FHA 203K Network Boggers ~ Short Sale Marketing for Mortgage Loan Officers & Real Estate Agents

Short Sale Killers Short Sales Are Coming Up Everywhere in 2012 No default on Mortgage – Lenders almost never will accept short sale offers or requests for short sales until the borrower is far behindEvery one seems to be looking to buy a foreclosure or a short in payments and a notice of default have been issued.sale, so we’ve come up with some important step to consider indetermining if a Short Sale Buy with an FHA 203K or FNMA Bankruptcy – If the seller has filed for bankruptcy, forget it. Few, ifHomeStyle Renovation Loan is for you. any lenders will consider a short sale when the seller has filed for bankruptcy because negotiating a short sale is considered aForeclosure is a fairly well understood process, but "short sale" signs collection activity and collection activities are prohibited inare expected to sprout like weeds in 2012 and all a part of a larger bankruptcies.plan to address the nation’s shadow inventory. The short sale process is rarely simple or short - If time is of the You May Wonder What Its All About essence, a short sale may not be the right solution for you, as banks have been known to take up to five months to decide.When a lender agrees to accept a mortgage payoff amount less thanwhat is owed in order to facilitate a sale of the property by a We highly recommend to first consult with one of the Realtors on ourfinancially distressed owner, its called a short sale and insures you Facebook Fan Page to whose familiar with short sales and banks.have valid title when you purchase these homes even though abalance owing was forgiven. Short Sale Seller Qualifications Home Buyers Win Find out if the listing agent has received a completed short sale package from the seller, and ask about the contents of that package.Short sales are a mixed bag for the buyer, the seller and the A complete short sale package consists, at minimum: Sellerslender, but when all is said and done home buyers get these hardship letter; Tax returns; W-2s; Payroll stubs; Financialproperties at greatly reduced prices and the lender could very likely statement; Bank statements.take a larger loss if they choose to take control of the propertythrough foreclosure. Some sellers do not want to cooperate and are slow to return these documents. Others have never been told that these documents areHowever, these properties in all likelihood have their share of mandatory. You dont want your short sale purchase delayedproblems – think fixer upper. That’s why the FHA 203K or Fannie because the seller didn’t provider their required documents to theirMae HomeStyle Renovation Loans are perfect for these home sales. lender for short sale approval.

FHA 203K and Your Short Sale PurchaseWhat can you include in your repairs/improvement list when using the FHA 203K Renovation Loan to purchase a Short Sale?When a buyer wants to buy a Short Sale it most like is going to need repairs and at least some renovations. Most conventional or FHAfinancing, normally require repairs to be completed prior to the closing of escrow and the repairs fall on the responsibility of the existing ownerwhich isn’t a option at all when a Short Sale is involved.Not using the FHA 203K loan as your financing tool I believe is pure misunderstanding of the program and lenders haven’t properly educatedthe home buying community to use this great financing tool.Below are just a few things you can include in and FHA 203K Streamline Renovation Mortgage to purchase your Short Sale. Repair Replace of the Roofs, Gutters and Downspouts Repair Replace/Upgrade Existing HVAC Systems Repair Replace/Upgrade Plumbing & Electrical Repair Replace Flooring Updating Kitchens and Bathrooms Painting both Interior and Exterior Weatherization including storm window and doors, insulation, weather stripping, etc. Purchase and installation of built in and freestanding appliances Accessibility Improvement for the physically challenged Lead Paint Stabilization Repair Replace existing/add exterior decks, patios & porches Basement and Attic Finishing & Remodeling Septic System and Well repair or replacement.

See the Video Fannie Mae HomeStyle and Your Short Sale PurchaseThe HomeStyle Renovation mortgage program allows borrowers to combine the cost of the home with the costs for renovation or remodeling.At closing, all funds for renovation will be escrowed in an interest-bearing account. After all renovation work is complete, any remaining fundsin the escrow account will be used to pay down the principal balance of the mortgage. Fannie Mae HomeStyle Renovation Loan Highlights o Up to 95% LTV (see LTV occupancy requirements below) Apply for a o Renovation funds escrowed in an interest bearing account Home Loan o Soft costs (architectural services, engineering, permit fees, etc.) may be financed Today and get o Loans are underwritten to standard FNMA guidelines pre-qualified o Loan Amounts $50,000 to $417,000 o 1 & 2 Family Units/Modular/PUD/FNMA Approved Condo’s o Can own up to 10 properties including their Primary Residence. o FICO Scores from 680 to 740 with specific limitations to LTV o Fixed Rate Loans Only with 15 and 30 year terms o Up to 6 months of payments can be included in the loan amount HomeStyle Renovation Loan LTV Requirements Mike Tozzolo Primary Residence – Up to 95% LTV First Guaranty Mortgage Corporation Investment Property – Up to 75% LTV 888-295-7899 x 3370 Second Home – Up to 90% LTV To Learn More About Distressed Home Purchasing By Following My Blog

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FHA 203K Network Boggers ~ Short Sale Marketing for Mortgage Loan Officers & Real Estate Agents

by FHA 203K Network Bloggers on May 15, 2012

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FHA 203K Network Boggers ~ Short Sale Marketing for Mortgage Loan Officers & Real Estate Agents Presentation Transcript