Most people see fixer-upper homes as money pits. And most people, and lenders for that matter, do not fully understand how to manage the fixer upper process. Yet, when looking at the real estate market as a whole, there are exponentially more homes that need work than homes that don’t. And in reality, many of these homes can be blank canvases for you to build and/or renovate your dream house. And renovation loans like the FHA 203k loan, allow you to build the cost of renovation into the loan. Next to the mortgage payment by itself, a homes carrying costs (also know as maintenance and utilities), is the second largest financial component of homeownership. Learn how to manage the fixer upper process more efficiently… Ask us how

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.

Interfamily transfers permit some unique rules to be considered when buying a home. We encourage mortgage planning to implement these strategies. A gift of equity can be used a few ways…and when done right, can drastically limit the use of actual money needed to buy a home. An interfamily transfer – also known as a non-armslength transaction – can be used three ways in any combination:

First, for down payment; Second, to cover closing costs for the loan; Third, to actually pay off debt. In many cases, these are great when estate planning is used in combination when transferring real estate. Imagine buying Grandma’s house, paying off your consumer debt, renovating the home, and doing so with almost no money out of pocket. It is certainly a technical transaction…and yet it’s done quite often. Do you qualify for a gift of equity? Maybe so…ask us how

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.

Many loan programs require property taxes and home insurance to be paid as part of the mortgage payment… referred to as an escrow account. In some cases, folks would rather keep that money in their own accounts and earn interest on it. And yet the amount of money, relatively speaking, is so small that considering that thought is financially insignificant. However, with certain loan options, contributing with a 20% down payment gives you the option to not have an escrow account. See if this is an option that makes sense… Ask us how!

*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.