FHA Renovation Loans – BEFORE & AFTER Photos of 203K Streamline & Standard Programs

FHA Renovation Loans – BEFORE & AFTER Photo’s of 203K Streamline & Standard Programs – Get a Visual of what you can do WITH your next home or even with a Refinance of your current home.

Renovation Finance Opportunities BEFORE & AFTER

The Buyer’s Concern:
“I wish the outside was as appealing as the inside”  with The FHA 203K Standard Program…

The Buyer Concern: “A Red Roof? A retaining Wall that is falling down, we need nice landscaping package with a brick walk way and front Lamp post…what about new windows and siding? OH YEAH! and please close in the wannabe sunroom and give me an office! Again FHA 203K Standard Program you can include Landscaping updates also.

The Buyer Concern: “Bright Blue siding? No Air conditioning, we need new windows with the grids, let’s tear down that old chain link fence and add a foyer enterence with coat closet, I would prefer Gray shutters not white, and OH YEAH! And that Tree needs to be pulled out..It is too big and hides our new home!



The Buyer Concern:
“Your Kidding!, Right? I have 5 daughters and this house only has 2 Bathrooms! With the 203K Streamline program..update Bathrooms and add a sit down vanity, ceramic flooring, and granite counter tops.



The Buyer Concern:
“OH MY GOD! A Blue Kitchen, Look at those cabinets! They are just like my grandmothers! The kitchen is the most important part of my home, I need a double wall oven, much much more counter top space, there is no lighting in here either…I need recessed lighting and the appliances MUST BE Stainless Steal of course OH YEAH! The flooring will need to be ceramic please…YOU GOT IT! with FHA 203k Streamline program.



What ever you can imagine you can do with that outdated, lacking maintenance, handyman special, foreclosed or short sale property….ALL you need to find is a great location, wonderful community, the school district you want to live in, within the commute to work you want…AND as long as the home in it’s AS IS condition PLUS the updates and repairs you want fit within your Pre-Approved Price range and the home will Appraise…YOU ARE GOOD TO GO!

8000 Home Buyer Tax Credit – Deadline April 30th – $5000.00 Can be used for Closing Costs & Down Payment

Home Buyer Tax Credit – Deadline April 30th – $5000 can be used for Closing Costs & Down Payment Let me help you through it.

Let’s Face it, The Home Buyer Tax Credit is GREAT! BUT, Most of us need it up front to help us with the closing costs at settlement.

Wouldn’t it be great if YOU can get $5000.00 of the $8000.00 upfront to use for your closing costs at settlement? Well, If you make less then  $70,000.00 per year…you have a really good chance!

There are a few other requirements….but, the catch is MANY Mortgage Companies are NOT offering this program.

THATS WHY YOU HAVE NOT HEARD ABOUT IT TILL NOW!

But, in the Lehigh Valley Area…you can get qualified for ALL the Down Payment and Closing Cost Assistance programs through 2 different local Direct Mortgage Companies…I will help guide you.

The point is you can get this $5000.00 to help you with closing costs AND you can also get $5000.00 in Seller’s Assist to help with your closing costs from the seller!

ONE MORE CATCH – As of Last week there was only enough money left to help 450 more Home Buyers with the $5000.00 up front money for closing…Quick BEFORE the money runs out and April 30th is HERE!

There is still plenty of time to find your Dream Home.  What do you have to lose?

This is the worst thing that can happen.

1) You get pre- qualified FOR FREE through one of the ONLY 2 places in the Lehigh Valley that can offer you the Down payment and closing cost assist for the $8000.00 tax credit and YOU DO NOT QUALIFY.

2) You do qualify for the program AND between NOW and April 30th you do not find the home that fits your needs. STILL NOTHING LOST. At least you tried. So, You can still buy a home or you can just stay where you are.

3) You do qualify for the program, You find a Home and the seller picks the other offer.  Then it was not meant to be...BUT YOU STILL TRIED! So, we find another home! and try again.

BEST CASE. You Qualify, You Find a Home, The seller Accepts your offer and You GET 8000 TAX CREDIT – 5000 to help you purchase the home and 3000 within 12 to 24 weeks after you send in your amended Tax Return!

Don’t Delay….contact me today and we will get started – IT COSTS YOU NOTHING FOR ME TO HELP YOU…The Seller’s Agent shares their commission with me at settlement.

What is FHA Renovation Financing “Rehab Loans” , How Does it Work & The Benefits?

What is Renovation Financing “Rehab Loans” & How Does it work? – What are the Benefits to the Lehigh Valley Home Buyer?

What is Renovation Financing?

  • It is financing will all the fixings
  • The money to purchase a home
  • The money to repair, upgrade or remodel
  • All in a single first mortgage transaction
  • FHA Programs Available – FHA 203K Streamline, FHA 203K Standard


How Does Renovation Financing Work?

  • Loan amounts are based upon AFTER IMPROVED property values
  • Estimates of repairs and/or other improvements are determined prior to closing
  • home purchase closes in AS IS condition
  • Home Buyers make improvements AFTER closing (4 to 6 months)
  • Renovation costs are spread throughout the mortgage term


What are the Benefits of Renovation Financing? for the Home Buyer “Borrower”

  • Choose a great lot or neighborhood and create their dream home.
  • Take advantage of market opportunities with “Handyman Specials”
  • Stay within certain school districts, but gain modern amenities
  • Make Energy Efficient Upgrades
  • Build Instant Equity

What Type of FHA Loans are Available for Renovation Financing? FHA 203K Streamline & Standard Loans

What type of FHA Loans are Available for Renovation Financing? FHA 203K Streamline and Standard Loans – Learn about the Basic program opportunities

Renovation Financing opportunities for FHA 203K Streamline Program – The quick and Easy (close within 60 days)

  • Owner Occupied ONLY! Sorry, No investor loans
  • For Purchase and Refinancing 1 to 4 Unit homes (including mixed use)
  • No minimum Repair amount – get as little as $1000.00 or as much as $30,000.00
  • 15 or 30 year fixed rates
  • Adjustable Rate Products available – Great benefits for Homeowners who are looking to move within 5 years
  • Foreclosure Sales
  • HUD Properties
  • Bank Owned Properties & REOs (Real Estate Owned)
  • Estate Sales
  • TLC – Handyman Specials
  • The Streamline K is a simplified verson of the full FHA 203K Standard
  • NO Structural, site or landscaping repairs or improvements permitted.
  • NO HUD consultant required – Just a Certified & Approved Contractor Estimate
  • Work must be completed within 4 months for less
  • Left over repair escrow must be used toward the principle of loan
  • Credit Score 600 to 620 minimum


Renovation Financing opportunities for FHA 203K Standard Program
– The Complete Package – Skies the Limit

  • Everything as the Streamline Program BUT More Paperwork, but MANY MORE OPTIONS
  • $5,000.00 minimum repair amount NO CAP – Property just needs to appraise at current market value
  • Greater fliexibility on repair amount or type of improvements which can be made.
  • Leftover repair escrow can be used for additional improvements
  • HUD Consultant required – fee sliding scale based upon amount of work being done
  • Work must be completed within 6 months or less.
  • If the home is not able to be lived in after settlement the home buyer can finance 3 or 4 months of mortgage payments in the loan until move in.

What is the Process for Getting an FHA 203K Renovation Loan? Let me walk you through it

What is the Process for getting an FHA 203K Renovation Loan? Find out the Basics for FHA 203K Streamline and FHA 203K Standard programs

When ever there is anything offered by the government it tends to be a bit confusing…so, I have dedicated my time to learn everything I can about this program plus develop relationships with the Renovation Mortgage Specialists in the Lehigh Valley so I can walk my Lehigh Valley Home Buyers through taking advantage of this opportunity available to them.


What a wonderful idea. Build a Loan Program  that will assist in building up our communities by renovating homes that are in need of maintenance AND repair- Foreclosures can be devistating to any community – NOW you can get a loan to help the home buyer to do the repairs they need that will help them have the home of their dreams and bring back the market value of the community where they are located at the same time.   WOW! NOW THIS WAS A GREAT IDEA!!


THE PROCESS SUMMARY

FHA 203K Streamline Loan Summary

1. Borrower obtains pre-approval
2. Borrower selects property with qualified Buyer Agent
3. Borrower identifies work to be done – qualified Buyer Agent will assist in this process.
4. Buyer Agent confirms that the property will appraise based on the AFTER Improvements Value
5. Borrower makes offer on the property in AS IS condition & estimates work to be done if possible – If the scope of the work can not be estimated – Then the offer should be written with a con
dition of a contractor estimate equal to a certain cap amount.
6. Borrower goes under contract
7. Selected Contractor (s) validated (contractor required to complete standard validation package) Written Estimate is completed.
8. Borrow makes mortgage application.
9. Final underwriting review
10. Loan closes
11. Work begins within 30 days of closing
12. Draw center releases  money to contractos with up to 2 draws per specialized contractor (up to 30% available for materials in first draw)
13. All work completed within 120 days of closing (4 months)

FHA 233K Standard Loan Summary

1. Borrower obtains pre-approval
2. Borrower selects property with Qualified Buyer Agent
3. Borrower identifies work to be done or contracts Feasibility Study with HUD consultant for $250.00 (applicable to total fee if proceed with transaction)
4. Borrower goes under contract and makes mortgage application
5. Initial credit review and commitment by underwriting
6. Selected contractor (s) validated (contractors required to complete standard validation package)
7. Borrower obtains work write up (“WWU”) for HUD consultant as well as written estimates from contractors for work to be done.
8. “Subject to” appraisal ordered once WWU and all estimates received.
9. Final underwriting review
10. Loan closes
11. Work begins within 30 days of closing

12. Draw center releases money to contractors per WWU schedule and after periodic inspections by HUD Consultant
13. All work completed within 180 days of closing (6 months)

Active Bank Owned/Foreclosure Listings by School District – March 7, 2010

Lehigh Valley Bank Owned/Foreclosures Listings as of March 7, 2010.

  • We will post Free Monthly links to properties that are Available as of the above date.

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  • If you would like us to set you up on a Daily email list of Lehigh Valley Foreclosed/Bank Owned Listings that fit your specific needs…Please Contact us and we will set you up for FREE  or you can Request a Search HERE.

  • Listings are pulled by School District and we have provided the most popular Links..If you need information on another area in the Lehigh Valley, Please contact us.

Follow Link to Access Report

  • Allentown, Southern Lehigh School District Listings: 48 Properties – Link Here

  • Bethlehem, Nazareth, Whitehall/Coplay School District Listings: 31 Properties – Link Here

  • Easton, Wilson, Bangor Area School District Listings: 23 Properties – Link Here

  • Northampton, Catasauqua, Northwestern, Northern Lehigh Area School District Listings: 13 Properties – Link Here

  • East Penn & Parkland, Salisbury Area School District Listings: 11 Properties – Link Here

Important Real Estate Disclosures

Moriah Represents the Buyer for the Listings above NOT the seller.  The Seller’s agent information is available on all Reports.

This information is provided to you by Moriah Martin, Real Estate Agent with RE/MAX real estate through a report generated by the Lehigh Valley MLS system owned by The Lehigh Valley Association of Realtors.

This information is deemed reliable but not guaranteed.  Changes to property Status and/or listing Prices can change on a Daily basis…please contact Moriah Martin for any questions on the current status and/or Listing Price of a property.