The document discusses FHA 203K loans, which allow homeowners to finance home repairs and renovations along with their home purchase or refinance. A 203K loan provides a single loan to cover both the purchase price and proposed improvements. The maximum loan amount is based on the appraised value after improvements. Repairs are done after closing, so sellers are not responsible. The loan helps buyers purchase distressed homes needing repairs and complete renovations to make the home their dream home.
Ben Moskel lives and works in Pittsford, New York. Ben provides digital marketing and customer acquisition consulting services for real estate related products and financial services. Ben Moskel enjoys playing basketball, wakeboarding, travel, and reading business related books.
Ben Moskel lives and works in Pittsford, New York. Ben provides digital marketing and customer acquisition consulting services for real estate related products and financial services. Ben Moskel enjoys playing basketball, wakeboarding, travel, and reading business related books.
MERKABAHNK
/ The Investment gateway into the Future /
The pace at witch change is accelerating brings about unprecedented challenges for Business, due to the exponential explosion of an ever more vibrant abundant society. Technology, the first pioneering ally of humankind, continues to play an exponential role in business dynamics and will shape the achievements accomplished through generations.
“Grey is the new black.”
This mid80’s declaration from the fashion industry has become synonymous with radical shifts in the norm of any field. Agile provided such a radical shift for traditional waterfall processes. Yet as Agile has matured, it is redefining itself at a pace that rivals the whims of the fashion industry.
This presentation presents not only the (somewhat obvious) shifts from waterfall to Agile, but the second and third generation of shifts within the Agile community itself. Basics such as automated unit tests are falling away (“Deployment is the new unit test”).
The overall message is to continue to question practices, and strive to understand the reasons behind a practice so that you know when it is safe to discard.
(Presented at Agile India 2013)
Early proponents of Agile assumed a certain style of programming that was an outgrowth of the Simple Design practice of eXtreme Programming. As Agile has been adopted, this particular style was not brought in as a co-requisite. This presentation explains aspects of this style, cites examples of the impact of its use, and describes a training program developed by Fred George to address this deficiency. This training program formed the basis of ThoughtWorks University several years after its creation. (Presentation given at Agile India 2013)
It's a Bird, It's a Plan, No It's SupermanFred George
Agile has bred new ground for Tool vendors, Process Gurus, and other such specialists. However, this influx of “technology” has not created the process improvements promised for most projects.
In this presentation, we debunk the myth that Agile can be successful in an organization simply by choosing a new tool set or designating Agile Masters of various varieties.
We first review the tools that are useful; they are simple and lightweight. Likewise, metrics are important to understand progress, yet they, too, are simple and lightweight. Several such metrics are suggested, and illustrated with actual project examples to reinforce their value (despite their simplicity).
We move on to suggest management structures that are different from traditional structures, and suggest rationale for the shift. This shift also suggests that welldefined job responsibilities can also interfere with efficiency rather than the opposite technique. It is too easy to suggest seniority aligns with mastery of our discipline, and we outline an efficiency model to judge the individuals.
We conclude with an analysis of the efficiency of creating highefficiency individuals, and suggest the team environment, not the classroom, is the proper crucible for rapid improvement.
(Presented at Agile India 2013)
SOA, service-oriented architectures, burst on the scene in the new millennium as the latest technology to support application growth. In concert with the Web, SOA ushered in new paradigms for structuring enterprise applications.
At the Forward Internet Group in London, we are implementing SOA in unusual ways. Rather than a few, businessrelated services being implemented per the original vision, we have developed systems made of myriads of very small, usually shortlived services.
In this workshop, we will start by exploring the evolution of SOA implementations by the speaker. In particular, lessons learned from each implementation will be discussed, and reapplication of these lessons on the next implementation. Challenges (and even failures) will be explicitly identified.
We will arrive at a model of the current systems: An environment of very small services that are loosely coupled into a complex system. We explore the demise of acceptance tests in this complex environment, and the clever replacement of business metrics in their stead.
Finally, we will conclude with the surprising programmer development process impacts of this architecture. Indeed, bedrock principles of Agile have been rendered unnecessary, something that equally surprised us. (Presented at Agile India 2013)
When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
MERKABAHNK
/ The Investment gateway into the Future /
The pace at witch change is accelerating brings about unprecedented challenges for Business, due to the exponential explosion of an ever more vibrant abundant society. Technology, the first pioneering ally of humankind, continues to play an exponential role in business dynamics and will shape the achievements accomplished through generations.
“Grey is the new black.”
This mid80’s declaration from the fashion industry has become synonymous with radical shifts in the norm of any field. Agile provided such a radical shift for traditional waterfall processes. Yet as Agile has matured, it is redefining itself at a pace that rivals the whims of the fashion industry.
This presentation presents not only the (somewhat obvious) shifts from waterfall to Agile, but the second and third generation of shifts within the Agile community itself. Basics such as automated unit tests are falling away (“Deployment is the new unit test”).
The overall message is to continue to question practices, and strive to understand the reasons behind a practice so that you know when it is safe to discard.
(Presented at Agile India 2013)
Early proponents of Agile assumed a certain style of programming that was an outgrowth of the Simple Design practice of eXtreme Programming. As Agile has been adopted, this particular style was not brought in as a co-requisite. This presentation explains aspects of this style, cites examples of the impact of its use, and describes a training program developed by Fred George to address this deficiency. This training program formed the basis of ThoughtWorks University several years after its creation. (Presentation given at Agile India 2013)
It's a Bird, It's a Plan, No It's SupermanFred George
Agile has bred new ground for Tool vendors, Process Gurus, and other such specialists. However, this influx of “technology” has not created the process improvements promised for most projects.
In this presentation, we debunk the myth that Agile can be successful in an organization simply by choosing a new tool set or designating Agile Masters of various varieties.
We first review the tools that are useful; they are simple and lightweight. Likewise, metrics are important to understand progress, yet they, too, are simple and lightweight. Several such metrics are suggested, and illustrated with actual project examples to reinforce their value (despite their simplicity).
We move on to suggest management structures that are different from traditional structures, and suggest rationale for the shift. This shift also suggests that welldefined job responsibilities can also interfere with efficiency rather than the opposite technique. It is too easy to suggest seniority aligns with mastery of our discipline, and we outline an efficiency model to judge the individuals.
We conclude with an analysis of the efficiency of creating highefficiency individuals, and suggest the team environment, not the classroom, is the proper crucible for rapid improvement.
(Presented at Agile India 2013)
SOA, service-oriented architectures, burst on the scene in the new millennium as the latest technology to support application growth. In concert with the Web, SOA ushered in new paradigms for structuring enterprise applications.
At the Forward Internet Group in London, we are implementing SOA in unusual ways. Rather than a few, businessrelated services being implemented per the original vision, we have developed systems made of myriads of very small, usually shortlived services.
In this workshop, we will start by exploring the evolution of SOA implementations by the speaker. In particular, lessons learned from each implementation will be discussed, and reapplication of these lessons on the next implementation. Challenges (and even failures) will be explicitly identified.
We will arrive at a model of the current systems: An environment of very small services that are loosely coupled into a complex system. We explore the demise of acceptance tests in this complex environment, and the clever replacement of business metrics in their stead.
Finally, we will conclude with the surprising programmer development process impacts of this architecture. Indeed, bedrock principles of Agile have been rendered unnecessary, something that equally surprised us. (Presented at Agile India 2013)
When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
Training for Financial Professionals: Reverse Mortgages & Retirement Plans - ...George Omilan
In addition to paying off mortgages and balancing debt, a Reverse Mortgage can be a great retirement tool. Learn the many retirement planning strategies where a Reverse Mortgage could be an asset. A Tool for Financial Professionals.
Everything you wanted to know about reverse mortgages (but were afraid to ask)Joe Heale
Thanks to everyone who attended the Reverse Mortgage 101 webinar on May 18th! For those who couldn't attend, we have created this slide share. We welcome you to share the presentation with your network.
Reverse for purchase for Realtors ppt 8 8-2019Jack Benke
As we age, the home we lived in for 40 years may no longer work. Transitioning to more suitable housing can be difficult because the value of the home we live in is less then the new home we want to purchase. Here is the solution, if you are 62+.
Learn more about MAP - COVE's innovative "Lease and Later Own" program.
Customers lease and live in the home of their choice today while they seek to qualify for a mortgage to purchase the home in the future at a locked-in price.
CAN YOU IMAGINE BUYING WITH NO CREDIT SCORE REQUIREMENTS, NO DEBT TO INCOME REQUIREMENTS
ITS HERE NOW !! Changing perspective on Reverse Mortgage the NEW HOME EQUITY CONVERSION MORTGAGE
2. What is a 203K loan and how does it work?
Why do you need to know about 203K loans?
How will 203K Loans help you sell more houses?
3. What is a 203K loan?
The
FHA
203K
home
loan
program
is
available
to
owner-‐occupant
homebuyers
to
purchase
or
refinance
homes
that
are
in
need
of
repairs
to
meet
minimum
property
standards
set
forth
by
HUD,
or
for
homes
that
are
to
be
improved
or
modernized.
4. How it Works
One
single
loan
is
given
to
the
homebuyer
to
cover
both
the
purchase
price
or
exisHng
lien
(on
a
refinance)
and
the
proposed
improvements.
The
maximum
loan
amount
will
be
based
on
the
appraisal
value
aKer
improvements.
All
repairs
are
performed
aKer
the
loan
is
closed.
The
seller
is
never
responsible
for
the
repairs,
all
homes
sold
under
this
program
can
be
sold
“As
is”.
Basically,
there
is
a
single
loan
that
consists
of
“two
different
buckets
of
money.”
The
first
bucket
of
money
is
filled
with
the
funds
to
pay
off
the
purchase
price
or
exisHng
lien;
the
second
bucket
has
all
of
the
rehabilitaHon
funds,
these
funds
are
held
in
escrow
by
Movement
Mortgage.
The
rehabilitaHon
funds
are
released
based
on
a
draw
schedule
and
are
released
to
the
borrower
&
contractor
aKer
permits
are
issued
and
inspecHons
are
complete.
5. Why do you need to know about 203K loans?
• Foreclosure
&
short
sale
properHes
dominate
many
markets.
• Banks
sell
properHes
“as
is.”
• Sellers
bringing
cash
to
the
table
lack
funds
for
improvements
to
boost
sales
price
or
shorten
lisHng
Hme.
• Home
equity
loans
for
improvements
aKer
purchase
are
now
a
thing
of
the
past
unless
a
buyer
has
25%
or
more
equity.
6.
• PuYng
home
improvements
on
credit
cards
is
costly
for
homebuyers
in
both
high
interest
rates
and
high
monthly
payment,
plus
the
interest
is
not
tax
deducHble.
• 90%
of
homebuyers
remodel
aKer
they
move
in.
• 100%
of
homebuyers
have
those
“projects”
they
never
get
around
to
compleHng.
• How
many
Hmes
have
you
had
a
buyer
client
wanHng
specific
items
that
were
hard
to
find?
7. How will the 203K Loan be a crucial product
for your business in 2013?
8. • How
many
hours
have
you
spent
driving
homebuyers
to
lisHng
aKer
lisHng?
• Selling
a
home
in
need
of
repair
can
wear
you
down.
• The
203K
can
help
create
a
vision
for
home
buyers,
a^ract
more
buyers
and
provide
your
client
with
excellent
service
and
financial
results.
• Government
loans
offer
a
lower
down
payment,
less
restricHve
qualificaHon
requirements
and
in
most
cases
lower
interest
rates.
9. • Homebuyers
can
select
their
colors,
materials,
and
appliances
to
make
any
home
their
dream
home.
• When
it
is
Hme
to
re-‐list,
the
home
is
already
updated!
• Stabilizing
home
values
and
rebuilding
America
while
bringing
homeownership
dreams
to
life.
10. Streamline 203K vs. Full 203K
Streamline 203K
• Up
to
$35,000
in
repairs
including
conHngency
reserve
and
associaHon
fees.
• No
minimum
repair
threshold
• No
luxury
items
• No
structural
repairs
allowed
• Contractor
can
take
a
maximum
of
2
draws
Full 203K
• No
limit
on
repairs
• Minimum
repairs
$5,000
• HUD
Consultant
required
• Structural
repairs
allowed
• No
luxury
items
• Mortgage
payments
can
be
financed
(up
to
6
months)
• Contractor
can
take
up
to
5
draws
11. Dream Home Improvement Ideas
• Kitchen
renovaHon
&
modernizaHon
• Bathroom
renovaHon
&
modernizaHon
• Purchase
and
installaHon
of
appliances,
including
free-‐standing
ranges,
refrigerators,
• washer/dryers,
dishwashers
and
microwave
ovens.
• PainHng,
both
exterior
and
interior
• Flooring
• Plumbing
and
electrical
systems
• HVAC
systems
• Roofing,
gu^ers
and
downspouts
• Window,
door
and
exterior
wall
re-‐siding
• WeatherizaHon,
including
storm
windows
&
doors,
insulaHon,
weather
stripping
• Energy
efficient
improvements
• Lead-‐based
paint
stabilizaHon
or
abatement
of
lead-‐based
paint
hazards
• Accessibility
improvements
for
persons
with
disabiliHes
• Basement
finishing,
remodeling
and
water
proofing
• Exterior
decks,
paHos,
porches
**All structural repairs/improvements require a Full 203K.
12. Dream Home Improvement Ideas for Full 203K loans only
• Repair
landscaping
• Fencing
• Swimming
pool
repair,
limit
$1,500
• Major
rehabilitaHon
or
remodeling,
such
as
the
relocaHon
of
a
load-‐
bearing
wall
• New
construcHon,
room
addiHons
• Repair
of
Structural
damage
• Repairs
requiring
details
drawings
or
architectural
exhibits
• Any
repair
or
improvement
requiring
a
work
schedule
longer
than
six
(6)
months
18. What do I do if I think my client may
need a 203K loan?
Step 1.
Partner with the professionals at Movement
Mortgage. Your 203K experts!
Step 2.
Help your clients find their dream home!
19. How long does the process take?
At Movement Mortgage the average turn
time for a 203K loan is 9–20 days!