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WANT TO BUY A FIXER UPPER...IS THAT A REAL WORD???? Atlantic County qualifies and I can help. Read Brian's info on FHA financing with 203K streamline program. Must live in not designed for investors...sorry. Great time to buy, Great home prices and Great rates. Give me a call, Barb
Via Brian McCarty: This post is about the FHA 203(k) Streamline program, a program that has been around a long time but deserves to be revisited in this market. This loan is not for everybody but in certain situations it can make the purchase or sale of a home possible when traditional financing will not allow it.
What is it?
It is a Rehab Loan
It is NOT a Construction Loan
Can be Purchase or Refinance
Used When Appraisal has “Cost to Cure”
Can be Used for Elective Renovation
This loan, as with regular FHA loans, is for a purchase or refinance of a primary residence only. This is not a product for investors or a product that should be used with the intention to “flip” the property.
What are the eligible property types?
1-4 Units
Condos (interior only)
Manufactured Homes
Mixed Use Properties
Existing Homes Complete For Over 1 Year
What are the eligible improvements that can be made with this loan?
Health and Safety Repairs
Corrections of Code Violations
Repairs Necessary to meet HUD Requirements
Smoke Detectors
Installation or Repair of Well and Septic
New Free Standing Appliances
Roofs, Gutters and Downspouts
HVAC Systems
Plumbing and Electrical Systems
Flooring
Kitchen Remodel (Nothing Structural)
Interior and Exterior Painting
Weatherization (Doors, Windows, Insulation, etc.)
Handicapped Access
Lead Based Paint Stabilization or Abatement
Exterior Decks, Patios, or Porches
Basement Waterproofing
Basement Finishing/Remodel (Nothing Structural)
This is obviously just an overview of what this product has to offer. The key to a successful process and closing is working with a knowledgeable Loan Officer who will walk you or your client step by step through the process. This product is has many more variables than the traditional loan programs and therefore needs to be handled properly throughout the process to ensure everything goes smoothly.
For more information vist the HUD website at HUD or give me a call at 609-618-9939.
Brian
WANT TO BUY A FIXER UPPER...IS THAT A REAL WORD???? Atlantic County qualifies many Via Brian McCarty: This post is about the FHA 203(k) Streamline program, a program that has been around a long time but deserves to be revisited in this market. This loan is not for everybody but in certain situations it can make the purchase or sale of a home possible when traditional financing will not allow it.
What is it?
It is a Rehab Loan
It is NOT a Construction Loan
Can be Purchase or Refinance
Used When Appraisal has “Cost to Cure”
Can be Used for Elective Renovation
This loan, as with regular FHA loans, is for a purchase or refinance of a primary residence only. This is not a product for investors or a product that should be used with the intention to “flip” the property.
What are the eligible property types?
1-4 Units
Condos (interior only)
Manufactured Homes
Mixed Use Properties
Existing Homes Complete For Over 1 Year
What are the eligible improvements that can be made with this loan?
Health and Safety Repairs
Corrections of Code Violations
Repairs Necessary to meet HUD Requirements
Smoke Detectors
Installation or Repair of Well and Septic
New Free Standing Appliances
Roofs, Gutters and Downspouts
HVAC Systems
Plumbing and Electrical Systems
Flooring
Kitchen Remodel (Nothing Structural)
Interior and Exterior Painting
Weatherization (Doors, Windows, Insulation, etc.)
Handicapped Access
Lead Based Paint Stabilization or Abatement
Exterior Decks, Patios, or Porches
Basement Waterproofing
Basement Finishing/Remodel (Nothing Structural)
This is obviously just an overview of what this product has to offer. The key to a successful process and closing is working with a knowledgeable Loan Officer who will walk you or your client step by step through the process. This product is has many more variables than the traditional loan programs and therefore needs to be handled properly throughout the process to ensure everything goes smoothly.
For more information vist the HUD website at HUD or give me a call at 609-618-9939.
Brian
Via Brian McCarty:
100% Financing in Galloway Township Atlantic County
Did you think that 100% financing was a thing of the past? Think again!
With Superior's Rural Housing Program you can obtain 100% financing and make that dream of home ownership a reality. This program has many advantages that make it a much better choice than many of the other programs that are available. Below is a list of some of the highlights of this program.
1 - No Down Payment Required
2 - No Monthly Mortgage Insurance
3 - No Reserve Requirement
4 - No Stated Maximum Loan Amount
5 - Financing Up to 102% of Appraised Value
6 – No First Time Buyer Requirement
7 – New and Existing Homes OK
8 – 30 Year Fixed Rate Loan
9 – No Prepayment Penalty
10 – Seller Contributions up to 6%
11 – No Limitation on Source of Funds
12 – 100% of Money Can Be Gifted
13 –Closing Costs Can be Included in Loan Amount
14 – Not FICO Score Driven
15 – FICO > 620 Do Not Need To Explain Derogatory Credit
With this program you do not need excellent credit, you do not need a down payment, you have no monthly mortgage insurance which makes your monthly payment lower, and currently the rates are in the mid 5’s. This is a huge advantage to a potential home buyer. With low rates and no monthly mortgage insurance you can afford much more house for the same monthly payment.
Many areas in Atlantic County are eligible for this program. Below is a partial list.
Borough of Buena
Buena Vista Twp.
Corbin City
Egg Harbor City
Egg Harbor Township
Estelle Manor
Folsom Borough
Galloway Township
Hamilton Township
Mullica Township
Port Republic City
Weymouth Township
For more information about this program visit USDA Rural Housing or call me on my cell at 609-618-9939..
Your Home Town Realtor - go to the following site and check out my video.
http://atlanticcityweekly.com/?inc=re_video
I am a local realtor that cares for my customers. Finding the right home or investment for you is most important. Prices and mortgage rates say "BUY" Don't be sorry by waiting for the bottom. We may have just seen it. Call me now to find the RIGHT home for you NOW.
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Fed to Buy MBS
It was an exciting week for mortgage markets! Tuesday, the Fed and the Treasury announced a new program to purchase up to $500 billion in mortgage-backed securities (MBS), and mortgage rates dropped sharply after the news. The MBS purchases are expected to take place over the next few months. The goal of the new program is to lower mortgage rates, and the immediate reaction certainly was a big step in the right direction, as mortgage rates moved significantly lower during the week.
According to the Wall Street Journal, consumers around the country responded quickly to act on the drop in mortgage rates. In many cases, call volumes during the week were far above their recent levels as homeowners rush to refinance.
In the housing sector, October Existing and New Home Sales continued to fall modestly. On the plus side, inventories of unsold existing homes declined in October. Also, the outlook for future home sales grew more positive this week, since lower mortgage rates make homes more affordable. The chief economist for the National Association of Realtors (NAR) estimates that each 1% decline in mortgage rates could generate between 500,000 and 800,000 home sales. Combined with the recent drop in home prices, homes are more affordable now than they have been in years.
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THIS COULD BE THE BREAK WE HAVE ALL BE WAITING FOR. LOW HOME SALE PRICES, EVEN LOWER HOME MORTGAGE RATES AND REALLY ANXIOUS HOME SELLERS. Let the real estate market do what the stock market can't. I have great homes at great prices and sellers ready to sell. GIVE ME A CALL..
With all the thoughts about economy and cut backs, families are also cutting back. No news, we all know that. But I just want to remind everyone that living in a retirement community provides much activity on the home front to keep you busy.l Bonding with new friends, many cutting back on their work schedule or retiring so time for that game of bocce ball, or to shoot a game of billiards, or play a game of canasta or bridge. The days get full with FUN activities and they don't cost you anything. Call me I have many great buys now and people that have to sell. 17 miles to Atlantic City and the year round weather is great. SMITHVILLE AREA, EGG HARBOR TOWNSHIP AREA, ABSECON AREA
Increasing your home's appeal
Remember the 60-second rule: That's all the time you have to create a winning first impression. Exterior
- Keep the grass cut and remove all yard clutter.
- Weed and apply fresh mulch to flower beds.
- Apply fresh paint to wooden fences.
- Tighten and clean all door handles.
- Clean windows inside and out.
- Powerwash home's exterior.
- Ensure all gutters and downspouts are firmly attached and functioning.
- Paint the front door.
- Buy a new welcome mat.
- Place potted flowers near the front door.
Interior
- Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller.
- Consider renting a storage unit to move items off-site.
- Clean and organize cabinets, closets and bookshelves.
- Clean all light fixtures and ceiling fans.
- Shampoo carpets.
- Remove excessive wall hangings and knickknacks.
- Repair all plumbing leaks, including faucets and drain traps.
- Make minor repairs (torn screens, sticking doors, cracked caulking).
- Clean or paint walls and ceilings.
- Replace worn cabinet and door knobs.
- Fix or replace discolored grout.
- Replace broken tiles.
- Replace worn countertops.
- Special details for showings.
- Turn on all the lights.
- Open all drapes and shutters in the daytime.
- Keep pets secured outdoors.
- Buy new towels for bathrooms.
- Buy new bedding for bedrooms.
- Replace old lamps or lampshades.
- Play quiet background music.
- Light the fireplace or clean out the ashes and light a candelabrum.
- Infuse home with a comforting scent, such as apple spice or vanilla.
- Set the dining room table for a fancy dinner party.
- Vacate the property while it is being shown.
All the news about short sales and foreclosures has forced those really motivated to sell to come down to compete with low prices. If you are looking anywhere in Atlantic County including Adult Communities then get in touch with me now. You can get settled in by the holidays and resume enjoying your life in a new home. I have mortgage people ready to help you do just that.
WHY WAIT TO START ENJOYING THE "REST" OF YOUR LIFE. I have enjoyed living this life style myself and it really extends your life. Communities that offer activities are the key to keeping healthier longer. I don't just say this to sell homes, I say this because I have experienced it. There are really good deals going on right now in Smithville area of Galloway Township, NJ. Only 17 miles from Atlantic City. This community has people from many walks of life that are very happy to share their many talents, from singing, art instructions, table games, yard games (with healthy competition), investing, healthcare, vacation clubs and sooooooo much more. Give me a call and I can hook you up with the right location for you.
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Barbara Morgan
Smithville,
NJ
More about me…
Keller Williams Atlantic Shore
Address: KENSINGTON CENTER, 200 Tilton Road Suite 5, Northfield, NJ, 08205
Office Phone: (609) 484-9890 x 116
Cell Phone: (609) 432-9060
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