What a month!! I funded three loans yesterday, two of which were FHA 203(k) Streamline loans. FHA 203(k) Streamline loans should typically take about 35-40 days because of the extra time spent getting the bid from the contractor and the added underwriting and conditions that part of the process brings. However, we started one of the loans on April 4th and the other loan was submitted on April 8th - this means that we closed this FHA 203(k) Streamline in 21 days. Of course the clients are happy as can be and the contractor - we have a contractor who is dedicated to this program and he works almost exclusively with us - will start next week and will take about four weeks to complete the jobs (one may take about six weeks because they are getting new cabinets, not just having the current ones refinished).
We are also ramping up our business with the Energy Efficient Mortgage which can be used hand in hand with either the FHA 203(k) Streamline or the regular FHA 203(b). We are teaching a class on May 18th, 2011 from 11:00 - 12:00 at Keller Williams Market Place if you are in the area and would like to learn more about how radiant barrier in the attic can lower your attic temperature by 20 - 40 degrees. You'll also learn about insulation and other weatherization and then our specialist will bring out the big guns and talk about photovoltaic cells and your client can dramatically reduce their energy cost all the way to a net zero electric bill. The radiant barrier and proper insulation can reduce the bill by 20 - 30% - significant in and of itself. But how much buzz could you create each month when your client gets their electric bill and it's far less than their neighbors and maybe even ZERO. Everyone would want to know how they did it and they would refer you to all of their friends and family who are buying homes. This could be huge - especially for the early adopters.
I'll post some before pictures of each project next week and then some after pictures when it's all done so that you can see what a dramatic difference the FHA 203(k) Streamline can make for a client.
If you would like to learn more about how your clients can turn drab into fab, check out my YouTube video of our FHA 203(k) Streamline presentation. What do you think about going green and the Energy Efficient Mortgage? Will it be a big benefit to the environment? Will it be a big savings to your client? Will it help generate more business for you?