In many areas of the country, including Los Angeles County, homes offered through foreclosure or short sales are available at substantially reduced prices. However, many of these homes have been poorly maintained or damaged by previous occupants.
Additional great buys can be found in older, well-established neighborhoods offering excellent schools, shopping, employment and other amenities. But the biggest problem for those seeking this type of opportunity has been having a GO TO organization that has all the details. Unfortunately, most prospective buyers are not aware of how to cost effectively finance both the purchase of the home and the renovation work required. RE-build USA is the answer.
HOMEBUYER Opportunity : By including cost of renovation in your home mortgage, you pay for these improvements over time at a much lower interest expense than conventional alternatives.
Click here to learn more about FHA 203k loans (FAQ's)
FHA 203k benefits:
- Only 3 1/2% down payment required, which can be gifted by family members
- More flexible qualification requirements allow those with less than perfect credit to purchase a home at competitive rates
- A single loan for both purchase and improvement of your home means you make only one loan application and pay one set of closing costs - saving you time and money
- FHA loans are assumable and there are no prepayment penalties
- An FHA Energy Efficient Mortgage (EEM) can allow you to qualify for a larger mortgage to add additional improvements that will lower your utility expenses.
- Rather than paying a premium for a home in "perfect" condition, take advantage of the great prices available on foreclosures or other homes on the market that are in need of repair or remodeling
- Instead of paying for a previous owners improvements you may not desire, invest instead in exactly the features, colors, styles, etc. that suit your tastes and needs
- Enjoy the opportunity to live in an up-to-date home in a great location closer to work, shopping, cultural activities and more.
If you or anyone you know is looking for a home which needs some work but can't afford to pay for the work, this program could be perfect. Please have them contact me at 661-965-4647 or email me at mark@servicefirstre.com. You can also go to my wesite at http://www.antelopevalleyrealtor.net/.
Thanks
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