 |
Need to Renovate and can’t find the Money?
A common question we get is:
“How can I renovate when I don’t have the money to put into the home and I don’t have the equity in the home to take cash out????”
Easy…look at one of our renovation programs which will look at the value of your home AFTER you complete the work. Whether you are a first time homebuyer or refinancing your home, we can give you a hand.
These loans are great for the First time buyer who wants to do just cosmetic upgrades because the place “is a dump, but has potential”.
Or the homeowner that wants to finish the basement add on a deck, patio or porch.
Big jobs (Additions) or small jobs (painting), this kind of loan can help you turn your home into what you have always wanted!!
Eligible Properties for these types of loans are 1-4 unit and PUD primary residences, 1-unit condominiums, Modular / prefabricated homes, Leaseholds
These renovation products allow homeowners and homebuyers to repair their properties in a number of ways.
Just a few Eligible Work items you may need done is:
-
Repair/Replacement of roofs, gutters and downspouts.
-
Repair/Replacement/upgrade of existing HVAC systems.
-
Repair/Replacement/upgrade of plumbing and electrical systems.
-
Repair/Replacement of existing flooring.
-
Minor remodeling, such as kitchens, which does not involve structural repairs.
-
Weatherization: including storm windows and doors, insulation, weather stripping etc.
-
Purchase and installation of appliances, including freestanding ranges, refrigerators, washers/dryers, dishwashers and microwave ovens.
-
Accessibility improvements for accessibility for persons with disabilities.
-
Painting, both exterior and interior.
-
Repair/replace/add exterior decks, patios, porches.
-
Basement finishing and remodeling, which does not involve structural repairs.
-
Basement waterproofing.
-
Window and door replacements and exterior wall re-siding.
-
Septic system and/or well repair or replacement.
-
Lead-based paint stabilization or abatement of lead-based paint hazards.
Is Your Home in Need of Repair?
Is your current home in need of improvement, or are you looking to buy a home in need of repair?
Do you need additional money for these upgrades?
If you answered 'yes' to these questions, the FHA 203K loan program may be right for you. Now you no longer need to put off these repairs because you don't have the money, or can't find that 'perfect' home. The FHA 203K loan program is the Department of Housing and Development (HUD) primary program for community revitalization and for expanding homeownership opportunities. It offers you the resources to rehabilitate your current home, or purchase a home, that may be in need of repair without exhausting your personal savings:
- Get up to $35,000 for improvements (streamline version)
- Appliance repairs and upgrades
- Repairs and updates to existing home - kitchen, bath, deck, roof, insulation, heating, ventilation, air conditioning systems, etc.
- Finance 100% of the cost of eligible energy efficent improvements
- Make your home handicap accessible
- Single family, 2, 3, or 4 family, condo, mixed use properties are all eliglible
- Convert your single family to a 2, 3, or 4 family, or vice versa
- Great 30-year fixed rates and a one-time closing. No more stressful multi-closing deals!
- Mortgage payment reserves can be made available during the time of construction and rehabiliation
- MANY, MANY MORE OPTIONS!
This may be what you need, to get what you want!
Common Questions/ Concerns:
1. The house has septic issues... you can correct that TITLE 5 issue after the closing!
2. Your realtor is trying to market an "ugly duckling" that needs some Cosmetic TLC
3. Its a bank foreclosure with eager buyers with minor items to "tweak."
4. You have cash poor buyers who want to improve the house BEFORE they build equity.
5. The home is great but the borrower wants to fill in the pool!
6. Its a 1-4 family owner occupied and needs all new appliances.... roll them into the loan!
7. First time buyer who wants to do just cosmetic upgrades.
8. The borrower wants to add a second floor!
9. The homeowner wants to finish the basement and they have little equity line to tap!
10. Its time for the in law or au pair suite!
11. Its time to add or replace the deck, patio or porch!
12. Your borrower wants to repair the driveway or perhaps install a new one
13. Your borrower wants to install AC or replace an existing HVAC system
14. The applicant wants to install gutters, down spouts, new roof.
15. Replacement windows are needed and the borrowers do not want to tap their cash.
16. Its time to paint inside and out.
17. The basement needs waterproofing.
18. Borrower wants to add a pool or other luxury!
 Massachusetts Office - 423 West Broadway, Suite 403 - South Boston, MA 02127 Phone: (617) 269-1118 Toll Free: (877) 574-0007 Fax: (617) 269-1133 website: www.mbamortgageco.com
We lend in the following states:
Massachusetts, Connecticut, New Hampshire, Rhode Island, and Florida
Licensed by the Massachusetts Division of Banks. License #MB4115
Licensed by the Connecticut Dept of Banking. License #17404/#17405
Licensed by the New Hampshire Banking Department. License #11440-MBR
Licensed by the Rhode Island Division of Banking. License #20072210LB
Licensed by the Florida Office of Financial Regulation. License #504347
FHA Approved Broker
Licensed by the Department of Housing & Urban Development. License #28012-0000-2
NMLS #2880
© 2010 Myers Internet All Rights Reserved
Powered by: Myers Internet | Admin Login
|
 |
