Will Addo

Have your eye on a home that's a steal to purchase, but needs some tender loving care? Or maybe you want to build your own? Usually, you're looking at two loans. One for purchase, the other for the renovation. Or, in the case of new construction, the work and then the permanent financing. Either way, it's complicated and costly.

North American Mortgage Company has loans that do both. And you only have one set of paperwork to fill out. One set of loan approvals. One interest rate, throughout. Pick up the lumber and nails, and let's start hammering!

203(k). A hard-to-find government loan that's perfect for new home buyers. Low down payment (as little as three percent), and loan amounts up to 110 percent of the home's after-improved value!

HomeStyle. Works similar to 203(k), but there are no restrictions to the type of home improvements you can make, such as luxury items. You can finance up to six months of mortgage payments during the renovation. And you can use up to 50 percent of the home's after-improved value for improvements.

Take Advantage of Our Special NEA Home Financing Program

We offer great home financing benefits to NEA members.

When you - or an immediate family member - are planning to purchase or refinance a home, consider the many advantages offered by Wells Fargo Home Mortgage, a leading national lender.

GREAT FEATURES AND AN NEA GET-AWAY

• Options - Gain access to a wide variety of home financing choices
• Selection - Purchase and refinance programs in conventional and jumbo loan amounts, including FHA, new construction and renovation loans, mortgages for investment properties and second homes.
• Tap Into Your Equity - Access cash through your home ownership investment with a Home Equity Loan or Line of Credit¹
• Extra Offer - After the close of a new purchase mortgage or refinance loan with a complimentary 3-day/2-night "NEA Getaway" vacation² (transportation not included - see details below)

Call me to discuss the different financing options you may qualify for.

Need to drive more traffic to your listings and model homes? Now there's good news for you! For a limited time, qualified first-time home buyers may receive a tax credit up to $7,500 as part of the Housing and Economic Recovery Act of 2008. (Home buyers must repay the tax credit over a 15-year period.) With first-time home buyers being some 40% of the home buying market, this presents a terrific opportunity for your buyers and your business.

Share The Facts

Team up with me and help your potential buyers understand how the tax credit works. It applies to both newly constructed and pre-existing homes. Your buyers may qualify for the tax credit as long as the home is their primary residence and they have not owned a home during the past three years. Put the tax credit to work for you - it may help more buyers become homeowners.

Available to first-time home buyers

• Credit amount up to $7,500
• Eligible for homes purchased on or after April 9, 2008 and before July 1, 2009
• Available on single family, detached homes, town homes and condominiums
• Buyers qualified for full tax credit are single tax payers with incomes up to 75,000 and married couples with income uo to 150,000
• The tax credit must be repaid within 15 years

All types of homeowners and homebuyers can enjoy the benefits of the our renovation financing program. Any qualified customer who plans to purchase or refinance a primary residence, second home, vacation home or an investment property to make renovations is eligible to apply for financing. Here are some examples and scenarios that demonstrate how buyers, industry professionals, investors and community organizations can benefit from accessing, recommending or utilizing a renovation loan:

Homebuyers can:

• Buy less-than-perfect homes in great locations and turn them into

dream homes

• Eliminate property problems sooner rather than later

• Expand a house to meet their needs

Current homeowners can:

• Enhance the equity in their current home by making valuable changes

• Upgrade, add on and remodel without tapping into their savings

• Consolidate debt while improving their home with a cash-out refinance

Real estate agents can:

• Move hard-to-sell listings

• List hard-to-sell properties knowing that renovation financing is available

• Offer solutions that generate listing and selling commissions

• Make potential buyers envision ways to remodel a property to make it fit

their needs

Contractors can:

• Offer realistic and cost-effective estimates for property improvements

knowing that the financing is in place

• Feel confident that they will receive payment for work completed in a

timely manner

Investors can:

• Purchase with low down payments, borrowing up to 90% of the purchase

plus renovation costs in one loan

Historic preservation societies can:

• Refer clients and members to a renovation specialist to help facilitate the

acquisition and restoration of historic properties

Neighborhood civic groups can:

• Provide a financing outlet for reunification of properties

• Impact an entire neighborhood by utilizing renovation loans to save

structures or just improve them

Engineers/home inspectors can:

• Offer solutions to homebuyers for properties needing significant repairs

Local governments can:

• Direct citizens with property defects to a renovation specialist

• Blend energy efficient mortgages to help citizens lower the cost of utilities and

make it easier to maintain their home

• Use renovation financing to help eliminate blighted housing in neighborhoods

I have a question for you.

Has the change with seller funded down payment assistance affected your business?


What if I told you down payment assistance is still available? What if I told you FHA still accepts county and state funded down payment assistance. Could this help you with any clients that you or a fellow realtor may have been working with?

The catch is that the buyer would have to qualify. A few of the criteria that would need to be met would be based on the individual's income and property's sales price.