I will trade you $300,000 for 1.5 hrs of your time

31 10 2011

If you are a renter, you will likely waste over $300,000 of your money on rent over the next 30 years.  And receive nothing to show for it.

That is like buying your landlord 600 iPad 2s.  What if you could those iPads and that money in YOUR pocket?  Would it be worth an hour and a half of your time?

On Thursday Nov 3rd, from 5:30 – 7:00 pm, I will be hosting a seminar to reveal the secrets of changing your financial future through buying a home.  Hideaway Pizza will be served, but space is limited.  Please RSVP in advance to

Wilhelm Koenig

405.249.5993

And we will see you at 5:30 pm on Nov 3rd at the Professional Insurors building, 7301 N. Broadway Extension Ste. 200, Oklahoma City OK 73116.

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$21 million in Oklahoma’s pocket

24 10 2011

I am excited, multi-million-kind-of-excited.

I ran the numbers on  my clients who just closed on their homes this past week and realized that I’ve already beat my goal for the year.  I was “only” planning on saving Oklahomans $20 million on their homes this year.  So far, my family of clients have saved $21,401,706.92 by chosing to finance their homes with me.  And the year’s not over yet.

So please reach out to me for a complimentary savings analysis.  If you are a renter, I will show you the long-term savings and tax breaks available to you.  If you are an owner, I will show you how many dollars you could save and how much sooner you could be debt-free.

So cheers to life, to Oklahoma, and to saving money on your home so you can put it where it is most important to you.

Wilhelm Koenig

405.249.5993





3.5 Ways to buy a home for little or no money down

21 10 2011

Does your rental house feel like the one in the picture?

Rickety, drafty homes that cost a fortune to heat in the winter and never cool down in the summer?  No privacy?  No security from the shady neighbors?  Worn, smelly, stained carpets?   And your landlord…don’t even get me started.

In the words of Dylan, “It ain’t a way to live, sister.”

Most renters are stuck here until they can save the money for the down payment.  Fortunately, I have 3.5 solutions to help you get into your first home so you can ENJOY living in your house.

1. VA Loan- if you are an active duty servicemember or the spouse of a deceased servicemember, you may qualify for a VA loan.  No down payment is required, and you pay no monthly mortgage insurance.  This helps you buy a better home and get a lower payment.  Thanks Uncle Sam!

2. USDA Loan- 90% of Oklahoma is considered rural, and if you plan to buy outside of OKC limits, you could buy a home for no money down and pay no monthly mortgage insurance.  Your taxes and the sales price of the home will probably be lower, too.

3. Section 184 Loan- If you are a member of an Indian nation, you may be eligible for a Section 184 loan.  You could buy a home anywhere in OK, pay no mortgage insurance, and pay a small down payment.  Plus, many tribes have down payment assistance to help you get into your new home.

3.5 FHA Loan- If none of the above apply to you, you can always buy a home with an FHA loan.  FHA requires a down payment of 3.5% of the sales price, but this can be a gift from a family member.  If your family can’t help you out, contact me– I have 18 other ways to get the money for the down payment that FHA allows.  We’ll go through all the options that could help you.

Wilhelm Koenig

405.249.5993





Parade of Homes is approaching

14 10 2011

Check out the home market during a buyer’s market, while rates are the lowest ever.  Sounds like a great deal to me.

The Parade of Homes is Oct 15th – 23rd, 2011. 

Download the free iPhone app for the Parade of Homes on iTunes.  Search for “Parade of Homes OKC 2011 app.”

The Parade of Homes books will be at metro Best Buy stores starting today.

I will see you there!





15 years to freedom. . .

13 10 2011

How to save $100K on your home in the next 15 years.

Now is the time to lock in your savings.  What do you still want to owe in 15 years?

http://mcedge.tv/16b22e





What you need to know when buying a flipped property.

10 10 2011

Here’s the HUD memo that details the extension on the waiver of anti-flipping regulations.  It gets pretty tricky and double-negative-y pretty quickly, so here’s the simplest way I explain it:

During the housing bubble days, when homes were increasing in value quickly, home flippers would buy homes, do minimal repairs (ie paint) and sell it quickly for a profit.  Some of these homes had major issues like mold that had been quickly painted over, or foundation issues that had been temporarily patched together.  Also, some of these transactions had fraudulent, selling a home for more than it was worth to a buyer who never intended to live there, and who received a cut of the money from the sale.

 So HUD looks very closely at any transactions where the seller bought the property less than 6 months before the new sale.  They are looking to make sure that the property is in good shape, that it is worth the sales price, and that the transaction isn’t fraudulent.  Here’s what that means to you:

 Normally HUD would not even allow any sales under 90 days after when the seller purchased the home.  The only exceptions were when the seller inherited the property, since this would not be a sale, or a typical investor buying and flipping properties.  HUD recently started allowing transactions under 90 days if the house and the transaction meet additional guidelines.  Even though HUD will allow this, not many investors will close transactions under 90 days.  Check with your lender if they will allow FHA closes under 90 days.  But here are HUD’s guidelines for closing an FHA loan during the 90 day period:

1. The transaction is arms-length: no business relationships between the seller, buyer, or other parties in the transaction.  The seller is on title to the property.  If an LLC or other company is involved in the transaction, it was already established before the transaction began and was operating according to applicable laws. 

2. The property’s value is accurate: It has not been bought and resold multiple times in the past 12 months.  It was marketed on the MLS.  If the value increased more than 20%, then you must document the value with the following:

    a.  Appraiser documents the improvements to the property and the reasons for the increase in value. (usually this will be copies of the repair receipts and invoices from the seller)

     b.  A home inspection.  Any health issues (mold, unsafe gas heaters, etc) or structural issues (foundations, roofs, etc) must be repaired and the repair must be documented by the home inspector or the appraiser.

Most lenders require a second appraisal to double-check the value and condition of the home.  The lower value of the two appraisals will be used and any repairs mentioned by the appraisers must be fixed and documented like on 2b.

The bottom line is that it CAN be done, to close a flipped property in under 90 days.  But you need an excellent, proactive lender who addresses these additional issues for buying a flipped property.  And I’d love to be that excellent, proactive lender for you.  As always, I’m here to serve you.

Wilhelm Koenig





Why do I get to skip a payment when I buy or refi?

3 10 2011

In some situations, you could skip two payments.  But let’s take a closer look at what is happening with the first payment on your loan.

Interest is always paid in arrears on a loan.  This means that the interest has to accumulate before there is anything to pay.  It’s like a water bill- you use the water first, the utility company checks to see how much you owe, and then bills you the next month for the previous month’s usage.  So the interest accrues during your skipped month and your first payment applies to the interest from the previous month and the loan principal.  That’s why you get to skip a month.

How do I get to skip two months?  If your loan funds during the first 5 days of the month, you could pay less closing costs and skip one payment, or pay slightly more and skip two.  Since you are only paying the interest for the skipped month, it’s usually only about 2/3rds of what the normal payment would be.

Many times a home purchase or refinance happens when you’re going through a life change– a new marriage, baby, job relocation, divorce or death in the family—and many times skipping one or two payments helps with all the small “other” costs that go along with these life changes, whether they are diapers for babies or diapers for taking in elderly parents.

I am honored to help you save money on your home financing, especially when you are going through these life transitions.  So far I have saved fellow Oklahomans $18.3 million on their homes this year, and I want to help you be a part of that savings.  Please reach out to me, and I’m happy to help.

As always, here to serve,

Wilhelm Koenig

405.249.5993