Fixer-Uppers Made Easy

-
If you've been passing up on buying a home because of the expense of anticipated cosmetic repairs, you're missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or worse, a mortgage plus a short-term loan for repairs that often had a much higher interest rate).

This is not the case anymore if you qualify for an FHA Streamlined 203(k) loan. The Department of Housing and Urban Development's FHA Streamlined 203(k) loan allows qualifying home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.

With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. And the best part is, the additional funds are combined into your mortgage, so you only have to worry about one loan.

There are, of course, rules and guidelines we have to follow, and not every repair qualifies. But if you or anyone you know are interested in taking advantage of this great opportunity, it is definitely worth considering.

Check out my website for more Home Buying Tips!

Comments

Post a Comment

Popular posts from this blog

June Is the Best Time to Do These 5 Things

-
Image
Tackle these five summer maintenance tasks during June’s longer days and better weather — and save yourself time and money this winter. #1 Update Outdoor Lighting In June, winter nights are probably the last thing on your mind. But early summer is the perfect time to plan for those “OMG, it’s only 4:30, and it’s already dark” moments by adding or updating landscape lighting. The most energy-efficient, easy-to-install option is solar lighting, but it won’t perform as well on dark or snowy days. For light no matter the weather, install electric. #2 Clean Your House’s Siding With a bit of preventive maintenance, your home’s siding will stay clean and trouble-free for up to 50 years. Fifty years! Clean it this month with a soft cloth or a long-handled, soft-bristle brush to guarantee that longevity. Start at the bottom of the house and work up, rinsing completely before it dries. That’s how you avoid streaks. #3 Focus on Your Foundation There’s no better time for inspecting your foundation
Read more

Asbestos in a Home

-
Image
Many homes or buildings built before 1980 may still contain asbestos or old corrosive building materials. This should not make you overly concerned, because asbestos exposure is easily avoidable by taking simple precautions. Many green, Eco-friendly alternatives are available which not only provide a safe and health method of insulation, they can even help in reducing annual energy costs. Tips and Prevention: If any asbestos is located in the home, most experts suggest to just leave it alone and undisturbed. Asbestos that is not deteriorated and left alone will almost always not pose any risks. The best action may be no action at all. When its fibers are disturbed and become airborne, it can be a cause for concern. Home professional consultants can provide an evaluation of the home. It is not always an easy process to determine whether or not a particular insulation contains asbestos. Anyone who is unsure about the insulation in their home should have the materials in question tested.
Read more

Small Affordable Home Upgrades for Big Impact

-
Image
Home improvement pros and DIYers tout a fresh coat of paint as a favorite among low-cost home upgrades that can make a huge impact. But what else can you do to accessorize and decorate? Sometimes the little things can make a bigger difference than you might think.  Professionals share the following easy and low-cost home upgrades to add a designer’s touch all around the house. These projects may even help increase your home’s perceived value.  For the Bathroom 1. Frame It Estimated cost: starting around $100 That edgeless, builder-grade mirror hanging above the bathroom vanity may be prime for an update. Measure the mirror and choose from numerous frame styles and materials, like wooden walnut or shiny brass. The frame kit includes clips and metal strips to attach to the existing mirror. A once-forgettable mirror instantly looks customized and styled to the space. 2. Infuse Some Green Estimated cost: $5 and up Simply adding greenery can liven up bathroom spaces and soften harsh lines f
Read more