With the economy flat and home prices stagnant people are looking to get more out of their renovations. Whether it is a FHA 203K purchase or a Fannie Mae Homestyle refinance, going green with your new renovation will pay dividends for years to come. Whether your goal be energy savings, an allergen free home or saving the planet; here are 5 fresh ways to go green on the next face lift for your home.

1.) Natural Linoleum

Recyclable, long lasting and glue free; natural linoleum is asthma / allergy friendly. Simple dry dusting can prevent allergens and keep your whole family allergy free.

2.) Cotton Fiber Insulation

Treated to resist fire, containing no irritants and can be manufactured from recycled blue jean scraps; this is as green as it gets.

3.) Mold Resistant Wallboard

You can purchase affordable moisture resistant Gypsum wallboard that greatly reduces mold risk and promotes indoor air quality.

4.) Cool Metal Roofing

Did you know that metal roofs last two to three times longer than shingles? They also can save 30%+ on cooling costs and are resistant to hail, wind and fire. Energy savings and safety, that is a win win in my opinion.

5.) Energy Efficient Windows

Energy Star windows typically lower energy bills 10% – 25% by reducing heating and cooling loss.  As an additional benefit laminated glass reduces noise and stays in place in broken. Another energy and safety winner!

Whether you are purchasing or refinancing you need to explore FHA 203K & Fannie Mae Homestyle renovation financing. Renovation financing allows for use of up to 110% of the AFTER repair value which provides you with more room to do the green renovations you need to save money, make your home allergen free and save the planet!

APPLY NOW for your FHA 203K or Fannie Mae Homestyle renovation loan!

See the original post on the industry leading MyFHABlog.com

http://www.myfhamortgageblog.com/2010/01/5-more-ways-to-go-green-with-fha-203k/

FHA 203K renovation loans have been around for decades, but they have recently found a new use in helping people go green. FHA awards benefits in terms of higher allowable debt to income ratios along with loan amounts that can exceed FHA statutory limits. So, how can you use the FHA 203K to go green?

1.) Green Up Your Appliances – FHA 203K loans will finance new free standing appliances for your home. Why not use that opportunity to buy EPA recommended ENERGY STAR appliances? Imagine beautiful stainless appliances that save you a bundle in monthly energy costs.

2.) Save Water, Save Energy — You can finance brand new low flow toilets as well as tankless water heaters. Low flow toilets use less than half the water that older models do and tankless waters provide unlimited hot water without all the wasted energy of a constantly working water heater.

3.) Want New Hardwoods? — Opt for sustainable bamboo flooring. Bamboo reproduces itself to maturity in 5 years as opposed to the 40-100 years than normal hardwoods take. Make sure and opt for formaldehyde free glues.

4.) Solar Panels — Solar is one of the easiest ways to dramatically cut monthly energy bills. Installing solar panels is so encouraged by HUD that they will allow you to exceed statutory loan limits to do so. In many cases the Federal, State and Utility company tax credits will pay for a good portion of the purchase and installment of solar panels. The rest we can finance.

5.) Insulate! Insulate! Insulate! — An obvious choice for a green home, insulating your home better can help you save thousands on energy bills. This should be a given on any green renovation using FHA 203K financing.

6.) Choosing Green Building Materials — A key aspect of any green FHA 203K renovation is the selection of environmentally friendly building materials. To reduce transport pollution and energy costs go local first. The second thing to look for is recyclable materials such as Glass, Terrazzo, Ceramic and Porcelain.

Now is the time, do you part and save yourself some green by going green!

Click HERE to get started on your FHA 203K renovation financing!

I get lots of questions about renovation loans and which one is the right a particular situation. Many people are quickly becoming familiar with the FHA 203K, but not so many know about its conforming sister the Fannie Mae Homestyle. So, when is the Fannie Mae Homestyle the right loan?

1.) Unfinshed New Construction — FHA 203K loans require a certificate of occupancy (known as a C.O.). This is a nearly impossible request on unfinished new construction foreclosures. This makes FHA 203K loans virtually impossible on unfinished new construction foreclosures. This is where the Fannie Homestyle comes into play. The Homestyle only requires homes be “substantially complete”.  What does that mean? Well, it is open to interpretation, but anything with the systems in place that is at least 75% complete might be a good candidate for a Homestyle.

2.) Loans Exceeding FHA Loan Limits — If you are over local FHA loan limits and need to do a renovation loan then your clear choice is the Fannie Mae Homestyle. In most places across the US conforming loan limits exceed those of FHA. For example, in Atlanta FHA loan limits are $346,250 while Fannie Mae Homestyle limits are $417,000.

3.) Borrowers with 20% Down — FHA 203K loans have mortgage insurance for 5 years regardless of the amount you put down (30 Yr fixed rate). It is possible via the Fannie Mae Homestyle to put 20% down and to avoid mortgage insurance entirely.

4.) Non-Owner Occupants — FHA loans require you to occupy the residence as your primary residence. Fannie Mae Homestyle loans will allow your to renovate a residence as a 2nd home OR AN INVESTMENT PROPERTY!

5.) I Already Have a FHA Loan! — Already have a FHA loan? Chances are you won’t be able to get another. Look at the Fannie Mae Homestyle to renovate if this is your situation.

There are certainly more situations where the Homestyle is a more appropriate loan then a FHA 203K.  Consult a knowledgeable Renovation Loan Specialist to determine what is best for your situation. We are here to HELP!

APPLY NOW FOR YOU FHA 203K or FANNIE MAE HOMESTYLE RENOVATION LOAN!!

Good Luck!!

FHA 203K renovation loans are the best loan for this market now, but it is no secret they require some additional effort and some additional time from the participating parties. Realtor’s take heed, your first step is to find a loan officer with renovation loan experience. If you do so you’ll make your life and your clients lives a little less stressful!

Want more info on renovation loans? Give us a call! We don’t just write about FHA 203K financing we ACTUALLY CLOSE THEM!

Serving markets all over the SOUTHEAST!

Atlanta | Savannah | North Georgia | Augusta | Warner Robbins | Birmingham | Huntsville | Montgomery | Central Alabama | Mobile | South Georgia | Florida Panhandle | Orlando | Jacksonville | Tallahassee | Panama City | Miami | Tampa | Ft. Lauderdale | Chattanooga | Nashville | Knoxville | East Tennessee | Central Tennessee | Memphis | South Carolina | Charleston | Greenville | Columbus | North Carolina | Charlotte

Easy question right? Full FHA 203K is over $35,000 in repair and the Streamline 203K under $35,000 in repair. Post over right? We can all go home now?

Not so fast. I get calls every daily from distraught home-buyers, distraught Realtors and distraught loan officers across the Florida, Georgia, Tennessee and Alabama markets I serve who’ve had a streamline 203K denied. Denied not because of the 203k renovation amount, denied because the scope of the work did not fall under streamline 203k guidelines.

Here are some of the biggest streamline 203k deal killers:

1.) Termite Damage — When I worked as a mortgage broker and didn’t have access to the full 203K this was the single biggest deal destroyer in the renovation loan market. A termite letter is not required by all lenders, but it is required by some. If you live in the South and are looking to buy an older home then there’s a good shot that house has had termites at some point. Termites eat joists, they eat subfloors, they eat things that are structural in nature. Any structural damage is automatically a full 203K, no exceptions. Be aware of this issue.

2.) Framing — Yeah, you might think taking out a wall to make the bathroom bigger is cosmetic, but you are not an underwriter. Moving a load bearing wall is structural and is not an eligible streamline 203k repair. But, but, this wall is not load bearing! Says who? Your contractor? Want to pay $400 for a Structural Engineer’s report to verify? I didn’t think so. Moving walls means you need a full 203K.

3.) Sub-flooring — Yeah, I love those houses built in the 20’s as well. We certainly have plenty of Atlanta neighborhoods full of them. Problem is, those houses have settled. Your indoor putting surface will take on a new level of difficultly in most of those houses. No problem, lets level this out! Nope, not with a streamline 203K. That is also structural, you’ll need a full 203K for that.

4.) Landscaping, Grading, Site Amenities — The drainage is bad and the driveway sucks, I want to fix that! Sorry, not on the streamline 203K. No landscaping and no site amenity improvements are allowed. You’ll need a full 203K for that too.

I guess you are out of luck buying that fixer upper. You’ll probably never get a loan. Your destined to be paying your landlord’s rent or hearing your upstairs neighbors playing Guitar Hero forever.  Don’t throw the towel in just yet though. When you are searching for a 203K Renovation lender just make sure they offer the full 203K as well. With access to both products you can eliminate any of the potential streamline 203K deal killers you may face. Luckily we have you covered, we can even help investors renovate via the Fannie Mae Homestyle. So get out there and buy yourself a heap, we’ll fix it up for you!

APPLY NOW for your FHA 203K Renovation Loan!!

Serving: Atlanta | Nashville | Memphis | Savannah | Birmingham | Charleston | Durham | Raleigh | Charlotte | Mobile | Huntsville | Greenville | Miami | Jacksonville | Orlando | Tampa | Tallahasse | Montgomery | AND MORE!!

This is the first in a series of posts outlining the basics of FHA loans. What you qualify for, how much the down payment is, underwriting and documentation along with tips and tricks for a smooth closing will all be covered. Feel free to contact me directly with any specific questions.

How Much Can I Borrow?

How much do I qualify for is ALWAYS one of the first questions I’m asked. There are two things to consider when you are looking to purchase via FHA in Georgia. First, you’ll be limited by FHA loan limits. These are county specific. For example an Atlanta FHA loan is limited to 2009 Metro Atlanta loan limits of $320,850 for single family residences. The rest of Georgia, including Savannah, are limited to $271,050.

The second thing to consider is debt to income ratio. FHA guidelines like for you to use no more than 31% of your income for housing. It is possible to exceed this amount with compensating factors such as a high credit score or plenty of assets. As far as your total debt to income ratio, FHA would like you to spend no more than 43% of your total income on debt. Of course, the same compensating factors listed above apply to this ratio as well so you can exceed that guideline in some instances.

What is the Down Payment Required?

The down payment requirements are changing to 3.5% in 2009 for traditional FHA purchases. However, FHA 203K Loans, along with FHA 203H loans for disaster victims and FHA Energy Efficient Mortgages, are not affected by the change and will remain at 3% down. One note is that on the FHA 203K and other FHA specialty products requiring the lower down payment, you can still include the appraisal and a portion of your closing cost in the down payment.

What Paperwork Will I Need?

When applying for your Georgia FHA loan you’ll need to fully document your income and assets along with providing full explanations of any credit problems in the past 2 years.

1. Two Years W2 & Two Most Recent Paystubs.
2. Tax Returns generally only needed for self-employed borrowers, borrowers with rental income and borrowers using commission income to qualify.
3. Two months full bank statements. Must be “official” statements and must include ALL pages.
4. Most recent statements for retirement and investment accounts.
5. Color copy of Driver’s License and Social Security Card.
6. Credit explanation letters, bankruptcy papers, divorce decrees, child support documentation, leases on rental properties, etc are required if applicable.

What Credit Score do I Need?

FHA and lender guidelines generally require a 580 mid score or above to qualify. However, 620 or above should get you the best FHA rate available. The higher the better though and home buyers with excellent scores will generally be required less documentation and have faster underwriting turn times.

How Long Does the Process Take?

That depends on a number of factors, but 30 days or less should be the goal on a purchase. Borrowers with lower credit scores will generally be required to document more and therefore can sometimes take a little longer than borrowers with excellent credit. If you are doing a FHA 203K Renovation Loan then 30 days is still reasonable on the 203K streamline version, but plan for 45-60 on the full 203K due to the additional third party items needed. FHA Streamline refinances should be the quickest to close because of the reduced documentation requirements.

How Do I Get Started?

The first step is ALWAYS to call an experienced FHA loan officer to help you determine what you are qualified for so you can get a pre-approval. You should also be prepared with you income and asset documentation. The speed in which we can close you loan often depends on you more than anyone else.

Apply for Your Georgia FHA Loan

Jonathan Blackwell FHA 203K Renovation Specialist Hometown Lenders Atlanta, Georgia, 30317	Work: 404-551-3845 Mobile: 404-519-5383 www.203KLoan.net

2008 is almost gone and 2009 is just around the corner. Home buyers in Atlanta need to be aware that we are facing some changes if we are looking to purchase a home using in FHA financing in 2009. The first big change is the FHA loan limits for Georgia will be decreasing some in 2009.

FHA Loan Limits 2008

Single-Family = $346,250

Two-Family = $443,250

Three-Family = $535,800

Four-Family = $665,850

FHA Loan Limits in 2009

Single-Family = $320,850

Two-Family = $410,750

Three-Family = $496,500

Four-Family = $617,000

The limits in the rest of Georgia outside the metro area will remain the same in 2009 as they were in 2008.

Georgia Non-Metro FHA Loan Limits 2008 & 2009

Single-Family = $271,050

Two-Family = $347,000

Three-Family = $419,425

Four-Family = $521,250

Finally, in addition to Atlanta’s FHA loan limits decreasing, the down payment will be increasing as well. Previously, FHA required 3% as the down payment. In 2009 FHA will require Atlanta home buyers to put 3.5% down on their next FHA purchase. There is still one exception to that rule for HUD foreclosures. They will still only require $100 down for home buyers purchasing a primary residence. You still have time to take advantage of the higher FHA loan limits and lower FHA down payments though, but you have to act FAST!. Give us a call TODAY to get started on your FHA purchase! If you are purchasing with a FHA 203K Renovation Loan then your down payments will remain the same!

Jonathan Blackwell

Hometown Lenders

404-551-3845

EMAIL