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What ever you can imagine you can do with that outdated, lacking maintenance, handyman special, foreclosed or short sale property....ALL you need to find is a great location, wonderful community, the school district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