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Renovation Loan. Marketing Plan. Market Summary. How are Renovations Financed? (and why is a Renovation Loan better?) Purchase Rehab $2 Billion Other First Lien Rehab $18 Billion 125 LTV $4 Billion Unsecured $25 Billion Savings$72 Billion Closed End Seconds $31 Billion

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Renovation loan

Renovation Loan

Marketing Plan


Market summary

Market Summary

  • How are Renovations Financed?

    (and why is a Renovation Loan better?)

    Purchase Rehab $2 Billion

    Other First Lien Rehab $18 Billion

    125 LTV $4 Billion

    Unsecured $25 Billion

    Savings$72 Billion

    Closed End Seconds $31 Billion

    HELOC’s $13 Billion


First mortgage advantages

First Mortgage Advantages

  • Renovation cost in tax deductible mortgage rather than high cost credit cards or retail installment loans.

  • Can escrow payments while repairs completed.

  • Escrow funds in interest bearing account (203(k) and Home Style only).

  • Frees cash on hand for other investment opportunities.

  • Only one monthly payment


What s in it for you

What’s In It for YOU?

  • Increase your volume by 20%

    • Increased sales amounts

    • Increased referral business

  • Eliminate 95% of your competition

  • Gain a competitive edge


What is a 203 k loan

What Is A 203(k) Loan?

  • An FHA Rehabilitation Mortgage

  • 1st Lien Position

  • Owner Occupied

  • Assumable

  • Mixed Use Properties

  • Minimum $5,000 repairs required


What is a streamlined 203 k loan

What Is A Streamlined 203(k) Loan?

  • An FHA Rehabilitation Mortgage

  • 1st Lien Position

  • Owner Occupied

  • Assumable

  • Maximum $35,000 in repairs

  • No Consultant required

  • No Structural repairs


203 k eligible properties

203(k) Eligible Properties

  • 1-4 Unit Owner Occupied

  • Condos (interior only)

  • Manufactured Homes

  • Mixed Use Properties

  • Existing homes complete for over 1 year

  • New Construction on part of original foundation

  • Existing home moved to new foundation


203 k necessary improvements

203(k) Necessary Improvements

  • Health and safety repairs

  • Corrections of code violations

  • Correcting structural deficiencies

  • Repairs necessary to meet HUD property compliance

  • Smoke Detectors


203 k repair ideas

203(k) Repair Ideas

  • Structural alterations and additions

  • Remodeling kitchens and baths

  • Changes to eliminate obsolescence and reduce maintenance

  • Modernize plumbing, heating, AC and electrical systems

  • Install or repair well or septic systems

  • Roofing, gutters, downspouts


Streamlined 203 k repair ideas

Streamlined 203(k) Repair Ideas

  • Repair/Replace roof, gutters and downspouts

  • Repair/Replace or upgrade HVAC system

  • Repair/Replace or upgrade plumbing and electrical systems

  • Repair/Replace existing flooring

  • Minor remodeling of kitchens

  • Weatherization

  • New Appliances

  • Painting

  • Repair/Replace or add deck, patios and porches


What is the fannie mae homestyle

What is the Fannie Mae HomeStyle

  • Conventional Renovation Loan

  • Owner occupied, Investors or 2nd Homes

  • No minimum loan size

  • Maximum amount of rehab is 50% of the as-completed value

  • Qualify borrowers using DU

  • Owner Occupants may finance up to 6 mortgage payments


Homestyle ltv s

HomeStyle LTV’s

  • Enhanced Allowable Loan to Values

    • Owner Occupant

      • 95%1 Unit

      • 95% 2 Unit

      • 80% 3-4 Unit

  • Second Homes 95%

  • Investor

    • 1 Unit 80%

    • 2 Unit 70%


Homestyle eligible properties

HomeStyle Eligible Properties

  • 1-4 unit Primary

  • 1-2 unit Investment

  • 1 unit Second Homes

  • Condos

  • PUD

  • Log and Modular Homes


Homestyle repair ideas

HomeStyle Repair Ideas

  • Structural alterations and additions

  • Remodeling kitchens and baths

  • Changes to eliminate obsolescence and reduce maintenance

  • Modernize plumbing, heating, AC and electrical systems

  • Install or repair well and septic system

  • Roofing, gutters, downspouts

  • Put in a new swimming pool


Realtors

Realtors

  • Market House with a Renovation & Payment Plan

  • Advertise renovation in newspaper ads or Community Home booklets

  • Improve Listing Power

    • Get the listing by assuring the seller a quick sale advertising their home as the “Create your own dream home!!!”

  • Create a vision for buying decision

    • Watch for reactions to specific parts of the home.

      • Use phrases like…

        • “If you want to change the color of the carpet in the living room, you can just include that in your mortgage.” or the kitchen cabinets


Contarctors

Contarctors

  • All rehab Loans Need Bids And Proposals from licensed general contractors .

  • Build strong referral relationships with realtors selling homes that need TLC.

  • Offer rehab loans to your clients as a way to finance their projects.


Public relations

Public Relations

  • This can be a huge Public Relations benefit.

    • Improving the neighborhoods

    • Reducing crime or property damage to homes sitting empty

    • Values increase as homes are renovated


Contact

Contact

Hans Fetterhoff

Sr. Mortgage Consultant

Whitmor Financial

6170 N. Lehman Dr.

Colorado Springs Co, 80918

719-302-3586 Office

719-686-3652 Cell

[email protected]

www.SpringsHomesandLoans.com

“You’re Better Off With Fetterhoff”


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