Equity Resources, Inc.

Five Goals for Today1. Explain how loan programs today are different than five

years ago.• Down Payment• Credit Requirements

2. Eliminate the top three myths of buying a home.• Down Payment• Credit• Income

3. Explain tax benefits of being a homeowner.4. Home ownership reached its highest level in 2004.

• Explain why• Give Examples• Credit Scoring

5. How to get pre-approved for FREE.• How to apply• How much can I afford?

Goal #1

Conventional guidelines changed

FHA guidelines changed

Sub-Prime lending has changed

Better pricing ~ Lower Fees

Less down payment required

Which credit score to use?

Explain how loan programs today are different than five

years ago

Eliminate the top three myths of buying a home

1. What is the minimum down payment needed to purchase a home?• How much do I need for closing costs?

2. Do I need perfect credit?• What if I have collection accounts?• What credit score do I need?• How long after bankruptcy do I need to wait to buy a home?

• Purchased $147,000 home – recent BK – 587 credit score – 19 years job time + auto loan. 100% financing and zero money due at closing. Earnest money returned to customer!

• What if I had a foreclosure in my past?• What if I have good credit?

3. Income or how much can I qualify for?• Varies with program (36%-42%-55%)• What counts?• Can I use my child support or SSI• Story of Char

Goal #2

RENTING vs. BUYING

Rent paid per year $ 9,600.00

Mortgage Interest on Schedule A $ 6,500.00

Property Tax Deduction on Schedule A $ 1,200.00

Total Mortgage Deduction $ 7,700.00

Yearly Benefit (Standard Tax Bracket x.28) $ 2,156.00

Monthly Tax Benefit to Owning a Home! $ 179.67

Monthly tax benefits vary based on your individual itemized deductions. The above figures are an estimate only. Other deductions are available.

Goal #3 Explain tax benefits of being a homeowner

Home ownership reached its highest level in 2004 – Explain Why

• Why is home ownership so high?

• Examples

• Closed Monday – purchase price was $72,500 and customer got his $200 earnest money check back at closing. 624 credit score with six open collections.

• Husband and wife – changed to husband only 586 credit score with $18,450 in collections + $4980 repossession. 100% financing. Seller paid closing costs. Zero at closing.

• Credit scoring classes

• Mrs. Barnes story – 564 credit score to 647 in two months.

• Our guarantee to you!

Goal #4

Goal #5

Three easy ways to apply

Goal of making you a “raving fan”

How much can I afford?

What fits in my budget per month keeping in mind the tax benefits of owning a home?

Tell a friend!

How to get pre-approved for FREE

Ranges of a Credit Score

Graph of Five Key Components