NEW FHA RENOVATION LOAN GUIDELINES

Many home buyers are getting great deals on short sales and foreclosures here in Tampa, however these homes usually require updates and renovations.

With these new rehab loans offered by Wells Fargo, you can turn your newly purchased home into the house of your dreams

with little or no money out of pocket!

Even better, you only have to have a minimum credit score of 600 to qualify!

REMODEL EXPRESS

REPAIRS UP TO $35,000

LOWES OR HOME DEPOT TO DO ALL REPAIRS

NO STRUCTURAL REPAIRS ALLOWED

CLOSE IN 30-45 DAYS

Want to add a pool? Then these 203K financing options may be for you!

203k STREAMLINE

REPAIRS UP TO $35,000

PICK UP TO 4 DIFFERENT COMPANIES TO DO THE WORK – ALL MUST BE LICENSED AND CARRY INSURANCE –EXAMPLES – ROOFER, PLUMBER,

NO STRUCTUAL REPAIRS ALLOWED

CLOSE IN 45-60 DAYS

203k – Full blown

NO LIMIT ON REPAIRS

STRUCTUAL REPAIRS ALLOWED

1 LICENSED GENERAL CONTRACTOR

HUD CONSULTANT REQUIRED

CLOSE 90-120 DAYS

CONVENTIONAL MORTGAGE

STRUCTUAL REPAIRS ALLOWED

THIRD PARTY REVIEW PROCESS

1 LICENSED GENERAL CONTRACTOR

CLOSE 60 DAYS

So, what’s the next step?  You’ll need to get pre-qualified to find out what you can afford.  A mortgage specialist can go over all the details of this, and many other financing options available to you.  Shoot us an email here

You may also want to read the New FHA Lower Minimum Credit Score Guidelines and Information here.

With the amount of short sale and foreclosures on the market in the Tampa Bay area, the 203K loan program may be a great opportunity to purchase a distressed property and renovate it the way you want to.  Most of these properties have been abandoned and need work. If you have the vision, and can put a little time into designing a house, a mortgage designed for renovations may be the best way to purchase. 

When purchasing or refinancing a home, why not include additional money for renovations or repairs?

 Many buyers plan to make changes to a home after closing.  

 A Renovation Loan allows buyers to purchase and renovate a home with one loan.

BENEFITS

•  Mortgage based on after-improved value.
• One closing and then repairs begin (sellers avoid having to make repairs themselves)
• Perfect solution to older home problems
• Enables borrowers to buy a foreclosure property without having cash to do the needed repairs

ELIGIBLE REPAIRS

• Roofing, gutters and downspouts
• Interior or exterior painting
• Room addition or garage
• Remodel kitchens and baths
• Update appliances
• Flooring, tiling and carpeting
• Major landscaping, decks and fencing
• Structural alterations and additions
• Modernize plumbing, heating,
• AC and electrical systems.
• Install or repair well or septic system
• Energy conservation improvements  

 Call Katie Cook Hughes for more details on this loan program, Sr. Loan Officer,Prospect Mortgage, Cell: 813.546.0922

View all homes for sale in the Tampa Bay area.

Visit our MLS website!  Save your favorite homes, get property alerts and more.  

This is a guest blog post from Ann Alderson, with Home Staging South Tampa.  Great advice and ideas to help sell your house in a down market; and it’s not as expensive as you may think!

The final step in preparing a house for market is the most creative step.  Once the house has been de-cluttered, cleaned, repaired and neutralized, the last step to creating the right impression and feelings is home staging.  This is the unspoken method that makes buyers fall in love and feel themselves owning and living in the home.  This is where and how you get in touch with their feelings — the ones that make them want to return, move in and enjoy living in the home.

Here are some key points for home staging:

• To feel totally comfortable in the home.
• To see it as a personal haven from the hectic life outside.
• To enjoy the beauty of the structure or view.
• To see it as a place to be proud to own.
• To see it as a place to show to family and friends.
• To see it as a place to live safely and see their family happy.

If buyers emotionally connect with the home, they will often sacrifice a feature on their list.  They might even pay a higher price.  But falling in love with the home is the key factor.  That is why Home Enhancement is crucial when the home is competing with new construction/model homes.  Resale homes are at a disadvantage in this market and home staging gives them a leg up.  By using vignettes in a room you can easily focus the buyer’s attention in a specific direction. 

Remember, when staging, less is more and a room shouldn’t be stuffed full of furniture and accessories.  In fact, the room should be trimmed severely.  So you’ll want to decide from the beginning what type of room you want it to be featured as and whether the room can double for a second activity or not.  For instance, when you work in the master bedroom, see if you can make it a master suite and look for a way to create a seating area in addition to the sleeping space.

Have you noticed in design magazines that the rooms look warm and inviting without actually depicting people in the space?  Yet the rooms look like you could relax, enjoy a book, take a bath or entertain lavishly.  These are the types of feelings you want to create.  This is the secret to successful home staging.

Each room should speak to you in its own way.  Maybe it speaks relaxation.  Maybe it speaks comfort.  Go with that aspect and then try to tweak it to suggest something other than the obvious.

Look for ways you can reach a buyer’s senses — sight, smell, sound, touch.  The more successfully you can tap into their emotions, the sooner the sale will take place and the higher the price you will get. 

Thinking of selling your home in the Tampa Bay Area? Call a Realtor first! 

Rae Catanese, PA   813 784 7744. 

Ann and myself will be happy to give you a free home consultation and market analysis.

Remodel Safely: Protect yourself and the Environment while saving Money

There are many things to consider when remodeling or buying buying an older home. Homes built before 1980 could easily contain asbestos. Of course, even homes build after 1980 still may contain products that are worth taking note of.  As technology and long-terms cost efficiency is constantly evolving, so too is our need for environmentally and health safe building materials. If you are interested in remodeling, saving money and improving your environmental standing in the world, then here is some information to get a project started in the right direction.

If you’ve thought about remodeling a home that was built before 1980, you’ll probably be faced with a number of toxic materials during the process, not the least of which will be asbestos. Asbestos insulation was used in millions of homes during the housing boom of the 20^th century and though it’s safe to be around when it’s enclosed or in good condition, damaged asbestos can be a real problem. It can cause dfferent types of mesothelioma, such as peritoneal mesothelioma and pericardial mesothelioma. In addition, removing asbestos in order to replace it with a healthy alternative can be a pain as well – it needs to be removed by a licensed professional – but the end result is well worth the time and expense.

Asbestos Removal

Nonregulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated.

The health risks involved in handling non regulated asbestos materials is small but the removal should be done in a manner that will minimize the release of fibers due to breakage. It is recommended, because breakage in inevitable, that one wears asbestos related safety equipment including a disposable tyvek suit, gloves and must be medically able to wear a half mask respirator with High Efficiency Particulate Air (HEPA) filters, and adhere to the principles of wet removal and without visible emissions.

Removal in workplaces, schools and public facilities must be done by a licensed asbestos abatement contractor.

Disposal

The best way to dispose of asbestos is to bury it or any way that will prevent it from becoming airborne.

Service area landfills will often accept large amounts of asbestos provided it is properly contained or shipped in bulk.

For a list of home inspectors, builders or contractors in the Tampa Bay area send us an email with your request.