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FHA 203K Real Estate Agent Training bbclpctr

Renovation Training-Step 1 John McKibbon Broker’s Best Mortgage can turning your hard to sale bank owned properties into a closed escrow in 60 days or less (877)-230-9431 Toll Free  FHA203K4Agents@bbclpctr.com www.bbclpctr.com.

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FHA 203K Real Estate Agent Training bbclpctr

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  1. Renovation Training-Step 1 John McKibbon Broker’s Best Mortgage canturning your hard to sale bank owned properties into a closed escrow in 60 days or less(877)-230-9431 Toll Free FHA203K4Agents@bbclpctr.com www.bbclpctr.com 37% of all Closings are Bank Owned Properties in need of Repairs. Let me help you make this! your 2011 Niche!! FHA 203K Real Estate Agent Training www.bbclpctr.com

  2. Watch the Video Step 1 – EssentialsClosing an FHA 203K Loan Step 1: Get your Client Pre-Qualified Immediately. Complete an easy Pre-Qual Applicationand email it to john@bbclpctr.com. Step 2: Once we have pre-qualify your Home–Buyers we’ll contact you to discuss renovation programs and recommend property search options based on our conversations with you and your Home-Buyers. Some items to consider when using FHA 203K/FNMA HomePath Renovation financing are: • Structure you offer to include up to 6% in Seller Concessions when submitting your bid with FHA Financing. • FNMA HomePath Renovations loans are offering up to 3.5% until October 31, 2011 a Real Estate Agent $1200 Bonus is in place. Contact your Mortgage Planner for more details. • Ask for at least 60 days from time of acceptance to close your loan. Of course we will work hard to have your loan ready to close before the closing date, but many things have to happen before closing a Renovation Loan. Why, Not only does your borrower have to get credit approved, the appraisal and repair estimates must be reviewed and escrow disbursement accounts have to be set up. • Assist your client in locating a Home Improvement Specialists. Broker’s Best Mortgage will work with you and your clients to contact various contractors to secure a “Contractor’s Estimate of Repairs “once your bid has been accepted. This by far is can be were your closing gets delayed. Many Contractors simply aren’t prepared or don’t have the proper licenses or lender approval certifications to meet FHA or FNMA requirements. FHA 203K Contractor Checklist FHA 203K Homeowner/Contractor Agreement • Advise your client NOT to purchase any materials prior to closing, otherwise the cost of these materials cannot be included in the loan. • Review with your Mortgage Planner before presenting your bid to insure the term meet your Home-Buyers Financing needs. Whether or not the seller accepts your bid, your client will be further on their way to Home Ownership with early loan approval. If the bid is not accepted we can easily transfer your client’s credit documents to a new purchase agreement and re- disclose. John McKibbon (877)-230-9431 Toll Free

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