renovation consulting: Buying a Fixer Upper with a FHA 203K Loan - The Basics
- 02/01/10 01:21 PM
Buying a Fixer Upper with a FHA 203K Loan - The Basics Have you been thinking about buying a house but you can't find anything that you like? Have all the houses you look at, in your price range, fallen short of your expectations? There are a lot of homes out there for sale that need work to make them livable but after vision, money and sweat they would be perfect for you. However, you may only have 3 1/2 % plus your closing costs saved and not have enough for repairs. How will you ever buy a house like that? … (4 comments)
renovation consulting: Diary of a Realtor Turned Rehabber - Installment 2
- 03/03/09 05:02 AM
Dear Diary, We were supposed to settle on our house on Friday, but Monday we had a hiccup. The hard money lender we were using did a classic bate and switch of loan programs. Instead of this project being a "no brainer" (according to the underwriter) it turned into a huge problem. In the beginning they were going to lend up $140,000 which included the purchase price and the rehab cost. For over a week I asked for the terms of the loan, to no avail. Finally, 5:30 pm on Monday I got the terms. They were now offering $100,000, with … (2 comments)
renovation consulting: Renovation Mistakes - continued
- 01/01/09 03:30 AM
This post is the third in a series of blogs about mistakes people make while renovating homes. This is pretty extensive and was inspired by an HGTV program aired a few days before Christmas. I help a lot of home buyers purchase homes that need some TLC. They often purchase their homes using a FHA type loan product called a 203K loan which is a renovation loan allowing for the purchase and funds the renovation as well. There are several different types of 203K loans. A streamline which is very simple and does not require the home owner to have a … (4 comments)
renovation consulting: Renovation Mistakes continued
- 12/28/08 07:32 AM
This list is pretty extensive and will continue over several days. You may want to check out my previous entry on this topic: Renovation Mistakes Bathrooms and kitchens sell houses and add value. Why then would you build a bathroom that is too small and awkward to get around in? And, be sure to use appropriately sized fixtures and fittings. Don't put a small sink in a huge bathroom, and likewise don't use up small space with over sized vanities, tubs and toilets. Don't ignore the lighting sources in your room. If you have a small, dimly lit room with small … (0 comments)
renovation consulting: Renovation Mistakes
- 12/26/08 02:10 PM
As I was flipping through the television stations tonight looking for something to watch I happened upon the HGTV special on 25 mistakes people make while renovating. The list is pretty extensive and very important for anyone thinking about renovating their home. It is things like this that make great food for blogging!! Starting a renovation without a plan. Many people start by peeling off some wallpaper and end up gutting the entire house. When we bought our house, I came over to the house right after settlement. The upstairs bedroom that is now our office, had hideous wall paper on … (4 comments)
Related Links:
June Piper-Brandon
Creating Generational Wealth Through Homeownership
Buying a Fixer Upper with a FHA 203K Loan - The Basics
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