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Brent Kluge-203k Lender-expert-16years-baltimore-maryland's Blog

By Brent Kluge | Mortgage Broker
or Lender in Rockville, MD
  • PRESS RELEASE: KLUGE JOINS FIRST CHOICE LOAN SERVICES, INC. New Vice President to Focus on Renovation Loan Programs

    Posted Under: Home Buying in Washington, Foreclosure in Washington, Remodel & Renovate in Washington  |  January 29, 2014 7:04 AM  |  520 views  |  No comments
     
     
     
    FOR IMMEDIATE RELEASE 
    CONTACT: First Choice Loan Services, Inc. 
    Chad Peterson 
    (214) 960.5657, chad.peterson@fcbmtg.com 
     
    KLUGE JOINS FIRST CHOICE LOAN SERVICES, INC. 
    New Vice President to Focus on Renovation Loan Programs 
     
    ROCKVILLE, MD (January 28, 2014) – New Jersey-based residential mortgage lender First 
    Choice Loan Services, Inc., a wholly owned subsidiary of First Choice Bank, announced the 
    addition of Brendan “Brent” Kluge as vice president and director of the national renovation loan 
    platform. 
     
    Kluge brings 19 years of mortgage industry experience with him to First Choice. He previously 
    served as the vice president of Equitable Trust Mortgage Corporation, senior vice president of the 
    renovation program of New Penn Financial and president of the Kluge Group. Kluge found 
    several convincing reasons to become a part of First Choice Loan Services, Inc. 
     
    “The culture of this company clearly demonstrates strong values, respectable ethics, outstanding 
    professionalism and a high level of integrity,” Kluge said. “From the top of the organization all the 
    way down, the experience is consistent. All of these characteristics create an environment that 
    opens up incredible opportunities for everyone who works there and all of those whom they 
    serve.” 
     
    President and CEO Norman Koenigsberg is proud to bring loan professionals like Kluge to the 
    First Choice team. 
     
    “Brent’s knowledge and expertise in the field of renovation loan programs will help us to continue 
    to enhance this already strong part of our work,” said Koenigsberg. “With our recent recognition 
    as a Top Tech Savvy Lender and Servicer by Mortgage Technology and our induction into the 
    Ellie Mae Hall of Fame, great things are happening at First Choice. It’s an excellent time for 
    Brent to join us, and we are excited to have him serving with us on the First Choice team.” 
     
    Before his work in the mortgage industry, Kluge served as an Officer in the US Army, both as a 
    medevac pilot and in the Special Forces. He is a licensed HUD 203K Consultant and earned a 
    Bachelor of Arts degree from Liberty University. 
     
     
     
    About First Choice Loan Services, Inc. 
    Headquartered in Morganville, New Jersey, First Choice Loan Services, Inc. is a wholly owned 
    subsidiary of First Choice Bank. Founded in 2009, the company is licensed to originate and close 
    residential mortgage loans nationwide, excluding New Hampshire. With 14 locations across 8 
    states and close to 600 employees, First Choice Loan Services, Inc. offers FHA and VA 
    programs, Jumbo loans, fixed and adjustable rate loans, and refinancing programs. First Choice 
    Loan Services, Inc. is an Equal Housing Lender, NMLS #210764. To learn more about First 
    Choice Loan Services, Inc., visit http://fcbhomeloans.com/. 
     
    # # # 

    Brent Kluge, 203kworld, fha 203k, home improvement loan
    203KWORLD
  • FHA 203k - Refinance - Renovate - Relax

    Posted Under: Financing in Washington, Remodel & Renovate in Washington, Design & Decor in Washington  |  March 30, 2012 4:17 AM  |  2,984 views  |  No comments

    FHA 203k - Refinance - Renovate - Relax

    Refinance-Renovate-Relax...

    fha 203k refinance


    FHA 203k might be the way to go!

    For those homeowners that have a boatload of equity in their home and would like to capture some of it in order to add an addition on their house, the best situation would be a Home Equity Loan or even a conventional cash-out refinance (with no mortgage insurance). But the vast majority of the people in the U.S. today don't have that much equity, especially due to real estate's declining values. What are their options?


    FHA 203K Refinance!

    • Appraisal is based on the FINAL value, or ARV (After Repaired/Renovation Value)
    • ALL costs can be financed in the loan!
    • You can actually OVER improve by 10% as the MAX Loan to Value (LTV) is 110%.
    • Select your Own Contractor
    • Project Consultant will have your back throughout the process
    • Easy Terms - Easy access to your renovation funds



    You can:

    • Put on an Addition - Raise the Roof
    • Repairs/Maintenance: New Roof, siding, doors, windows, gutters, exteriors
    • Maybe a new Kitchen, Bathrooms, flooring or paint.
    • Finish that lower level finally!
    • Upgrade/Update your HVAC systems!
    • Energy Efficiency Mortgage (EEM) Options available as well


    This loan is a tremendous tool for the homeowner that needs a little extra space and either doesn't want to move or CAN'T because of the declined home values...

    Feel free to give me a call and ask any questions... I would be delighted to assist.



    If you enjoy my blogs, please Click 'Subscribe'... I would greatly appreciate it.

    Kluge Out.


    Brent Kluge


    Cell: 410-591-8300

    Fax: 888-557-5271

    info@203kworld.com

    www.203kworld.com

  • FHA 203k - Washington DC - ZERO FEE LOAN!!

    Posted Under: Home Buying in Washington, Financing in Washington, Foreclosure in Washington  |  December 27, 2011 5:48 AM  |  2,211 views  |  No comments

    FHA 203k Loans - Washington DC, and surrounding areas.

    You are in my backyard!  SO???  You get a "backyard discount".

    Catch? :

    •  'Loan Amount' must be above $300,000.00
    • Must be a renovation loan.
    • You must settle on this loan in order to receive a complete "Lender Credit" equal to all charges my company would typically charge.

    YOU LITERALLY GET THIS LOAN WITH ZERO LENDER FEE!!






    Brent Kluge


    Cell: 410.591.8300

    Fax: 888.557.5271

    info@203kworld.com

    www.203kworld.com

  • Due Diligence or Do the Contract???

    Posted Under: Home Buying in Washington, Financing in Washington, Foreclosure in Washington  |  September 12, 2011 5:29 AM  |  2,682 views  |  1 comment

     

    When you represent a buyer and they are interested in offeringas is foreclosure sign on an "As-Is" property, should you do your inspections to figure out what is wrong first, or just make an AS-IS offer?


    This is the quandary...



    All too often, I hear this question and the answer is... THE BUYER WILL DICTATE.




    I would advise you to counsel your buyer that there are two main options:

    1.  Do inspections/estimates before making your offer.
    2.  Make the offer and contractually, give yourself some time to do your due diligence.



    Lets look at some of the PROS / CONS of each:
    buying foreclosures pros cons
    Option 1: Do Inspections/Estimates before making your offer

    "How can I make an offer on a house when we have no idea what is wrong with it?"  Tough one to answer.  In this environment, there is an abundance of foreclosed properties in some form of disarray. The BPO that was done set the price very close to the value of a property in great condition, so we know not to offer that much, but just HOW MUCH LESS?



    You start your battery of inspections: 

    • Home Inspection
    • FHA 203k Consultant or Project consultant
    • Termite
    • Radon
    • Well/septic
    • Structural
    • Mold
    • Mechanical (Electric,plumbing,hvac)
    • Contractor (you want to get some estimates to know how much someone would charge to remedy these issues)

    Do some quick math and just figure out how much money you spent and time for all parties involved... INCLUDING THE AGENT, opening the doors!




    Option 2:  Make the offer and contractually, give yourself some time to do your due diligence.

    All contracts have some form of an "AS-IS" addendum.  This says Buyer is buying the home AS-IS and has the right to do all necessary inspections for ____ amount of days after contract ratification.  Additionally, I would look for language that gives the buyer the right to withdraw from the contract with no recourse, during this contingency period, and have all earnest money returned.

    In this example, my advice would be to ASK for at LEAST 14 days, and if the property is unique (multi-unit, known major deficiencies), I would ask for 20 day contingency period.  You will find most asset managers want to counter with a smaller time frame, sometimes 7 or 10 days.  Just know, if you don't have a chance to fully do your due diligence, you can do an addendum that extends the contingency for that specific inspection item.




    PROS / CONS:


    Option 1:

    PROS

    • You have a thorough knowledge of what needs to be repaired to make an completely educated offer.
    • Project planning is completed upfront, so you are ahead of the curve - could settle sooner (30 days).
    • You have inspection reports to submit with your offer to justify a lower sales price.


    CONS

    • Seller not likely to cooperate (turn on utilities, de-winterize).
    • NO GUARANTEE you will get ratified - Wasted time, inspections, money - VERY frustrating.
    • Wasting time - While doing all these inspections, another offer could come in and you are out.



    Option 2:

    PROS

    • You're not spending time/money without being under contract - No chance of someone else getting the contract / A LOT LESS times agent has to open the doors!
    • Seller more likely to cooperate with inspections - Utilities on, disclosure, allowing specific inspections.
    • You can "RE-NEGOTIATE" a lower offer price and substantiate with inspection reports - NOW known issues are material fact!


    CONS

    • You are under the clock - GET THE INSPECTIONS STARTED IMMEDIATELY!
    • Lots of moving parts required in a short period of time - Be prepared, Plan, Communicate, Set Expectations BEFORE you are ratified.
    • Contractually, a slightly "weaker" offer in the eyes of the asset managers compared to another offer with ZERO inspections or Cash AS-IS offer.





    Moral of the story:



    In my experience, Option 2 seems to have worked best for all parties involved, however, you must never forget :   REPRESENT YOUR CLIENT - PROTECT YOURSELF!   



    INFORM THEM OF THE OPTIONS AND LET THE CLIENT CHOOSE!




    Go buy houses, renovate, make equity, enjoy life!  :) 


    b




    Brent Kluge


    Cell: 410.591.8300

    Fax: 888.557.5271

    info@203kworld.com

    www.203kworld.com

  • FHA 203k - How do I know my lender KNOWS what they are doing???

    Posted Under: Financing in Washington, Foreclosure in Washington, Remodel & Renovate in Washington  |  June 29, 2011 5:30 AM  |  1,721 views  |  No comments

    FHA 203k - How do I know my lender KNOWS what they are doing???

    When you go to your Lender and ask about an FHA 203k, MAKE SURE your lender is an FHA 203K Specialist.  It is somewhat difficult to do these loans when they are in your backyard.  Add to it the possible complexity of distance... difficult.   Sprinkle in - 'This can't be too hard'... YOUR ASKING FOR TROUBLE.     FHA 203k's require experience - DETAILED experience.  It's easy to do for a veteran.   

    Ask questions!   fha 203k renovation loan - work with experience

    • Make sure your lender has FHA 203k's in his/her pipeline CURRENTLY.
    • May I talk to three RECENT REFERENCES?  (if they are a specialist, they will have them)
    • Can you point me to a project currently in production?
    • Can you give me an estimate IN WRITING for EVERY fee I may have on the FHA 203k?


    These should be easy for a TRUE FHA 203k PROFESSIONAL and YOU SHOULD ASK. :)

    fha 203k renovation loan - work with experienceFha 203k's should not be complicated, they should be a tool for you to buy a home that you couldn't otherwise purchase due to issues in the home. Fix it up, make it your own.

    Buy houses, FHA 203k, Make equity, enjoy life... it's much too short. 

    b

    Brent Kluge


    Cell: 410-591-8300

    Fax: 888-557-5271

    info@203kworld.com

    www.203kworld.com

    FHA 203k - How do I know my lender KNOWS what they are doing???

  • FHA 203k - What loan can I get for a 2, 3 or 4 Unit that NEEDS WORK???

    Posted Under: General Area in Washington, Home Buying in Washington, Financing in Washington  |  June 25, 2011 11:35 AM  |  1,645 views  |  No comments
    FHA 203k - What loan can I get for a 2, 3 or 4 Unit that NEEDS WORK???
    fha 203k multiunit washington dc
    The FHA 203k is a great option!   If you intend on living in one unit and renting out the others, THIS IS THE LOAN FOR YOU! :)
     
     
    Situation:
     
    4 Unit Property in Washington, DC
     
    List Price:  $599,000.00
     
    IF it were totally fixed up, it would be worth:  $ 1,300,000.00!!!   (but this is why it is being sold so cheap).
     


    Problem:
     
    You can NOT get a conventional loan or any other style mortgage because it is in such bad shape.  It won't pass appraisal in its current condition. 
     
     
    Solution:

    fha 203k munti-unit washington dc
    • Money to buy it + Fix it up, ALL in one loan!
    • You can rent the other units out and include the rental income to help you qualify!
    • Live in one unit and let the other three pay for your home...Almost FREE!
    • Earn equity the entire time!
     
    Call with any questions regarding your major renovation and multi unit purchase.  We specialize in these loans and would be delighted to help.
     

    Brent Kluge


    Cell: 410-591-8300

    Fax: 888-557-5271

    info@203kworld.com

    www.203kworld.com

    fha 203k multiunit washington dc

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