When You Find The "Almost" Perfect House, But Want To Make It Home.

Reblogger Stephanie Edwards-Musa
Real Estate Agent with thredUP.com

This post is from Jason Sardi talking about the FHA 203K loan that was discussed at last weeks buyer seminar that I held in Spring Tx. 

These loans, I have a feeling, will get REALLY popular again over the next couple years.  If you missed my buyer seminar, check out this article.

Original content by Jason Sardi

This should lead it off quite nicely:)

Back in my early days of lending, I recall quite vividly the very first Rehab Loan I did.  While I did some legwork in actually knowing the ropes of that particular product before advertising the bejesus out of a very niche loan, I still was caught like a reindeer in some oncoming car's speeding headlights when trying to get them closed in a streamlined sort of fashion.  And then, I had it mastered.  As my particular luck would have it, most of those programs disappeared shortly thereafter.

The echoes in the back of my head rang of a long-lost product I had only heard about and most of what I heard were borderline horror stories.  The FHA 203(K) loan reared its mysterious head and stared me in my wide-eyed glance.  I gotta admit, there was major hesitation on my part in even wanting to get involved in such a misunderstood product.  I knew little about it and wanted to concentrate more on the Conventional sort of stuff that I grew up with in the industry... at least at that point.  Hey, of course I want to corner the market, but not at the risk of looking like an incompetent SOB at the end of the day.

Then, I encountered experts in that very product.  I figured, let's roll repair.

After doing more homework than my combined High School & College Education would vouch that I did back in the day, I chose to go after a market that just may make a dent in not only enhancing the housing market... but the very neighborhoods we live in.

This is just a taste of the FHA 203(K) Renovation Loan!

  • Add a deck or porch, makes for one heck of a Summertime BBQ.
  • Upgrade the electrical system and avoid reading overdue utility bills under candlelight.
  • Modernize the kitchen and watch the The Food Channel in a comparable stadium.
  • Replace a furnace and heck, it's a furnace.  You really don't want that entity breaking down anytime soon!
  • Paint the exterior and/or interior.  Yours could be the only lavender house in the neighborhood:)
  • Install new carpeting.  There's nothing like getting rid of stained residue from a German Shepard you never owned.
  • Remodel a bathroom.  Hey, might as well let loose of your naked body in comfortable surroundings!
  • Replace roofing and/or siding.  There were 58 mile per hour winds in Pennsylvania today, that stuff may come in handy.
  • Refinish wood floors.  That's a big selling point for yours truly.  I adore wood floors and have an aggressive amount of ShamWow merchandise to prove it:)

Program Features:

  • Low down payment
  • Buy and remodel a home with one mortgage!  You can finance the purchase plus the cost of the improvements with one monthly mortgage payment.
  • At least $5,000 in repairs needed to qualify for the 203(K) Loan.
  • They can be used for owner occupied 1-4 unit family dwellings.
  • Closing takes place before the improvements/repairs are made.
  • Money for the repairs and renovations is held in an escrow account and paid out after each phase of work is completed, inspected and approved.
  • By the way, they are fixed rates!

Consider this the teaser post to the taste buds of home renovation lending.  Yup, I'm your proverbial appetizer.

 

Jason Sardi

Mortgage Consultant

1-866-262-8720 ext. 229

jsardi@ihmci.com

Located at our Allentown, Pennsylvania office.  Pennsylvania Based Mortgage Banker/Broker whose area of service include PA, NJ, NY, CT, DE, MD, VA, SC, FL, MI and IN.

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Stephanie Edwards-Musa

knitwit at thred UP
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