Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

FHA Renovation Loans - BEFORE & AFTER Photo's of 203K Streamline & Standard Programs - Get a Visual of what you can do WITH your next home or even with a Refinance of your current home.

Renovation Finance Opportunities BEFORE & AFTER

The Buyer's Concern: "I wish the outside was as appealing as the inside"  with The FHA 203K Standard Program...

 

The Buyer Concern: "A Red Roof? A retaining Wall that is falling down, we need nice landscaping package with a brick walk way and front Lamp post...what about new windows and siding? OH YEAH! and please close in the wannabe sunroom and give me an office! Again FHA 203K Standard Program you can include Landscaping updates also.

  

The Buyer Concern: "Bright Blue siding? No Air conditioning, we need new windows with the grids, let's tear down that old chain link fence and add a foyer enterence with coat closet, I would prefer Gray shutters not white, and OH YEAH! And that Tree needs to be tour out..It is too big and hides our new home!

  

The Buyer Concern: "Your Kidding!, Right? I have 5 daughters and this house only has 2 Bathrooms! With the 203K Streamline program..update Bathrooms and add that needed sit down vanity, ceramic flooring, and granite counter tops.

  

The Buyer Concern: "OH MY GOD! A Blue Kitchen, Look at those cabinets! They are just like my grandmothers! The kitchen is the most important part of my home, I need a double wall oven, much much more counter top space, there is no lighting in here either...I need recessed lighting and the appliances MUST BE Stainless Steal of course OH YEAH! The flooring will need to be ceramic please...YOU GOT IT! with FHA 203k Streamline program.


  

What ever you can imagine you can do with that outdated, lacking maintenance, handyman special, foreclosed or short sale property....ALL you need to find is a great location, wonderful community, the school district you want to live in, within the commute to work you want...AND as long as the home in it's AS IS condition PLUS the updates and repairs you want fit within your Pre-Approved Price range and the home will Appraise...YOU ARE GOOD TO GO!

WANT MORE?  Check out more Topics or Go to my Lehigh Valley Foreclosure Blog

We have broken this process down to make it easy to understand and easy to get the basics.

What is FHA Renovation Financing & How Does it Work?

What Type of FHA Loans are Available for Renovation Financing?

What is the process for Getting an FHA Renovation Financing Loan?

Getting a Loan for Foreclosures, Handyman Specials & Short Sales - THERE IS A WAY

*
Lehigh Valley Foreclosures & Real Estate - FHA Renovation Loans - BEFORE & AFTER Photos of 203K Streamline & Standard Programs* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures & Real Estate - Do you want a GREAT DEAL? Are you interested in finding a home that needs work but wonder how you can get a loan on the property? Then Rehab loans are for you. Learn Here.

Times have changed....we are digging our self out of a Recession and the way MOST are buying homes has also changed.

CURRENT FACTS

1) MOST Home Buyers are going with an FHA Loan where you only need 3.5% Down as of Today 3-23-10.
2) The problem with the Standard FHA Loan is there is an FHA appraisal required that will not allow any major home repairs and this will make it impossible for home buyers to purchase the below properties. 

SO HOW CAN YOU BUY THE FOLLOWING TYPES OF PROPERTIES THEN?????

Our Current Lehigh Valley Real Estate Market is filled with the following types of homes.
Homes that Need "TLC"
"Handman Specials"
"Investor Specials"
"Foreclosed Properties - Enter at your own Risk" know as Bank Owned Homes
"Vacant & Occupied Short Sales"

The way to purchase homes like this IS the best KEPT secret in THE Lehigh Valley Area.

Now, this type of Financing is NOT something you can do on your own...you need the guidence of professional Mortgage Renovation specialists and a Real Estate Agent "Buyer Agent"  who also works with Home Buyer's interested in purchasing Distressed - Handyman Specials, Foreclosures and walking you through the entire process of purchasing a home and getting a rehab loan that fits your needs.

NOTE: NOT EVERY MORTGAGE COMPANY WORKS WITH THESE PROGRAMS
NOTE: NOT EVERY REAL ESTATE AGENT IS INTERESTED IN HELPING BUYER'S WITH THESE PROGRAMS.
NOTE: IT IS HARD TO FIND INFORMATION ON THESE PROGRAMS AS IT IS NOT QUICK AND EASY TO DO...BUT WORTH THE TIME AND EFFORT. That is why you only found my Blog on the topic.

WANT MORE?  Check out more Topics or Go to my Lehigh Valley Foreclosure Blog

We have broken this process down to make it easy to understand and easy to get the basics.

What is FHA Renovation Financing & How Does it Work?

What Type of FHA Loans are Available for Renovation Financing?

What is the process for Getting an FHA Renovation Financing Loan?

* Lehigh Valley Foreclosures & Real Estate - Getting a Loan for Foreclosures, Handyman Specials & Short Sales-THERE IS A WAY* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures & Real Estate - What is the Process for getting an FHA 203K Renovation Loan? Find out the Basics for FHA 203K Streamline and FHA 203K Standard programs

When ever there is anything offered by the government it tends to be a bit confusing...so, I have dedicated my time to learn everything I can about this program plus develop relationships with the Renovation Mortgage Specialists in the Lehigh Valley so I can walk my Lehigh Valley Home Buyers through taking advantage of this opportunity available to them.

What a wonderful idea.  Build a Loan Program  that will assist in building up our communities by renovating homes that are in need of maintenance AND repair- Foreclosures can be devistating to any community - NOW you can get a loan to help the home buyer to do the repairs they need that will help them have the home of their dreams and bring back the market value of the community where they are located at the same time.   WOW! NOW THIS WAS A GREAT IDEA!!

THE PROCESS SUMMARY

FHA 203K Streamline Loan Summary

1. Borrower obtains pre-approval
2. Borrower selects property with qualified Buyer Agent
3. Borrower identifies work to be done - qualified Buyer Agent will assist in this process.
4. Buyer Agent confirms that the property will appraise based on the AFTER Improvements Value
5. Borrower makes offer on the property in AS IS condition & estimates work to be done if possible - If the scope of the work can not be estimated - Then the offer should be written with a condition of a contractor estimate equal to a certain cap amount.
6. Borrower goes under contract
7. Selected Contractor (s) validated (contractor required to complete standard validation package) Written Estimate is completed.
8. Borrow makes mortgage application.
9. Final underwriting review
10. Loan closes
11. Work begins within 30 days of closing
12. Draw center releases  money to contractos with up to 2 draws per specialized contractor (up to 30% available for materials in first draw)
13. All work completed within 120 days of closing (4 months)

FHA 233K Standard Loan Summary

1. Borrower obtains pre-approval
2. Borrower selects property with Qualified Buyer Agent
3. Borrower identifies work to be done or contracts Feasibility Study with HUD consultant for $250.00 (applicable to total fee if proceed with transaction)
4. Borrower goes under contract and makes mortgage application
5. Initial credit review and commitment by underwriting
6. Selected contractor (s) validated (contractors required to complete standard validation package)
7. Borrower obtains work write up ("WWU") for HUD consultant as well as written estimates from contractors for work to be done.
8. "Subject to" appraisal ordered once WWU and all estimates received.
9. Final underwriting review
10. Loan closes
11. Work begins within 30 days of closing
12. Draw center releases money to contractors per WWU schedule and after periodic inspections by HUD Consultant
13. All work completed within 180 days of closing (6 months)

WANT MORE?  Check out more Topics or Go to my Lehigh Valley Foreclosure Blog


What Type of FHA Loans are Available for Renovation Financing?

What is Renovation Financing "Rehab Loans" How does it work & The Benefits



* Lehigh Valley Foreclosures & Real Estate - What is the Process for Getting an FHA 203K Renovation Loan?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures & Real Estate - What type of FHA Loans are Available for Renovation Financing? FHA 203K Streamline and Standard Loans - Learn about the Basic program opportunities

Renovation Financing opportunities for FHA 203K Streamline Program - The quick and Easy (close within 60 days)

• Owner Occupied ONLY! Sorry, No investor loans
• For Purchase and Refinancing 1 to 4 Unit homes (including mixed use)
• No minimum Repair amount - get as little as $1000.00 or as much as $30,000.00
• 15 or 30 year fixed rates
• Adjustable Rate Products available - Great benefits for Homeowners who are looking to move within 5 years
• Foreclosure Sales
• HUD Properties
• Bank Owned Properties & REOs (Real Estate Owned)
• Estate Sales
• TLC - Handyman Specials
• The Streamline K is a simplified verson of the full FHA 203K Standard
• NO Structural, site or landscaping repairs or improvements permitted.
• NO HUD consultant required - Just a Certified & Approved Contractor Estimate
• Work must be completed within 4 months for less
• Left over repair escrow must be used toward the principle of loan
• Credit Score 600 to 620 minimum
  

Renovation Financing opportunities for FHA 203K Standard Program - The Complete Package - Skies the Limit

• Everything as the Streamline Program BUT More Paperwork, but MANY MORE OPTIONS
• $5,000.00 minimum repair amount NO CAP - Property just needs to appraise at current market value
  
• Greater fliexibility on repair amount or type of improvements which can be made.
• Leftover repair escrow can be used for additional improvements
• HUD Consultant required - fee sliding scale based upon amount of work being done
• Work must be completed within 6 months or less.
• If the home is not able to be lived in after settlement the home buyer can finance 3 or 4 months of mortgage payments in the loan until move in.

WANT MORE?  Check out more Topics or Go to my Lehigh Valley Foreclosure Blog

What is FHA Renovation Financing "Rehab Loans" How does it work & The Benefits

What is the process for Getting an FHA Renovation Financing Loan?

Getting a Loan for Foreclosures, Handyman Specials & Short Sales - THERE IS A WAY

* Lehigh Valley Foreclosures & Real Estate - What Type of FHA Loans are Available for Renovation Financing? FHA 203K Streamline & Standard Loans * Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Lehigh Valley Foreclosures & Real Estate - What is Renovation Financing "Rehab Loans" & How Does it work? - What are the Benefits to the Lehigh Valley Home Buyer?

What is Renovation Financing?

• It is financing will all the fixings
• The money to purchase a home
• The money to repair, upgrade or remodel
• All in a single first mortgage transaction
• FHA Programs Available - FHA 203K Streamline, FHA 203K Standard

How Does Renovation Financing Work?

• Loan amounts are based upon AFTER IMPROVED property values
• Estimates of repairs and/or other improvements are determined prior to closing
• home purchase closes in AS IS condition
• Home Buyers make improvements AFTER closing (4 to 6 months)
• Renovation costs are spread throughout the mortgage term

What are the Benefits of Renovation Financing? for the Home Buyer "Borrower"

• Choose a great lot or neighborhood and create their dream home.
• Take advantage of market opportunities with "Handyman Specials"
• Stay within certain school districts, but gain modern amenities
• Make Energy Efficient Upgrades
• Build Instant Equity

WANT MORE?  Check out more Topics or Go to my Lehigh Valley Foreclosure Blog


What Type of FHA Loans are Available for Renovation Financing?

What is the process for Getting an FHA Renovation Financing Loan?

Getting a Loan for Foreclosures, Handyman Specials & Short Sales - THERE IS A WAY

* Lehigh Valley Foreclosures & Real Estate - What is FHA Renovation Financing "Rehab Loans", How Does it work & The Benefits?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Home Buyer Tax Credit - Deadline April 30th - $5000 can be used for Closing Costs & Down Payment Let me help you through it.

Let's Face it, The Home Buyer Tax Credit is GREAT! BUT, Most of us need it up front to help us with the closing costs at settlement.

Wouldn't it be great if YOU can get $5000.00 of the $8000.00 upfront to use for your closing costs at settlement? Well, If you make less then  $70,000.00 per year...you have a really good chance!

There are a few other requirements....but, the catch is MANY Mortgage Companies are NOT offering this program. 

THATS WHY YOU HAVE NOT HEARD ABOUT IT TILL NOW!

But, in the Lehigh Valley Area...you can get qualified for ALL the Down Payment and Closing Cost Assistance programs through 2 different local Direct Mortgage Companies...I will help guide you.

The point is you can get this $5000.00 to help you with closing costs AND you can also get $5000.00 in Seller's Assist to help with your closing costs from the seller!

ONE MORE CATCH - As of Last week there was only enough money left to help 450 more Home Buyers with the $5000.00 up front money for closing...Quick BEFORE the money runs out and April 30th is HERE!

There is still plenty of time to find your Dream Home.  What do you have to lose?

This is the worst thing that can happen.

1) You get pre- qualified FOR FREE through one of the ONLY 2 places in the Lehigh Valley that can offer you the Down payment and closing cost assist for the $8000.00 tax credit and YOU DO NOT QUALIFY.

2) You do qualify for the program AND between NOW and April 30th you do not find the home that fits your needs. STILL NOTHING LOST. At least you tried. So, You can still buy a home or you can just stay where you are.

3) You do qualify for the program, You find a Home and the seller picks the other offer.  Then it was not meant to be...BUT YOU STILL TRIED! So, we find another home! and try again.

BEST CASE. You Qualify, You Find a Home, The seller Accepts your offer and You GET 8000 TAX CREDIT - 5000 to help you purchase the home and 3000 within 12 to 24 weeks after you send in your amended Tax Return!

Don't Delay....contact me today and we will get started - IT COSTS YOU NOTHING FOR ME TO HELP YOU...The Seller's Agent shares their commission with me at settlement.

* Lehigh Valley Homes & Real Estate - $8000 Home Buyer Tax Credit - Deadline April 30th - $5000 can be used for Closing Costs & Down Payment * Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Buying Lehigh Valley Real Estate and using the $8000.00 First Time Home Buyer Tax Credit - How can you use it? Who Qualifies? FAQ's? Current and Updated information as of 8-31-09.

Key BASIC Points to the Program made easy

1) As of 8-31-09 The $8000.00 Tax Credit is For Anyone who has not owned a home in the last 3 years.

2) There are income requirements. Basics: If you are single you can not make more than $75,000.00 per year.  Married then you can not make more than $150,000.00 per year.  (if you are over these limits you may still qualify for a portion of the credit)

3) How do you get the money? Basics: You send in your tax return claiming you purchased a home and they will send you 10% of the purchase price of the home you purchase with a limit of $8000.00.  Example: you purchase $75,000.00 home you get 10% = $7,500.00 You purchase $200,000.00 Home you get $8,000.00.

4) Can you get the money to help you with your closing costs? The ONLY way to do this in PA is to work with PHFA and qualify for a first loan and they have a program for getting you $5000.00 for a pre-owned home and $6000.00 for a new home. PHFA Program Details

5) What is the current deadline to use this program to purchase a home? November 30, 2009

6) Does this money have to get paid back? Well, not if you own the home for over 3 y ears.  If you sell the home before the 3 year deadline...yeah, you will need to pay back the money.

7) How do you get the money before sending in your taxes next year? You can send in an amended tax return from this year and get your tax credit within 60 days.

8) What can you use the money for? You can use the money for what ever you want! There are no restrictions.

Other Detailed Resources about $8000.00 Tax Credit (unknown if this information is updated on a regular basis)
National Association of Home Builders
Direct from the IRS Website

More Information & Helpful Links

Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist
Home Modification Loans for the Permanently Disabled

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - $8000 First Time Home Buyer Tax Credit made easy *

Lehigh Valley Down Payment & Closing Cost Assistance Programs available to home buyers in Lehigh and Northampton Counties.  What is available and How do you get information on these programs?

Okay, Let's just  be honest here.  Whenever something is coming from any government either local, state, or national...things are always confusing and always seems to be almost impossible to get help with.  But, don't give up!


Let's be honest.  These programs always have much more work involved and pays less money in the end.  So, Just a warning...if you think you are going to try and find someone else to help you with our Local and State programs...good luck because you will find out exactly what I did when I was trying to find local Real Estate Professionals to join be in helping you with these programs....All you have to ask is- Do you work with HOOP or PHFA? Most of them will have one excuse after another as to why they don't work with the program and tell you that programs are not good...but the real truth is they do not want to do what it takes to help consumers with these programs because they are not interested in working hard for your referral business and only interested in what they can get paid by helping client's with the "easy loan programs".

So, let's get to it! There are Lehigh County and Northampton County Down payment and closing cost a
ssistance programs.  You must qualify for these programs and there are very strict rules when it comes to what is required.  But, HEY! Nno one said buying a home is easy and this is a reason why you should have the full guidence of a Buyer Agent Services to help you every step of the way.  Okay, so...How does a Buyer Agent Get Paid?

Here, Let me explain the  Basics of our Local HOOP Program for Lehigh and Northampton Counties and our PA State Programs available.

Complete Details are available for HOOP on my website on the Buyer Only Tab.

More Information & Helpful Links
8000 Tax Credit Basics and Links to help
Local Down Payment & Closing Cost Information - HOOP

PA State Down Payment & Closing Cost Information - PHFA
PHFA Home Modification Loans for the Permanently Disabled
Get Help with Closing Costs with Seller's Assist

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Down Payment & Closing Cost Assistance Programs - HOOP & PHFA*

Lehigh Valley Real Estate - Loans available to help home buyers and/or families with permanent disabled family members living in the household - Loans available from $1,000 to $10,000.00

Yes, that is right there are loans available through the State of PA to help you and your family purchase a new or pre-owned home and give you assistance with modifications need for the person in your family with a permanent disability.  Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home.

Eligible modifications items may include, but not limited to, bathroom modifications, installation of grab bars and harddrails, kitchen modifications, lifting devices; main level bathroom addition, ramp addition or repair, sidewalk addition or repair, and widening doorways or hallways.

The Access Home Modification Program through PHFA provides provides a deferred payment loan, with no interest, and no monthly payment.  The loan becomes due and payable upon payoff of the first mortgage, sale, transfer, refinance, or non-owner occupancy of the property.

WOW! Now that is some awesome information for those with family members with permanent disabilities. View a Few Video's of PA consumers this program has helped already.

More Information & Helpful Links
Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist

8000 First Time Home Buyer Tax Credit

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - Home Modification Loans for the Permanently Disabled*

Lehigh Valley Mortgage & Lehigh Valley Real Estate – What should you know about Closing Costs and what is a Good Faith Estimate? You really need to know and be prepared before you start just looking.

We will show you what you need to know to protect your credit and also find the best Mortgage Advisor Services in the Lehigh Valley
Please welcome my guest writer and Local Mortgage Advisor,  Melissa Falcone with Allied Home Mortgage Corporation in Bethlehem.

View this Topic by Video – But make sure to review some of the information below as we have included links to other important references you should know about Foreclosures.

The Lehigh Valley Home Buyer closing costs consist of fees that are charged by the lender, title company, REALTORS®, mortgage brokers,  the government, and any reimbursement to the seller for property real estate taxes already paid. 

These closing costs also include what are called your pre-paid items, which include your per diem interest (meaning the interest paid for each day from the day you close until the end of the month), and will include your escrow of taxes. 

These fees may vary according to the purchase price of your Lehigh Valley Home, meaning the higher price of the home, the higher the closing costs will be.

The final dollar amount of your closing costs will not be determined until a couple days prior to closing so in order for you to have a ball park figure as to what you will be financially responsible for, you will need to be provided with a Good Faith Estimate from a Lehigh Valley Mortgage Advisor. 

A Good Faith Estimate is simply that, an estimate of costs.  These are not exact figures, just an estimate.   This document should be provided to you upon your initial Pre-qualification process and then again when you are interested in making an offer on a home.  You cannot make an offer on a home without know an estimate of all possible charges and fee’s.

This Good Faith Estimate will list all the closing costs and pre-paid items.  It will also include your down payment amount and projected monthly payment.  This document should be reviewed with you by your Buyer Agent and Mortgage Advisor.  It can be very confusing for a Lehigh Valley Home Buyer and it is not expected that it will be clear to you how to read this document.

You will initially receive Estimated Closing Costs from your Lehigh Valley REALTOR®.  However, this estimate may not include lender fees or mortgage broker fees.  I would recommend ALL Lehigh Valley Home Buyers obtain another Good Faith Estimate from your Mortgage Advisor to view as well.

Please know that should the purchase price, real estate taxes, or down payment amount change, I highly recommend you obtain a new Good Faith Estimate and review the costs as these changes may increase or decrease your closing costs.

The last thing you want at settlement is to be surprised that you will need to bring thousands more than you planned on bring to the table.

Lehigh Valley Home Buyers have told us that the following additional Topics where also helpful to them when thinking about buying a home in our area.  Pre-Qualification vs Pre-Approval, How When and Why to get pre-qualified? And Key Elements to the Mortgage Approval Process.

* Lehigh Valley Mortgage: Closing Costs & What is a Good Faith Estimate?* Moriah Martin is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License