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Why Mortgage Revolution San Francisco Rocked The Planet!

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Mortgage Revolution San Francisco totally rocked the planet last week! Todd Duncan’s keynote todd_duncan speech was out of this world. The guys from Think Big Work Small really did a great job on sharing video ideas for your business. It was a blast to meet all of the people in person that I’ve been tweeting and having Facebook chats with over the past several months.

I wasn’t able to attend as many sessions as I liked as many people stopped to speak with me about my session with Mark Madsen on Mortgage Blogging 101  & Social Media Promotion. There were several questions about the 2010 Social Media Marketing Industry Report and my Social Media for Real Estate & Mortgage ebook that I brought with me.

The sessions that I attended were Extreme 203K Makeover and How To Create A Facebook Fan Page To Attract Referring Real Estate Agents Like Flies To A Picnic. I will share the highlights from these sessions as well as Todd Duncan’s spectacular keynote speech.

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 How Does the 203(k) Loan Program Work?

Banks originate 203(k) loans, and the FHA insures these privately issued mortgages. There are two types of 203(k) loans.

•Standard (k) loans are for complex projects that require substantial structural renovation, including major roof repairs, added rooms, or replacement of plumbing. The standard (k) loan has no maximum for the repairs.

• Streamlined (k) loans are for simple and cosmetic repairs, such as new flooring, minor kitchen remodeling, or gutter repair. The streamlined (k) loan has a maximum repair amount of $35,000.

For both types of 203(k) loans, the gross loan amount must not exceed FHA loan limits. FHA loan limits vary by geography and range, for a single-family unit, from $271,050 to $729,750 in high-cost areas. Eligible borrowers include individuals, nonprofits, and government development agencies.

Properties must be one- to four-family dwellings that have been completed for at least one year. 203(k) loans can be used to refinance an existing loan. Pricing for 203(k) loans is determined by market conditions and is typically one percent higher than traditional FHA loans. 203(k) loans can be offered for 15- or 30-year terms, and the interest rate can be variable or fixed. For more information, read How to Rehab a Home with HUD’s 203(k) loan program.

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Carl White from The Mortgage Marketing Animals shared Facebook strategies to reach out to real estate agents to partner with and generate business. Giving away free products, information and best kept secrets are all the rage these days. It is best to have a call to action such as “Like our Facebook Page” or “Enter your email address for the free report”.

Another great strategy is using Facebook Ads. Facebook has the best targetted advertising system for your ads to show up on the profiles of realtors and other professionals. It’s also great if you want to advertise free webinars for potential clients. We have had 15 to 20 registrants each week for our mortgage webinars just from Facebook ads alone.

There will be videos from different presentations in the very near future. I will be sure to post them as they become available. For now, you can read the incredible recap of Todd Duncan’s keynote speech.

naomi6
Naomi Trower
Real Estate Broker
Social Media Strategist
Social Media Real Estate Marketing
“Teaching Professionals Social Media”