Career Center - Christensen Financial Inc.

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Early Payoff

Tax Savings

Refinance Break-Even Point

Prepayment Savings

Debt Consolidation

APR

Rent vs. Own

Payment/Amortization

Buy Vs. Wait

CRM + FOLLOW UP AUTOMATION

Stay Connected

Track & connect with up to 2,000 leads, prospects, clients & past clients through your own Total Expert CRM dashboard.

Automated Nurturing

With email drip campaigns already built in, you can easily deploy follow-up campaigns instantly.

Centralize Processes

Easily manage contacts while delivering targeted, built-in marketing campaigns. Fully customizable with our Concierge.

LEAD CAPTURE APPS

Lead Capture

Seamlessly secure contact information for every attendee at every type of event.

Mobile-Friendly

Lead Capture apps work on every device, allowing for an easy setup anywhere.

Automated Follow-up

Every lead is added to an email drip campaign automatically for timely follow-up.

PROPERTY MARKETING

Easy Social Sharing

Publish content from single property sites directly to social media.

Modern Web Design

Every single property site meets today’s SEO requirements, including a responsive framework.

Professional Listings

Win more listings with modern single property sites that deliver ideal customer experiences.

DIGITAL & PRINT MARKETING

Speed Deployment

Quickly deploy branded print assets, including postcards, flyers, and brochures.

MLS Integration

MLS data can be pulled directly into every print marketing asset to populate photos and more.

Targeted Distribution

Every Door Direct Mail (EDDM) makes targeting customers easy and cost-effective.

How to implement the Debt Snowball Plan:

Make a list of each of your debts, including the balance.
List them from smallest to largest.
Make minimum payments on all your other debts and funnel all of your extra funds into the first (smallest) debt.
Each time you pay a debt in full, work on the next smallest debt on your list. Funnel your extra funds, including the payment from the first debt into the next debt.
Continue this program until your DTI ratio meets a healthy goal!

By starting with your smaller debts, you see results quickly, which helps motivate you to keep going. Once you get your debt under control and credit score in good shape, your credit is mortgage ready!

Decoding Your DTI Result

37 – 42%The healthiest debt load for the majority of people. If your debt-to-income ratio falls within this range, avoid incurring more debt to maintain a good ratio.
37 – 42%This isn’t a bad ratio to have, but it could be better. If your ratio falls in this range, you should start reducing your debts. You may have some trouble getting approved for a mortgage.
43 – 49%A ratio that indicates likely financial trouble. You should start aggressively paying your debts to prevent an overloaded debt situation.
50% +An extremely dangerous ratio. This means that more than half of your income goes toward debt payments each month. You should be aggressively paying off your debts.

660 vs. 620 Fico Score

The Par Rate is lower by .625% for a 660 score compared to a 620 score. Total Points and Fees are lower by 1.9% for a 660 score compared to a 620 score.

Loan Amount	Estimated Closing Cost Savings	Estimated Savings over 5 years	Estimated Savings over 30 years
$100,000	$1,900	$4,997	$15,413
$150,000	$2,850	$7,496	$23,119
$200,000	$3,800	$9,994	$30,826
$250,000	$4,750	$12,493	$38,533
$270,000	$5,130	$13,491	$41,615

Comparison is based on pricing from 5/21/18 assuming a 30-year fixed rate FHA mortgage

A difference in 40 points on your credit score could mean tens of thousands of dollars over the life of your loan!

4% vs. 5% vs. 8% Interest Rate

For example, a 30-year $200,000 loan at a 4 percent interest rate without any other fees would mean you’d have monthly payments of approximately $954.83. But take out a 30-year $200,000 loan at a 5 percent interest rate and your monthly payments will jump up to $1073.64. Raise that interest rate to 8 percent, and you’re looking at $1,467.53 every month.

Loan Amount	$200,000	$200,000	$200,000
Term	360 months	360 months	360 months
Rate	4%	5%	8%
Monthly Principal + Interest	$954.83	$1073.64	$1467.53
Difference/mo	0	$118.81	$512.70!

A 1% difference in interest could save you hundreds of dollars per year.

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FAQs

What’s the difference between a “Standard 203k”, a “Limited 203k”, a Fannie Mae HomeStyle and a VA Renovation Loan?

Standard 203k requires the help of an approved HUD Consultant and is for projects that meet the following criteria:

Total renovations costs exceed $35,000
Projects requiring structural changes, or having severe mold problems
There is a minimum $5,000 worth of work on the property for a Standard 203k.

Limited 203k’s do not have a minimum spend or require you to work with a HUD consultant. The main difference is that the allowable enhancements for a Limited 203K cannot include any structural improvements or luxury items and cannot exceed $35,000 in repairs including applicable fees.
FNMA HomeStyle loans allow you to renovate primary residences, second homes, investment properties or condos with a 5% minimum down payment. The renovation cost limited to 75% of the “as-completed” value -must be built-in and add value and LUXURY items such as outdoor BBQ & pools are allowed!
VA renovation loans help veterans to buy homes needing updates or repairs that would otherwise put homes out of reach for veteran buyers. Similar to VA construction loans and FHA 203k limited renovation loans, the VA renovation loan is guaranteed by VA for veterans to buy and renovate existing property using their VA benefit for purchase or refinance.

For a line-by-line breakdown, please refer to our “Compare Your Options” chart above.

Do I have to submit a minimum number of bids?

We certainly recommend getting bids from several contractors; however, it is not required. We only need the final bid from the contractor you’ve chosen for the final renovation work.

Can I do the work myself, and borrow less money?

CFI does not allow any self-help.

Can my relatives do the work?

Unfortunately not. CFI requires an arm’s-length transaction.

Who picks the contractor?

Although we have preferred partners that we can recommend, it is up to you to make the final selection on which contractor you prefer to do the renovations.

Does the contractor have to be licensed?

We follow state or county requirements with regard to licensing of contractors. Your selected contractor not only has to be licensed, but properly insured, bonded, and have trade references as well.

Can I purchase appliances with a renovation loan?

Yes. But, be aware you will have to have cash or credit to complete the purchase of the appliances, and you will be reimbursed in the second draw once the work is complete.

How long does it take to close my loan?

Our recommendation is that you plan for 60 days from your contract date to close your loan. We work diligently and aim to close it as quickly as possible; however, because a renovation loan can get complicated due to a variety of factors and unexpected events, we ask for your help in being flexible on timelines.

Do I have to borrow a contingency reserve?

Yes, please refer to our “Compare Your Options” chart above to see contingency reserve requirements per loan type.

What happens to the contingency reserve if I don’t use it?

Once the projected renovations are done, any remaining contingency reserve will be applied to your principal loan balance.

Can I get cash out to pay off debt with a renovation loan?

Not for a 203k loan, VA loan or FNMA HomeStyle. Unfortunately, these loans only allow for a purchase and renovation amount (and closing costs if you are refinancing to renovate your house and your project qualifies). Getting cash-out is not allowed.

If you are refinancing your current home to use the equity for remodeling, a cash-out is the primary goal of the transaction and a great option for existing homeowners.

Where can I get more information?

Contact us today!

Purchase With Renovation

Refinance With Renovation

Compare Your Options

	FHA Standard 203(k)	FHA Limited 203(k)	VA Renovation	Fannie Mae HomeStyle®	Conventional Cash-Out
Minimum Credit Score	640	640	620	620	620
Maximum Loan Amount	County Limits	County Limits	$453,100	$453,100	$453,100
Maximum Loan-to-Value	96.5%	96.5%	100%	95%	80%
Loan Category	Government	Government	Government – guaranteed by the VA	Conventional – Fannie Mae	Conventional – Fannie Mae
Loan Type	Single Loan Renovation	Single Loan Renovation	Single Loan Renovation	Single Loan Renovation	Cash-Out Refinance
Loan Purpose	Purchase or Refinance – Expands Home Purchase Choices!	Purchase or Refinance – Expands Home Purchase Choices!	Purchase or Refinance – Expands Home Purchase Choices!	Purchase or Refinance – Expands Home Purchase Choices!	Refinance
Renovation timeframe	6 months	6 months	4 months	6 months	N/A
Eligible properties	Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO	Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO	Primary Residence – 1 or 2 units	Primary Residence, 2nd Home, Investment Property and condos	Primary Residence – Single Family Residence, PUD, FHA approved Condo, 2-4 units & REO
Down Payment Requirement	3.5% Down, may be gifted	3.5% Down, may be gifted	0%	5% Minimum Down	N/A
Contingency Reserve	A minimum of 10% and a maximum of 20% in contingency reserves for repair costs is required.	A minimum of 10% and a maximum of 20% in contingency reserves for repair costs is required.	15-20% based on renovation costs	10-15%	N/A
Draw limits	Up to five (5) total draws allowed in a six month period	No more than one (1) draw is allowed.	Up to three (3) total draws allowed in a four month period	N/A	N/A
Allowable Improvements	Structural alterations and additions, kitchen or bath remodel, replace roof and much more! (No luxury items)	Kitchen or bath remodel, replace roof, upgrade heating, replace plumbing, windows, doors and much more! (Structural work not allowed) $35,000 cap must include fees. (No luxury items)	Cosmetic and minor remodeling. Must be minor and non-structural. $35,000 cap includes required contingency and re-inspections. (No luxury items)	Must be built-in and add value – LUXURY items such as outdoor BBQ & pools allowed!	N/A; Home must be safe, sound and structurally secure according to conventional standards prior to closing.
Minimum in repairs	Minimum $5,000 in repairs	No minimum dollar amount in repairs, Maximum of $35,000 including fees	No minimum renovation cost; Maximum of $35,000 including fees	No minimum dollar amount in repairs. Renovation cost is limited to 75% of the “as-completed” value.	N/A
Plan Requirements	Work Write-Up required	Work plan provided by borrower required. Work Write-up NOT required	Work plan provided by borrower required. Work Write-up NOT required	N/A	N/A
Loan Amount	Based on the sales price or as-is appraised value + repair amount OR 110% of the “as-completed” value, whichever is less.		100% of the “subject-to” appraised value.	The loan amount is based on total LTV derived from lesser of: · Total acquisition cost including all construction related expenses · Or from the ‘as completed’ value of the home	Up to 80% of appraised value

*Please Note: Details above constitute a condensed overview of guidelines and are not an exhaustive list. Consult your Loan Officer for all restrictions and guidelines pertaining to your situation as not all guidelines are listed.

Benefits of a 203(k) Loan

Property Improvements:

Properties that are sold “as-is” often would not qualify for a standard FHA loan.
However, 203(k) loans are designed to improve, update and modernize the home.
You can purchase a home that does not require repairs and finance the cost of “modernization” or cosmetic repairs. (See eligible improvements).
The loan allows for 1-4 unit dwellings, including condominiums.
Where zoning allows, a 203(k) loan can be used to convert a single family dwelling to 2-4 units and vice versa. (See eligible properties.)
Up to six months of PITI (principal, interest, tax and insurance) payments can be financed to assist those who would otherwise be required to make double-housing payments. Consultant will determine the number of months house will be uninhabitable for financing of payments. (Consultant K only).
The loan can be used for complete reconstruction of a home on its original foundation.

Financing Flexibility:

Refinance and renovate your existing home.
The loan enables you to purchase foreclosure properties that require repairs. Most HUD Foreclosure properties could benefit from a 203(k) loan..
Up to 110% (100% on condominiums) of the after improved value of the home may be used as basis for mortgage calculations. (The appropriate LTV factor is then applied.)
Buyers who purchased a property with cash can use the 203(k) program to complete repairs/ modernization and replenish funds used at the time of purchase. Mortgage must close within 6 months of cash purchase.
Properties in “below-average” condition can be upgraded through repairs and maintenance (i.e., new roof, fix broken windows, and lead paint abatement). Increase square footage by building an addition, building a second floor or finishing a basement or attic space. (Consultant K only.)

Common Questions


What property type(s) can be financed at Christensen Financial Inc?
	Most property types except Co-ops, condohotels. Some property types are not eligible for certain programs. Some property types also require the loan to be underwritten at the investor.

What are your turn times?
	Underwriting turn times are less than 2 days, generally 24 hours. Most loans close between 21 to 27 days depending on the loan and contributing variables.

Does Christensen Financial Inc offer in house processing?
	Yes, we have seasoned processors that will provide you with a needs list within 1 day.

What is the cost of Corporate Processing?
	The cost is $595 per closed loan and is collected on the LE/CD.

Does CFI underwrite the loan?
	Yes, we offer in house underwriting. Some programs or properties might require 2nd level review. Plus, You have access to discuss files with your underwriters.

How can I ensure my loan pipeline transition will be smooth?
	We have a transition team to help you.

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Benefits

Culture

"I cannot say enough good things about CFI. From the Underwriters to the support staff I am treated like my clients are as important to them as they are to me. Thank you for helping me have my best year ever!"

Jerry S. - Branch Manager White House, TN

"I can’t tell you how happy we all are to be a part of this amazing team.. We have such support from ALL of the Christensen Family. Our branch has always been a good team, but I feel like “we’re” home now"

Patty L. - Processor Melbourne, FL

"Thank you CFI for taking personal interest in my business. Helping me close loans is what it is all about and I really appreciate you all."

Steve I. - Branch Manager Longwood, FL

"I can’t tell you how happy we all are to be a part of this amazing team.. We have such support from ALL of the Christensen Family. Our branch has always been a good team, but I feel like we’re home now"