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financing: What is a 203k Rehab loan? - 04/24/08 01:45 PM
I really love this house, but it needs work...

The FHA 203(k) loan allows the buyer to finance the cost of improving an existing 1-4 unit property into 1 loan at a long term fixed or adjustable rate.  The mortgage amount is based on the projected value of the property with the work completed (taking into account the cost of the work).  All this jargon basically means you can buy the property and fix it up with 1 loan.
The FHA 203k program is used to make improvements to an existing property. They can be used to make simple up-grades … (3 comments)

financing: Tips for consumers considering a bank REO - 04/14/08 01:41 PM
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a bank or lender is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs are owned by banks. Lenders go to great lengths to sell REOs. For banks, however, bank-owned homes are a liability. · First-time buyers will need to be pre-approved by one or more lenders.
· Don’t be surprised if the bank that owns the home requires that … (4 comments)

financing: Creative borrowing or fraud? - 04/03/08 02:16 PM
My parents have their Hermosa Beach home on the market and recently had an interesting offer come their way.  Understandably in this current market people are finding creative ways to buy and sell real estate, but this "creative" offer struck me as an old fangled way around fraud. The buyers were titled as an LLC and submitted an offer site unseen - red flag number one.  The offer was for almost a million over asking - red flag number two.  At this point, I realized this was Fraud 101.  To overpay for a product and expect a kickback is the oldest … (8 comments)

financing: FHA Today - 03/07/08 03:31 PM
As part of the government stimulus package the new FHA loan limits will increase from $362,000 to $729,000 for LA and Orange County.  What this means to buyers, and those who may be sitting on the fence, is that 2008 is the time to buy.  Interest rates remain low, and this stimulus package is TEMPORARY.  It is designed to get the economy back on its feet and stable.  Be part of the market correction now while prices are low and inventory is high.  You may not have been able to qualify in the past, and you won’t be able to again … (0 comments)

 

Melissa Kiser, a next generation Realtor

Huntington Beach, CA

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Star Real Estate

Address: Huntington Beach, CA, 92648

Cell Phone: (310) 489-8379

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