Download pdf - Indy Investor Magazine March2015

IndyInvestor Magazine

Buyer Outreach Trainingwith Lisamarie Schmidt& Michael KerkhofMarch 1311am-3:30pm

Investor MagazineInvestor MagazineLooking for a Rental?

See Rental Properties &Renter Application Inside

Page 4

Askthe Editor:Mortgage interestrates are dropping,should I take theplunge now or wait?Page 18

March 2015

Page 15

FIND OUT HOW YOU CAN OWN A HUD HOME WITH $100 DOWN PROGRAM

478125I 1 1/11/12, 1:03:50 PM

2 IndyInvestorMagazine.comIndyInvestorMagazine.com

First Time Home Buyers, Investors

RSVP for Tours at:1-800-276-8940 ext 2 or

[email protected]

Here is your chance to view great deals on HUD Homes and Bank Foreclosures. Meet and talk with professionals such as

lenders, appraisers, inspectors and contractors to learn about the home buying process and how to bid on properties.

HUD Homes & Foreclosures Tour

Apex Contracting Services Inc.Property Preservation & Remodeling

Phone: 317-721-3092

[email protected]

Call For a FreeEstimate

The reason why they are more useful than a standard barcode is that they can store (and digitally present) much more data, including url links, geo coordinates, and text. The other key feature of QR Codes is that instead of requiring a chunky hand-held scanner to scan them, many modern cell phones can scan them.

How does the cell phone read the code?

The cell phone needs a QR code reader, which most of them are free from your app store. It takes literally 1 minute for someone with an iPhone or Android phone to find and install the reader

Lisamarie Schmidt Editor-in-Chief

Amanda Shoaf Chief Creative Editor

Contributors: Mike KerkhofDavid Heller

Lisamarie Schmidt

FOR SUBSCRIPTION & ADVERTISING

Write to Indy Magazine at 9775 Crosspoint Blvd., Suite 118

Indianapolis, IN 46256.

To order a back issue: Send U.S. check or money order for $2.00

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If interested in advertising in our publication call us at 1-888-765-3431 or email to [email protected] for rates.

3IndyInvestorMagazine.com

They look like this: ____________

Sources: Open Mobile Alliance: Tech-faq.com AARON STECKELBERG • U-T

They come to us from Japan where they are very common. QR is short for Quick Response (they can be read quickly by a cell phone). They are used to take a piece of information from a transitory media and put it in to your cell phone. We use QR Codes in our magazine to see the virtual tour or website of a property. Once it is in your cell phone, it will give you details about that property or business.

How QR codes work1. The QR code is scanned by a device, in this case a smart phone.

2. QR code software on the phone analyzes the image and extracts encoded information.

3. The decoded information - such as text, numbers or even website addresses - is displayed on the device.

What are QR codes?

4 IndyInvestorMagazine.com

9775 Crosspoint Blvd., Suite 118 Indianapolis, IN 46256

Craigslist is a great resource for fi nding homes, unfortunately there has been an increase in scams on Craigslist involving Rentals. Renters that are looking online for a new home need to ensure that they are protecting themselves from these scammers. Follow these steps to avoid being a victim to these predators.As a client looking to become a tenant:1. Use a professional. Realtors are a great

resource to fi nd rental homes. They can also do the research to make sure the owners are legitimate. Typically these services are free, so why not use them.

2. If it sounds too good to be true, then it probably is. Always look at how much the rent is at the location of the home. Does it seem right for the area? If you are unsure do a little research around the area that the home is in to see what other homes are going for. If it is exceptionally low then this is most likely a scam.

3. Another sign would be the phone number. If you are looking for a home

in your area and the phone number is for another state or even

another country this is most

Craigslist is a great resource for fi nding homes, unfortunately there has been an

How to Avoid Rental Scams on Craigslistlikely a scam. If you are unsure you can

always call the number.4. Releasing personal information, if they

are asking for your personal information, such as your social security number or your banking information, do not give your personal information over the phone. Professional Companies that deal with renting homes will meet with you at the location of the home or their offi ce and give you an application to fi ll out. They should never ask for you information over the phone.

5. Also keep an eye out if the person is not willing, or able, to show you the home. If they own the home there is no reason why they cannot meet you there and show you the house. If someone legitimately is trying to rent out a home they are going to be willing to meet you to show the home.

6. Never wire money or send checks to anyone that you haven’t met or don’t k n o w their company. Only deal with

professionals that are local and you can meet with in

person. 7. Never pay in cash.

Always pay with a check, money order or wire. This way you have a way of tracking the money.

8. You should always receive a lease. We recommend getting a copy of it fi rst to review it and after you sign it always take a copy with you. This protects you and the owner of the property. The lease should also contain information on how to contact the property management company or owner and their address.

Craigslist is a great starting resource to help your search for a new place to live but potential renters need to be aware of the scams that could be out there. This is an increasing problem that not only affects the tenants but the owners as well. So there is always two victims when these crimes happen. So as an owner using craigslist to rent a property, here are some helpful hints to prevent these types of scams:1. Always review craigslist and watch

for potential post that have copied your information. If you fi nd that someone has done that then report it to craigslist.

2. If a potential tenant calls and reports to you that someone else is soliciting your property on craigslist, call craigslist and also report to your local authorities. Because of the increase in these type of fraud cases, most local authorities have set up task force departments to handle them. You can also call the Attorney General’s offi ce to report the problem.

3. We also suggest water marking your pictures, so that no one else can easily copy and use them.

4. Check your property weekly to make sure no one has placed signs on your property or changed the locks.

11341 E McDowell DriveIndianapolis

$890 BLC#213139244 Bedrooms, 2 Baths, 1,520 Sq. Ft.

www.tourfactory.com/



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2829 Cardigan RoadIndianapolis

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www.AtlantisRealtyGroup.com8 IndyInvestorMagazine.com


1945 Schwier CourtIndianapolis



915 S Franklin RoadIndianapolis



8149 Gathering CircleIndianapolis



2838 Sheffi eld DriveIndianapolis






10352 Starview DriveIndianapolis



8938 Carla DriveIndianapolis



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5705 Ensenada AvenueIndianapolis



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Application for Residency

Page 1 of 2

Atlantis Property Management and Leasing Atlantis CMS Realty Group, Inc.

Property Applying For Requested Move-in Date__________ / / /_______ Name of Applicant (Last, First, MI) Date of Birth SSN # Driver’s Lic. # and State Contact Phone Number____________________________________ Email Address_________________________________________ Five (5) years of residency history is required: ______ Applicant’s Present Address City State Zip Name of Present Landlord Telephone # Do You: Rent Own Home Student Housing Parent’s Home

(Check One)

Move-in Date _____/_____/_____ Move-out Date _____/_____/_____ Monthly Rent $ Applicant’s Previous Address City State Zip Name of Previous Landlord Telephone # Did

One) (Check Home Parent’s Housing Student Home Own Rent You:

Move-in Date _____/_____/_____ Move-out Date _____/_____/_____ Monthly Rent $ _______ Applicant’s Previous Address City State Zip Name of Previous Landlord Telephone # Did


Move-in Date _____/_____/_____ Move-out Date _____/_____/_____ Monthly Rent $ List all other persons to occupy the apartment Vehicular Information: Make Model Year Tag # In Case of Emergency, Notify (Name) Address Telephone # At least 3 years of employment is required: Name of Applicant’s Employer Address City State Zip Occupation Monthly Gross Salary $ Start Date End Date Telephone #


Page 1 of 2



(Check One)






Application for Residency Cont’d

Page 2 of 2

Name of Applicant’s Previous Employer Address City State Zip Occupation Monthly Gross Salary $ Start Date End Date_______________ Telephone # Contact Name of Applicant’s Previous Employer Address City State Zip Occupation Monthly Gross Salary $ Start Date End Date_______________ Telephone # Contact Other Sources of Income Bank Name Account #

Checking

Savings

Bank Name Account #

Checking

Savings

Do You have Pets? Please specify Animal Type and Breed for each pet.

Why are you leaving your current address?

Have you ever been convicted of a criminal offense? (check) Yes No If yes, give details Any Litigations? (check) Law Suits Judgments Bankruptcies Foreclosures Evictions If yes, give details ________________________________________________________________________________________________________________________________________________

PLEASE READ ALL TERMS BELOW AND SIGN: It is understood that the premises are to be used as a residence to be occupied by not more than__ persons and that occupancy is subject to possession being delivered by present occupant. A non-refundable application fee in the sum of $ received on / / has been deposited with Landlord, with the clear understanding that this application, including each prospective occupant, is subject to approval and acceptance by Landlord at its sole discretion. The amount equal to one month’s rent of $___________ has been received on ____/_____/ ______. Upon approval of this application this money will be deposited. If the application is rejected then the money will be returned in full. However after approval if the applicant decides not to rent the residence the total amount may be forfeited as liquidated damages. I ________________________________________hereby authorize Landlord to obtain information it deems desirable in the processing of my application, including; credit reports, civil or criminal actions, rental history, employment/salary details, police and vehicle records, and any other relevant information; and releases landlord, its employees and agents from all liability for any damage whatsoever incurred in furnishing or obtaining such information. The application fee shall be retained by the Landlord as the agreed compensation for credit investigation, processing and verification of the application. The applicant hereby waives any claim for damages by reason of non-acceptance of this application which the Landlord or it’s agent may reject without stating reasons for so doing. It is further agreed that if any information herein is false, the lease made on the strength of this application may, at the option of the Landlord, be terminated at any time.

Applicant’s Electronic Signature:

Date:

Atlantis readapplication true. and accurate is my in information the all that certify I name). your (type signature

electronic an provide and above text the application, your certify To signature. electronic an submitting by application your certify you that requires

(Type here) name full your

To lease a property, please fill out this 2-page application. You can either fax your completed application to 1-866-469-4882 or email to [email protected].



Page 1 of 2



(Check One)







Page 1 of 2



(Check One)






Application for Residency Cont’d

Page 2 of 2

Name of Applicant’s Previous Employer Address City State Zip Occupation Monthly Gross Salary $ Start Date End Date_______________ Telephone # Contact Name of Applicant’s Previous Employer Address City State Zip Occupation Monthly Gross Salary $ Start Date End Date_______________ Telephone # Contact Other Sources of Income Bank Name Account #

Checking

Savings

Bank Name Account #

Checking

Savings

Do You have Pets? Please specify Animal Type and Breed for each pet.

Why are you leaving your current address?

Have you ever been convicted of a criminal offense? (check) Yes No If yes, give details Any Litigations? (check) Law Suits Judgments Bankruptcies Foreclosures Evictions If yes, give details ________________________________________________________________________________________________________________________________________________

PLEASE READ ALL TERMS BELOW AND SIGN: It is understood that the premises are to be used as a residence to be occupied by not more than__ persons and that occupancy is subject to possession being delivered by present occupant. A non-refundable application fee in the sum of $ received on / / has been deposited with Landlord, with the clear understanding that this application, including each prospective occupant, is subject to approval and acceptance by Landlord at its sole discretion. The amount equal to one month’s rent of $___________ has been received on ____/_____/ ______. Upon approval of this application this money will be deposited. If the application is rejected then the money will be returned in full. However after approval if the applicant decides not to rent the residence the total amount may be forfeited as liquidated damages. I ________________________________________hereby authorize Landlord to obtain information it deems desirable in the processing of my application, including; credit reports, civil or criminal actions, rental history, employment/salary details, police and vehicle records, and any other relevant information; and releases landlord, its employees and agents from all liability for any damage whatsoever incurred in furnishing or obtaining such information. The application fee shall be retained by the Landlord as the agreed compensation for credit investigation, processing and verification of the application. The applicant hereby waives any claim for damages by reason of non-acceptance of this application which the Landlord or it’s agent may reject without stating reasons for so doing. It is further agreed that if any information herein is false, the lease made on the strength of this application may, at the option of the Landlord, be terminated at any time.

Applicant’s Electronic Signature:

Date:

Atlantis readapplication true. and accurate is my in information the all that certify I name). your (type signature

electronic an provide and above text the application, your certify To signature. electronic an submitting by application your certify you that requires

(Type here) name full your

To lease a property, please fill out this 2-page application. You can either fax your completed application to 1-866-469-4882 or email to [email protected].


&

at

6935 Lake Plaza DriveIndianapolis

With the release of M&M III, there are many changes to HUD’s residential real estate program. For those that have sold HUD before they may notice many changes and for those considering HUD, now is the time to learn. The Successfully Selling HUD Homes class presents the dynamics of M&M III, the new bidding site and bidding periods and ultimately addresses everything from marketing to contract to close. HUD homes are becoming the predominant REO in the market and understanding the NEW process is the key to REO success now and into the future. This class has been developed by PEMCO, Ltd. who is contracted by HUD to manage the sale of all HUD-owned properties. Classes are taught by either a PEMCO Employee or a trained contractor.

March 18th

Lunch & Learn - HUD Sales Training:“Successfully Selling HUD Homes in Indiana”

In addition to learning general information about HUD, its properties, and the HUD Sales Process, attendees will learn: • Who can buy HUD properties • How to register with HUD • How to navigate the HUD listing site

• How to market, advertise, and show HUD Homes • How to write a HUD Sales contract • How “priority bidding” works • And Much More

We are your team! – Over 20 years of experience in both loans and customer service.

Imagine never having to call your loan officer

to see where you are in the process – NOBODY IS FASTER THEN GVC

Happier clients – More Closings More Referrals

� � � � �

(317)564-4906

Carla Jackson 317-796-3989 Yvette Wright

317-339-9339 www.gvcmortgage-carmel.com

Weekend and Evening Realtor Support!

�

�

�

How Our Process is Different Client applies for financing and will get a pre-approval whether they have a house picked out or not Client “thin” file is submitted to underwriting and is qualified based on credit and income. Final conditions will include satisfactory appraisal and title work. While submitted, appraisal, title, inspections and processing verifications are completed. Buyers and agent are informed of final underwriting conditions. Final conditions are submitted and 24 hours later file is CLEAR TO CLOSE! Final HUD prepared and closing takes place the next day.

per hour

AmAndA Kilby | 765-592-0215Call TODAY for a quote!

• Logo Design• Posters & Flyers• Brochures & Menus• Magazine Layout

& Digital Magazines using Mag+

• Business Cards• Invitations• T-shirt Designs• CD & DVD Cases• Custom Calendars• Much, Much More!

All Grahic Design

Starting At

$20 00

Fast Turnaround! High Quality Designs! Customer Satisfaction is GUARANTEED!


Lisamarie Schmidt

Michael Kerkhof

Buyer Outreach TrainingMarch 13, 2014 • 11am-3:30pm

at Moon Dog Tavern4825 E. 96th Street Indianapolis, IN

Successfully Selling HUD Homes in Indiana

By Lisamarie Schmidt,Atlantis Realty Group, Inc.

From 11am-1pm

Lunch served from 12pm-1pm

Financing HUD HomesBy Michael Kerkhof

From 1:30pm-3:30pm

Receive 4 Hours of CE Credit and Lunch for FREE!Provide your License number for your certificate of completion.For ttendees, please bring your business card as well as your license.

Questions? Please contact:Michael Kerkhof (317) 371-5079

Please RSVP. Seats are limited.

We look forward to seeing you!

per hour

AmAndA Kilby | 765-592-0215Call TODAY for a quote!

• Logo Design• Posters & Flyers• Brochures & Menus• Magazine Layout

& Digital Magazines using Mag+

• Business Cards• Invitations• T-shirt Designs• CD & DVD Cases• Custom Calendars• Much, Much More!

All Grahic Design

Starting At

$20 00

Fast Turnaround! High Quality Designs! Customer Satisfaction is GUARANTEED!


4BR w/ 2BA and full size basement & Bonus room in this beautiful ranch located in Pike Township! There’s a huge detached garage/workshop, too, in addition to a one-car attached garage! This would be great for a fi rst time home buyer or to add to your investment portfolio.BLC# 21315141 $138,500

7331 Twin Beech DriveIndianapolis

3 Bedroom, 1 BathsBLC# 21288144 $92,000

1055 Meredian StreetShelbyville


6320 Rucker Road • Indianapolis, IN 46220P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com

9700 Covington Blvd. Fishers4BR 2.5BA 2 story brick home is like new. Separate dining room, family room has fi replace w/ built-ins. Master suite also has a fi replace. Screened in porch, beautiful cabinetry in kt, basement, plumbed for full bath, fi nished garage.BLC# 21335942 $264,000

1000 S Montgomery Road Greenwood3BR 2BA condo. Corner unit with private entry and 2 car attached garage. Home has a nice open fl oor plan. Fireplace in living/dining combo. The property has new carpet and fresh paint. Master bath has jetted oversized tub and walk-in closet.BLC# 21334794 $104,900

445 N Valley LaneGreenwood

Cute 2 bedroom 1.5 bath bungalow with stone exterior. The property has a 1 car attached garage. Interior has a wood-burning fi replace in the living room with hardwood fl oor. A diamond in the rough.

BLC# 21330629 $64,900

1618 N Leland AvenueIndianapolis

2BR 1BA near Community East Hospital. Partially fi nished basement. Pipes failed to hold pressure, plumbing may require repair.

BLC# 21332895 $32,000

6435 Horizon CourtIndianapolis

Come take a look at this Bi-Level home in Washington Twp. Property is on a cul de sac with a nice sized rear yard. 3 bedrooms on the main level, 2 with hardwood fl oors. Lower level has family room with built-in bar and half bath. Lots of potential.

BLC# 21330582 $90,000

7317 Kimble Drive #DIndianapolis

Large family room/dining room combo, kitchen with breakfast nook and new appliances, upstairs laundry room, spacious master bedroom that includes walk-in closet and master bath with double sinks and garden tub. Seller has installed all new fl ooring, paint throughout as well as new light and plumbing fi xtures.BLC# 21333204 $127,000

6511 Cane Ridge CourtIndianapolis

Come take a look at this cute 1 bedroom condo unit with 1 car attached garage in Robin Run Village. Property has private entry. Very cozy.

BLC# 21332719 $10,000

5301 Radnor RoadIndianapolis

Stone ranch with full basement in Lawrence Township. Established neighborhood. Large lot. Property has hardwood fl ooring, wood burning fi replace, and tiled baths. Interior has been gutted. This will be a big, but rewarding project.

BLC# 21330812 $65,000

342 N Elder AvenueIndianapolis

Don’t miss out on being the owner of this 4 bedroom, 1 bath home located close to downtown Indy. This would be great for a fi rst time home buyer or to add to your investment portfolio.BLC# 21285940 $41,100

6064 Bettcher AvenueIndianapolis

Don’t miss out on being the owner of this beautiful 3BR, 1.5BA ranch located in Washington Township! This would be great for a fi rst time home buyer or to add to your investment portfolio. This home has a lot to offer and is a must see!BLC# 21330399 $89,000

2936 N College AvenueIndianapolis

3 Bedroom, 2.5 BathsBLC# 21325199 $39,900

541 S Drexel AvenueIndianapolis


1153 N Tremont StreetIndianapolis

This 824 square foot single family home has 2 bedrooms and 1 bathrooms.

BLC# 21315481 $22,500

1411 E Dudley AvenueIndianapolis


Jenni Ruiz || [email protected] Jenni Ruiz || [email protected]

35 N Warman AvenueIndianapolis

This asset offers Great investment potential. Triplex close to hospitals, museums, and shopping. Sold “AS IS”.

BLC# 21334736 $13,500

5710 N Illinois StreetIndianapolis


6111 Maren DriveIndianapolis


6390 Columbia Circle Fishers4BR 3BA home on pond lot. Breathtaking view from the screened porch. MBR w/vaulted ceiling. Open FR/KT area w/light wood cabinetry & center island. Over sized fi replace fl anked w/bookcases & cabinets. BLC# 21324545 $174,000

839 Fernwood Court IndianapolisLarge 3BR 2BA home in the Chapel Glen area. Brick and vinyl exterior with attached 2 car garage. Property interior has hardwood fl ooring in living room, formal DR, and family room. Property is on a cul de sac and sits on a nice sized lot.BLC# 21334115 $139,900

10234 Heather Hills RoadIndianapolis

Come take a look at this large two story home on Indy’s eastside. Plenty of living space. Large back yard with wood deck. Close to everything.

BLC# 21322503 $100,000

3953 N Butler AvenueIndianapolis

Get ready to roll up your sleeves and apply your HGTV knowledge to this 3bd 1ba house! Great backyard w/ mature landscaping. Great for your investment portfolio, or do it yourselfer.

BLC# 21322683 $24,000

11436 Drabble LaneIndianapolis

Cozy 3 bedroom 2.5 bath home available in quiet neighborhood in Lawrence Township near the Winding Ridge Golf Club. Easy maintenance vinyl exterior. Master bedroom has private bath with garden tub. Rear yard has concrete patio. Just a few fi nishing touches required to make this place your own.BLC# 21334501 $125,000

4542 N Richardt AvenueIndianapolis

Ranch home has 2 full baths and family RM with a fi replace close to Lawrence Community Park. Patios in front & back, mature trees, newer cabinets in kitchen. Lots of opportunity with this property especially at this price. Nice location among well kept homes.

BLC# 21293544 $53,900

7963 Benjamin DriveLawrence

A 3bd 2ba condo w/ private wooded and secluded setting. Very peaceful area in Lawrence township.

BLC# 21322269 $38,160

9230 Aintree DriveIndianapolis

Take a look at this cozy 3 bedroom 2 bath attached home. Property has a private entry with 2 car attached garage. Nice wood deck in the rear. Living room and dining combo has fi replace and skylights. The master bedroom has a private bath with separate tub and shower. Nice, quite street. This property is waiting for a great owner.BLC# 21335135 $130,000

314 Bernard AvenueIndianapolis

Cute 2 bedroom bungalow with enclosed front porch. Just south of the Butler-Tarkington area. Property has a full basement. Needs a little TLC. Lots of potential here.

BLC# 21334431 $28,000

1027 N Irvington AvenueIndianapolis

Take a look at this solid 3 bedroom home on Indy’s east side. Established neighborhood. Property sits on a corner lot. Stone exterior with 1 car attached garage. Living room has wood burning fi replace. Full basement.BLC# 21327720 $69,900

3914 Guilford AvenueIndianapolis

Come see this beautiful 4 bedroom, 2 bath home, close to downtown Broad Ripple! Close to entertainment, shopping and dining. This would be great for a fi rst time home buyer or to add to your investment portfolio. This home has a lot of character.BLC# 21320085 $152,000

5166 Old Smith Valley RoadGreenwood

2 bedroom ranch home with covered porch on Smith Valley Rd in Greenwood. Property sits on a nice sized lot. Needs extra care. Has potential.

BLC# 21328301 $90,000

4205 Devon DriveIndianapolis

2BA ranch w/ full basement. home features formal living rm and dining rm, hardwood fl oors, full basement with bonus rm and lots of storage. home also includes, fi replace, 2 car attached garage, large fenced yard w/pool.BLC# 21322681 $90,000

2206 Groff AvenueIndianapolis


1033 Saint Peter StreetIndianapolis


337 N ElderIndianapolis


6320 Rucker Road • Indianapolis, IN 46220P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com

17Jenni Ruiz || [email protected]

Ask

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Lisamarie Schmidt

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Question:

????????Mortgage interest rates are

dropping, should I take the plunge now or wait?

If you have found the right home, and it’s priced right for you, this is an excellent time to make the deal. The mortgage market has sprung back to life after a drop in interest rates not seen in almost two years.In one recent week, mortgage applications rose 49 percent according to data from the Mortgage Bankers Association. Though most of these mortgage applications were for refinancing, there’s no reason not to jump into the fray now and see what you can do.

Many lenders are saying there has been a significant rise in activity as borrowers rush to take advantage of the unexpected drop in rates. Interest rates are very changeable. Just a few weeks ago they stood at 3.73 percent for a 30 year fixed-rate mortgage, the lowest rate since May of 2013, according to Freddie Mac. Low fees for federal loan programThe Obama Administration in January decided to cut fees charged by a loan program popular among first-time home buyers. The Department of Housing and Urban Development estimates that 100,000 to 200,000 borrowers could refinance loans guaranteed by the program. Note that while the program may not apply to you, it could influence your ability to get a new mortgage in the near future because lenders will be busy with a rush of refinancing requests.Here’s a positive noteAbout two-thirds of fixed rate mortgages that are government backed have an interest rate of 4.5 percent or below, according to big lenders. Lenders say they are now more reliant on home purchases to drive their businesses.Loan originations fell from the previous quarter though banks expect they will soon see more activity. Smaller lenders say they are seeing more mortgage applications.

Answer:


Financing aFixer-Upper?

You just love the house. Except for the leaky pipes. Or maybe the kitchen is too small. For the house that’s almost perfect, we have the perfect solution: Our Renovation Mortgage, a mortgage and home improvement loan all in one.

■ Purchase or refi nance ■ Remodel the kitchen or bath ■ Renovate or add a room ■ Paint the house or add siding

■ Add a porch, deck or patio ■ Replace a leaky roof ■ Put in new fl ooring, carpeting or tiling

■ Update electrical wiring, plumbing or heating systems ■ Conserve energy with new windows

■ Plus much more! This program offers the unique features that make FHA loansexcellent fi nancing solutions in today’s market:

■ Purchase or refi nance ■ 1-4 unit properties (owner-occupied only)

■ FHA down payment (3.5%*) ■ Flexible credit qualifying ■ Assumable loans

*For example, a $200,000 FHA loan with 3.5% down, 5.000% interest rate, 5.616% APR, and 0 points would require monthly payments of $1,074.00 for 30 years. Taxes and insurance are extra. Information is subject to change without notice.Restrictions apply, ask for details.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Offi cer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifi er #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed

Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.

Chris MooreRenovation Sales ManagerProspect MortgageNMLS# 418893600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033Offi ce: (317) 847-4738 | Cell: (317) 847-4738Fax: (877) [email protected]

• Learn about home loans• Use loan calculators• Apply for a home loan

HomePath is a registered trademark of Fannie Mae.

Visit My Website!

Purchase and Rehab All in One FHA Loan!

2721 S Washington St. MarionThis home offers 2 bedrooms, 2 baths with a large 1 car detached garage. With over 1600 sq ft you will have plenty of room to spread out. $17,600

5902 E County Rd 800 N LogansportHome was built in 1996 on an acre of land in the country. This is a 3BR 1BA with a 2 car detached garage and over 1,700 sqft. $56,000

306 S Main Street North SalemHome has 3BR and 2BA. Great room has a gas fireplace. KT has a good size pantry and ceramic tile floor. MBR has his/hers walk in closets. $150,000

326 S 28th Street Lafayette2BR 1BA home with almost 1,300 sqft. PLUS a great fenced in back yard, basement and 1 car attached garage. Nice cabinet space in the KT. $53,000

317-842-3400

2912 S Hoyt Avenue MuncieBeautiful hardwood floors need to be refinished and this home has over 3500 sq ft of space. Great architecture! $63,000

2337 Ohio Avenue ConnersvilleThis 2BR 1BA with just over 700 sq ft of space and a huge 2 car detached garage that would be great as a workshop. Needs some TLC. $27,000

5200 W Connie Drive Muncie4BR 1.5BA brick built in 1957. Home is solid with good bones and will be a good project for someone who wants to update to call their own. $63,000

10759 Canoe Court Indianapolis4BR 3.5BA with over 3200 sq ft of living space. This home is in Feather Cove in Geist community a central location close to everything. $384,900

609 Tanninger Drive IndianapolisThis 1984 square foot single family home has 4 bedrooms and 3 bathrooms. $139,900

22320 Craig Avenue NoblesvilleThis 960 square foot single family home has 3 bedrooms and 1.0 bathrooms. $59,900

1936 W 74th Street Indianapolis4 beds, 1 bath, and approximately 2,224 square feet. The property was built in 1961. $145,900

7405 E 56th Street LawrenceThis 1751 square foot single family home has 3 bedrooms and 2.0 bathrooms. $92,900

13963 Avalon Blvd Fishers4BR 3.5BA. Soaring 2 story entry with wood floors and center isle KT with all appliances. Breakfast room overlooks lg patio and fully fenced back yard. $27,900

5218 WAyne Avenue Indianapolis2BR, 1BA. Home is minutes from The airport, the Indianapolis Zoo, and Lucas Oil Stadium! You’ll love the hardwood floors. $34,000

14869 Rosebud DriveNoblesville

This beautiful 4BR 2.5BA in the nice neighborhood of Sommerwood, top rated schools, and Hospitals just around the corner. This

home perfect for busy families that want to be close to everything. Over 2000 sqft, large deck - perfect for entertaining or just relaxing! New paint all through the home, new carpet and new range! $279,000

FEATURE

20 9800 WESTPOINT DRIVE, SUITE 220 • INDIANAPOLIS • 317-842-3400

2817 E 17th Street IndianapolisCute bungalow in NEIndianapolis. This 3BR 1BA with just under 1000 sq ft has great potential. With some work it will be a gem. Don’t wait on this one it will not last! $15,900

734 Sherwood Drive IndianapolisThis home has 3BR 1.5BA with a 1 car detach garage. The living room has a large set of original pane windows that overlook the large front yard with mature trees. $199,900

200 S 16th Street RichmondWith over 2700 sq ft of living space 4 bedrooms 2.5 bath home beautiful hardwood floors throughout and 3 fireplaces. Two story foyer with a spiral staircase to the second floor. $58,100

3710 Melody Lane Kokomo3 bedroom 2 bath 1658 sq ft everything in this home will need to be updated so you can make it your own. Don’t wait on this one it will not last! $93,000

203 Pennsylvania Street ShirleyThis could be a beautiful home with 3BR 1.5BA. Large open kitchen with center island - plenty of space to update and have the kitchen of your dreams! $30,000

317-842-3400

3608 W Mill Creek Drive KingmanLake Holiday Hide-A-Way! A rare chance to own this 3BR 2BA home close to the lake. This home has a 2 car att garage. Put your special touches on this one, at this price you can’t beat it. $14,900

9510 Tower Lane IndianapolisGreat 3 bedroom 2 bath ranch home on dead end street. Enjoy the private fence yard with a large deck for entertaining. Don’t wait on this on it won’t last long at this price. $70,000

24180 Hinesley Road SheridanBrick ranch with over 1000 sq ft of living space and 3 bedrooms 1.5 baths and a attached 1 car garage. Back yard is very spacious with plenty of room to expand. $49,000

9103 Anchor Bay Drive IndianapolisBeautiful 5BR 3.5BA home. New carpet and a fresh coat of paint throughout the home will make for an easy move in. 3 car att. garage plenty of room for storage. Huge deck out back. $349,900

8855 W Adell Street FortvilleHere it is an almost 3000 sqft, 4BR home in wonderful Fortville...just far enough out of the hustle and bustle. Fresh paint & carpet throughout. This home is ready and waiting $152,900

3425 Berkeley Road Anderson4BR, 2.5BA, and a 2 car attached garage are just a few of the many features this home has to offer. Nice, paver walkway leading to the patio and the spacious lawn. $106,000

9201 W Tulip Tree Dr. Muncie3BR 2BA home needing a little TLC. Sitting on just over .5 of an acre there is plenty of room to spread out and enjoy life. $79,900

1021 N Sadlier Drive IndianapolisThis 1584 square foot single family home has 3 bedrooms and 2.0 bathrooms. $48,500

420 Christian Avenue NoblesvilleThis 1178 square foot single family home has 3 bedrooms and 1.0 bathrooms. IThis home is in the Noblesvill School District. $32,500

4526 Mesa Drive IndianapolisCute 2 bedroom 1.5 bath this home has a garage conversion that gives you extra storage and an extra bedroom. Nice large fenced backyard with a storage shed. $40,800

237 E High Street PendletonBuilt in 1895 this is a 4 bedroom, 1 bath home with a huge 2 car detached garage. Lovely enclosed sun porch with a wall of windows that lets the sunshine in. $79,800

2407 E 1000 MarklevilleThe property has over 3 acres, awesome tree house/deck, and a barn. The opportunities here are endless with all of this space. The bathroom tile is amazing! $85,000

24 N Ewing Street IndianapolisCharming 3BR 2BA home in a Historic Neighborhood of Indianapolis. Built in 1910 lots of character and charm leaded windows, shade trees line the sidewalks and street. $39,950

3206 Elmhurst Drive Indianapolis3BR 1 1/2BA ranch home sits on a large wooded lot with mature trees. The interior features an open floor plan with over 1400 sq ft. $69,000

21WWW.WILMOTHGROUP.COM

12312 Cobblefield CourtFishers

This spacious 4BR, 2.5BA has space to spread out. this home has plenty to boast about with custom built in book shelves,

stainless appliances, a sunroom with a deck off the back. New paint and carpet throughout, new light fixtures and more! Great neighborhood for the kids, with schools close by and shopping. $234,000

FEATURE


With the number of short sales and foreclosures on the market, many in need of repair or upgrades, renovation loans may give you the perfect opportunity to own the home you’ve always wanted. Renovation loans allow you to shop for and purchase a home in your desired buying area and in your price range, but that may need a new roof, upgraded bathroom ,new kitchen, windows, etc. Renovation loans can help you get a great deal, and make a good house GREAT!

Unlike many lenders, Prospect offers a full line of renovation mortgages. Here are a few basics to help you understand the difference.

Prospect customers benefit tremendously from our internal Draw Department. We are able to disburse initial draws (payments for renovation work) within 12-14 business days from closing. This quick disbursement time allows us to provide funding for work to begin more quickly than other lenders who do not manage the draw process. As a result, you’ll have the peace of mind you need, knowing that our Draw Department is providing world-class service every step of the way.

I am a certified Renovation Lending Specialist and can answer all your questions about this exciting loan program, and work with you to get pre-qualified. Contact me today!

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.

Chris MooreRenovation Sales ManagerProspect MortgageNMLS# 418893600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033Office: (317) 847-4738 | Cell: (317) 847-4738Fax: (877) [email protected]

• Learn about home loans• Use loan calculators• Apply for a home loan

HomePath is a registered trademark of Fannie Mae.

Loan Type

1-4 Unit Primary Resident

Mortgage Insurance (MI) Required

1 Unit Second Home

2-4 Unit Investment Properties

1 Unit Investment Property

Minimum Down Payment

Property Type

Maximum Renovation Amounts

Allowable Repairs

Gift Funds

Mortgage Amount

FHA 203k(Consultant)

Making a House Your Dream Home with Renovation Loans!

FHA 203k(Streamline)

Fannie MaeHomestyle®

Fannie Mae Hompath®

(Streamline)Fannie MaeHomepath®

Purchase or refinance

3.5% 3.5%

√

√

√

√

√

√

√

√

√

√

√

√

√

√

Purchase and renovate most residential properties

No maximum as long as mortgage amounts are

within county guidelines for FHA loans

From structural changes to landscaping,

new appliances and more

Up to $35,000

From flooring to painting, remodeling kitchen/bath,

appliances and more. No major remodeling structural repairs or

landscaping

From structural changes to landscaping, new appliances, swimming pools, and more

Up to 35% of the as completed value, no more than $35,000

50% of the as completed value, up to $35,000

50% of the as completed value

From flooring to painting, remodeling kitchen/bath,

appliances and more.

Permitted per HUD guidelines

Based on “as completed” appraisal value or total acquisition (sales price + renovation costs) (lower of the two)

Purchase and renovate most residential properties

Can be used for down payment for owner-occupied, primary residence

20% for 1 - unit primary and second homes

20% for 2 - 4 unit primary and 1 - unit investment

Purchase only

Purchase and renovate a Homepath® designated Fannie Mae-owned property

3% for primary residence 1 - unit property

15% for 1 - unit property (second home or investment)

25% for 2 - 4 unit primary or investment

Can be used for 3% down payment for owner-occupied, primary residence

Purchase or refinance

Visit My Website!


Learn the in’s and out’s of how to bid & buywith the new HUD process.

“Successfully SellingHUD Homes in Indiana”

Course Information:

With the new introduction of M&M III, there are many changes to HUD’s

residential real estate program. For those that have sold HUD before they

may notice many changes and for those considering HUD, now is the time

to learn. The successfully selling HUD homes class presents the dynamics of

M&M III, the new bidding site and bidding periods and ultimately address

everything from marketing to contract to close. HUD homes are becoming the

predominant REO in the market and understanding the New process is key to

REO success now and into the future.

This class has been developed by PEMCO, Ltd, who is contracted by HUD to

manage the sales of all HUD-owned properties. www.HUDPemco.com

Highlights

• Who can buy HUD properties • How to register with HUD

• How to navigate the HUD listing site • How “Priority bidding” works

• How to write a HUD sales contract • And much More....

Please RSVPby replying to this email or

Contact person:800-276-8940 ext 2

Email:[email protected]

InstructorLisamarie Schmidt

Classes areheld every

month.Call for Dates

and Times.

www.HUDHomestore.com

Atlantis Realty Group Inc6750 N Andrews Ave, Suite 2046Fort Lauderdale, FL 33309

Phone: 800-276-8940x2Fax: 866-469-4882E-mail: [email protected]

NEW for M&M 3


Why do the most successful real estate professionals love working with HouseMaster®?

Our Inspectors are accurate, not arrogant!HouseMaster inspectors are among the best trained in the industry. In addition to extensive technical training and ongoing support, they are also trained on how to communicate their findings in clear, concise and professional terms. We approach every inspection as a “service” focusing on educating your customers in a courteous and helpful manner. You’ll be impressed with both our knowledge AND demeanor!

Every HouseMaster inspection includes context included on the attached document!HouseMaster is the country’s most experienced name in home inspections. We take great pride in providing your customers with a positive service experience. Each HouseMaster customer is presented with our coveted Inspection Resource Guide®. at the start of the inspection. The guide includes an instructional home repair DVD to help emphasize that the focus of the inspection is on major elements. The DVD also shows customers how to address common maintenance issues on their own. The Guide also includes results of our home inspection survey. The results, which categorize the frequency of common home concerns reported, sorted by the age of the home, helps give buyers a better sense of what conditions found in their report may be considered normal depending on the age of the home.

HouseMaster’s reputation inspires confidence: HouseMaster, founded in 1979 is hands down THE recognized authority on home inspections. You may have seen HouseMaster featured on CNN, HGTV, and Fox Business or on your local news. We have collectively performed over 2 million inspections with overwhelmingly positive feedback. Over 99% of real estate professionals surveyed would recommend HouseMaster to their friends or family! In today’s market, customers and clients need to be confident that the inspector they choose is reputable, knowledgeable, personable and experienced –that’s us!

AGE OF HOME:

0-12 YearsAs you might expect, newer homes generally experience the fewest problems or defects. However, the survey does point to some areas which can be of concern, even in a new or newer home.

AGE OF HOME:

30+ YearsWhile the expression “they don’t build them like they used to” has some truth behind it, older homes generally need more repairs — due to normal wear & tear and aging. It’s interesting to note that in selected categories, the often simpler systems in older homes hold up well.

MAJOR STRUCTURAL CONCERNS

ROOF REPAIR

ELECTRIC SYSTEM

ALUMINUM HOUSEHOLD WIRING

INSULATION

CENTRAL HEATING SYSTEM

CENTRAL COOLING SYSTEM

WATER HEATER

PLUMBING SYSTEM

OLD/MIXED PIPING

FOUNDATIONS

AGE OF HOME:

13-29 YearsHomes in this age range tend to require more repairs than newer ones. In a few categories, homes in this age group actually score worse than older homes. This is generally because systems in these homes are nearing the end of their useful service life, while in the older homes these systems will have been replaced.

9.11% of homes contained major structural concerns

19.33% of homes needed roof repairs

14.15% of the homes required electrical system repairs

<1% of the homes had aluminum household wiring

11.7% had inadequate insulation

15.4% of surveyed homes required Central Heating System repairs

13.67% of homes required repair to the Central Cooling System

1% of homes required water heater repairs

8.96% had problems with the plumbing system

<1% had old or mixed piping

22.64% of homes showed signs of water seepage or drainage concerns




5.54% of the homes had aluminum household wiring




18.34% of homes required water heater repairs


18.34% had old or mixed piping












47.38% of homes showed

How does your new home measure up?Feel free to compare your home inspection results to over 2,000 other reports compiled in the HouseMaster Home Defect Survey. To see an interactive version of the survey results, go to housemaster.com/homedefects

“The Mark of Inspector Professionalism”

DVD also shows customers how to address common maintenance issues on their own. The Guide also includes results of our home inspection

of homes contained major structural concerns

of homes needed

of the homes required electrical system repairs

of the homes had aluminum household wiring

had inadequate

of surveyed homes required Central Heating

of homes required repair to the Central Cooling

of homes required water

had problems with

had old or mixed piping

of homes showed signs of water seepage or


49.35% of homes


55.34% of homes on their own. The Guide also includes results of our home inspection survey. The results, which categorize the frequency of common home concerns reported, sorted by the age of the home, helps give buyers a better sense of what conditions found in their report may be considered normal depending on the age of the home.

of the homes required electrical system repairs

of the homes had aluminum household wiring

had inadequate

of surveyed homes required Central Heating

of homes required repair to the Central Cooling

of homes required water

had problems with

had old or mixed piping

of homes showed signs of water seepage or

49.35%needed roof repairs










55.34%needed roof repairs









47.38% of homes showed

25

6321 Bryce Canyon Dr. • Indianapolis3 Bedrooms, 2 Baths

BLC# 21335088 $75,000

1997 Mann Drive • Beech Grove3 Bedrooms, 1 Baths

BLC# 21335086 $64,900

6801 Lake Plaza Drive, Suite 112A • Indianapolis, IN 46220 • P: 317.578.3827 • F: 317.577.4484

5057 W 650 S • Shelbyville2 Bedrooms, 1.5 Baths

BLC# 21336101 $49,900

903 Beaumont Ct. • Indianapolis4 Bedrooms, 2Baths

BLC# 21285865 $124,900

5034 Allisonville Rd. Unit C • Indianapolis3 Bedrooms, 2 Baths

BLC# 21330642 $54,000

209 High Street • Crawfordsville3 Bedrooms, 2 Baths

BLC# 21316694 $79,900

7741 E County Road 700 • Brownsburg4 Bedrooms, 3 Baths

BLC# 21336557 $54,900

1413 N Emerson Ave. • Indianapolis2 Bedrooms, 1 Baths

BLC# 21331803 $80,000

5102 Kingman Drive • Indianapolis3 Bedrooms, 3 Baths

BLC# 21328691 $59,000

10641 Mistfl ower Way • Indianapolis4 Bedrooms, 2.5 Baths

BLC# 21336070 $102,000

966 N Mitchner Avenue • Indianapolis3 Bedrooms, 1.5 Baths

BLC# 21330727 $69,000

4406 Rotterdam Drive • Indianapolis3 Bedrooms, 2.5 Baths

BLC# 21336120 $103,900

2763 Kay Ellen Drive • Indianapolis3 Bedrooms, 2 Baths

BLC# 21327607 $69,900

7215 Dean Road • Indianapolis4 Bedrooms, 2.5 Baths

BLC# 21317255 $174,900

1305 Worcester Way • Greenfi eld2 Bedrooms, 2.5 Baths

BLC# 21335806 $129,900

Chris Schlosser 317.523.3037

[email protected]

2954 Heirloom Lane • Greenwood5 Bedrooms, 4 Baths

BLC# 21336104 $213,000FEA

TU

RE

REAL ESTATE INVESTORS • Rehab ~ Fix and FlipLet us fund your next investment property purchase. We provide investors with short term funding for acquisition, rehab projects and renovations of residential foreclosed properties. Our basic criteria for funding consider is listed below:

• Loan to Value Ratio (Purchase)Up to 65%

• Interest Rate Usually 10-16%• ARV Funding Available• Term 6 months; 12 months - 2 years• Amortization Interest Only• Loan Safety Mortgage secured by a

lien against the Property

• Fees 3 - 6% (TBD)• Loan Purpose Single Family / 1-4 Units,

Non Owner Occupied• Loan Preference 1st position (primary)

2nd position (case by case)• Loan Distribution Third Party Escrow /

Service Company• Location Indiana, Marion County (Primary)• Cities Indianapolis & Surrounding Cities;

Central Indiana

For Additional Information: www.dkdglobalfi nancial.comCall 317-809-5177 • Email: td@dkdglobalfi nancial.com



051006

David L. Heller President

8645 E. 96th Street

Indianapolis, IN 46256 Cell - (317) 402-0779

Email – [email protected]

Stay Connected! with Atlantis Title Services, Inc and ClosingTracker.com™ Leverage the power of the Internet to stay connected to your closing transactions. With anytime, anywhere access, you can place new orders online, view up-to-the-minute status and view and download closing and title documents. With Atlantis Title Services, Inc. and ClosingTracker, you can eliminate the routine phone calls and have more time to attract new business.

Stay Connected with Easy Access to Your Escrows 24x7 Web access View current transaction status Automatic e-mail notification View, print and share documents Open new orders Single location for all parties Stay Connected and Save Time Eliminate phone calls, voice mails and phone tag Closings stay on schedule Closing and Title documents available the minute they are ready

Stay Connected and Attract New Business More time to sell Attract today's Internet-savvy buyers or sellers Information when you want it

Call today to learn how you can get connected with Atlantis Title Services and ClosingTracker!

Atlantisitle Services Inc.

9775 Crosspoint Blvd. Suite 118Indianapolis, IN 46256Cell - (317) 402-0779

Email - [email protected]

28 IndyInvestorMagazine.comIndyInvestorMagazine.com

HUD has recently changed the way they market their HUD foreclosed homes. They are trying to upgrade their image and they do not want to their foreclosed homes to be lump in with the other “bank foreclosures”.

You still have to place your bid for a HUD foreclosed home on the Internet and you still have to use a Realtor. So, for the homebuyer that part is pretty much the same as before.

But, the most important thing is they are still going to offer the HUD $100 Down Payment Incentive in most parts of the country!

The normal down payment for FHA Home Loans is 3.5% and for conventional loans the down payment is up to 20%. Most people that want to purchase a home really don’t have a lot of money available for a down payment so they are left out of today’s home market. But everyone should be able to come up with hundred dollars for a down payment.

But this is a government program and there are, of course, some strings attached. You have some requirements in order to take advantage of this $100 down payment program.

The $100 Down Payment Program Has the Following Requirements:

1. HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes.

2. Have to use FHA financing. You cannot use conventional financing.

3. This program is for Owner-Occupants only, not for Investors. You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.

4. You still need to have the earnest money of $1,000 for properties listed above $50,000 and $500 for properties listed for less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement.

5. You can ask HUD to pay for closing costs up to 3% of purchase price.

If you are going to buy a home in the near future, you need to consider HUD Homes with this HUD Homes $100 Down Payment Program. This program is a national program and the perfect HUD foreclosed home could be in your area.

UPDATE ON HUD $100 DOWN PAYMENT!


¡El proceso para comprar una vivienda puede parecer complicado, pero si toma las cosas paso a paso, pronto tendrá en sus manos las llaves para su propia casa!

Nueve pasos para comprar una vivienda

Calcule cúanto puede invertir en una vivienda

Conozca sus derechos

Busque la mejor hipoteca

Aprenda acerca de los programas para compra de vivienda

Busque una vivienda

Haga una oferta

Haga inspeccionar la vivienda

Busque un seguro para propietarios de vivienda

Firme papeles

continued on page 16...

Cómo comprar una ViviendaHow To Purchase a HUD Home

Unlock a Better Way to Sell Your HouseAtlantis Auction Group

Lic AU10900054

1-800-276-8940 Ext 707www.AtlantisAuctionGroup.com

List Your Housefor $75 on ourOnline Auction


Paso 1: Calcule cuánto puede invertir en una vivienda

La cantidad de dinero que usted puede permitirse invertir depende depende de sus ingresos, valoración crediticia, gastos mensuales actuales, la cuota inicial y la tasa de interés. Las calculadoras abajo pueden servirle de ayuda, pero es mejor visitar a un prestamista para averiguar con mayor certeza.

¿Cuánto puede invertir en una vivienda? Comprar vs. Alquilar Como Prepararse Para Comprar Vivienda ¿Necesita ayuda con su cuota inicial o costos de cierre?

Programas de compra de vivienda locales ¡Un asesor de vivienda le puede ayudar a calcular cómo manejar y pagar sus deudas, y empezar a ahorrar para ese pago inicial! Busque un asesor de vivienda cerca a usted

Paso 2: Conozca sus derechos Equidad de Vivienda: Igualdad de Oportunidades para Todos - pamfleto Ley de Procedimientos para Liquidación de Bienes Raíces (RESPA, por sus siglas en inglés) Derechos del prestatario Prestamistas fraudalentos

Paso 3: Busque la mejor hipoteca Ahorre dinero preparándose bien. Hable con varios prestamistas, compare costos y tasas de interés, negocie para obtener una mejor oferta. Considere conseguir aprobación previa para un préstamo.

Cómo buscar la mejor hipoteca: averiguar, comparar, negociar - folleto Deje que la FHA le ayude Evite prácticas de préstamo abusivas

Paso 4: Aprenda sobre los programas de compra de vivienda Programas de compra de vivienda locales Los programas de préstamo FHA le ofrecen una cuota inicial más baja y son una buena opción para los compradores de casa por primera vez.

Deje que la FHA le ayude Programas de compra de vivienda especiales de HUD Programa del Buen Vecino – para policías, maestros, bomberos, y técnicos de emergencia médica Ventas a descuento para evacuados de huracanes Propiedad de vivienda para residentes de vivienda pública Programa de Garantía de Préstamos Hipotecarios para Comunidades Indígenas (Sección 184)

continued from page 15...

continued on page 17...




Paso 5: Busque una viviendaEscoja un agente de bienes raícesLista de expectativas - ¿Qué características desea?Listsa de verifi cación de búsqueda de viviendas – lleve esta lista consigo al hacer comparaciones de viviendasViviendas en venta (incluye viviendas de HUD)Viviendas para refaccionar (“Fixer-Upper”) – programas para compra y reparación de viviendas Viviendas pre-fabricadas (casas móviles)Construya una casaSi escoge una vivienda en un vecindario con una Asociación de Propietarios de Vivienda (HOA, por sus siglas en inglés), asegúrese de solicitar una copia del paquete de HOA de modo que usted pueda revisarlo antes del cierre.

Paso 6: Haga una ofertaDiscuta el proceso con su agente de bienes raíces. Si el vendedor le hace una contraoferta, tendrá que negociar hasta que ambos concuerden en los términos de la venta.Hacer una oferta

Paso 7: Haga inspeccionar la viviendaPresente su oferta sujeto a condición de una inspección de la vivienda. Una inspección le indicará la condición en que se encuentra la casa y puede ayudarle a evitar comprar una vivienda que necesita reparaciones mayores.

Para su protección, haga inspeccionar la vivienda10 preguntas para el inspector de vivienda

Paso 8: Busque un seguro para propietarios deviviendaLas agencias crediticias requieren que ustedtenga un seguro hipotecario. Asegúrese debuscar la mejor oferta.Seguro hipotecario12 pasos para reducir el costo de su segurode hipoteca

Paso 9: Firme papelesPor fín está listo para el “cierre”. ¡Asegúrese deleer todo antes de fi rmar!Costos de cierre e información importante

continued from page 16...


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Listing and Bidding ProceduresDisclosures

HUD Homes are sold “As Is” without warranty.

Irregularities in bids:

HUD reserves the right to waive any irregularity in any bid, reject any and all offers, and to withdraw a property prior to the bid opening.

Code and Zoning violation:

Brokers should advise Purchasers that the properties may contain code and/or zoning violations. Code and Zoning status must be determined by the Purchaser.

Property Condition:

No guarantees and/or warranties made. No repairs will be performed by HUD after closing. Purchasers are encouraged to have the properties inspected by a qualifi ed home inspection service company to satisfy themselves as to the condition of the property.

Potential Purchasers:

Contact a HUD Approved Broker to obtain a copy of the current listings, to visit listed homes or to make an offer.

HUD pays closing cost up to 3% of the purchase price. If inserted on line 5 of the HUD Sales Contract when the electronic bid is submitted.

HUD’s Homeownership incentives:

$100 Down - Available to owner occupant buyer who purchase a HUD Home with FHA fi nancing, indicate on Line 4, Lender MCAW form, and buyer still responsible for earnest money deposit.

More information on BUYING A HUD HOME on the HUD website at:

http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home

Listing Codes

IN - Insurable:

All properties listed as “INSURABLE” are eligible for FHA fi nancing. All requests for insurance will be under Section 203(b) of the National Housing Act Program. An interest rate will be charged on the loan and is negotiable between the purchaser and lender. The mortgage may include some mortgage insurance payments.

HUD.GOV/HUDHomesU.S. Department of Housing and Urban Development

33IndyInvestorMagazine.com 33IndyInvestorMagazine.com

IE - Insurable with Escrow Repairs:

Properties listed as “INSURABLE WITH ESCROW REPAIRS” means that certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 50-days of the closing. This is not a gift from HUD. The sales price remains the same and is added to the mortgage. No repairs prior to closing.

UI - Uninsured:

Properties listed as “UNINSURED” means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase “as-is” with cash or conventional financing. These properties are also eligible for an FHA 203(k) mortgage if the required repairs end or the improvements are completed within 90-days of the closing.

Listing and Bidding

HUD Approved Brokers will show properties, prepare complete contracts and submit bids through internet Electronic Bidding at the HUD Listings website.

New listings are available daily.

During the Exclusive Listing Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities. There will be:

• a fifteen (15) day Exclusive Listing Period for Owner Occupant purchasers for properties listed insurable and insurable with Escrow Repairs,

• a five (5) day Exclusive Listing Period for Owner Occupant purchasers for properties listed uninsured.

Owner Occupant must occupy the house for one year and can’t participate in a HUD sales for two years after purchase.

Exclusive Listing Period (Owner Occupant Priority).

• For insurable and insurable with Escrow properties, bids shall be opened and reviewed on the Tenth (10th) day of the Exclusive Listing Period. All bids will be treated as having been received simultaneously. If no winning bid is received by the tenth (10th) day, bid shall be opened and reviewed on each day after the tenth (10th) day up to the fifteenth (15th) day, or until a winning bid is received. If no winning bid is received in that fifteen (15) day period, the listing shall be extended to all buyers on day 16. See Extended Listing Period below.

Extended Listing Period.

At the conclusion of the Exclusive Listing Period, should a property remain unsold, all general public bids (including investors) may be submitted daily.

Submitted a Bid Over the “As Is” Value

The “As-Is” value is equal to the appraisal value. You can’t get a second appraisal when using FHA. You will be notified if you overbid and will require submission of proof of funds. Buyers must bring cash for the overbid amount.


Bid Opening, Review and ResultsIn order to be valid for bid opening on a specific day, bids must be completed and confirmed on the Internet no later than 11:59 p.m. on the previous day. Bids can be submitted 24/7 but are not reviewed Holidays or weekends.

Bids received on the same day shall be considered to have been received simultaneously. Friday, Saturday and Sunday bids will be considered to have been received simultaneously and will be reviewed simultaneously on the following Monday.

Bids will be opened and reviewed each business day.

The highest acceptable net bid to HUD will be selected.

Results will be posted each business day by 1:00 p.m.

If two acceptable bids which are exact same amount are received, the AM Contractor will select the winner by randomized electronic drawing.

REMINDER: Brokers must check the HUD Listings website on a daily basis for available properties and Bid Result Publication. If your bid is selected, Brokers must submit the original written and completed HUD Sales Contract along with the required Addenda to the appropriate AM Contractor office within the next 48 hours of Bid Result Publication otherwise the bid will be considered canceled and the second highest acceptable net bid to HUD will be considered.

NOTE: If you search for a property and it does not show up in the search properties area then that property has an accepted bid at this time.

Required Contract DocumentsHUD SALES CONTRACT and REQUIRED ADDENDA:

• Fillable HUD Sales Contract Form 9548 Revision (1/99)

Attach the following Addenda:

• Lead Paint Addendum, if the property was built prior to 1978. The Lead Based Paint Addendum is property specific and will be posted with the property listing.

• General Addendum to HUD Sales Contract.

• For Your Protection: Get a Home Inspection

• Notice to Purchaser Addendum when the offered amount exceeds the appraised value at the time the offer is submitted.

• Certification of Owner-Occupant, if purchaser is an owner-occupant.

Property Search Results

There are no HUD Homes that match your search criteria.


• Radon Gas and Mold Notice and Release Agreement.

• Forfeiture & Extension Policy (Addendum A, Rev. 6/15/2009)

• Lead-Based Paint Addendum (if applicable)

• Flood Zone Addendum (if applicable)

• Letter from a Financial Institution acknowledging that purchaser has funds available for down payment.

• Mortgage Pre-Qualification Letter from a lending institution, if the purchase is to be mortgaged, stating that an in-house credit check has been performed and the purchaser has been pre-qualified for a mortgage up to a specified mortgage amount. The Pre-Qualification letter must be on lender letterhead, give the name(s) of the people listed on the contract, have the correct loan amount, the type of loan, noted that “the credit has been approved”, signed by the loan office (no digital signatures), and dated within the past thirty days.

• Certification from a Financial Institution, if the purchase is cash, stating that funds are available on the day of closing.

• Certification of Owner-Occupant Status for Cash Purchases: All bids by owner-occupants, who are purchasing properties listed in the owner-occupant category, must include an Owner-Occupant Certification. Sanctions will be immediately imposed upon Brokers, Agents and Investors found to be abusing the system.

Avoid Common Errors!To be acceptable, hard copies must contain no errors and done in BLUE ink.

You can’t use white out or liquid paper on a contractual document.

Do not use a yellow highlighter on the contractual documents. The document will not scan properly for HUD with highligher on it.

Make sure social security numbers are listed on the contract correctly.

The buyers name must match exactly on lines 1, 2 and 13 on the contract.

Down PaymentOwner Occupants Only:

3.5% Minimum Down payment for FHA financed properties.

Maximum mortgage amount 96.5% of the appraised value or sales prices whichever is lower.

Investors:

1 unit: 25% Minimum Down payment, for FHA financed properties;

2 to 4 units: 15% Minimum Down payment, for FHA financed properties.

Earnest Money DepositRequired Earnest Money: Must be in the form of a cashier’s check, money order, or other certified funds. The original Earnest Money check should be submitted with the sales contract after bid acceptance. The Earnest Money deposit will be sent to the Closing Agent after Execution.

• $1,000 for offers greater than $50,000,

• $500 for offers $50,000 or less,

• 50% of the Listing Price for Vacant Lots

Earnest Money Forfeiture and/or ReturnThe following provisions are applicable in all instances except those where HUD is unable or unwilling to close the sale, in which case the entire amount will be returned.

Investor Purchasers:

• Uninsured Sales: 100% of the deposit will be forfeited to HUD for failure to close, regardless of the reason.

• Insured Sales:

• 50% of the deposit will be forfeited to HUD for failure to close if the purchaser is determined by HUD to be an unacceptable buyer.

• 100% of the deposit will be forfeited to HUD if the sale fails to close for any other reason.

Owner-Occupant Purchasers:

Return 100% of the deposit when:

• There has been a death in the immediate family (purchaser, spouse or children living in the same household).

• There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely, affecting the purchaser’s financial ability to close the sale.

• There has been a loss of job by one of the primary breadwinners, or a substantial loss of income through no fault of the purchaser.

• For an FHA insured sale, HUD (or a D.E. underwriter) determines that the purchaser is not an acceptable borrower. For an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized lender and, despite good faith efforts, is unable to obtain mortgage financing. “Pre- approved” means a commitment has been obtained from a recognized mortgage lender for mortgage financing in a specified dollar amount sufficient to purchase the property.

• There is other equally good cause, as determined by AM Contractor, in keeping with the spirit and intent of the above policy.

Return 50% of the deposit when:

For an uninsured sale, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender.

Forfeit 100% if the deposit when:

• No documentation is submitted.

• Documentation fails to provide an acceptable cause for the buyer’s failure to close.

• Documentation is not provided within a reasonable time following contract cancellation.

Vacant Lot Sales:The purchaser is considered to be an investor and instructions pertaining to investors will apply.

Closing Costs (Line 5)HUD pays certain Closing Costs up to 3% of the purchase price, IF inserted on line 5 of the sales contract when the electronic bid is submitted. Enter this numeric figure (not percentage) on line 5.


Closing Time FrameFor DEMCO & OFORI: HOMETELOS: Just exchange 45 to 30 & 30 to 45

All purchasers must close on or before forty-five (45) days of contract acceptance date for normal and cash closings. 203k must close sixty (60) days of contract acceptance.

Closing Extension PolicyALL SALES ARE EXPECTED TO CLOSE WITHIN THE APPLICABLE TIME FRAME IDENTIFIED ON LINE 9 OF THE SALE CONTRACT.

Closing Extension Request: If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD’s Closing Agent at least two weeks prior to that date to request an extension.

AM Contractors, as HUD’s Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days:

• Submit the “Request For Extension of Closing Date” (Extension Request form) and all the required supplemental supporting documents to HUD’s Closing Agent prior to the expiration of the sales contract.

• Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period.

• The extension request must be accompanied by a cashier’s check, money order or other certified funds in the appropriate amount and made payable to HUD. The fee is based on the Contract Sales Price:

Contract Sales Price Extension Fee

Equal to or less than $25,000.00 $150.00 ($10.00 per day)

$25,000.01 to $50,000.00 $225.00 ($15.00 per day)

$50,000.01 and over $375.00 ($25.00 per day)

• The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent.

• The extension fee will be retained by HUD. In the event that the purchaser closes prior to the end of the extension period, the unused, prorated portion of the extension fee will be credited to the amount due at closing.

• The approval of an extension does not obligate AM Contractor, as HUD’s Representative, to grant future extensions.

Home Inspection (Optional, but highly recommended)

There is a 15 day due diligence period. You must have FSM authorize your home inspection. You have 48 hours to complete home inspection after last utility is turned on and you must turn off utilities after inspection. When you receive written permission (executed sales contract), contact the local utility companies, and coordinate dates between them and your inspection.



Fill out a utility activation request form. The utilities are to be turned on in the purchaser’s name and at purchaser’s expense. The purchaser is responsible for the actual costs to activate, deactivate and when necessary, re-winterize the property. The purchaser must place a refundable $150 deposit, in the form of certified funds or money order. The amount is sufficient to cover these costs. This deposit is required to ensure the property has been re-winterized. It is the buyer’s responsibility and cost to re-winterize. If the property has not been re-winterized at the end of the allowable 72 hr period, this may result in a delay of closing (buyer will also be responsible for any property damage incurred).

FHA Amendatory ClauseThis addendum is not required and will not be executed on HUD sales. HUD homes are exempt from the clause.

Broker Registration and NAIDAs Broker, Nonprofit, or Government Agency, you can make an offer on a HUD Home only if you have a HUD Name Address Identifier (NAID). To apply for a NAID, http://www.hudhomestore.com/hud/NaidRegistration.aspx

So in order to place a bid on a HUD property, you must have an active NAID, You may obtain a NAID by completing the necessary forms and providing all required attachments to the HUD Homeownership Center which has jurisdiction over the state in which you are located. The NAID application package must contain the documents as listed at http://www.hudhomestore.com/hud/NaidRegistration.aspx

If your application package does not contain the required documents, the package will be returned and extend the processing time. The NAID application processing time is a minimum of 2 weeks.

For Selling Brokers: Only Selling Brokers may obtain a NAID. Real Estate Agents must use the NAID of their Selling Broker to submit bids.

First to get a NAID Number Register Here

As an agent, if you have already registered,

login here

As an agent, if you have never registered,

login here

Properties for Purchase Available Not Available


Broker Commission (Line 6a)

HUD will pay up to 6% or a minimum of $2500 commission to be equally split between the Listing and Selling Broker, IF inserted on line 6a, of the new HUD Sales Contract Form 9548 (1/99). Line 6b will populate 3% for the listing broker commission.

Remember: Lines 5 and 6a affect the net to HUD.

Help “WHAT IF I NEED HELP?”

If you need help, you can obtain it: You can go to http://www.HUDHomestore.com

The HUD-9548 Sales Contract

Line1: Type purchaser(s) name and complete property address. Make sure to type in the county.

Line2: Enter name(s) and style in which tile will be taken. Please match the name exactly as on line 1 and the STYLE they are taking title (individual, married, etc.)

Line3: Enter bid amount and amount of the earnest money (which is $500 if $50,000 or under or $1000 if $50,001 and over) and fill in that it will be held by HUD. Please send this in a cashier’s check or money order (NO personal checks) paid to the order of: If it is PEMCO or HOMETELOS it will be the name of title company, If OFORI in the name of the listing broker.

Line4: Make sure the appropriate box is checked for the type of financing your buyer is getting and in compliance with what seller’s offering. If FHA 203(b) repair escrow, then check “said mortgage involves a repair escrow amounting to $__” and fill in amount. Also leave blank or enter TBD (to be determined) the three spaces for down payment, mortgage loan amount and the number of months.

Line5: Enter the amount of financing/closing cost submitted on your bid.

Line6: Enter dollar amount of commission to be paid by seller as submitted on your bid.

Line7: Enter net amount due seller as submitted on your bid.

Line8: Enter buyer type (owner occupant or investor)

Line9: Enter in accordance with AM Contractors instructions for closing dates. On the second blank your purchaser will fill in the blank with the closing agency they will use.

Line10: Enter appropriate back up offer information

Line11: Check the appropriate boxes.

Line12: Purchaser(s) must initial in appropriate space

Line13: Make sure to write in your purchaser’s phone number under the signature line, and have them date the contract: when they sign it. Always have the managing broker sign the contract and the owner/occupant certification in the original blue ink signatures.

If this is an investor bid please make sure that the company name is on Line 1 and 2 of the contract. Also make sure that you include the company paperwork and proof of EIN number from the IRS.

SEE SAMPLE CONTRACT ON NEXT PAGE


HUD Case No.

123-456789

$100,000.00

Current Address

800-555-1212

XYZABC1234

John Doe

Please fill out contract in blue ink!Sales ContractProperty Disposition Program

U.S. Department of Housing and Urban DevelopmentOffice of Housing Financial Housing Commissioner

1,000.00

12-3456789

Names must match Line 1 and state whether single, married and tenancy

don’t forget

123-45-6789

XYZ ABC 1 Home RoadCity, St., 12345

see HUD Notice 2005-12

1. I (We), ________________________________________________________________________ (Purchaser(s)) agree to purchase on the terms set forth herein, the following property, as more particularly described in the deed conveying the property to the Secretary of Housing and Urban Development: 111 Any Street, Any City, County, State and Zip (street number, street name, unit number, if applicable, city, county, state)2. The Secretary of Housing and Urban Development (Seller) agrees to sell the property at the price and terms set forth herein, and to prepare a deed containing a covenant which warrants against the acts of the Seller and all claiming by, through or under him. Title will be take in the following name(s) and style: ______________________________________________________________________________________________3. The agreed purchase price of the property is 3. $ _______________________ Purchaser has paid $ ____________________ as earnest money to be applied on the purchase price, and agrees to pay the balance of the purchase price, plus or minus promotions, at the time of closing, in cash to Seller. The earnest money deposit shall be held by ____________________________________________________ ,4. Purchaser is applying for FHA insured financing [ 203(b) 203(b) repair escrow, 203(k) ] with a cash down payment of $ ________________ due at closing and the balance secured by a mortgage in the amount of $ _______________________ for ________ months (does not include FHA Mortgage Insurance Premium, prepaid expenses or closing costs Seller has agreed to fund into mortgage. ). Said mortgage involves a repair escrow amounting to $ _____________________. Purchaser in paying cash or applying for conventional or other financing non involving FHA.5. Seller will pay reasonable and customary costs, but not more than actual costs, not more than paid by a typical Seller in the area, of obtaining financing and/or closing (excluding broker’s commission) in an amount not to exceed 5. $ _______________________6a. Upon sales closing, Seller agrees to pay to the broker identified below a commission (including selling bonus, if offered by seller) of 6a. $ ______________________6b. If broker identified below is not the broad listing broker, broad listing broker will receive a commission of 6b. $ ______________________7. The net amount due Seller is (Purchase price [ Item 3] less Items 5 and 6) 7. $ _______________________8. Purchaser is: owner-occupant (will occupy this property as primary residence) investor nonprofit organization public housing agency other government agency. Discount at closing: _______________% Discount will reduced by amounts, if any, listed on Line Items 5 and 6.9. Time is of the essence as to closing. The sale shall close no later than __________ days from Seller’s acceptance of contract. Closing shall be held at the office of Seller’s designated closing agent or ________________________________________________________________10. If Seller does not accept this offer, Seller may may not hold such offer as a back-up to accepted offer11. Lead based paint addendum is is not attached; Other addendum is is not attached hereto and made part of this contract.12. Should Purchaser refuse or otherwise fail to perform in accordance with this contract, including the time limitation, Seller may, at Seller’s sole option, retain all or a portion of the deposit as liquidated damages. The Seller reserves the right to apply the earnest money, or any portion thereof, to any sums which may be owed by the Purchaser to the Seller for rent. Purchaser(s) Initials: _________ Seller’s Initials: ________13. This contract is subject to the Conditions of Sale on the reverse hereof, which are incorporated herein and made part of the contract. Certification of Purchaser: The undersigned certifies that in affixing his/her/its signature to this contract he/she/it understands: (1) all the contents thereof (including the Conditions of Sale) and is in agreement therewith without protest; (2) he/she/it is responsible for satisfying itself as in the full condition of the property; and (3) that Seller will not perform repairs after acceptance of this contract.Purchaser(s) (type or print names & sign) Purchaser(s) Address: John Doe

Purchaser(s) Social Security Number (SSN) or Employer Identification Number (EID) (Include hyphens) Phone No: Date Purchaser(s) Signed Contract

Seller: Secretary of Housing and Urban Development By: (type name & title & sign) Date Contract Accepted by HUD

X

Certification of Broker: The undersigned certifies that: (1) neither he/she nor anyone authorized to act for him/her has declined to sell the property described herein to or to make it available for inspection or consideration by a prospective purchaser because of his/her race, color, religion, sex, familial status, national origin, or disability; (2) he/she has both provided and explained to the purchaser the notice regarding use of Seller’s closing agent; (3) he/she has explained fully to the purchaser the entire terms of the contract, including Condition B on the reverse hereof; and (4) he/she is in compliance with Seller’s earnest money policy as set forth on HUD forms SAMS-1111, Payee Name and Address, and SAMS-1111-A, Selling Broker Certification which he/she has executed and filed with Seller.Brokers Business Name & Address: (for IRS reporting) (include Zip Code) Broker’s EIN or SSN: (include hyphens) SAMS NAID:

Signature of Broker: Broker’s Phone No:Type of print the name and phone number of sales person:

This section for HUD use only. Broker notified of: Authorizing Signature & Date: Acceptance Back-Up No. ____________ Rejection Return Earnest Money Deposit xPrevious editions are obsolete ref. Handbook 4310.5 form HUD-9548 (1/99)

3% auto populated by HUD

JD

90,000.00

Up to 3%

John Doe

01/01/2011

based on sales price, $500 for < $50k and $1,000 for > $50k, Held By HUD

If property is UI, only box 203k or Conv/Cash can be checked ... for properties listed as IN/IE check the box of the loan you have been approved for

Please pull the LBP Addendum from property details as required.

Managing Broker Signature

PEMCO or HOMETELOS - Title Company, OFORI - Listing Agent

45Title Company


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IT’S A JUNGLE OUT THERE203k GUIDE

How do you turn a fixer upper into your dream home?

The Solution – the FHA 203(k) Loan!

The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased.

HUD’s 203(k) program can help you with the purchase or refinance of a property by allowing you to roll-in the costs of repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment.

We hope you find this 203(k) guide helpful. If you have more questions or would like to speak with a 203(k) specialist about a loan, my contact info is below. Happy House Hunting!

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

Brought to you by:

Michael KerkhofAmeriFirst Home Mortgage

Office 317-254-8800Cell 317-371-5079

[email protected] # 247367

BUILDING THE BRIDGETO HOME OWNERSHIP

NMLS ID 110139 AmeriFirst Home Mortgage 800.466.5626


The Solution – the FHA 203(k) Loan!

The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.HUD's 203(k) program can help you with the purchase or refinance of a property by allowing you to roll-in the costs of repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment.

We hope you find this 203(k) guide helpful. If you have more questions or would like to speak with a 203(k) specialist about a loan, my contact info is below. Happy House Hunting!

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Lender ID 110139

Michael Kerkhof AmeriFirst Home Mortgage

Office 317-254-8800 Cell 317-371-5079

[email protected] NMLS #247367


IT’S A JUNGLE OUT THERE


203(k) - How Is It Different?

Here’s What You Can Expect:

These are two Different 203(k) Loans Available

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.

Choosing which loan suits you best will depend on the amount of improvement your property needs.

Streamlined: The 203(k) Streamline is an all-in-one loan used for homes that need minor repairs. It allows borrowers to finance the purchase of an existing home and make improvements or upgrades up to $35,000 before move-in. There are no minimum repair costs and the borrower must occupy the property.

Standard: The Standard 203(k) is an all-in-one loan used when homes need major rehabilitation, or when repairs are structural, involves landscaping, or when the renovation costs exceed $35,000. There must be a minimum of $5,000 worth of repairs, and again, the borrower must occupy the property. FHA loan limits are based on property type and location

BUILDING THE BRIDGETO HOME OWNERSHIP

of the property being financed. A portion of the loan proceeds are used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. You may also roll in up to six months of mortgage payments if the HUD consultant determines you need to be displaced from the home during the repairs.

We will discuss both of these loans in detail but first let’s discuss the 203(k) process from start to finish.

1. Find a Property and Make the Offer - A potential homebuyer locates a fixer-upper and executes a purchase agreement or sales contract after doing a feasibility analysis of the property with their real estate agent.

2. Find a FHA approved Lender and Meet with a 203(k) Specialist - The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal from licensed contractors showing the scope of the work to be done, including a detailed cost estimate on each repair or improvement of the project.

3. Appraise the Property - The appraisal is performed to determine the value of the property after renovation. The appraiser will also determine if there are any additional repairs necessary for the property to meet minimum FHA property guidelines. Any health or safety issues would be addressed at this time.

4. Loan is Approved and Closed - The borrower, property and requested improvements are approved and the loan closes for an amount that will cover the purchase or refinance cost of the property, along with the improvement costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total renovation costs and is used to cover any overages resulting from extra work required to complete the work proposed. At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.


5. Work Begins on the PropertyThe mortgage payments and renovation begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.

6. Disbursements & Payment (Draws) - Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines there will be no liens on the property. The borrower will always approve the release of funds to the contractor.

To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

A 203(k) mortgage may be originated on a “mixed use” residential property provided:

(1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes;

(2) The commercial use will not affect the health and safety of the occupants of the residential property; and

(3) The rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

A 203(k) mortgage may be originated on a condominium provided:

(1) The condominium project has been approved by FHA

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

(1) To purchase a home and rehabilitate it.

(2) To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it.

(3) To refinance an existing mortgage and rehabilitate the home.

Eligible and Ineligible Improvements for the 203(k) StreamlineEligible Improvements include:203(k) Streamlined loan is intended to facilitate uncomplicated rehabilitation and/or improvements to a home. Eligible improvements include:

• Repair/Replacement of roofs, gutters and downspouts

• Repair/Replacement/upgrade of existing HVAC systems

• Repair/Replacement/upgrade of plumbing and electrical systems

• Repair/Replacement of flooring

• Minor renovation, such as kitchens & baths, which do not involve structural repairs

• Painting, both exterior and interior

Eligible Properties

How the Program Can Be Used

Features of the 203(k) Streamline

(2) Must be owner occupied (no investors)

(3) Rehab is limited only to the interior of the property

(4) The lesser of 5 units in the project or 25% of the total number of units can be undergoing rehabilitation at the same time

(5) The maximum amount of the loan cannot exceed 100% of the after improved value

(6) No more than four condo units per building


Timelines - When the loan closes, the mortgage proceeds will be disbursed to pay off the seller of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. Depending on the type of improvements the homeowner has up to six (6) months for completion.

Disbursements & Payments (Draws) - No more than two payments may be made to each contractor. The first payment is intended to defray material costs and shall not be more than 50% of the estimated costs of all repairs and improvements. The Lender will allow the first payment at closing to cover for, and not exceed, actual required contractor deposits, building permits, and/or the cost of building materials incurred prior to construction.

Before a final disbursement is made, the borrower must sign a statement acknowledging that the work has been completed in a workmanlike and satisfactory manner. A final inspection is required regardless of the improvement or repair, and must be done at completion before the final disbursement is released. Any leftover funds are applied to principal balance of the loan.

FHA Approved Consultants - All Standard 203(k) loans must use a FHA Approved 203(k) consultant. The HUD consultant will be very helpful as they will assist you in determining the scope of repairs and the budget for the work to be done. Once the project has been determined the HUD consultant will give you a “specification of repairs” plan that will detail the work to be completed and the associated costs. The HUD consultant will also carry out the disbursement and final inspections needed to pay your contractors. Basically they are there to help you through the construction process and verify all work is completed satisfactorily and as stated and that the home meets HUD’s minimum property guidelines when repairs are completed.

Contractor Requirements Borrowers must use contractors to complete rehab unless borrower can provide documented proof that they can perform the work. Example: Borrower is a licensed plumber or electrician, etc.

Timelines & Disbursements for the 203(k) Streamline

Features of the Standard 203(k)

• Weatherization, including storms windows and doors, insulation, weather stripping, etc.

• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens

• Septic system and/or well repair or replacement

• Accessibility improvements for persons with disabilities

• Lead-based paint stabilization or abatement of lead-based paint hazards

• Repair/replace/add exterior decks, patios, porches

• Basement finishing and renovation with does not involve structural repairs

• Basement waterproofing

• Window and door replacements and exterior wall re-siding

Ineligible Improvements include:• Renovation involving structural changes,

like moving a load-bearing wall, or new construction, like adding rooms

• Landscaping or Fencing

• Work that will not start within 30 days of loan closing or will cause the borrower to be displaced from the home for more than 30 days or renovations that will take more than 6 months to complete

• Luxury items like swimming pools, hot tubs, tennis courts, etc.


Eligible Improvements for the 203(k) StandardHomeowners can use the 203(k) program to finance “desired” repairs or upgrades such items as painting, room additions, decks and other items even if the home does not need any other improvements.

Eligible improvements can range from relatively minor (though exceeding $5,000 in cost) to virtual reconstruction: a home has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place.

The types of improvements that borrowers may make using Section 203(k) Standard loan financing include:

• All of the improvements listed in the eligible improvements for a streamlined 203(k)

• Structural alterations and reconstruction, like room additions, repair of termite damage, major remodeling of kitchens and bathrooms, finishing an attic or basement, adding a second story to a home, etc

• Major landscaping and site improvement including correction of grading and drainage problems, tree removal and repair of sidewalks and driveway, if they are a safety hazard to the property.

Timeline - When the loan closes, the mortgage proceeds will be disbursed to pay off the seller of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. The homeowner has up to six (6) months to complete the work depending on the extent of work to be completed.

Disbursements - As construction progresses, funds are released after the work is inspected by a HUD-approved inspector. A maximum of 5 draws are allowed. Draw amounts may vary and are based on the work performed. Disbursements are made as each phase of the project is completed based on the draw paperwork provided by the

REFINANCE: Based on the lesser of: 1) The existing mortgage balance before rehabilitation, plus the estimated cost of rehabilitation and allowable closing costs or

2) The lesser of the As-Is value plus rehabilitation costs or 110 percent of the After-Improved value multiplied by 97.75%.

PURCHASE: The maximum mortgage amount is based on the lesser of 1) or 2) of the below multiplied by 96.5%.

1) The As-is value or the purchase price of the property before rehabilitation, whichever is less, plus the estimated cost of rehabilitation or

2) 110% of the After-Improved value of the property.

We hope you found this 203(k) guide to be helpful during the home buying process. The following pages contain additional information and resources to help

build a smooth and straight path to your dream home.

Timelines, Disbursements & Inspections for the 203(k) Standard

Maximum Mortgage Amount Calculation

consultant. Inspections are required prior to each disbursement.

A ten (10) percent holdback is required on each disbursement released from the Rehabilitation Escrow Account. The Holdback/Contingency Fee is:

1. Used as an incentive to insure all work is completed and to cover health, safety and unplanned issues that arise during construction.

2. Required on FHA 203(k); recommended on Streamline

3. Required on properties older than 30 years and/or over $7,500 in rehabilitation costs.

4. A minimum of 10% of the cost or rehabilitation and maximum of 20%.

If not used (after all construction is complete) the remaining amount will be applied to pay down the principal balance of the loan. The total of all holdbacks may be released only after a final inspection of the rehabilitation and issuance of the Final Release Notice.


Let Us Know How We Can HelpFor more than 25 years, AmeriFirst Home Mortgage has helped first time home buyers and other clients realize the dream of leaving that rental behind, and owning a house. Whether it’s HomePath, conventional lending, an FHA program, VA loan, Rural Development or a 203k mortgage loan, the team at AmeriFirst is here to find the right mortgage for you. AmeriFirst is licensed in: Michigan, Minnesota, Wisconsin, Indiana, Illinois, Ohio, Kentucky, Tennessee, North Carolina and Florida. There is sure to be an office near you.

We’re easy to find.The website: AmeriFirst.com

Free eBooks for More InformationIf you’d like to learn more about the FHA 203k loan program, or credit information for buying a home, or the mortgage process in general, we offer several free eBooks. You can click one of the pictures below to find the eBook that’s right for you.

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616 W. Centre AvenuePortage, MI 49024

Feel free to share this (FOR FREE) with anyone you want to. All rights reserved. Source of Information: U.S. Department of Housing and Urban Development (www.hud.gov) While attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, accounting or investment advice. The reader of this document assumes all responsibility for the use of these materials and information.

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Free eBooks for More Information If you’d like to learn more about the FHA 203k loan program, or credit information for buying a home, or the mortgage process in general, we offer several free eBooks. You can click one of the pictures below to find the eBook that’s right for you!







Renovation ChecklistDuplicate this page for use as you inspect prospective homes for improvements needed.

Address_______________________________________________ Room/ Problem Renovation Location Area Needed

Potential Home ChecklistHaving a record of what each home offers can make your final decision much easier.Date Seen ____________________Address _____________________________ Price __________Seller __________ Home Age _____ Neighborhood _________Style of home __2-Story __Ranch __Split Level __Traditional __Cape Cod __Condo __Townhouse

Exterior FeaturesLandscaping __Good __Fair __PoorFencing __Good __Fair __Poor __NonexistentPorch __Good __Fair __Poor __NonexistentPaint __Good __Fair __PoorPatio __Good __Fair __Poor __NonexistentDeck __Good __Fair __Poor __NonexistentGarage __1 Car __2 Car __3 Car __Detached __Good __Fair __PoorRoof Condition __Good __Fair __PoorSidewalks __Yes __NoWell-Mainteined Neighborhool __Yes __No

Easy proximity to:__Work __Schools __Shopping __Airport Area __ Industry __Doctor/Dentist__Highways __Churches __Train Station __Public Transportation

Recent Sales in neighborhood:Address____________________________________________ Size ____________ Price_______________Address____________________________________________ Size ____________ Price_______________Address____________________________________________ Size ____________ Price_______________

Interior FeaturesKitchen Size _________________________ Eat-In __Yes __No

Flooring __Ceramic __Vinyl __Wood __Carpet __Good __Fair __Poor Appliances __Good __Fair __Poor __Nonexistent Cabinets __Good __Fair __Poor Windows __Good __Fair __PoorDining Room Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __NonexistentLiving Room Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __Nonexistent Fireplace __Good __Fair __Poor __NonexistentDen Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __Nonexistent Linen Closet __Good __Fair __Poor __NonexistentTotal Bedrooms _____________Bedroom 1 Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __NonexistentBedroom 2 Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __NonexistentBedroom 2 Size _________________________

Flooring __Hardwood __Carpet __Tile __Good __Fair __Poor Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __NonexistentTotal Bathrooms _____________Master Bath Size _________________________

Flooring __Ceramic __Vinyl __Wood __Good __Fair __Poor Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __NonexistentGuest Bath Size _________________________

Flooring __Ceramic __Vinyl __Wood __Good __Fair __Poor Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __NonexistentLaundry Room Location _________________________

Washer __Good __Fair __Poor __NonexistentDryer __Good __Fair __Poor __Nonexistent

Good Close Space __Yes __NoBasement __Yes __No __Finished __Carpet __Hardwood __TileUtilitiesType of Heating __Hot Water __Gas __Electric __OilInsulation __Fiberglass __Cellulose __Foam __NonexistentCentral Air __Yes __NoPlumbing Condition __Good __Fair __PoorSump Pump/Drainage System __Yes __NoConnected to Sewer System __Yes __NoAge/capaciy of water heater _____________ Age of heating system _____________Age of electrical wiring _____________

Construction Type __Wood __Brick __Stucco __Vinyl Siding __Aluminum Siding



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