Tuesday, October 9, 2012

Home Renovations/Rehab. How To Fund Them--Stevensville MD

Well I have to tell you....I attended a class today that was quite an eye opener. I found out that there is so much more that I could be offering my clients....even past clients. The problem is that I have heard about this product but really was not aware of how it works, not really understanding the benefit of it. The class was conducted by Jeff Onofrio and Tom Mills from AnnieMac Home Mortgage. They described to us a program that the governement launched back in 1978 that provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings. Or a current homeowner who is looking to renovate their primary residence to upgrade, improve or add an addition to the home. What is it? What am I talking about? The FHA 203K Program! Right now, there are currently hundreds if not thousands of homes here in Queen Anne County sitting on the market that with a little TLC would be become a dream home--just by using this program. Perhaps you have said, "I love that house, but_______________" That "but" may be... But the kitchen is outdated, but it needs another bedroom/bathroom, but I want a finished basement,etc. This little known program will solve any of these "buts" and more!!! You the buyer can basically include whatever your little ole heart desires: carpet, paint, new appliances, new kitchen,new bathrooms, hardwood floors, build a garage, make a home handicap accessible,convert to a green home, and it goes on and on. Do you want to buy a fixer-upper? Use the 203K program. Has the home been stripped? Does it need HVAC, electrical, plumbing, connect to public utilities, septic/well, expand foundation/footprint, etc..... it's covered. There are two types of the FHA 203K Loans: 1. The Streamline: This one is for the less expensive repairs and improvements. The maximum costs that can be included in the loan are $35,000, which includes all the 203K fees. 2. The Full 203K: This one is for the larger projects requiring more than $35,000 in costs or for projects that require structural repairs. Anything that will become a permanent part of the property. What properties are eligible? Any single family home, townhouse, or even multi-unit (up to four units) property can be financed with FHA 203K financing, as long as the buyer is buying the property as their primary residence. Condos are eligible but must be in an FHA-approved complex and be one of no more than 4 units in the building. So, if this sounds like somethng that will help you buy a home, whether it is your first home or not, contact me and we can start the search for your dream home. Hi, I'm Lisa Longest and I am a real estate specialist in the Stevensville and surrounding areas and I look forward to helping you with your real estate needs. So feel free to contact me. I look forward to hearing from you. LisaLongest@ExitGoldRealty.com 443.786.4200

Saturday, October 6, 2012

What is HAFA? --Stevensville MD

Okay, so all you have to do is listen to the radio, turn on the news, read a local newspaper and realize that there are alot of people in dire situations. Perhaps they have lost income due to job loss, health issues, divorce, etc. They are homeowners and are starting to feel the squeeze with keeping current on their mortgage or perhaps have found themselves already behind in their mortgage. What do they do? Are you one of them? Are you confused as to what to do? Who to talk to? Is there anything you can do? Or should you just walk away and leave it behind? You need the right answer right now, don't you? Before you make that decision, talk to me. Do you realize that right now, there are at least ten different options open to you to help you out of your housing situation? TEN! Surely at least one of them can be used to help YOU. I'm not going through all 10 of them in this blog. If you want to know what they are, I want you to call me so we can discuss them together. However, I am going to talk about a governent program that may help. You have no doubt heard about it but wasn't sure what it is. It is called HAFA (Home Affordable Foreclosure Alternative). I strongly encourage you to watch the video attached to the link to a clear and simple explanation of what this program is about. In 2009, the Treasury Department introduced this program to keep as many homeowners out of foreclosure as they could. It took effect on April 5, 2010 and is to expire December 31, 2012. Yes, within the next couple of months it is to expire. But wait!!!! News update! The HAFA Program has been extended to Dec 31, 2013 with a few changes attached. Quick highlights: Home no longer has to be owner occupied to qualify. $3,000 Relocation payment (but this is limited to owner occupied AND tenant occupied homes) You can now qualify even if you are current on your mortgage. Second Liens? You may receive up to $8500 to cover these. Last but not least....you will have $0 balance and no deficiency judgements after closing. So, do you think maybe, perhaps, this may be what you need? Let's talk about it. Hi, I'm Lisa Longest and I am a CDPE . I put people above profit. I am a real estate professional in the Stevensville and surrounding areas and I look forward to helping you with your real estate needs. So feel free to contact me. I look forward to hearing from you. LisaLongest@ExitGoldRealty.com 443.786.4200