          
          
          
          
          GET YOUR OWN HOME -- AND PROFIT FROM SHOWING OTHERS HOW
          
          
               What may be the most fantastic government giveaway
          ever began in late March, 1995.  The Clinton
          administration expanded the "203k" mortgage program --
          formerly a small remodeling loan program -- and turned
          it into a program that gives:
               * First-time home buyers the ability to acquire a
          house with no down payment. 
               * Nonfirst-time home buyers the ability to finance
          a dwelling that's bigger than the current appraised
          value of the property.  For example, you might have an
          "as-is" appraised value of $100,000 and walk away with
          a mortgage of $120,000.
               * Investors the right to stack the full costs of
          renovating a fixer-upper property on top of the regular
          acquisition costs of the house -- all for a 15% down
          payment that the investor can get back with substantial
          profits in a matter of months. 
               The 203k program allows borrowers to combine the
          as-is price of the property and the cost of the future
          renovations into one loan at the time of the purchase. 
          Then it extends highly favorable FHA down-payment terms
          to the entire package.  Though that frequently can mean
          a down payment of just 5 percent, the new 203k program
          takes the low down payment concept a step further.
               For what the government defines as "first-time
          buyers," the required down payment can go to zero. 
          First-timer for 203k, doesn't necessarily mean you've
          never owned a house before.  Rather, you simply cannot
          have owned a home during the three years immediately
          preceding your 203k loan application.  And if you've
          been divorced or separated less than three years, you
          qualify as a first-timer as long as you no longer have
          an ownership interest in a home.
               For small real-estate investors there are also
          great deals to be had.  For example, a small-scale
          investor or renovator locates a rundown townhouse
          needing $20,000 worth of repairs.  The as-is,
          unrestored price of the place is $70,000.  Total
          acquisition costs are projected at $90,000.  The
          investor puts down 15% ($13,500).  If the investor were
          going to retain the property for rental, a $76,000 loan
          ($90,000 less $13,500) would be the maximum mortgage
          allowed under the program.
               However, if the investor planned to sell the
          renovated house to a first-time buyer, the loan ceiling
          could be considerably higher.  Let's say an FHA-
          approved appraiser estimates that after renovations,
          the home would have a resale value of $125,000.  Using
          what FHA calls the "escrow commitment procedure," the
          investor could then qualify for a maximum loan of
          $119,250.
               After completion of the renovation, the investor
          would allow a first-time buyer to take over (assume)
          the $119,250 loan for a no-cash down payment.  The
          investor could either waive the $5,750 down payment
          altogether or take back a second mortgage note.  The
          buyer, of course, would have to qualify financially to
          handle payments on that size mortgage debt.
               At closing, from the $125,000 sale price the
          investor would get the $13,500 he or she originally put
          down, plus a "profit" of $29,250 (the difference
          between the $119,250 ultimate loan amount and the
          $90,000 acquisition and renovation costs)!
               A national company is now making deals using the
          203k program guarantees to secure the financing.  They
          will arrange financing anywhere in the country.  And
          even better, you can become an independent contractor
          promoting their program, receiving commissions for
          showing others how to get their house financed for an
          out-of-pocket cost equal to the closing costs.  (Your
          own house could be your first deal, thus applying your
          commission to the package.)
               No real estate or mortgage banking license is
          required to sell the program, so this has potential for
          everyone.  You can also earn an override commission on
          the sales of other sales people that you recruit.  To
          make this most profitable, you'd probably want to
          divide your time between selling directly to homeowners
          and recruiting others.  You could do especially well by
          concentrating your efforts on signing up real estate
          salespeople in your area, since they already have lots
          of contacts with people who can't get financing for the
          homes they want.
               The program provides homes to renters with nothing
          down.  The total amount required is an amount equal to
          just their closing costs.  This amount is usually not
          much more than a landlord would require with first and
          last months rent with a security deposit. 
               This market is potentially 8 times larger than the
          market whose buyers have a down payment available,
          which should provide enough prospects to keep you busy
          for awhile.  The program also includes assistance for
          those with poor credit, up to and including bankruptcy.
               To get more information on the marketing program,
          including an application form to become an independent
          contractor selling the program to homebuyers, send $2
          for postage & handling to: Atlas Financial Services
          Group, Attn: Mortgage Program, 822 Guilford Avenue,
          #119, Baltimore MD 21202.  Please understand that the
          information you will receive is on the specific program
          being offered -- it is not generic information on the
          203k program.
               Just think for a moment what your response would
          be if you ran a simple ad in the "homes for rent"
          section of the newspaper, perhaps reading "Tired of
          renting - no down required - learn how to own your home
          free and clear in approximately 10 years with no more
          than you would have spent in rent during the same
          period."
               One new client from this ad will pay you $500
          (based on a purchase price of $100,000) and this could
          be earned on your first day.  Is there anyone you know
          who would want to continue renting if they learned they
          can buy their own home free and clear in approximately
          10 years and it will cost them so little to buy?  If
          they can afford to rent, they can afford to own.
          
          
          
          
