fha 203k: My New Announcement - May 2015 - 05/11/15 03:54 AM
I am pleased to announce that I have joined CrossCountry Mortgage this month. 
Whether you  or your clients are looking to purchase their first home, buy a luxury hone or are looking to invest in real estate as a part of their portfolio, I can help with all of these transactions.   We offer a broad portfolio of mortgage products that allow us to match the client's need.  Some of the specialty products we offer include:
*Bank Statement for self employed borrowers
*Construction to perm for clients interested in building a new home
*No-doc investment loans
 
In addition we offer all of the traditional mortgage products such as:
*Conventional … (5 comments)

fha 203k: Cure for limited inventory - 07/21/13 09:57 AM

 
There are no shortage of media stories about the limited number of homes available for sale in most markets.  Buyers are still plentiful in the market so the question becomes, how do we find them the right home?  Well, maybe the cure for limited inventory is simply find a home that isn't quite suitable as is.  I am not suggesting that a buyer settle for something that they don't want, but with the many renovation loans available, they can have the home of their dreams.
There are several renovation loan programs available in the marketplace.  They are:
FHA 203 … (55 comments)

fha 203k: Property Brothers coming to Atlanta - 05/14/13 10:52 AM
Today, I sent out an email to my clients and real estate partners with the announcement that Property Brothers is coming to Atlanta and looking for couples, or families that are interested in purchasing a home in need of renovation.  This may be a once in a lifetime chance to have your dream home.
Here is the email:
"We at Prospect are dedicated to the home renovation market so when Property Brothers (one of our favorite TV shows!) contacted us about their upcoming casting in the Atlanta Metro area, we wanted to help. If you have clients thinking about home renovation … (8 comments)

fha 203k: FHA 203(k) Financing – Ineligible Improvements - 02/25/12 06:17 AM

You know the types of properties that are eligible and we have reviewed some of the basic program guidelines in the previous posts.  There are some types of repairs that will not be eligible for this program. 
These are:
·        Major rehabilitation
·        new construction including room additions
·        repair of structural damage
·        repairs requiring detailed drawings are exhibits
·        landscaping or site amenity improvements
·        any improvement that will take longer than six months to complete
·        Any rehabilitation activity that:
o   requires more than two payments per specialized contractor
o   requires architectural plans or exhibits or … (3 comments)

fha 203k: FHA 203(k) financing – Eligible Improvements - 02/25/12 05:55 AM

Okay, we have discussed the general guidelines for the FHA 203(k) financing program and the eligible property types. So, what can you do with the money?
Here is a list of eligible improvements that can be made:
·        repair or replace roof
·        repair or replace gutters and downspouts
·        upgrade plumbing system
·        upgrade electrical systems
·        flooring
·        exterior decks and patios and porches
·        MINOR remodeling (no structural repairs)
·        Interior painting
·        exterior painting
·        installation of new doors
·        installation of new windows
·        purchase and installation of new appliances
·        lead-based paint stabilization
… (2 comments)

fha 203k: FHA 203(k) financing – General Guidelines - 02/25/12 04:59 AM

The FHA 203(k) rehab financing follows the same general guidelines as the regular FHA 203(b) loan.
Here are a couple of program characteristics that apply to the FHA 203(k) loan:
·        allows the borrower to finance up to $35,000 for repairs
·        can be used with the $100 down HUD REO property
·        the repairs can be completed after closing
·        the loan must have an automated underwriting approval
·        the credit eligibility is the same as other FHA programs
·        Cash out refinance is are not allowed
·        one time closing
·        rehabilitation funds escrowed by lender and disbursed … (6 comments)