Saline Real Estate and Homes for Sale

Many home buyers these days recognize the need to do some repair after closing on the purchase of their Saline real estate.  (Original article written by Vance Shutes).   It can cost a lot of money to do those repairs, so today, let's take a look at one way to handle the cost of repair after closing.

If you're facing a lot of repair after closing on the purchase of your Saline real estate, you might want to consider the 203(k) loan program offered by lenders that offer FHA loan programs.

Housing rehabilitation is essential in revitalizing neighborhoods and expanding homeownership opportunities.   The FHA 203 (k) loan program enables borrowers to purchase a primary home that is in need of repair (or to refinance their current primary home for the purpose of remodeling).  Repairs of the home can be financed into the loan by using the "as completed" value of the home, rather than the present value.

Some of the features of the 203 (k) program include:

• Loans are based on the "as completed" value.
• Up to 6 months allowed for construction.
• 6% in seller concessions towards closing costs, pre-paids and discount points allowed.
• Minimum of $5,000 in repairs, maximum of $35,000.
• No liquid asset reserves required.
• Government insured.

 If you're interested in a 203 (k) loan, here are some typical repairs which are eligible:

• Modernizing and improving the home's function.
• Eliminating health and safety hazards.
• Improve exterior and interior appearance.
• Reconditioning or replacement of plumbing, electrical, or septic system.
• Energy-efficient appliances.

Most mortgage lenders will handle a conventional mortgage without a problem.  It takes an outstanding mortgage lender to smoothly handle an exceptional program like the 203 (k) loan program.  As you've read here before, nothing can beat the ability to go pound on a desk, so work with an outstanding loan officer at the #1 company in the area for FHA loans!

 If you have questions about your specific situation, or if you're considering buying or selling any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

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