hope 4 homeowners pdf

HOPE HOPE 4 4

HOMEOWNERSHOMEOWNERSPresented by:Presented by:

Brad MossBrad Moss561561--827827--66776677

[email protected]@gmail.com

WHAT ARE THE BENEFITSWHAT ARE THE BENEFITSA FEDERAL HOUSING ACT PROGRAM A FEDERAL HOUSING ACT PROGRAM HELPS ADJUST EQUITY IN THE HOME HELPS ADJUST EQUITY IN THE HOME LOWERS MONTHLY COST FOR THE HOMEOWNER LOWERS MONTHLY COST FOR THE HOMEOWNER BRINGS YOUR HOME 10% BELOW CURRENT MARKET BRINGS YOUR HOME 10% BELOW CURRENT MARKET VALUEVALUEPUT THE HOMEOWNER IN A FIXED RATE MORTGAGEPUT THE HOMEOWNER IN A FIXED RATE MORTGAGELOW INTEREST RATES (5.5%LOW INTEREST RATES (5.5%--6.75%)6.75%)STOPS FORECLOSURE PROCESS STOPS FORECLOSURE PROCESS HELP WITH MONTHLY CASH FLOW HELP WITH MONTHLY CASH FLOW SLOWES DOWN THE SHORT SALE MARKET SLOWES DOWN THE SHORT SALE MARKET

MOST IMPORTANT IT WILL STABILIZE TODAYS MOST IMPORTANT IT WILL STABILIZE TODAYS MARKET VALUE !!!!!!MARKET VALUE !!!!!!

WHO QUALIFIES AND WHO WILL NOT?WHO QUALIFIES AND WHO WILL NOT?

2 yrs of income docs W2 yrs of income docs W--2 or 1099 2 or 1099 (Must have pay stubs for to March (Must have pay stubs for to March 11stst 2008)2008)Your mortgage statement for March Your mortgage statement for March 11stst 20082008A current FHA appraisal showing A current FHA appraisal showing current market value current market value

(Avg. cost $350.00)(Avg. cost $350.00)Your Current mortgage noteYour Current mortgage noteA letter explaining why this product A letter explaining why this product would help you as a home owner would help you as a home owner A debt to income ratio of over 31% A debt to income ratio of over 31% as of March 1as of March 1stst 2008 2008

(we will qualify you) (we will qualify you) Financed home on or before Financed home on or before January 1January 1stst 20082008Prior title policy on your homePrior title policy on your home

Owning more then one property Owning more then one property anywhere in the U.S.A.anywhere in the U.S.A.

Having a debt to income ratio Having a debt to income ratio below 31% based on income as of below 31% based on income as of March 1March 1stst 20082008

Have intentionally defaulted on a Have intentionally defaulted on a mortgage loan in the past 10 mortgage loan in the past 10 years years

Been involved in mortgage fraudBeen involved in mortgage fraud

QUALIFIERSQUALIFIERS DISQUALIFIERSDISQUALIFIERS

Example of H4H program Example of H4H program Your current home value is $250,000Your current home value is $250,000

You currently owe $375,000You currently owe $375,000

We do a new loan based on $250,000 We do a new loan based on $250,000 –– 10%= $225,00010%= $225,000

The lender accepts the rest as a loss The lender accepts the rest as a loss

Average payment PI + MI = $1,630.00 Average payment PI + MI = $1,630.00 (based on 1.5% MI explained on next page)(based on 1.5% MI explained on next page)

How does the MI work????How does the MI work????You have 3% of the base loan amount charged to You have 3% of the base loan amount charged to the home over and above the loan amount the home over and above the loan amount (example on $225,000 =$6,750.00 that goes into (example on $225,000 =$6,750.00 that goes into a mortgage pool for insurance)a mortgage pool for insurance)

Every month you have MI 1.5% this does not go Every month you have MI 1.5% this does not go away for 5 years. (example on $225,000 = $281 away for 5 years. (example on $225,000 = $281 per month) per month)

Ask us for a payment that will support your Ask us for a payment that will support your current situationcurrent situation

How is this possible??? How is this possible???

During 1During 1stst yr FHA receives yr FHA receives 100% of the equity 100% of the equity During 2During 2ndnd yr FHA receives yr FHA receives 90% of the equity 90% of the equity During 3During 3rdrd yr FHA receives yr FHA receives 80% of the equity80% of the equityDuring 4During 4thth yr FHA receives yr FHA receives 70% of the equity70% of the equityDuring 5During 5thth yr FHA receives yr FHA receives 60% of the equity60% of the equityAfter 5After 5thth year FHA receives year FHA receives 50% of the equity50% of the equity

11stst yr You receive 0% of yr You receive 0% of the equitythe equity

22ndnd yr You receive 10% of yr You receive 10% of the equitythe equity

33rdrd yr You receive 20% of yr You receive 20% of the equitythe equity

44thth yr You receive 30% of yr You receive 30% of the equitythe equity

55thth yr You receive 40% of yr You receive 40% of the equitythe equity

After 5After 5thth yr You receive yr You receive 50% of the equity50% of the equity

If you Sell or Refinance:If you Sell or Refinance:

What is the riskWhat is the riskThere is NO RISK There is NO RISK

This is a HUD approved mortgage safe, safe, This is a HUD approved mortgage safe, safe, safe!!!!safe!!!!

You cannot lose your home only a percentage of You cannot lose your home only a percentage of equity in your home (90%,80%,70%,60%,50% equity in your home (90%,80%,70%,60%,50% split with the lender) split with the lender)

If you sell or refinance and there is no equity you If you sell or refinance and there is no equity you owe nothing. owe nothing.

Cost of this programCost of this program

Cost to negotiate Cost to negotiate program $1,500.00program $1,500.00Cost to negotiate Cost to negotiate program $2,000.00program $2,000.00Cost to negotiate Cost to negotiate program $2,400.00program $2,400.00

Fees are non negotiable Fees are non negotiable and are not refundableand are not refundable

You owe 100You owe 100--250k250k



If your current lender does If your current lender does not supply the H4H program not supply the H4H program We will refinance your current We will refinance your current lien to a new lender that will lien to a new lender that will except the program except the program At no additional up front cost.At no additional up front cost.

IF:IF:

What do I do next??What do I do next??

Docs Needed to Start Negotiation:Docs Needed to Start Negotiation:1.1. Last 2 years of income docs Last 2 years of income docs 2.2. March 1March 1stst 2008 pay stubs2008 pay stubs3.3. Note on current mortgageNote on current mortgage4.4. Payment coupon on current Payment coupon on current

liens liens 5.5. Copy of credit report no later Copy of credit report no later

then 60 days old then 60 days old (we can provide for you if needed)(we can provide for you if needed)

Thank you for your time and Thank you for your time and consideration!consideration!

hope 4 homeowners pdf

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