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Learn about the changes in loan programs, down payment requirements, and credit scores. Debunk myths about buying a home and understand the tax benefits of homeownership. Discover how to get pre-approved for a mortgage.
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Home Buyers Seminar 2005 Equity Resources, Inc.
Five Goals for Today • Explain how loan programs today are different than five years ago. • Down Payment • Credit Requirements • Eliminate the top three myths of buying a home. • Down Payment • Credit • Income • Explain tax benefits of being a homeowner. • Home ownership reached its highest level in 2004. • Explain why • Give Examples • Credit Scoring • How to get pre-approved for FREE. • How to apply • How much can I afford?
Goal #1 Explain how loan programs today are different than five years ago • Conventional guidelines changed • FHA guidelines changed • Sub-Prime lending has changed • Better pricing ~ Lower Fees • Less down payment required • Which credit score to use?
Goal #2 • Eliminate the top three myths of buying a home • What is the minimum down payment needed to purchase a home? • How much do I need for closing costs? • Do I need perfect credit? • What if I have collection accounts? • What credit score do I need? • How long after bankruptcy do I need to wait to buy a home? • Purchased $147,000 home – recent BK – 587 credit score – 19 years job time + auto loan. 100% financing and zero money due at closing. Earnest money returned to customer! • What if I had a foreclosure in my past? • What if I have good credit? • Income or how much can I qualify for? • Varies with program (36%-42%-55%) • What counts? • Can I use my child support or SSI • Story of Char
Goal #3 Explain tax benefits of being a homeowner
Goal #4 • Home ownership reached its highest level in 2004 – Explain Why • Why is home ownership so high? • Examples • Closed Monday – purchase price was $72,500 and customer got his $200 earnest money check back at closing. 624 credit score with six open collections. • Husband and wife – changed to husband only 586 credit score with $18,450 in collections + $4980 repossession. 100% financing. Seller paid closing costs. Zero at closing. • Credit scoring classes • Mrs. Barnes story – 564 credit score to 647 in two months. • Our guarantee to you!
Goal #5 How to get pre-approved for FREE • Three easy ways to apply • Goal of making you a “raving fan” • How much can I afford? • What fits in my budget per month keeping in mind the tax benefits of owning a home? • Tell a friend!
Questions and Answers?