The Accidental Real Estate Investor- A Great Place to Be! - 06/21/10 07:03 AM
Well Done George... Nice read and some handy perspectives and information. :)
Via George Belleville (Keller Williams Select Realtors):
Many people dream of becoming a real estate investor, but few actually do.  It is a big step with great rewards, but it is a leap for many people.  Twice this week I have had conversations with friends who find themselves in the position of being unintentional, if not accidentally, in the real estate investing business.
Sometimes this occurs because you bought a new house and did not need to sell your current house, sometimes you find yourself with some “found” money that presents … (1 comments)

203K's and Detached Structures.... - 06/17/10 06:08 PM
 
 
Okay folks... A 203K quiz...
 
Single Family home on 1.5 acre lot.  It has a main house of about 4000 sf and a guest house of about 2000sf.  The guest house is detached by definition, however, it attached to the deck of the main house via a covered breezeway.... (hint, hint).
 
IS this eligible for FHA 203K financing (just by information given of course) and if so, does it qualify for 1 unit maximum mortgage calculations or 2 unit???
 
Bueller, Bueller????
:)
 
 
 
 
 
More news at 6:00.
 
 

Brent Kluge
… (0 comments)

How to find 203K Consultant for your Renovation Project - 06/13/10 01:55 PM
When you are doing a 203K loan, it might be a good idea to start with an inspection.  HUD has a list of licensed and active 203K Consultants that are trained to look over the project to determine what needs to be done for FHA Minimum Property Standards, as well as whatever else your buyer may want to do AND also give a good estimate as to how much those costs will be.
 
Please remember, NOT ALL CONSULTANTS ARE CREATED EQUAL!
 
Be wary of the Consultant that also offers contracting services or is quick to dish our contractor referrals.
… (1 comments)

7 Short Sale Myths All Buyers & Sellers Should Know! - 06/12/10 09:24 AM
Great Information here... Please READ !
Via Halo Group Realty, LLC:
A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and it is important you understand the reality of this process if this is a solution that you feel meets your current needs. 1. Short Sales are Impossible and Never Get Approved Nothing could be further from the truth! Are short sales more difficult? Yes. Do you need to learn a new process? Yes. Are they … (1 comments)

Renovation Loans: 203K, HomePath, HomeStyle, Hard Money - 06/12/10 09:13 AM
Short Sale / Foreclosure?
 
*   Well, the inventory is FULL of these and you will need some type of loan that allows you to attain a mortgage   not passing an appraisal. *  These loans are available to buy the house AS-IS, and have money to fix it up the way you want it, ALL IN THE SAME LOAN! *  Work with someone that has a history doing these style loans. *  If its in Maryland... Give us a call!  :) Good luck, have fun, enjoy your house hunting! :) Brent Kluge Mortgage Lender Renovation Finance Expert 410.591.8300 … (3 comments)

FHA Monthly Mortgage Insurance TRIPLES!!!!!!!!! - 06/11/10 06:49 PM
SOOO...  What do you think about FHA Mortgage Insurance??  Necessary Evil, right?  Well, what would you say if I said it just TRIPLED???
Please tell me...

 
 In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA). The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan … (0 comments)

Short Sales/Foreclosures & 203K's: How to come up with your offer price. - 06/09/10 09:08 AM
203K's... the misunderstood, misguided, misnomer of the lending world; Who really wants to do them?
ME!
These wonderful loans are here for us to buy properties that will not pass an appraisal in their current condition and they allow us to submit a contract to purchase it AS-IS.  This means we will have money loaned for the purchase AND the renovation of the project.
 
When you are considering what offer you want to submit, you will need to "back into" your offer price.  The best way to do this is to first determine what the home will be worth when … (0 comments)

203K Frontline Report: AS-IS value, Help your appraiser!! - 06/03/10 07:32 AM
Good Morning from the Island of Saint Lucia...
(Yes, I'm pathetic... here on my honeymoon and blogging....)
 
Brent is bringing you a new report and word of caution regarding 203K's and REO's. This isn't something that happens exclusively with REO's, but you will find this occurance here more often.
So.. Your customer finds a great buy. He submits a contracto on a HUD REO to purchase it. You currently have the inspection report from HUD's contracted inspection company, Termite, Appraisal ALL FINISHED! They say in this example that you can buy it 203b with a repair escrow of $4,000.00. … (1 comments)

 
Biz2

203K World - Maryland - Baltimore - RENO Maryland / DC's #1 Reno Lender /AS-IS-EZ

Ellicott City, MD

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Brent Kluge - FHA 203K - HomeStyle- JUMBO Reno Loan

Address: 412 H Street, NE, Washington, DC, 20002

Office Phone: (410) 591-8300

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Brent Kluge's 203K & HomePath Renovation Blog Expert information for you for all your renovation needs focused on FHA 203k and FannieMae HomePath Renovation, HomeStyle and USDA reno. From planning, to process, to loans, to finding a match with a contractor, Brent Kluge and his team will guide you through the entire process and avoiding the pitfalls along the way.


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