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203k Presentation for Realtors

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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

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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  • Pg 104203(k) loans are also undergoing renewed interest. The 203(k) program insured 6,749 loans in 2008 and 16,904 loans during 2009. The volume continues to increase.
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Transcript

  • 1. FHA 203k Renovation Loan
  • 2. Repair
  • 3. Remodel
  • 4. Renovate
  • 5. One Single Loan
  • 6. Rehab Loan
  • 7. Sally Realtor
  • 8. Dated Kitchen
  • 9. Remodel
  • 10. Remodel Expenses
  • 11. What if….
  • 12. You Choose!
  • 13. Guess What Happened???
  • 14. Yes Siree!Three Offers!!Full Offers!House Sold!No Out of Pocket Money to Seller or Buyer! Wow!
  • 15. 203k Creates OptionsBuyers Get What THEY WantNo Cost to SellersNO Guessing on Colors, Styles, etc.!!!Sells HOMES!
  • 16. Lets TalkNumbersThe number ofloans that havebeen financed asStreamlined 203(k) loans havecontinued toincrease over thepast several years. 24
  • 17. 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
  • 18. 2010 Endorsements PROJECTIONS RATE OF FY 2011 FY 2011 FY 2010 CHANGE FY 2010 AS OF OCT 10 TO DATE TO DATE 2011/2010 FINALSection 203(k) 22,000 4,781 5,274 -9.3% 22,491 2011 21,297
  • 19. What Does the FHA 203k Offer? More favorable loan terms Higher loan limits Flexible down payment options
  • 20. Down PaymentOn the Total Loan Amount 3.5%
  • 21. Conventional Loan Down Payment 20% 10%
  • 22. 6% Seller ConcessionsOn the Purchase Price
  • 23. 203kOwner Occupied Only30 Year Fixed Rate
  • 24. Standard FHA Guidelines• Same Qualifications• Same AUS• Same Gift Funds• Just a 203k instead of a 203b
  • 25. First Time Home Buyers 
  • 26. Not Just for First Time Home Buyers
  • 27. How Does a 203k Work?
  • 28. Two Types – 203kStandard (k) Streamlined (k)
  • 29. Standard (k) Streamlined (k)Purchase Price Purchase PriceClosing Costs Closing CostsCost of Repairs Cost of Repairs
  • 30. RepairRemodelRenovate
  • 31. Purchase Price Cost of Repairs
  • 32. Loan Closes
  • 33. Money Dispersed in Draws after Closing
  • 34. Work complete
  • 35. TeamSport!
  • 36. Streamlined (k)Purchase Refinance UpgradeRemodel
  • 37. $35,000Includes 203k Fees
  • 38. Standard (k)$35
  • 39.  Minimum $5,000 No Maximum Repair Amount Cannot Exceed 110% of the “as-improved” Value
  • 40. 203k Consultant
  • 41. Streamlined (k)Smaller ProjectsCosmetic ChangesNothing Structural
  • 42. Streamlined Improvements New Appliances  Kitchen Remodel Flooring  Bathroom Remodel Windows  Fencing Doors  HVCC/AC Interior/Exterior Paint  Plumbing Roof Repairs  Electrical
  • 43. The 203k Loan Rebuild Our Can Help Neighborhoods
  • 44. How Can You Stand Out in Your Community? Become a Rehab Home Loan Expert!
  • 45. Educate• Yourself• Your Partners• Your Clients• Your Community
  • 46. Educate Yourself HUDhttp://www.hud.gov/offices/hsg/sfh/events/events.cfm Rehab Loan Networkhttp://www.rehabloannetwork.com Plaza Home Mortgagewww.plazahomemortgage.com
  • 47. 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
  • 48. Educate Your Partners• Flyers• Webinars• Live Classes with – Realtors – Financial Planners – Insurance Agents
  • 49. Educate Your Community• Radio Shows• Newspaper Articles• Chamber Events
  • 50. Create Your Team!
  • 51. Become an Expert
  • 52. 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.
  • 53. Become THE Expert Help Sell Homes Build Your Team Stimulate the EconomyBecome the Solution BE THE LEADER!