Transcript: Federal Aid and Policies for Homeowner and Homebuyers The housing market was originally intended for home buyers who were able to secure a loan. This meant people able to pay for the duration of the loan each month. In 2004, the US economy was booming, making money easily available and allowing everybody to obtain a loan. Including people known as NINJA borrowers (No Income, No Assets or Job). At this point even banks were happy to be giving away money because it was widely believed that housing prices were going to continue to grow forever. This same thinking caused many people that were on the fence about purchasing a house to go ahead and do so, fearing that if they waited they would not be able to afford it. This huge demand caused housing prices to soar, making the housing market more and more lucrative. Suddenly, in 2007 the bubbled bursts and the housing market collapsed. Unemployment increases and more and more loans go unpaid each month. The housing market stops being a great investment and the money supply is quickly cut off. Millions of homeowners owe more on their homes than the loan they took from the bank and as these loans are not paid the homes go into foreclosure. Banks begin selling these foreclosed homes at much lower prices that originally paid causing both prices and demand to decrease. At the same time, supply is finally catching up with the demand and prices from before. This creates a massive surplus of houses newly constructed and housing that went into foreclosure. This leaves millions of people in homes that they can no longer afford and that are decreasing in value each day with their loan payments SOLUTIONS Keynesian Resurgence Emergency Economic Stabilization Act of 2008 commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks . "We must... avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy." -Treasury Secretary Henry Paulson summarized the rationale for the bailout to US Senate Economic Stimulus Act of 2008 The American Recovery and Reinvestment Act ARRA The objective for ARRA was to save and create jobs almost immediately. Secondary objectives were to provide temporary relief programs for those most impacted by the recession and invest in infrastructure, education, health, and ‘green’ energy. The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage. The Act included direct spending in infrastructure, education, health, and energy, federal tax incentives, and expansion of unemployment benefits and other social welfare provisions. Home Buyer Tax Credit Privides up to $8,000 for some first-time home buyers. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the government estimates will cost a total of $11 billion, is intended to help spur housing sales, a critical part of the economy Federal Mortgage Assistance Programs Special refinancing program: Homeowners with more than 20 percent equity in their home can refinance their mortgage at today's low rates and decrease their monthly payment by hundreds of dollars.But people whose home values have dropped significantly often have a tough time finding a lender that will refinance their mortgage, especially if they owe more than 80 percent of their home's current value. This special program will help those people refinance into cheaper loans. To qualify, your loan must be owned or guaranteed by Fannie Mae or Freddie Mac, and you must not have missed any loan payments in the past 12 months. Loan-modification program: This program is designed to help people who are struggling to make mortgage payments. The government will provide incentives for lenders to lower borrowers' monthly mortgage payments to 31 percent of their gross monthly income, either by lowering the interest rate to as little as 2 percent or by extending the terms of the loan up to 40 years. Federal Mortgage Assistance Programs: HARP Home Affordable Refinance Program: This program is basically meant for home owners whose mortgages have depreciated in value in the recent times, and the collateral fails to provide enough financial guarantees for the existing mortgage. The End Housing Bubble Principal Actors HAMP Home Affordable Modification Program The main objective of HAMP is to modify or restructure the terms and conditions linked with your current mortgage and make the monthly mortgage payments more affordable. An Act of Congress providing for several kinds of economic stimuli intended to boost the United States economy in 2008 and to
Transcript: Homeowner Management by Ali Cervantes land management Open field Invasive species: hire help: listen to their best opinion. prairie grasslands: Pollinators: flower garden is good for bees to pollinate and look very nice next to prairie grass. Tall prairie grass has a large amount of carbon that is stored in plant roots and creates rich fertile soil. Owls enjoy tall grass often create their nest within it. Honeysuckle, lady ear drop, eastern blasting star are great pollinators. bees eat the nectar golden mouse eats the seeds and they live by vines. - shrubs: (called prairie grass) owls and mice both enjoy bushes. Open field Riparian zone and the oak savanna cord grass: tall grass is environmentally beneficial because its full of carbon and can help fish like bluegill hide in it. fallen trees: become shelter for fish inside river, especially bluegill. species: snails, crayfish, land and water invertebrates riverside in rivers and are all part of salamander and bluegills diet. mosquito are a hue issue by rivers so salamanders consume them and keep numbers down. Riparian Zone rocks: keep rock piles through stream or around for salamanders. give shade from sun. brush: brush piles purposely stacked piles of trees good for animals- salamanders enclosure. snag tree: dead trees that are left upright to decompose naturally turns into a log when they fall naturally. placed by creek can benefit salamanders outside of water and when it falls in water can also be beneficial. Altering the riparian water zone by adding cod grass, fallen trees, and brush piles all of this will provide new live and regenerate the river. to revive the oak savanna I'll use the guide to restore oak trees and remove any old woody vegetation. Flagship Species Flagship Blue spotted salamander: Aquatic biome: lakes and ponds, Land: moist woodlands, sandy soil. Summer: underground out of direct sun. Fall: damp forest under abandoned small mammal burrows, under rocks, logs. hibernate where they wont freeze. snails, small aquatic/ land invertebrates. The salamander breeds in woodland ponds and ditches Blue-spotted salamanders consume many mosquitoes each year. Short eared owl: open country, grasslands, marshes, fallow fields. small mammals, small birds, prefer meadow voles, nest on the ground sheltered by tall grass, reed or bushes. winter: they find more suborbital place to find prey in winter female will incubate eggs and tend to the next. once hatched the ale will bring food . generally roost on low perches on the ground. Bluegill: weed beds, shallow water with vegetation and fallen limbs and logs for protection. insects both aquatic and terrestrial. snails, small crayfish, other fish ad eggs. shelter in shallow waters in small ponds fish will often lay in dark mud bottoms in winter to create heat. female bluegill can release 2,300 to 81,100 eggs per spawn. bluegill can be beneficial they keep algae down in water. golden mouse: thick woodlands, swampy areas, among vines, and within small trees and shrubs, like to live where honey suckle grows Seeds, wild cherries, dogwood, and green brier They usually have underground nests but during the winter or floods they will relocate in the trees. Golden mice reproduce all year long. Ground nests, frequently located near leaf litter, may be fabricated within sunken areas of the soil or beneath logs Golden northern bumble bee: nest in grassy, open areas which include forest clearings and along roadsides found both above and below the ground, feed on the nectar of angiosperms and aid in the pollination of plants. winter: all members of hive die except queen . The young queens hibernate underground and emerges in spring ready to feed or build.she lays eggs in cells that she builds within the nest. 2.5 acres of aspen land Aspen forestry management Shelter wood: Best option for removing trees. part of the forest gets removed in several stage each stage = tree regeneration Choosing the best trees while they are relatively young, provide them with plenty of growing space by removing the weaker trees, and protect them from injury. On average or better sites, this will produce a forest of great value from every perspective. Forest require disturbance to regenerate Forest fires: stimulate new growth Insects: reduce aging trees and make forest more productive. Diseases: eliminate weak trees and give new species a chance to thrive Native trees importance: reduced noise and carbon pollution. Many native plants, especially long-living trees like oaks and maples, are effective at storing the greenhouse gas carbon dioxide. provide vital habitat for birds, many other species of wildlife benefits as well. piles/ fallen trees: used for other purposes through the sight. Honeysuckle: another great pollinator, aesthetically pleasing and golden mouse like to live in areas close to honey suckle. red cedar Homestead Living plans- live in home use major renovation and updates that are more environmentally friendly. starting a garden
Transcript: Homeowner policy Thank You ! Sarah & Julie Risk Assessment Risk Assessment The risk assessment factors we take into account are : - the surface area - the number of rooms - the content appraisal - the geographical localization Description Description This type of policy covers different types of risks, such as : - Water damage, flood - Earthquake - Lightning - Fire or arson - Thefts - Hail or natural disaster In France, this policy covers too liability which is not compulsory contrary to automobile liability.
Transcript: financial innovation 3 little down payment risky hedge fund and risky taker safety preferrred investores mortgage lender 2 rating agency homeowner 1 6 4 collaterlized debt obligation buy sub-prime mortgage some other banks not bad investment bank safe 5 little income proof
Transcript: Quesionnaire [stand alone app.] Registration [form] General Information [survey] Tab 1 Style Tab 2 Molding Tab 3 Walls Tab 4 Kitchen Tab 5 Flooring Tab 6 Plumbing Tab 7 Electrical Tab 8 Cabinets Tab 9 Countertops Tab 10 Accessories Project/s job [can have multiples] = scope type [self or GM] images/video [upload/delete/archive] documents [upload/delete/archive] notes emails [send/receive] active bids [hire/contact/decline] hires [can be multiple-subcontractors] Homeowner Note: There should be a "Save Progress" button/option all through out the quesionnaire process Note: There should be an option to register from home page Note: Questionnaire shall have 4 different types of questions/answers: single-answer (yes/no); multiple-answer; short-answer; long-answer; matrix-select; Tab 6 Plumbing Questions [fields] # of q [TBD] Next [button] Tab 1 Style Questions [fields] # of q [TBD] Next [button] Note: All q. have short descriptions as well as pro/cons (possible gallery view) Register [form] first name last name email password confirm password submit [button] General Questions [fields] Renovation type [drop down] Budget [drop down] Project zip code [txt entry] Assistance [yes/no] Floorplan [yes/no] Layout [yes/no] Flooring [yes/no] Cabinets [yes/no] Contertops [yes/no] Self/General Contractor [radio button] Kitchen Design [yes/no] Start Questionnaire [button] Note: Dashboard will be used to manage, add/remove questions, sub-questions, add content, and anything that will be visible to users filling out the questionnaire. Pages About Blog [WP] Contact Us [form] Browse Contractors Dashboard start/initiate project [button] user account info [editable] project/s [active bids; hires; completed jobs] Tab 3 Walls Questions [fields] # of q [TBD] Next [button] Tab 2 Molding Questions [fields] # of q [TBD] Next [button] Job Scope [generated report] report [editable] submit for bidding [button] Tab 9 Countertops Questions [fields] # of q [TBD] Next [button] Login [form] email password Tab 4 Kitchen Questions [fields] # of q [TBD] Next [button] Start/Initiate Project [button] questionnaire Tab 8 Cabinets Questions [fields] # of q [TBD] Next [button] Tab 7 Electrical Questions [fields] # of q [TBD] Next [button] Tab 5 Flooring Questions [fields] # of q [TBD] Next [button] Tab 10 Accessories Questions [fields] # of q [TBD] Next [button]
Transcript: Drop the search. Who We Are Looking for Contractor Bids? Simplify your life. About Us BidSquad is a FREE service that comes to your home, surveys your construction project, and then submits the details to our network of multiple preferred contractors who send in their quotes to fairly compete for your business. It’s one appointment, one job description, and multiple bids to choose from! A Team of Industry Experts Service + Technology Humans. Not Robots No online robots or algorithms here... just personalized service to provide a great experience for the homeowner and the contractor. Our BidEngine™ makes it easy for multiple contractors to bid on a project they want to work for the homeowner to choose from. Because we know the industry, we understand the importance of accuracy, time, and energy for the homeowner and the contractor. Watch Video Get Your Project DONE! Stop worrying about having to find and schedule multiple sales reps to come and create several price bids with varying scopes of work--just for you to go through the hassle of deciding which contractors won't trouble you of your time, patience, and budget. No more worry. Feel confident when choosing a contractor and your price. How It Works How It Works Step 1 1. Schedule Appointment Schedule a time for your dedicated BidSquad Tech to review your project, take measurements, discuss product options and complete detailed description of your project Step 2 2. Contractors Bid For Your Project Once the job description is done and approved, we use our BidEngine™ technology to invite qualified contractors to review and bid on your project. Your BidSquad tech answers questions from the contractors and collects qualified bids. Step 3 3. We’ll Show You Multiple Quotes Your knowledgable BidSquad tech will personally show you the final "apples to apples" bids that were submitted. We’ll even help provide insights into how to choose the best price and contractor. Step 4 4. Choose The Price & Contractor You Want Each Contractor will have their own profile and rating system for you to review, plus you’ll be able to look any project notes that they provide in their price bid. Step 5 5. Proceed With Contractor Select the contractor of your choice. BidSquad will prepare a work order agreement on your behalf for signature. What Others Say Different than the "Other Solutions" Why It Matters Our Features Get your project done and simplify your life. We save contractors time/money, extending the savings to you, the homeowner Schedule one estimate instead of many Feel confident with your decision on who to hire Talk with your personal tech, not a sales person Completely free with no hidden costs/fees Collect multiple bids to choose from Fast, trustworthy, and worry-free process Comparison Chart
Transcript: With Decorum, you can select from a portfolio of popular colors and finishes to find the perfect window or door to match your home. Hardware finishes • Double Hung • Slider • Picture • Geometrics 7 About [Insert Contractor Name] Featuring Simonton Windows is proud to be part of the Fortune Brands Home & Security family of companies along with other industry-leading household brands, including Moen®, Master Lock®, Therma-Tru® and MasterBrand Cabinets. [Placeholder for additional contractor information.] When it comes to Simonton, the quality is in the details: Key Features • Standard ProSolar® Low E glass with Argon gas • Styles include Double Hung, Slider, Picture and Patio Door • Colors include white and tan and a host of glass and grid options Recognized as a Top Brand Choose Your Style Options: Style and Selection Exterior colors All Simonton windows and doors come with a Double-Lifetime Limited Warranty Key Features • Standard ProSolar® Low E glass with Argon gas and high-performance glass options including a triple-pane insulating glass unit and ProSolar® Shade Low E glass • Available with Decorum® exterior colors, interior woodgrains and metal hardware finishes • Multiple glass options including laminated glass for increased sound dampening and security • A complete selection of styles, including a Patio Door and Garden Door Standard features 2 Fusion-welded construction bonds each corner together to create a rigid, one-piece frame that offers reliable strength and durability The 5500 series is highlighted by a classic frame design, the most popular designer options and high-performance glass packages. Awarded Customer Satisfaction Simonton has been awarded for excellence in customer satisfaction and service by a number of leading market research companies. 2 Reflections® premium vinyl replacement windows and doors provide a variety of options to help you find the perfect fit for your home. Key Features • The Intercept® spacer is standard, while other energy-saving options are available • Choose from Double Hung, Slider and Picture styles • Both white and tan colors are available along with other glass and grid options 2810 Dorr Ave Suite G Fairfax, VA 22031 Cell (704) 806-8352 Main (703) 244-9626 firstname.lastname@example.org www.orionofvirginia.com 2810 Dorr Ave Suite G Fairfax, VA 22031 Cell (704) 806-8352 Main (703) 244-9626 email@example.com www.orionofvirginia.com A contoured lift rail is actually molded into the sash to provide lifetime durability Achieve maximum energy efficiency and architectural style with a range of glass and grid options. Reflections by Simonton Windows With a raised frame and a good balance of energy efficiency anddurability, the 5050 series proves that basic can be beautiful. Reflections by Simonton Windows We understand that the home improvement process is a big undertaking. We’re here to ensure your needs are met with friendly and thorough guidance from the beginning of construction through project completion. Quality and Longevity Vinyl windows are built for performance and longevity: Investing in vinyl windows can help lower your energy bill and increase the value of your home • Double Hung • Slider • Picture • Patio Door Quality and Longevity Choose Your Operating Style: Customize with a portfolio of colors, woodgrain laminates and hardware finishes. Reflections 5500 Series • Intercept spacer® • ProSolar® Low E glass with Argon gas 2 Recognized as a Top Brand 2 Operating styles Glass options Replacing windows in your home is a big commitment, but one that has both short- and long-term benefits. From instantly increasing the amount of natural light in your home to increasing its value, the 6 stats shown above highlight the benefits of investing in windows. Choose Your Glass and Grid Options: Interior colors 2 3 Create your ideal window 5 Reflections Line Comparison • Intercept spacer® • ProSolar® Low E glass with Argon gas Style and Selection 7 Select from a wide variety of window and door styles and functional options. • Intercept spacer® Awarded Customer Satisfaction 4 Reasons to Choose Simonton Windows Reflections 5050 Series Our unique Denny Clip™ Pivot System helps to maintain perfect sash alignment on Double Hung windows Every window that Simonton builds is AAMA Gold certified, which means that it has passed stringent tests for air leakage, water infiltration and wind pressure • Complete selection of window styles • Patio Door • Garden Door 3 *Exterior colors are not available with a Driftwood interior Note: Option availability varies by product line Vinyl windows can endure extreme weather conditions year after year Style and Selection Why Update Your Windows Reflections 5300 Series The possibilities are endless. Choose the right window for you in 3 easy steps: Simonton Windows®, Simonton®, Simonton ProNetwork®, ProNetwork® and the stylized “S” are registered trademarks of Simonton Building Products, Inc. All product styles, features and options not
Transcript: Homeownership Presented by: Kim Jones VA Home Loans 0% down payment for eligible Veterans No Mortgage Insurance (MI) No cap on seller contributions - seller is permited to pay all reasonable and customary cost on behalf of the veteran 1-4 Family Residential Properties Owner occupied only Guidlines permit the use of both Automated Underwriting and Manual Underwriting for loan approval INTRO HOW TO BEGIN The process of Prequalification & Preapproval There are four factors that count the most in qualifying for a loan: Credit History Can I Qualify? Your Credit Score gives lenders an indication of your willingness to pay (as indicated by your history of paying your debts on time). Debts A lender will obtain a credit report and review your debts. Generally, debts include paymets on all loans, charge cards, child support, etc. that you make each month. VA requires expense for child care be included in calculating debt to income ratio. Employment History Your job history is an important consideration for your ability to qualify for a mortgage. The more job stability you've sustained, the better chance lenders will be to help you get the keys to a place to call your own. A steady, secure job will make your loan application stronger. Down Payment Don't count yourself out just because you don't have a lot saved. With sufficient entitlement on a VA loan, the loan to value can go to 100% of the purchase price! Prequalifiication VALUES Online request: www.mortgagetexas.org Contact me personally Analyze the following based upon criteria provided: Debt to income Ratio Credit Report & Score Assets Employment History & Income structure Send borrower a request for income/asset documentation & a secure link to upload Borrower uploads requested documents Documentation provided is reviewed & validated Determination made if borrower is eligible for a mortgage & method of approval whether automated or manual Prequalification Letter issued Prequalification Common Misunderstandings Pre-qualificatoin is not an "Approval." A pre-qualification is stating that based on a credit review and the borrower's stated income and assets, they qualify within the acceptable guidelines for a mortgage. It is subject to all informatoin being verified and documented. Common Misunderstanding Preapproval Once the Prequalification Letter has been issued, the loan is submitted to the underwriting queue for underwriter review & decision. Upon receipt of the loan approval, the Preapproval Letter is issued. A preapproved loan is a credit only approval. The benefit of this process is that once property has been determined, the loan can be fully approved very quickly because most of the work is already done! Apraiser - An individual who is licensed to estimate the worth (fair market value) of the proerty you are purchasing. Closing or Settlemet Agent - The party who conducts the closing meeting. This role may be filled by an attorney, title company, or real estate agents depending upon the state where the property is located. Loan Officer - A Loan Officer epresents one lending institution and their loan programs. They help you choose the best tgage loan based upon yoour situation and will help you complete the loan application. Loan Servicer - The entity that collects mortgage payments (it may or may not be the lender) and pays taxes and insurance and mortgage insurance, if required, on your behalf. Do's & Don'ts Do's Move funds around in your accounts, make large withdrawals or make large deposits (no cash deposits) Change Jobs Allow any new credit inquired, obtain ny new credit, make any late payments Pay off debts without consulting the lender to determine if it may lower your credit score Maintain balances in asset accounts Maintain current job Keep credit up-to-date Ask lender before making any significant changes to any part of your financial profile Don'ts & LOAN PROCESS WE FOUND IT!!!! Executed Earnest Money Contract Recived Loan disclosures prepared & transmitted to the borrower to esign. The loan disclosures are the basic compliance documents to be esigned by the borrower’s to officially start the loan process. The majority of the loan disclosures can be signed electronically but there are a few pages that will need to be printed, wet signed and return – our system will tell you the difference If any documentation needs to be updated, it will be requested at this time Once loan disclosures have been esigned & updated documentation received from the borrower’s, the file is moved to setup SETUP SETUP Setup secures verification of all loan criteria – obtains fraud data, interfaces with IRS to obtain tax validations, and necessary documentation is ordered from the title company. Once these processes have been completed, the loan is moved to Processing. This is typically a 24-hour process. PROCESSING PROCESSING/UNDERWRITING Once Processing receives the file, the loan is scrubbed for accuracy & the processor requests any additional information needed. Once
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