203k loan: Two Types of 203(k) Loans
- 07/15/11 06:16 AM
The Standard 203(k) and the Streamlined 203(k) products allow borrowers to finance the purchase price of the property, closing costs, and repair costs. Another attractive feature of these 203(k) products is that they require only a 3.5 percent down payment on the gross loan amounts. In the private market, conventional rehabilitation mortgages typically require 10 to 20 percent down payment. Standard 203(k)The Standard 203(k) loan is used when borrowers desire extensive structural work, such as additional room or removal of interior or external walls or when repair costs exceed $35,000. A minimum of $5,000 must be used toward repairs for Standard … (0 comments)
203k loan: Home Remodeling: What Housing Crisis?
- 06/29/11 07:42 AM
A Little Paint and Spackle Goes a Long Way Have you noticed the check-out line is longer at the local hardware store? As the nation continues to face negative news surrounding the housing market; not all areas of the industry are impacted. In fact, some seem to be growing. . .perhaps even thriving. According to a recent National Association of Home Builders (NAHB) study , Kermit Baker, a senior research fellow at Harvard University’s Joint Center for Housing Studies and the project director of its Remodeling Futures Program, said that even with its recent decline, the remodeling market is shaping up at $300 … (0 comments)
203k loan: New Search Engine for Distressed Properties
- 06/21/11 06:17 AM
Need a new listing option for a distressed property? RenovationReadyTMprovides FREE property pre-inspections to identify the scope of required repairs to meet lending standards and adds the property to our exclusive property search engine. Veiw our current RenovationReady Listings. For more information on RenovationReady visit www.cfs-mortgage.com, contact 800-494-2371 or info@cfs-mortgage.com. … (0 comments)
203k loan: Pre-purchase Decisions That Can Save You A Bundle
- 06/21/11 05:59 AM
The process of looking for, and ultimately, buying a home is hard work. Often times, people feel restricted by price ranges in the investment they are able to make. However, this does not mean that one can't fulfill their unique needs when purchasing a home. One home buyer's dream home can sometimes be another home buyer's nightmare. However, no matter what your standards might be, it makes sense to have a working list of parameters before you hit the open house circuit: Type of Home: Determining the type of home you want will eliminate a lot of the guess work out … (1 comments)
203k loan: Why Real Estate Agents Like RenovationReady
- 06/17/11 10:01 AM
Agents like working with pre-qualified buyers. Why not pre-qualify your listing with RenovationReady™? Pre-qualify a property - great idea - and it’s FREE. We pre-qualify your listing to expedite loan processing. We eliminate the guess work in property compliance to underwriting guidelines. Most importantly, we get the transaction closed on time. Renovation loans can be fast and easy with:
Experts in renovation and construction underwriting guidelines Our proprietary pre-inspection process to qualify the home Certification of the repairs needed to conform with FHA, FNMA or FHLMC standards Pre-processing of renovation loan requirements for our lender-partners Selling a … (0 comments)
203k loan: CFS Mortgage Corp and RenovationReady Form Alliance
- 06/13/11 06:47 AM
Phoenix based residential lender CFS Mortgage announced today that they have joined forces with RenovationReady™ to provide complimentary services to home buyers interested in renovation or construction of Single Family residential properties. RenovationReady™’s service agreement with CFS Mortgage provides property certification, loan processing, and renovation loan administration in both Metro Phoenix, and Southern California areas. The partnership of CFS Mortgage and RenovationReady™ brings together more than 50 years of traditional and renovation lending know-how. “Having known the executive team at RenovationReady™ since 1990, we are thrilled to bring to Phoenix and Southern California a top-flight resource of home construction lending experts. … (0 comments)
203k loan: What is RenovationReady? Not your average 203(k) process!
- 06/10/11 02:53 PM
Renovation Lending Fast & Easy. How do we do it? Our experienced team of renovation lending experts provide borrowers with a comprehensive, start-to-finish solution for home renovation loans. The process has three parts: Property Certification, Loan Processing and Fulfillment, and Renovation Loan Administration. RenovationReadyTM is the single source for CFS Mortgage, Real Estate Agents, and Home Buyers to streamline the home renovation lending process. Until now, renovation loans have been tedious, delaying transaction times, and a source of dissatisfaction. The result? Renovation lending programs are grossly underutilized and real estate professionals steer home buyers away from these useful loan programs. RenovationReadyTM assists … (1 comments)
The Standard 203(k) and the Streamlined 203(k) products allow borrowers to finance the purchase price of the property, closing costs, and repair costs. Another attractive feature of these 203(k) products is that they require only a 3.5 percent down payment on the gross loan amounts. In the private market, conventional rehabilitation mortgages typically require 10 to 20 percent down payment.
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