New Marketing: County and Military Home Buyers Guides

For several years, I have been using a County specific and VA Military Home Buyers Guide to provide to my clients. It has been a great way to obtain leads from craigslist and backpage and to use as handouts at open houses.
I have decided to co-brand this item with local area real estate agents wanting to network to increase leads and build upon client relationships. I have produced these guides:
King
Pierce
Snohomish
North Puget Sound
Olympic Penninsula
SW Washington
Kitsap
Thurston
Tri-Cities
Spokane
Additionally, I have Western WA Military Installations and JBLM specific.
Rates are great right now, the market is rich with houses at great prices, and buyers can get good loans. This is one of the best times for buying I have seen since I started in this business in 1987. If you are serious about finding a new way to reach buyers, let's talk! Call me at (253) 536-5626; ext.304 or email me at gwsmith@lendscape.com and let me know your thoughts.

HomePath Loans Provide New Buyers

Imagine the tax credit going away. Oops. Happens tomorrow. What do we have in our marketing arsenal to get buyers? How about a loan that has a lesser down payment than FHA, has no mortgage insurance, no appraisal needed, and allows for up to 6% for buyers closing costs? Interested yet? The FannieMae Homepath loan program may be just what will bring you more buyers when you start to get the word out on this great product.
Tied to properties that are FNMA foreclosures, (there are 117 currently in my county alone), the details are as follows:

• Low down payment
• 5% down on DU Approve/Eligible findings with buyers own funds
• 3% down on DU Flex Approve/Eligible findings using buyers funds, a gift, a grant, or a loan from a non-profit, state or local government, or employer
• Available for Owner Occupied, 2nd home and investment properties
• No MI required! No appraisal needed (LTV based on FNMA sale price)
• Available for Conforming High Balance loan limits
• Up to 6% seller contributions up to 97% LTV
• Owner occupied = minimum 660 credit score - High Balance = 90% LTV & 700 credit score
• 2nd home = 95% LTV and 700 credit score
• Investment = 85% LTV and 700 credit score

A list of homes allowed under this program are readily available for your buyers. Add this to your marketing and watch the phone ring off the hook! You may contact me for further details.

Tax Credit Extended and Expanded

Good news for those feet draggers that waited until the last minute to buy. The first time home buyer credit has been extended through June 30, 2010. Buyers will have to be under contract before April 30, 2010 and the loan must close by the end of June. First timers will still get the $8000 and the income limtis have been raised to $125000 for single persons and $225000. Income above those limits begins to be phased out as it increases until no tax credit is available.
In addition, the program has been expanded to move up buyers that have resided for 5 consecutive years over the last eight years in their same residence. This tax credit follows the same income guidelines but the tax credit is limited to a maximum of $6500. This program is exceptionally good for any senior planning to make a move. They can use a reverse mortgage to purchase their new residence instead of paying all cash or using a new forward mortgage and still bank the $6500 if they qualify. Call my office for details or visit our website at: http://www.cme4loans.com/8000.  Cobranded flyers are available.

Using a Reverse Mortgage for Buying a Home

Today, HUD annouced the establishment of guidance for purchasing a home using an FHA HECM Reverse Mortgage. This is great news for seniors and the real estate community in general. To give you an idea of how this works:

• 
  Appraised Value/MCA* $300,000
  Sales price $300,000
  Principal Limit** $ 199,500
  Minus Loan Fees $ 15,500
  Avail. HECM proceeds $184,000
  Req. Investment $ 116,000

* Appraised Value/MCA is defined as the maximum claim amount and is used to determine the principal limit which is the lesser of the appraised value or the FHA national mortgage limit. The principal limit is the maximum amount available to the HECM mortgagor.
** Assumes the age of the youngest HECM mortgagor is 67 and a principal limit factor of .665 for a 5% expected average mortgage interest rate.

In the above example, the buyer would bring $116,000 to the closing table for the purchase of this $300,000 home and have NO mortgage payments going forward! Owner occupancy is mandatory of course and homebuyer education is required. Call me at (253) 536-5626 for more details about this program. I am developing a web page and a seminar with all the details and will blog when they are ready. GOOD SELLING!