FHA Loan Limits – Georgia The U.S. Congress on Thursday approved a bill to raise the maximum size of mortgages the Federal Housing Administration can insure and sent it to President Barack Obama to sign into law. The measure would push the so-called FHA conforming loan limit in the highest-priced real estate markets back up [...]
I’ve written a lot about FHA 203K loans. I’ve dug into the details of contractor selection,the draw process, choosing a property, using renovation financing to go greenand the differences between the home improvement loan products currently on the market, but it has been a long time since I laid out the basics of the 203K process and 203K [...]
Savvy home buyers understand you don’t walk into a perfectly renovated home and get a fantastic deal. The smart Atlanta home buyer understands you should focus your search on potential and you should understand loan products that allow you to unleash it. Why pay an investor 20%+ in profit to renovate a home for you when you can do it yourself with your own finishes and your own design? FHA 203K & HomeStyle Renovation loans WORK!
Renovating a home is not a one man job, you need to build a TEAM. How do you build a winning team? Unless you have lots of cash you’ll need to start with financing. Financing green renovation projects requires special loan products, like FHA 203K and Fannie Mae Homestyle used in conjunction with an Energy Efficient Mortgages (EEM). Not all lenders offer these products and even fewer have the skill, expertise and connections to pull it off. When it comes to choosing a lender you need to do your research. There are questions that you need to ask and that they need to be able to answer without pause. If they can’t answer them you need to keep looking. It doesn’t matter how great your Realtor, Architect, or Contractor are if you can’t get the financing to complete your project. Your lender is your quarterback, you need a Payton Manning not a Rex Grossman.
With the our housing stock aging, new construction inventories dwindling and the suburban flight back to urban America the need for renovation and home improvement loans has increased dramatically in recent years.
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