Buyer seminar 2011

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Buyer seminar 2011

  1. 1. Buyer Seminar<br />By: RapSystems<br />Jose Richard Polanco<br />THE MONEY SOURCE<br />135 Maxess Rd <br />Melville, NY 11747<br />Licensed Mortgage Banker:<br />CT, DC, DE, FL, GA, MA, MO, NH, NJ, NY,PA.<br /> <br />Jose Richard Polanco<br />Loan Officer<br /> <br />Direct: 646-377-1977<br />Efax: 718-799-1039<br />Email: JoseRichardPolanco@gmail.com<br />NMLS ID: 197358<br />www.tmsbankers.com<br />
  2. 2. Short sale<br />When there is a pre-forecloser the seller is still the owner however has stopped making payments to the Bank.<br />The total mortgage (S) amount is paid off ,less then what is owed to the Banks <br />Can get property way below market value<br />These properties are sold as is ,meaning what you see what you get. There no is representation that any of the major systems are in working order. <br />The seller can’t make any representations that all system will be in working order, because he/she has no money<br />There currently 4 types of sellers in the market today<br />
  3. 3. Bank owned (REO) Foreclosed<br />These properties are sold as is ,meaning what you see what you get. There no is representation that any of the major systems are in working order.<br />Can get property way below market value<br />Since all REO properties are vacant they have to be winterized <br />All major systems are turned off<br />Most banks don’t want to pay the transfer tax, that is commonly paid by seller of the property. This is an expense the buyer will have to pay at closing.<br />Some properties need repair so the will need a FHA 203k loan<br />If the property has major violations you will need a FHA 203k loan<br />There currently 4 types of sellers in the market today<br />
  4. 4. Regular Seller<br />The seller is not losing there property<br />These properties are sold as is ,however there is representation that all of the major systems are in working order.<br />All violation have to be removed by seller.<br />Most properties are a market value<br />Most of the time will to accept sellers concession <br />There currently 4 types of sellers in the market today<br />
  5. 5. Real Estate: Investor / Builder / Dealer<br />The property is usually in mint condition (moving in condition)<br />Price is at or slightly above market value.<br />Not very negotiable on price<br />These properties are sold as is ,however there is representation that all of the major systems are in working order.<br />All violation have to be removed by seller.<br />Most of the time will to accept sellers concession <br />There currently 4 types of sellers in the market today<br />
  6. 6. Making an offer on a property<br />Things you need<br />Offer form (Binder or Sales Agreement)<br />Deposit Check<br />Preapproval<br />Proof of funds<br />Credit Report<br />
  7. 7. Things you will need for a Preapproval<br />Fill out a Mortgage Questionnaire<br />Taxes for last 2 years<br />W2 or 1099 for the last 2 years<br />Last paystub<br />Last Bank statement<br />
  8. 8. To apply for a mortgage you will need<br />Taxes For Last 2 Years<br />W2 Or 1099 For The Last 2 Years<br />One Month Paystub<br />2 Months Bank Statement<br />Copy of Canceled Escrow Check<br />Contract to Purchase<br />Fill out 1003 mortgage application<br />Driver license or ID<br />Social Security Card<br />Green Card if resident <br />May not be limited to the above items<br />
  9. 9. FHA 203B<br />FHA LOAN LIMITSFHA lending limits vary based on a variety of housing types and the state and county in which the property is located. 1Fam $729,750 2Fam $934,200 3Fam $1,129,250 4 Fam$1,403,400<br />Min 3.5% down payment if 620 credit and above<br />Min 10% down if between 580 and 619 credit<br />Up to 6% percent seller concession<br />All down payment below will increase from 10% to 20% down<br />Short Sale :<br />2 years before you can buy<br />Deed in Lieu of foreclosure<br />2 years before you can buyer<br />Foreclosure : <br />5 years before you can buy<br />3 years with extenuating circumstances<br />Bankruptcy<br />Chapter 7: 4 years before you can buy<br />Chapter13: 2 years before you can buy <br />
  10. 10. FHA 203K (HandMan)<br />Same condtions as FHA 203b<br />FHA provides rehabilitation mortgage loans for owner-occupants of real estate to finance the rehabilitation of an existing property; <br />finance rehabilitation and refinancing of the outstanding indebtedness (mortgages) of a property; and <br />finance the initial purchase and rehabilitation of a property. <br />The FHA 203(k) can be used with 1-4 family dwellings, condominiums and HUD Homes. There is a minimum requirement of $5,000 in repairs. Unfortunately, Co-ops are not eligible.  <br />FHA 203(k) can be used to bring illegal dwellings into code compliance. Mixed use residential / commercial properties may also be eligible. A burnt out shell, incomplete shell or empty foundation is eligible for 203(k) financing provided it is over 1 year old. <br />FHA will lend up to 98.15% of the future value of the dwelling after all completed repairs but you cannot exceed the maximum FHA loan limit for the area in which the property is located in. <br />
  11. 11. We can do other loans to<br /><ul><li>TYPE DOWN CREDIT
  12. 12. Conventional 5% DP 620
  13. 13. Foreign National 45% no score needed
  14. 14. Second Home 10% 620
  15. 15. Investment Prpty 25% 680
  16. 16. Commercial 20% 680
  17. 17. Co-op 20% 680
  18. 18. Condo 3.5% to 10% 620
  19. 19. Reverse Mortgage 0% none
  20. 20. Refinance depends on property
  21. 21. All Terms and condition's in the seminar are subject to change without notice</li>

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