Are you a home buyer looking at homes in New Jersey? Have you found the right property, at the right price, and the right location, but it needs A LOT of work? Enter the 203k renovation loan. This loan can be used for both the purchase or refinance of a home. Check out the information below from my friend Ken, and if you have any questions, don't hesitate to call. I'd be happy to help and explain.
Quick note: For repair of luxury items or for renovations above $35,000 we can do these too, just call.
So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.
Not to fear! Meet the FHA 203K Streamlined renovation loan.
Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.
- Additions to the structure
- Kitchen or bath remodels
- Finished basement or attic
- Patios, decks or terraces
- Roofing and landscaping
- Safety, energy efficiency and electrical upgrades
- Handicapped accessibility improvements
Luxuryitems are not eligible
- Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use
The maximum loan amount must be within the FHA loan amount maximum for the MSA where the home is located and must include the purchase price and the renovation amount. The maximum renovation amount is $35,000 and the minimum is $5,000. Under $5,000 we can do with an escrow of repair funds. A minimum of 10% contingency reserve is required and must also fit into the FHA loan maximums for the area where the property is located. (Any balance remaining on the contingency will be applied to the principal balance and may not be used for additional repairs.)Yes, it takes a little longer to close an FHA203k Streamline loan than it does to close a standard FHA loan. If you are an agent and you are concerned about that extra couple of weeks just think of it this way: You may make a sale you would not have otherwise made. You may help a buyer get into a home in the area where they wanted to live instead of where they "had" to live. You can be a real hero for someone.If you are in Georgia I can help you with the necessary paperwork and give you a short class in how to use the FHA 203K Streamline Rehab loan to purchase, sell or represent homes in today's economy. Never hesitate to call me at any time and I'll be happy to answer your questions.
Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683
reservations are required. All concerts are held at the Main Branch of the Gloucester County Library in Mullica Hill (389 Wolfert Station Road (Route 45 located close to Route 322 (See map/directions below)).
I am not sure how long these guys have been here, but one thing is for sure; They seem to be doing VERY well.
This isn't the first time we have seen these guys, but the pictures here are from outside the front of our house, in a development, in the street. This guy either crawled up from the sewer or he walked a really long way from the nearest water!
Are you looking to purchase a home in South Jersey? One of the best mortgage programs available today is the USDA mortgage program. This mortgage loan is still somewhat unknown despite its popularity in this current market. A USDA mortgage allows a home buyer to purchase a home with zero money down. Not only is there no required down payment, but the seller can pay all of the buyers closing costs, which will allow a home buyer to get into a home with very little out of pocket.
Whether you are a 
A quick reminder to real estate professionals and consumers alike: This time of year in New Jersey many property taxes are "updated", potentially causing the 2008 tax estimate that is showing on the MLS to be inaccurate. Sometimes the change is so small a buyer doesn't even notice. Sometimes a property's taxes could go up by $1,000 or more per year. It depends on the home you are buying.
So if you are in New Jersey and are settling on your new home in October or thereafter, be forewarned.
Being a first time home buyer 
Some first time buyer grant/assistance programs 
In the scenario today, said client was offered 4.5% with no points. I told him it wasn't possible, but lest I be ignorant, I dropped by this other lender's website. Indeed, the lenders website quoted 4.5% with no points and an APR of 4.878%. The website gave the assumed loan amount and purchase price. So I went and did the math. What did I find out? To make the rate and APR accurate, I had to add 2.25% in points ON TOP OF all of the regular fees (title, appraisal, etc.).
Any lender should be able to offer you a good faith estimate (GFE) in a fairly short amount of time, 24 hours or less, allowing some time for when a lender is very busy. Assuming the lender is honest and accurate with their fees, you should be able to see the true cost of their offered rate. You should be able to see, as in the above scenario, that their rate of 4.5% with no points really has a lender fee of $4,119 (Actual additional cost based on their APR). This same week I had another rate shopper send me a 
Are you a first time home buyer in New Jersey? Do you need more information to make an educated decision for buying a home? Buying a home isn't a snap decision, it is a pivitol time in life, and means that making good decisions when buying a home can effect the life of you and your family for many years to come.
5k Run
For first time home buyers in New Jersey and many other states, the first time home buyer tax credit not only gave some incentive to purchase a home, but it also gave them the availability to purchase homes they otherwise could not have qualified for. Let me explain.
Mullica Hill, NJ
is full of antique shops, historic homes, and great local businesses such as coffee shops, the Amish Market, book stores, and more.
Step one: 