardOne Draw at ClosingUp to 5 Total Draws

Until Work is Completed

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Page 46: 203k Presentation for Realtors

Work complete

Everyone Gets Paid!

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Everyone Gets Paid!

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Team Sport!

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Streamlined (k)

Refinance Purchase

RemodelUpgrade

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$35,000 $35KIncludes 203k Fees

About $31k in Remodeling Allowance

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Standard (k)

$35

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Minimum $5,000 No Maximum Repair Amount Cannot Exceed 110% of the

“as-improved” Value

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203k Consultant

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Streamlined (k)

Smaller ProjectsCosmetic ChangesNothing Structural

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Streamlined Improvements

New AppliancesFlooringWindowsDoors Interior/Exterior PaintRoof Repairs

Kitchen RemodelBathroom RemodelFencingHVCC/ACPlumbingElectrical

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The 203k LoanCan Help

Rebuild Our Neighborhoods

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Page 59: 203k Presentation for Realtors

How Can You Stand Out in Your Community?How Can You Stand Out in Your Community?

Become aRehab Home Loan Expert!

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Educate

• Yourself• Your Partners• Your Clients• Your Community

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Educate Yourself

HUDhttp://www.hud.gov/offices/hsg/sfh/events/events.cfm

Rehab Loan Networkhttp://www.rehabloannetwork.com

Plaza Home Mortgagewww.plazahomemortgage.com

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Focus on Making the World a Better Place

• Build Teams• Work Together• Work in Your Community• Be a Part of Your Community• Create Opportunities• Create Jobs

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Educate Your Partners

• Flyers• Webinars• Live Classes with– Realtors– Financial Planners– Insurance Agents

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Educate Your Community

• Radio Shows• Newspaper Articles• Chamber Events

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Create Your Team!

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Become an Expert

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Rehab Loan Network

• Become a Certified Specialist• Build YOUR Network• Add Your Local Connections– Contractors– Realtors

Be the EXPERT in Your Area! Limited Areas!Complete Information Sheet today to be

Considered.

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Page 69: 203k Presentation for Realtors

Become THE Expert

Help Sell Homes Build Your Team

Stimulate the Economy

Become the Solution

BE THE LEADER!