Stonegate Realtor Book

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WORKING WITH YOUR HIP TEAM There are a few common misconceptions about HIP loans. Here are the top 3: #1 – HIP loans are hard (a lot of work) #2 – HIP loans are too expensive #3 – HIP loans take forever to close! Myth #1– HIP loans are hard (a lot of work) Stonegate has redefined the process of Home Improvement loans. How? We have a dedicated department that works solely on these loans. We are your HIP experts! By making the entire process more predictable and streamlined, we are able to support you with complete customer service which means less hassle for you and your buyers. Most importantly, this assures you of a timely and well-managed closing. Stonegate’s HIP Department provides you with a dedicated Project Manager, navigating you and your clients through the loan process. This takes the guesswork out of Home Improvement loans, minimizes the uncertainty, and takes the hassle of getting bids, working with contractors and other time-consuming tasks off of your desk – leaving you more time to sell! When working with our HIP Team, not only will you have your own Project Manager, but you will also be given a Project Calendar. This timeline is specifically designed around your transaction, so you know where we are in the process, what steps are ahead and how long each step in the process should take. We have taken the hard work out of HIP! we’re here for you Myth #2 – HIP loans are too expensive Think HIP loans are too expensive? Think again! Out-of-pocket expenses on a HIP loan are little different than traditional financing. Your home buyer will pay for his/her appraisal out-of-pocket, and in some cases a HUD Consultant or a Project Inspector. The cost of a HUD Consultant or Project Inspector is little different than would be the cost of your typical Home Inspector. Other costs involved with HIP loans are financed into the mortgage, and are not paid outof-pocket prior to closing. With today’s low interest rates, the expense of financing these additional costs is minimal, especially in comparison to other types of financing such as credit cards, penalties for liquidating retirement funds, personal loans or short-time vendor financing. Myth #3 – HIP loans take forever to close! Do you remember the seller who opted to list their home in its current condition? The buyer invested only $9,614 in home repairs to raise the home’s value from $126,500 to $153,000 and closed their HIP loan in only 21 business days! In fact, Stonegate Mortgage currently averages 44 business days from the date we receive an approved offer to the date your sale has closed. However, when all parties involved work in cooperation, we can reduce the average turn-around-time. The most common delay occurs when utilities are not turned on prior to the appraiser’s inspection. Resolving this issue alone will shave several days off of the loan processing. With the help of Stonegate’s HIP Department, long, drawn-out renovation loan closings can be thing of the past! get HIP with Stonegate Mortgage stonegatemtg.com/hip 855 396 0228 11
WORKING WITH YOUR HIP TEAM What is the best way for you to work with your HIP Team? We can break it down into 8 easy steps! S tep 1. Find a buyer. HIP is great for young families planning to grow, or seniors needing increased accessibility or mobility options. HIP loans are suitable for anyone who wants or needs to fix up a home but doesn’t have the cash resources to self-fund their projects. S tep 2. Have a Stonegate Mortgage Advisor pre-approve your buyer. There’s nothing worse than writing a contract only to find out your home buyer doesn’t qualify for a home loan. Similarly, it can be disappointing to find the home a buyer wants will not meet the criteria for traditional financing, and their loan needs to be “flipped” to a renovation loan. Why chance working with a lender who doesn’t offer HIP? Get started on the right track from the beginning of the transaction! S teps 3 and 4. Find a house (step 3), and recommend HIP when appropriate (step 4). How do you know when to offer HIP as an option? HIP is appropriate for many different scenarios. It is perfect for aging homes or homes previously owned by an aging home owner who has deferred maintenance. HIP is a solid solution for “Handyman Specials” or foreclosed homes. Does your buyer shown an interest in energy-efficient improvements? Get HIP! Have you shown countless homes to a buyer who just can’t find that “perfect” home? Teach them how to Make a Home Their Own! S tep 5. Write an Offer. When writing an offer on a HIP loan, it is important to know which type of financing your buyer has applied for. Be sure to confirm this with your Stonegate Mortgage Advisor. For a Conventional HIP loan, the suggested wording for the offer is: “Buyer has applied for HomeStyle ® Renovation Loan financing. Final approval is contingent upon an acceptable after-improved value appraisal and loan approval.” we’re here for you BEFORE & AFTER PHOTOS get HIP with Stonegate Mortgage stonegatemtg.com/hip 855 396 0228 12
Page 1 and 2: REALTOR ® KIT
Page 3 and 4: WELCOME TO STONEGATE MORTGAGE’S H
Page 5 and 6: A LOOK AT WHAT HIP CAN DO FOR YOU L
Page 7 and 8: LOANS AVAILABLE THROUGH HIP Streaml
Page 9 and 10: LOANS AVAILABLE THROUGH HIP FHA 203
Page 11: LOANS AVAILABLE THROUGH HIP Fannie
Page 15 and 16: A CHECKLIST FOR SUCCESS - YOUR GUID
Page 17: 855 396 0228 stonegatemtg.com/hip

Stonegate Realtor Book

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