Last Chance for an Easy-Appraisal Refi

14 10 2012

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If you’ve been waiting to refinance because there are rooms in your home you’d rather an appraiser not see, then you have 5 business days left.

Until Oct 20, 2012, you may be able to use an exterior-only appraisal for your home– this saves you money, time, and is simpler.

Here’s the link to the Fannie Mae publication for those of you who prefer to read all the details: https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu90.pdf

So if you’d like to save more money on a refinance and avoid and issues on the condition of your home, please contact me for a free personalized refinance report.

As always, I’m here to help.

Wilhelm Koenig

405.249.5993

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If you have an FHA mortgage, you NEED to watch this:

15 08 2012

Painless refi without an appraisal.

If you bought or refinanced a home with an FHA loan before spring 2009, you could take advantage of the painless, appraisal-free refinance!

Painless refi without an appraisal.

There is no appraisal required, almost no documentation required, and I pay most of your closing costs.  (subject to credit score and loan amount requirements)  Please look at this case study and contact me for a personal savings report.

Painless refi without an appraisal.

 

Wilhelm Koenig

 

 





How to get $1/2 Million Dollars Ahead.

27 12 2011

Small steps for big results.

In life, there are a few small actions that you can do that will have a tremendous benefit for you.  The biggest is to start and grow your own successful business.  But whether you’re an entrepreneur or not, everyone needs a roof over their head.  And how you finance that roof can put over $500,000 in your pocket or someone else’s.

The average renter in Oklahoma pays about $750 per month in rent.  Property values and rent typically rise about 3% per year in Oklahoma, and over the 30 years that typically make up your working life, you would have spent $435,019 in rent, and have not even on cent of equity.  That’s what I call a terrible deal.

By buying a home with a similar monthly payment, not only would you own a paid-for home worth $327,680, but you would have saved $53,640 on your taxes as well.  By year five in your home, you would have received more back on your tax returns than you put down for the down payment.  The IRS pays you back for your investment, you make the same monthly payment for a house that pays YOU back.  That’s what I call a smart deal.

Let’s look at the math:

Renting:

Costs                                             $-488,659.00

Benefits                                                      $0.00

Total                                             $-488,659.00

Owning a home:

Costs:                                            $-237,172.00

Benefits, equity                            $327,680.00

Benefits, tax savings                      $53,640.00

Total                                                $144,148.00

So you can pay almost $1/2 Million to a landlord for no benefits, or you can pay yourself and come out over $1/2 Million ahead.  It’s your choice.  And when you’re ready to make a smart choice for you, I’d like to help you.

Wilhelm Koenig

405.249.5993 cell





Wanna buy a home at 50% off?

22 12 2011

The catch?

You must be a good neighbor.

Seriously.  There is a program called the Good Neighbor Next Door that allows teachers, law enforcement officers, and firefighters/EMTs to buy a home at half off the list price.  I call this the “Half Off Homes for Heroes” loan.  HUD offers this program because they have foreclosed homes in neighborhoods that they want to revitalize.  The best way to revitalize a neighborhood is to encourage quality people to live there.  50% off the sales price of a home is a pretty big encouragement, and I am honored to be able to help some of these heroes get an incredible deal on a home for them and their family.

The heros do need to live in the home for three years to get 50% off, the house needs to be a HUD home that qualifies for the GNND program, and the heroes need to be able to qualify for an FHA loan.  Other than that, it’s pretty straightforward.

For more info on the program:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

HUD’s Single Family Home Locator displays maps of REO properties and special programs such as Revitalization Areas.  There are  many revitalization areas across the country. HUD is always working with localities to designate new areas. For information on Revitalization Area Evaluation Criteria, please see Housing Notice 11-02.

To search for homes/areas:

http://sfgis.hud.gov/index.html

If you are a hero and want to buy a home and save thousands of dollars, I’d like to help.  Please contact me to get started with the Half Off Homes for Heroes.

Thank you for your service, and I look forward to serving you and your family.

Sincerely,

Wilhelm Koenig

405.249.5993





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





Q: What documents do I need to get pre-approved?

26 09 2011

A: More than you’ve got. 🙂

Seriously, if you are prepared, getting pre-approved for a home loan is simple.   You and I set up a time to talk about what you want to achieve with this transaction.  This can be on the phone or in person, and usually takes between 15 and 30 minutes.  We’ll cover the bases of getting approved, the homebuying process, and we’ll look at different strategies to save the most money on your home over time.

By the end of this conversation, I will tell you whether or not I can help you, and if I can, exactly what I will do for you.  I will also give you a detailed list of documents to gather, so I can give you a pre-approval letter that shows I have verified your income, assets, and credit and that you are fully approved.

These are usually:

All pages of the last 2 years of your Federal tax returns

The most recent 1 month of paystubs

All pages of the last 2 months of bank statements

All pages of your most recent retirement or investment account statements

Driver’s license and social security cards

And if you are refinancing, your most recent mortgage statement, your home owner’s insurance declarations page, and your tax sheet

That’s typically all you need.  Then we have a follow-up meeting after you’ve gathered the documents so we can finalize your approval.  We’ll address any challenges on your approval and make sure that we have solutions.  This way there are no last-minute curveballs before closing. 

I’ll educate you on the different ways we can structure your loan to maximize your savings monthly or over time, and you can choose what is best for you.  This is how I am saving your fellow Oklahomans over $20 Million dollars on their home financing this year, and I want to help you be a part of this family.

Please contact me for a complimentary consultation today.

Wilhelm Koenig

405.249.5993