Real estate blog entries tagged with first time buyers by Will Addo (Wells Fargo Home Mortgage)

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first time buyers: Tips for Selecting a Contractor - 02/22/08 08:34 PM

Tips for Selecting a Contractor
For most Renovation Loans, a contractor is required to do the work. The contractor must usually be licensed and insured. Here are some tips for how to find a contractor.
Word of mouth. Ask friends or family members who they would recommend. Ask your Realtor®. Contractors with a … (3 comments)

first time buyers: Choosing a Renovation Mortgage Consultant.. - 02/22/08 08:26 PM

The typical renovation loan process is complex and requires a lot of attention to detail and follow-up. It requires coordination of all parties involved so nothing is forgotten and there are no delays. This is what we do - and it is all I do! My team works with you and for you … (1 comments)

first time buyers: FHA 203k Renovation Loan-Frequently Asked Questions? - 02/22/08 08:19 PM

What is the maximum amount of a mortgage under this program? Loan amounts vary from area to area, depending on FHA and Conventional Guidelines. Conventional loan limits go up to $ 822,700. FHA limits vary by county and state. Higher cost areas and multi-unit properties have higher limits. To find the … (0 comments)

first time buyers: Here are some of the situations where renovation loans work best: - 02/22/08 07:53 PM

Property will not pass basic inspection prior to closing (minimum HUD standards) Cost of work needed is high - at least $5,000 - and borrower does not have the money available to pay for this work. The more work needed, the more renovation lending makes sense. If only minor … (0 comments)

first time buyers: FHA 203k Renovation Loans can be used for a variety of purposes - 02/22/08 07:46 PM

Here are the common uses.....
   Meet HUD minimum standards
   Put on an addition or garage
Major (Totaling over $5,000) remodeling. Examples   include: Roof, windows, siding, rainspouts, doors, carpet, plumbing, electrical, heating, driveway, fencing, re-drywall, update kitchens & baths, ...even install a new well or septic system.
Buy an historic home and … (0 comments)

first time buyers: What is a FHA 203k Renovation Finanicing??? - 02/22/08 07:36 PM

What's different...

Loan are based on after-improved value and condition
Defects can be addressed after closing.
Repair costs can be included in the loan and completed after closing
Most loans require the property being financed to meet certain conditions. Any defect in the property - from leaky roofs or bad furnaces to … (5 comments)

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