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Buyer seminar 2011
1. Buyer Seminar By: RapSystems Jose Richard Polanco THE MONEY SOURCE 135 Maxess Rd Melville, NY 11747 Licensed Mortgage Banker: CT, DC, DE, FL, GA, MA, MO, NH, NJ, NY,PA. Jose Richard Polanco Loan Officer Direct: 646-377-1977 Efax: 718-799-1039 Email: JoseRichardPolanco@gmail.com NMLS ID: 197358 www.tmsbankers.com
2. Short sale When there is a pre-forecloser the seller is still the owner however has stopped making payments to the Bank. The total mortgage (S) amount is paid off ,less then what is owed to the Banks Can get property way below market value 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. The seller can’t make any representations that all system will be in working order, because he/she has no money There currently 4 types of sellers in the market today
3. Bank owned (REO) Foreclosed 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. Can get property way below market value Since all REO properties are vacant they have to be winterized All major systems are turned off 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. Some properties need repair so the will need a FHA 203k loan If the property has major violations you will need a FHA 203k loan There currently 4 types of sellers in the market today
4. Regular Seller The seller is not losing there property These properties are sold as is ,however there is representation that all of the major systems are in working order. All violation have to be removed by seller. Most properties are a market value Most of the time will to accept sellers concession There currently 4 types of sellers in the market today
5. Real Estate: Investor / Builder / Dealer The property is usually in mint condition (moving in condition) Price is at or slightly above market value. Not very negotiable on price These properties are sold as is ,however there is representation that all of the major systems are in working order. All violation have to be removed by seller. Most of the time will to accept sellers concession There currently 4 types of sellers in the market today
6. Making an offer on a property Things you need Offer form (Binder or Sales Agreement) Deposit Check Preapproval Proof of funds Credit Report
7. Things you will need for a Preapproval Fill out a Mortgage Questionnaire Taxes for last 2 years W2 or 1099 for the last 2 years Last paystub Last Bank statement
8. To apply for a mortgage you will need Taxes For Last 2 Years W2 Or 1099 For The Last 2 Years One Month Paystub 2 Months Bank Statement Copy of Canceled Escrow Check Contract to Purchase Fill out 1003 mortgage application Driver license or ID Social Security Card Green Card if resident May not be limited to the above items
9. FHA 203B 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 Min 3.5% down payment if 620 credit and above Min 10% down if between 580 and 619 credit Up to 6% percent seller concession All down payment below will increase from 10% to 20% down Short Sale : 2 years before you can buy Deed in Lieu of foreclosure 2 years before you can buyer Foreclosure : 5 years before you can buy 3 years with extenuating circumstances Bankruptcy Chapter 7: 4 years before you can buy Chapter13: 2 years before you can buy
10. FHA 203K (HandMan) Same condtions as FHA 203b FHA provides rehabilitation mortgage loans for owner-occupants of real estate to finance the rehabilitation of an existing property; finance rehabilitation and refinancing of the outstanding indebtedness (mortgages) of a property; and finance the initial purchase and rehabilitation of a property. 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. 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. 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.
