Today I would like to give you some details on the PITI Abatement loan program. This loan may be what you've been waiting for if you have a home listed or are looking to buy in todays market.
What is PITI Abatement?
An incentive to the buyer to have up to the first 6 months of the mortgage paid by the seller.
PITI Abatement program is a product designed specifically for home-buyers. You can give a 6% Seller Contribution that can be used for Principle, Interest , Taxes and Insurance payments.
The seller can still contribute to closing costs.
What are the General Guidelines?
Loan amounts up to $417,000
Up to 100% of the purchase price
Minimum score of 575
Fixed Rates and ARMs
Interest Only is available
Income limitations may apply
Closing costs can be paid by seller too
No prepay penalty
How will this help sell your home?
Instead of dropping your listing price by $20K after a home is on the market you can offer PITI Abatement to potential buyers.
6 months without a mortgage payment for homebuyer means a lot, this allows them to buy the things they need when outfitting a new home. For example, on a $250,000 home the PITI payment will be around $1,900 mth. The seller contributes $11,400 through escrow and in turn the buyer saves that amount in their first six months payments.
What is the Realtor marketing element?
6 MONTHS PAID!
BUY THIS HOME AND I WILL PAY YOUR FIRST 6 PAYMENTS
6 MONTH PAID MORTGAGE INCENTIVE
BUY MY HOME AND I PAY CLOSING COST AND 6 PAYMENTS
Realtors are using this program to move homes, it has to be marketed right and presented to the seller correctly. This is a powerfull tool!
For more details contact me,
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 308
541-231-3040 Cell
www.lawenforcement1st.com
Friday, November 16, 2007
Thursday, November 8, 2007
Police Officers and Documenting Second Job Income.
When a Police Officer is getting ready to qualify for a mortgage, the first decision they will face is how to document their income. A few things come into play here including whether they are currently picking up off duty shifts to supplement their income. More often than not the are working numerous shifts off duty at events, malls, department stores, ect. In this post I will be addressing the stipulations behind using 2nd job income.
For Police Officers wanting to fully document their income, the mortgage company uses the Officers income from their primary job in the form of a W2 and most recent paystub. For the off duty work, the Police Officer must have a 2 year history of off duty income and then that income is averaged over those two years. This is the only time off duty income can be used.
Documentation Options
-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs W2's. Second is using business or personal bank statements along with an asset statement.
-No Income Documentation: The Officer can state their income and prove assets or state income and state the assets.
Police Officers are busy, time is limited and a valuable resource. When it comes down to it, the time vs. reward of digging up financials may not be worth it. Lenders now offer Stated income loans at the same rate as full documentation loans.
Nick Porter
541-231-3040 Cell
480-305-8900 Ext: 302
nick@cffinfo.com
www.LawEnforcement1st.com
For Police Officers wanting to fully document their income, the mortgage company uses the Officers income from their primary job in the form of a W2 and most recent paystub. For the off duty work, the Police Officer must have a 2 year history of off duty income and then that income is averaged over those two years. This is the only time off duty income can be used.
Documentation Options
-Full Documentation: There are several ways to do this. First is using 1 or 2 yrs W2's. Second is using business or personal bank statements along with an asset statement.
-No Income Documentation: The Officer can state their income and prove assets or state income and state the assets.
Police Officers are busy, time is limited and a valuable resource. When it comes down to it, the time vs. reward of digging up financials may not be worth it. Lenders now offer Stated income loans at the same rate as full documentation loans.
Nick Porter
541-231-3040 Cell
480-305-8900 Ext: 302
nick@cffinfo.com
www.LawEnforcement1st.com
Home Loan Programs for Law Enforcement and Support Staff.
Community First Financial is proud to announce their new Home Loan Program for Law Enforcement. The program is an educational and marketing tool for Realtors to network and market individuals in the Law Enforcement Industry. Former Rich Dad (http://www.richdad.com/) executive, Phillip Lechter, comibines his working knowledge of real estate and education in to one program for Law Enforcement Employees.
What educational tools are available?
· Our Unique presentation of the home buying process
· Law Enforcement home buying tool kit
· Free home buying seminars
· Rich Dad's Real Estate Advantages Book, by Sharon Lechter and Garrett Sutton - Free with Application
How is this loan different?
· Only for qualified Law Enforcement and families
· Credit repair specialist available
· Community partnership for real estate discounts
"1% Rebate on Purchases"
How does this loan program help?
· Educates you on why buying a home is important
· Helps you choose the loan that is best suited for you today and the future
· Continued education on building wealth with real estate
Nick Porter
480-305-8900 ext:302
541-231-3040 Cell
nick@cffinfo.com
www.LawEnforcement1st.com
What educational tools are available?
· Our Unique presentation of the home buying process
· Law Enforcement home buying tool kit
· Free home buying seminars
· Rich Dad's Real Estate Advantages Book, by Sharon Lechter and Garrett Sutton - Free with Application
How is this loan different?
· Only for qualified Law Enforcement and families
· Credit repair specialist available
· Community partnership for real estate discounts
"1% Rebate on Purchases"
How does this loan program help?
· Educates you on why buying a home is important
· Helps you choose the loan that is best suited for you today and the future
· Continued education on building wealth with real estate
Nick Porter
480-305-8900 ext:302
541-231-3040 Cell
nick@cffinfo.com
www.LawEnforcement1st.com
Friday, October 26, 2007
Police in need of Homebuying Advice.
Community First Financial talks to hundreds of investors every month and there are some thoughts I would like to share with my Police Officers on my experiences with investors, particularly first time investors.
One of the top questions I hear from Police Officers is, What would you do?
If I could start my investing life all over again, I would buy a FOURPLEX as my first home. And when I say first home, I mean first home. Most people buy their single family house, live in it as their primary house, then look to buy their first investment property. For those that are flexible and motivated I suggest you buy a fourplex as your first primary home and investment property.
Here is why owner occupied fourplex's makes sense:
-Qualifying for a first time home buyers loan on a primary residence easier.
-You need less money down.
-Rental income helps qualify.
-You now have a primary home and an investment in one transaction.
-Potential cash-flow or you could pay for your primary unit with the other three units cash-flow.
-When you decide to move you have a 4th unit that becomes a rental.
-On site property manager.
Highlights of loans available for a fourplex (primary residence):
-Up to 95% financing
-Loan amounts to $801,950
-Only 3% of borrower's own funds/ 2% from flexible sources
-Only 660 credit score
-2 month asset reserve requirement
-This is also a great idea for individuals that have kids and are in need of an idea on how to get started in real estate investing.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 302
541-231-3040 Cell
www.LawEnforcement1st.com
One of the top questions I hear from Police Officers is, What would you do?
If I could start my investing life all over again, I would buy a FOURPLEX as my first home. And when I say first home, I mean first home. Most people buy their single family house, live in it as their primary house, then look to buy their first investment property. For those that are flexible and motivated I suggest you buy a fourplex as your first primary home and investment property.
Here is why owner occupied fourplex's makes sense:
-Qualifying for a first time home buyers loan on a primary residence easier.
-You need less money down.
-Rental income helps qualify.
-You now have a primary home and an investment in one transaction.
-Potential cash-flow or you could pay for your primary unit with the other three units cash-flow.
-When you decide to move you have a 4th unit that becomes a rental.
-On site property manager.
Highlights of loans available for a fourplex (primary residence):
-Up to 95% financing
-Loan amounts to $801,950
-Only 3% of borrower's own funds/ 2% from flexible sources
-Only 660 credit score
-2 month asset reserve requirement
-This is also a great idea for individuals that have kids and are in need of an idea on how to get started in real estate investing.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 302
541-231-3040 Cell
www.LawEnforcement1st.com
Attention Police! Down Payment and Closing Costs Assistance Program.
Community First Financial has partnered up with Maricopa County's initiative to offer Police Officers down payment assistance. The program is designed to help homebuyers purchase a newly constructed or existing home by providing a below market mortgage interest rate with a 5% grant for down payment and closing cost assistance. The qualified borrower will receive the non-repayable grant that can be used anywhere in Maricopa county.
Eligible properties For Targeted and Non-Targeted Area's
-Single family detached houses
-Condominiums
-Townhouses
-Duplex older than 5 yrs
-Planned Unit Developments (PUDs)
-Within Purchase price limitations
•· New/Existing one unit: $311,625(Non-Targeted)
•· New/Existing one unit: $380,875(Targeted)
Eligible Borrowers For Targeted and Non-Targeted Area's
-First time homebuyers(have not owned home in last three years)
-If home is in a Targeted area the buyer does not have to be a First time homebuyer
-Primary residence
-Purchase only
-Within household income limitations
•· 1-2 Person household = $64,524(Non-Targeted)
•· 1-2 Person household = $74,203(Targeted)
Community First Financial has streamlined this process for the individuals or families who are wanting to qualify. Buyers purchasing a home in certain targeted area's within Maricopa county will receive a lower interest rate along with a 6% grant for down payment and closing cost assistance. To find out more on the downpayment assistance and to get a targeted area map contact Nick Porter.
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 302
541-231-3040 Cell
480-718-8802 Fax
www.LawEnforcement1st.com
Former Rich Dad executive creates opportunity in a down market and educates others how to do the same
2007-10-04 00:15:50 -
( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the
housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009.
Hardly a good time to get a new mortgage company off the ground, right? Not so, says Phillip Lechter of Community First Financial.
'While it may seem counterintuitive, it's actually a smart move to get into an industry when others are getting out,- said Lechter.
Despite the seemingly dismal market conditions, Lechter is enthusiastic about the prospects of his mortgage company. Prior to starting his new venture with partner Troy Schuricht in June 2007, Lechter served as Chief Communications Officer of the Rich Dad Company. Now, he's applying the principles he once preached at Rich Dad to propel the success his own company.
'What will really place a business above the competition is its value proposition,- said Lechter. 'It needs to be there. I am amazed at how many companies are discounting their services in a desperate attempt to attract business. If there ever was a time to ‘value up' and not ‘discount down', this is it.-
Community First Financial sees opportunity to survive and thrive in the current market by differentiating their services through financial education.
'Those who are looking to buy will be wary of locking a loan that will get them into future financial trouble, as has been the case with so many homebuyers over the last few years,- said Lechter. 'We are committed to building relationships, offering the appropriate financial education and providing investment opportunities for our customers to use what they've learned and make the right investments for the long term.-
Community First Financial has a comprehensive approach to offering financial education to both current and potential customers. First, partners Phillip Lechter and Troy Schuricht provide ongoing financial education through their blogs at http://www.philliplechter.com/ and yourlendertroy.blogspot.com. They are also developing tailored Home buying Tool Kits for teachers, emergency responders and health services employees - all groups who are having a particularly difficult time getting into a home in today's market. Additionally, the company has begun a monthly book review to help educate the public on real estate opportunities and pitfalls.
Community First Financial's next book review will be held Thursday October 18th from 11:30AM - 1:00PM at the company's offices at 7575 E. Redfield Rd, Suite 235, Scottsdale, AZ 85260. Space is limited, so seats should be reserved by calling 480-305-8900 or sending an e-mail to info@communityfirstfinancial.com. There is no charge for attendees. The book that will be covered at the October 18th meeting is Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon Lechter and Garrett Sutton.
For more information please visit http://www.communityfirstfinancial.com/.
###
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/.
( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the
housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009.
Hardly a good time to get a new mortgage company off the ground, right? Not so, says Phillip Lechter of Community First Financial.
'While it may seem counterintuitive, it's actually a smart move to get into an industry when others are getting out,- said Lechter.
Despite the seemingly dismal market conditions, Lechter is enthusiastic about the prospects of his mortgage company. Prior to starting his new venture with partner Troy Schuricht in June 2007, Lechter served as Chief Communications Officer of the Rich Dad Company. Now, he's applying the principles he once preached at Rich Dad to propel the success his own company.
'What will really place a business above the competition is its value proposition,- said Lechter. 'It needs to be there. I am amazed at how many companies are discounting their services in a desperate attempt to attract business. If there ever was a time to ‘value up' and not ‘discount down', this is it.-
Community First Financial sees opportunity to survive and thrive in the current market by differentiating their services through financial education.
'Those who are looking to buy will be wary of locking a loan that will get them into future financial trouble, as has been the case with so many homebuyers over the last few years,- said Lechter. 'We are committed to building relationships, offering the appropriate financial education and providing investment opportunities for our customers to use what they've learned and make the right investments for the long term.-
Community First Financial has a comprehensive approach to offering financial education to both current and potential customers. First, partners Phillip Lechter and Troy Schuricht provide ongoing financial education through their blogs at http://www.philliplechter.com/ and yourlendertroy.blogspot.com. They are also developing tailored Home buying Tool Kits for teachers, emergency responders and health services employees - all groups who are having a particularly difficult time getting into a home in today's market. Additionally, the company has begun a monthly book review to help educate the public on real estate opportunities and pitfalls.
Community First Financial's next book review will be held Thursday October 18th from 11:30AM - 1:00PM at the company's offices at 7575 E. Redfield Rd, Suite 235, Scottsdale, AZ 85260. Space is limited, so seats should be reserved by calling 480-305-8900 or sending an e-mail to info@communityfirstfinancial.com. There is no charge for attendees. The book that will be covered at the October 18th meeting is Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon Lechter and Garrett Sutton.
For more information please visit http://www.communityfirstfinancial.com/.
###
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/.
Police Officers - Let Me Educate You!
This holds true whether you're a first time home buyer or an investor. I was talking with a group of seasoned investors and we were discussing "Real Estate Advantages", written by Sharon Lechter and Garrett Sutton. This book is from the Rich Dad series, if you haven't read it.....you need to! One thing that always gets a few laughs is when we start talking about the mistakes we made when first investing in real estate. The part that isn't funny is that most, if not all of those mistakes could have been avoided by properly educating ourselves.
When I say, "educate", I don't mean that you need to spend years learning the ins and outs of the market to be successful. You will be far better off by using your time to align yourself with the right group of people. Start using your network to find successful investors who can mentor you during the process. If you don't have anyone in your network, start seeking them out through referrals.
Phil Lechter and I were talking about having your first home be your first successful real estate venture. Why does this not happen more often? I know why it didn't happen for me, I didn't have the proper mentors to guide me through the process. I never looked at buying a duplex or fourplex, sure wish I would have! This can lead to positive cash flow on your first home. Some of the best deals for real estate are not on MLS. How do you find them? By finding a Realtor who is in the mix and comes across deals that may be 30% below market value and haven't hit the listing service. Now you have someone actively searching out investment opportunities for you as they come up.
Its important to be patient! The plan is to prepare yourself to buy when that deal comes up. This means having a lender that understands your financial snapshot and places your loan accordingly. This is just as important as your Realtor looking for the correct property.
Lastly, part of investing is learning. Mistakes will be made! Learn from them and apply those lessons to your next investment.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
541-231-3040 Cell
480-305-8900 Ext: 302
www.LawEnforcement1st.com
When I say, "educate", I don't mean that you need to spend years learning the ins and outs of the market to be successful. You will be far better off by using your time to align yourself with the right group of people. Start using your network to find successful investors who can mentor you during the process. If you don't have anyone in your network, start seeking them out through referrals.
Phil Lechter and I were talking about having your first home be your first successful real estate venture. Why does this not happen more often? I know why it didn't happen for me, I didn't have the proper mentors to guide me through the process. I never looked at buying a duplex or fourplex, sure wish I would have! This can lead to positive cash flow on your first home. Some of the best deals for real estate are not on MLS. How do you find them? By finding a Realtor who is in the mix and comes across deals that may be 30% below market value and haven't hit the listing service. Now you have someone actively searching out investment opportunities for you as they come up.
Its important to be patient! The plan is to prepare yourself to buy when that deal comes up. This means having a lender that understands your financial snapshot and places your loan accordingly. This is just as important as your Realtor looking for the correct property.
Lastly, part of investing is learning. Mistakes will be made! Learn from them and apply those lessons to your next investment.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
541-231-3040 Cell
480-305-8900 Ext: 302
www.LawEnforcement1st.com
Friday, September 28, 2007
Police Officer with Home Listed?
Do great rates and great service fail to impress you? Well you are not alone. We are in a time where you need to find out who can create value with their services and ideas. And what I mean by value is, attracting customers.
Here are a few loans of value over the last few years:
100% purchase, non-owner, stated income, interest only
1% pay option ARM
100% cash out refinance
100% Jumbo Loans
There is great debate on whether these are good loans, but few can argue these loan did attract customers for Realtors, Builders, and Mortgage Companies.
What are the next generation of loans to attract customers? The loans of 2008!
3-2-1 buy-down
PITI Abatement
FHA/VA
My Community
Credit Repair
One might say that 2008 is the year of government backed mortgages. All the loans high lighted above are directly tied to the government through Fannie Mae, Freddie Mac or FHA/VA. Unfortunately the line is drawn right at $417,000. I hope they raise this number soon!
I will continue my education on the "the loans of 2008" in a series of blogs that describe the idea, guidelines, benefits and selling feature of each loan.
Here are a few loans of value over the last few years:
100% purchase, non-owner, stated income, interest only
1% pay option ARM
100% cash out refinance
100% Jumbo Loans
There is great debate on whether these are good loans, but few can argue these loan did attract customers for Realtors, Builders, and Mortgage Companies.
What are the next generation of loans to attract customers? The loans of 2008!
3-2-1 buy-down
PITI Abatement
FHA/VA
My Community
Credit Repair
One might say that 2008 is the year of government backed mortgages. All the loans high lighted above are directly tied to the government through Fannie Mae, Freddie Mac or FHA/VA. Unfortunately the line is drawn right at $417,000. I hope they raise this number soon!
I will continue my education on the "the loans of 2008" in a series of blogs that describe the idea, guidelines, benefits and selling feature of each loan.
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