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





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

 

 





Oklahoma City leading the US out of recession

9 01 2012

High fives all around!  You’ve done it again, Oklahoma!

US News and World Report named Oklahoma City and Tulsa the #1 and #3 cities in the US that are leading the nation out of the recession.  What does this mean?  It means we’ve got JOBS, baby!  It means we have affordable houses.  It means we have a thriving local economy.  It means that our thriving local economy provides money to improve our city and create more jobs.

It means that you need to move here. 

Here’s the article for those of you who like to see who we beat.  And please contact me when you’re ready to see if the grass really is greener in the Heartland.

Wilhelm Koenig

405.249.5993

photo by KevinLallier. Some rights reserved.





Where will you be in 15 years?

3 01 2012

How about debt-free?

The average American who starts a 30 year mortgage pays it off in 37 years.  The average American on a 15 year mortgage pays it off in 8 years.

Are you above average?

If so, let’s talk.  I’d like to help you save tens of thousands of dollars on your home.

Wilhelm Koenig

405.249.5993 cell





How to save an additional $150,000 on your home:

30 12 2011

Small step #2.

So you own a home– congratulations!  You’re decades ahead of the average renter and are on the path to win.

Over time, your income will likely increase, and your current debts will decrease.  This can help you make the second small step towards financial freedom: The short-term mortgage.

By refinancing to a 15 year mortgage, your interest rate will usually be 1-3% less than your current 30 year rate.  Also, every dollar you spend gives you the same result as $3 towards a 30 year mortgage.  And in the first 12 months of a 15 year loan, you will build more equity than 4 years of payments on your 30 year loan.

Imagine you’re driving to your beach vacation and you could take a route that would get you to the same destination, but in half the time with only 1/3 of the costs, giving you an extra week of time on the beach.  The catch is you’d have to give up two McDonald’s meals on the trip to enjoy an extra week in paradise.  Which route would you choose?

When you’re ready to make a choice to save more money on your home, I’m ready to help.  Please contact me for a personal savings report, to see how much extra time on the beach you’ll get.

And if you can only afford your current monthly payment, we can usually still save you 1% and a decade of payments with a 20 year loan.  So please reach out to me to see how much you’ll save.

As always, I’m here to help.

Sincerely,

Wilhelm Koenig

405.249.5993 cell





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





New Funding Fee changes for Rural Development loans

15 11 2011

On Oct 1st, 2011 the funding fee for Rural Development loans decreased from 3.5% to 2%.  But there will now be an annual charge of .30%.  This fee will continue for the life of the loan.  This is not technically called mortgage insurance, so it will not be bound by the same terms.  This means it will not drop off once you pay down to 80% of the original appraised value.

RD refinances will feature a 1% funding fee instead of the new 2% fee.

Over 90% of the land in Oklahoma is rural, so check the link below to see if your home is eligible:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

And contact me to see if you qualify for Rural Development financing.

I look forward to helping you become one of the Oklahomans who I’ve helped save over $20 Million dollars just this year on their homes.

Wilhelm Koenig

405.249.5993





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.





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





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