Posts made in March, 2012

By Mylene Thomas and Jessica Cannon Your 203(k) renovation can still meet your style standards. This renovation was an overhaul of the entire home including, but not limited to, the plumbing, electrical, dry wall, painting, existing bathroom, kitchen, and exterior. What made this job particularly interesting was the installation of a full master bathroom within a master suite in what was originally just an attic space. The additional...

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By Mylene Thomas FHA’s 203(k) loan for your fixer upper that you’ve either just purchased or you already own falls into one of 2 categories: Streamline or Standard. “Standard/Rehab (minimum $5,000 up to 110% of the improved appraised value) & the Streamline (work is less than $35,000…up to 110% of the improved appraised value). Example: Purchase price is $100,000. Upgrades/Repairs/Improvements will cost $15,000. Borrowers loan...

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Want a Fixer-Upper?

Posted By on Mar 13, 2012

Courtesy of FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. Low down payments Low closing costs Easy credit...

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Mold. Ewwwww….

Posted By on Mar 9, 2012

By Mylene Thomas You’re approved for your 203(k) loan and you’ve picked a contractor and you’re ready for the inspection prior to signing all the paperwork and starting construction. Then there’s mold. The big national contractor of all people has said, “No way. No how. No mold abatement or remediation here.” Well, heck, now what? You’re supposed to go to closing in a week and this was the contractor and this was the inspection and...

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