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Mortgage, Mortgage Programs, Videos
Renovation Lending is a thing of the present and it offers so much to the buyer, seller and the respective agents. Not only that but it’s a very simple loan to obtain and even close. The short video above will show you just how easy it is to write the sales contract but let me just lay out a few examples below of how useful this loan can be.
Fannie Mae HomePath, Mortgage, Mortgage Programs
Considering purchasing a foreclosed property? Let’s take this a step farther and say this property is a Fannie Mae foreclosure. Well if that turns out to be the case than you would be crazy not to participate in a Fannie Mae HomePath mortgage. Why you ask? For starters, unless you are renovating the home, no appraisal is required.
Mortgage, Mortgage Programs
What a difference six months can make to our industry! I used to say “consider a renovation loan if move-in ready perfection is not in your clients budget.” Fast forward six months and what I am saying now is …”if that perfect home has multiple offers you might need to consider counseling on utilizing a renovation mortgage loan.”
Fannie Mae Homestyle, Mortgage Programs
Summer is just around the corner so now is the time to start thinking about ways to keep cool. One great way to do this is to add or repair your existing pool. How can this be accomplished in a very cost effective way? The answer, use the Fannie Mae HomeStyle Renovation loan. This is a great loan for a current homeowner looking to do some luxury backyard upgrades or maybe for your new home that you are considering purchasing.
203K Full, 203K Streamline, Conventional Rehab, Escrow Holdback, Fannie Mae Homestyle, Mortgage Programs
With the amount of homes on the market listed for sale, instead of starting from scratch and building new, why not buy an existing home “as is” and renovate to fit your specific taste? Find a house with some great bones, in a neighborhood you love and renovate that house to be your dream home.
Home Improvement, Mortgage
Finding out that a home has foundation issues is not an uncommon occurrence. This is especially true of Texas because of the highly expansive clay soils. The main cause of foundation is too much moisture or not enough.
203K Full, Mortgage, Mortgage Programs
The use of FHA 203k loans are up 28% from 2010 to 2011 so…how would you like to increase your business by 28 % this year? With that type of increase in 2011, 2012 is sure to be buzzing about the FHA 203k rehab loan. This could be just the ticket you will need to get some listings sold or pick up some more buyers!!
203K Full, Mortgage Programs
Listing a home for sale that isn’t quite move-in ready doesn’t have to be an impossible task. In fact, it could be advantageous to you to have a home that needs some repairs simply because now you can offer a potential buyer a chance to customize a home to their liking prior to moving in. How is this possible you ask? The FHA 203k renovation loan is the answer!
203K Full, Mortgage, Mortgage Programs
If you are shopping for a new home and feel that foundation issues could be a deal breaker it might be time to think again. Especially for those of us in Texas since foundation issues seem to be on everyone’s mind. Don’t let that perfect house slip away just because of a foundation issue – the FHA 203k loan DOES allow for foundation work. In fact, it’s a common misconception that foundation repair is not allowed. That’s simply not true!
Mortgage
Lets get some HUD foreclosures moving!! From now until October 2012 homebuyers need a down payment of only $100.00 to purchase a HUD owned home. This is only available for owner occupant purchases and the buyer will be required to use an FHA loan. Normal FHA underwriting guidelines apply and the sale must be for the full amount of the current list price. Also in most cases HUD will cover 3% of the closing costs for the buyer!!
Mortgage, Mortgage Qualifying
Now that you are under contract for the purchase of a HUD owned property there are just a few additional items to consider. It’s important to address any and all issues upfront to ensure there are no closing delays. Hopefully you will find these items helpful!
Mortgage, Mortgage Qualifying
It’s no secret that when making a bid on a HUD owned property and getting the contract submitted one must dot the I’s and cross the T’s. Receiving that accepted contract is exciting but there are some things that if not done property will delay closing.
Mortgage, Videos
Using the FHA 203k loan to rehab your home and build equity. Instead of a traditional home equity loan the FHA 203k loan allows you to refinance the current mortgage and add money for repairs. It ends up being a new single lien at a great FHA rate without the hassel of the home equity loan process.
Mortgage, Videos
And they say that FHA 203k rehab loans don’t close. Well here (video) is another FHA 203k that closed on time. It went from contract to closing in 45 days. This house needed $83,000 worth of repairs including new windows, new flooring, complete bathroom renovation, new fence, etc. Without the program, this house would have
203K Full, Home Improvement, Videos
Many people ask, what is a 203k loan? The 203k loan allows the borrower to borrow extra money to renovate or repair the residence at the low FHA required down payment of 3.5%. Also, the loan amount can go up to 110% of the home’s value after repairs/renovations.
Mortgage, Mortgage Programs
There are actually a few options out available when it comes to rehabbing your home – for both purchase and refinance transactions. One of the challenges can be to find that perfect rehab loan to fit your needs. It’s my goal to make that selection easier. Today, I’d like to compare and contrast two of my favorites: The FHA 203k Rehab loan vs the Fannie Mae HomeStyle Rehab loan.
Mortgage, Real Estate
Selecting, purchasing and maintaining homeowner’s insurance is a standard for anyone wishing to purchase or own a home. The problem tends to be with so many companies out there offering so many different options, how do you know what’s best for you?? Furthermore, as your needs change how do you determine if you have the best coverage? To help, I sat down with Caren Martin of Ellis Insurance and asked her a few questions.
Credit, Videos
Credit scores play an important factor in obtaining the best interest rate available for your new home purchase loan, rehab loan, or refinance no matter where you live. Protect your FICO score.
Credit, Mortgage
We are now offering FHA 203b loans to borrowers with FICO scores as low as 600! This means that if you meet the requirements you may purchase a “move-in ready” home using an FHA loan with a middle credit score of at least 600.
Mortgage, Mortgage Programs
Current home owners, did you know that just about anything in your home can be repaired, upgraded, etc with a simple rehab refinance? There are refinance options for both conventional and FHA loans which allow for the rehab of your current home.
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