HUD owned properties are a great place to turn when looking to buy a foreclosure in Texas, Louisiana, New Mexico, Oklahoma, and Arkansas for several reasons. Buyer Beware! Purchasing a HUD owned property is very different than an owner occupied property because they follow a “blind” bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD also retains the right to refuse all offers.
By now you are probably familiar with the FHA 203k Rehab loan but did you know that Fannie Mae offers a rehab loan which may allow for more flexibility? The Fannie Mae HomeStyle Rehab loan allows for the installation/repair of luxury items as well as High Balance Loans – you are not limited to $417,000.00. In many cases we can finance up to $800,000.00 but the limits will vary from county to county. You may click here to review the county loan limits.
The video you are about to watch was recently featured on REALTOR Magazine. It’s a great illustration of how you can take a foreclosed home and using one of our great rehab loans – FHA 203k or Fannie Mae HomeStyle Renovation Loan – turn it into the home of your dreams. Not only are these homes priced well but you will also find yourself in a great equity position.
The hot Texas summer is coming so wouldn’t it be nice to renovate your backyard? Maybe add a pool or an outdoor kitchen? Or maybe you are just in need of some landscaping. Regardless of your need the Fannie Mae HomeStyle Renovation loan is going to be the answer. By saying this of course I’m referring to a refinance of your current mortgage but if you are simply in the market for a new home the Fannie Mae HomeStyle Renovation loan can help as well.
This is a great illustration about how the FHA 203k Rehab loans are made and how they can be used to either purchase or renovate your dream home. Please keep in mind that while all the options mentioned in the video are available there are still certain minimum requirements to meet. All loans are available in Texas, Louisiana, Arkansas, New Mexico, and Oklahoma.
The FHA 203k loan was designed to render aid and help get these homes sold. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the purchase and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
In the majority of cases, VA loans do not allow for money back at closing to cover home repairs. The one exception to this rule is in the case of energy-efficient home improvements.
As a listing agent what happens when you have a great foreclosure listing but the AC condenser goes missing? The seller doesn’t want to replace it because it will probably go missing again and they have already put enough money into the house being that it’s a foreclosure. The buyer doesn’t want to replace it until they own the home so…what are your options?
Fannie Mae offers a special program to utilize when purchasing one of their foreclosures. This program is called the Fannie Mae HomePath Renovation Loan. There is also a program simply named Fannie Mae HomePath for homes that need no renovations.
Another renovation loan has arrived in my arsenal to help get more foreclosures, short sells and homes that just need a little TLC sold. This newest product is the Fannie Mae HomeStyle Renovation Loan and it can be used on any property, not just ones owned by Fannie as the name might imply.
The foreclosure crisis has started to bring the FHA 203k Rehab loan back into the spotlight. Can you think of a better way to move your listing than to market them “as is” and suggest the buyer use a lender who can not only offer them a way to purchase the home but also a way to finance any mandatory or desired repairs?
It still exists…FHA financing for those who have limited credit or for those who may be credit challenged. We are still able to offer FHA financing for a new home loan with a 620 FICO score.
Want to get a great deal on real estate in Texas and think that a short sale or foreclosure is the way to go? The first hurdle to overcome after identifying the property is where to get the funds to fix it up. The FHA 203k rehab loan is the answer.
Are you trying to buy a property in Texas or across the nation that is in need of minor repairs and you have a seller unwilling to make those repairs? Would you like a program that allows you to not to have to come out of pocket with the funds for the repairs? Well if so I have a solution for you – our Escrow Holdback Program.
The FHA 203k Rehab Loan allows you, the Real Estate Agent, to offer your clients a way to sell and market their home to potential buyers in a different fashion. It also allows you as the buyer’s agent a way to offer your client some options in the event their complaint is the color of the walls or the carpet.
Home buyers in Texas and across the nation are often asking what they can do to ensure a smooth closing. With all of the changes in this industry and to our Underwriting guidelines I have put together a small list of items, which if followed, will aid to make your closing a success.
There are many componets of an FHA 203k Rehab loan. Sometimes it’s good to get another perspective on the important pieces of this loan. Also it’s important to rememeber that a successful 203k loan takes collaboration from all parties, including the contractor.
