Transcript 2009 Realtors-How 5 mtg products can help you

Welcome!
How five mortgage
products of today can
help you sell homes!
Add contiguous numbers
(horizontally and vertically) so that
they total 38. Each number may
be used only once.
4
5
3
2
1
8
7
6
9
Replace each dot with either 1,
4, 5, 6 or 9 to make the problem
add up correctly. Each number
can be used only once.
. 3 . 7
+ 6 . 3 .
7 7 9 .
Mind
Exercises
These numbers have many
properties in common but do not
share the same traits. Find seven
different reasons for determining
what makes one or more of these
numbers distinct from the rest.
55
110
52
56
216
144
23
3+5+4+2+1+8+9+6=38
Answers:
• 23 is the only prime number
1357
+6439
7796
• 56 is the only multiple of 7
• 144 is the only square and the
only multiple of 12
• 55 is the only one composed of
one repeated digit
• 110 is the only multiple of 10
•216 is the only cube
How five mortgage products of
today can help you sell homes!
Who is Equity Resources?
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Direct mortgage banker
FHA/VA/Conventional/RD & OFHA loans
Underwrite in our main office
Company began in 1993
Consumer Choice Award winner and AAA +
BBB standing
• Core Purpose: To Improve the Lives of
Families
Who is Trinda Detwiler?
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Licensed loan officer with Equity Resources
Over 10 years experience
Lives in Lancaster
Goal is to create a few new relationships
based upon mutual respect and a passion for
“raving fan” customer service.
• Can close your loans quickly and stress-free!
How Five Mortgage Products of
Today Can Help You Sell Homes!
FHA
VA
Conventional
RD
OHFA
Compare and Contrast
FHA, VA, Conventional, RD, OHFA
FHA
VA
CONV
RD
OHFA
Credit
Collections / Charge Off
None
(620)
None
(620)
700+
620-719
620+
580-619 Exe
Varies
FTHB/Hero Program
Loan Assistance
Program
Down Payment
10/1/08 No DPA
1/1/09 3.5%
Zero Down
3% w/ 720+ Score
5% w/680 Score
20% w/ 581+ Score
Home Path (5%)
Zero Down
DPA Grants
Homebuyer Tax Credit
Advantage
Bankruptcy 7
2 Years
2 Years
4 Years
2 Years
2-4 Years
Foreclosure
3 Years
2 Years
5 Years
3 Years
3-5 Years
Mortgage Insurance
30 yr: 1.75
.50 or .55 month
2.15% No Down Pmt
2.4% (Reserve/Nat Gd)
2nd Time Users 3.3%
VA Disability Zero
Changes / Changes / Changes
DTI 41-45%
2% Fee Only
No Monthly
Yes
Seller Contribution
6%
4%
3% (varies w/ LTV)
6%
Varies
Qualifying Ratio
31/43%
Exceptions to 55%
41%
Exceptions
AUS
29/41%
Exceptions
Varies
Occupancy
OO Only
OO Only
OO / 2nd Homes / NOO
OO Only
OO Only
78,870-96,040
Yes varies by family
(3+ more)
Income Requirement
None
None
None
Yes varies with size of
family
78,900-104,150
“Adjusted”
(child/daycare/elder)
First Time Home Buyer Only
No
No
No
No
Yes (unless targeted
area)
Miscellaneous
Loan Limit $341,250
$100 Down
$203k Rehab
100% Purchase
Growing Sector
Need high score
Only option for 2nd home or
NOO except portfolio
Higher DTI & Loan Amts
Buy a home w/ ODI only
(PP+2% Fee + Closing
Costs)
2 acres only
Rates are high now
$8000 Tax Credit
(Amend/Income/Expires)
Yes
Yes
Yes
Yes
Yes
Myths
FHA
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FTHB only with bad credit
Appraisals are too picky (drastic revision 12/2005)
Too many inspections (well/septic/water)
Takes too long
VA
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We don’t have Veterans in my area
Takes too long
Conventional
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Best Rates
Recent add-ons and MI
RD
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Farm loan, isn’t it?
RD loans have recapture
Low income only
OFHA
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The interest rates are “below the market”
Zero money down
Questions
&
Answers?
Contact Information
Equity Resources, Inc.
25½ S Park Place
PO Box 5177
Newark, OH 43058-5177
Trinda Detwiler: 740.808.2044
Phone : 740.349.7082 ~ 800.270.7082
Fax: 740.349.7176
Trinda Detwiler – [email protected]
Ed Rizor – [email protected]