Using the FHA 203k Home Renovation Loan, this buyer in North Benton, Ohio was able to completely renovate the home’s basement, bathrooms, kitchen, garage, AND add in a new deck. They purchased the house for $115,000 and had a budget of $85,000 in renovations. The home recently appraised at $232,500 – giving the buyers $32,500 in equity!

 

 

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

AmeriFirst PowerSaver Grant

You find a home you really like in a great neighborhood with a lot of potential. However, the furnace is old, the windows are the old single-pane style with a few missing their storm windows and the water heater looks like it belongs in the antique store. If you take that house and finance it with the FHA 203k renovation loan, and make the upgrades to those items, you might be able to have AmeriFirst Home Mortgage pay towards your closing costs.

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Using the FHA 203k Home Renovation Loan, this buyer in Canfield, Ohio was able to completely renovate the home’s bedrooms, kitchen, bathrooms, laundry room, and other rooms in the home. They purchased the house for $177,550, and it recently sold for $269,000 – a difference of $91,450!

 

 

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

Using the FHA 203k Home Renovation Loan, this buyer in Canfield, Ohio was able to completely renovate the home’s exterior, kitchen, laundry room, bathroom, and other rooms in the home. They purchased the house for $155,000 and had a renovation budget of $49,700 for a total cost of $204,700. The county has the property currently assessed for $254,770, which is a difference of $50,070!

 

 

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

Check Out What One Family Did With the FHA 203k Renovation Loan

Key Takeaways:

  • FHA 203k loans require lower down payments than Traditional
  • A lower down payment frees up money for other uses
  • Two-Step Strategy – refinancing an FHA 203k loan into a Traditional Conventional mortgage
John and Lauren DeSantis recently finished renovations on their new home and they love it. They found a house that had potential, but needed some TLC. Continue reading

In case you missed it, the U.S. Department of Housing and Urban Development launched new sales incentives for the states included in the HUD Philadelphia Homeownership Center region (Philadelphia HOC). The incentives are for the purchase and sale of HUD homes, and are designed to benefit both buyers and real estate agents registered with HUD.

The Philadelphia HOC region includes Ohio, Connecticut, Delaware, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and the District of Columbia.

The two incentives, which took effect October 1, include:

  • Buyer Bonus – $100 down payments on HUD homes financed with FHA-insured financing
  • Agent Bonus – Real estate selling agents (agent for buyer) get $500 for every HUD home purchased with a FHA Rehab Loan

In order to qualify for the broker bonus, the bid must have been awarded on or after October 1, 2016, and the purchase must be made with an FHA 203(K) loan. All HUD properties available for sale can be found at www.hudhomestore.com.

Contact our office to learn about HUD homes in your area so you can take advantage of these incentives.

*Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Please contact us for exact quote and for more information on fees and terms. Not all borrowers will qualify.

Key Takeaways

  • Think creatively: don’t worry about what a listing ‘should’ look like
  • Identify the key advantage of renovating this house, then turn it into an attention-grabbing headline
  • Write an opening statement that gets to the point – a sentence or two should do it
  • Sell emotion with your copy – describe the ‘home’, not just the ‘house’
  • Accentuate the positives and focus on the potential
  • Create urgency with a closing call-to-action

How are renovation listings different?

Listings for homes with perfect foundations, new roofs, gorgeous gardens and all the modern amenities practically write themselves. So, how do you spin sweet poetry about a property that needs some TLC?

The first step is to ditch any preconceived notion you may have about what a property listing should look like. Lately, it seems like most listings are just a quick paragraph listing the property’s features. Yet, if your property is ripe for a renovation mortgage, describing features like, “Roof needs replaced, windows are drafty, paint chipped throughout, and hole in the bathroom floor,” won’t whet anybody’s appetite.

With an attention-grabbing headline and the right descriptive copy, your listing will attract the right audience and will clearly communicate why this property is worth the time and investment to renovate.

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A Welcome Home Story

A Welcome Home Story

In November, we introduced you to Nick and Veronica Getsy and told you their success story using an FHA 203k loan. In this extended version of the video, we take another look at their story and learn more about their 203k process and how they were able to take a house they liked, and turned it into a home they love!

Click here to watch!

FHA 203k: Before and After

FHA 203k: Before and After

After looking at numerous homes and not finding “the one,” first-time homebuyers Nick and Veronica Getsy were all but resolved to settle on something that was nice…but not perfect. It’s easy to get discouraged when you feel that the market has essentially priced you out of buying your first home.

Our office showed them that they can take a house they like, and turn it into a home they love. With the FHA 203k loan, the Getsys were able to find a home that had potential and make renovations that they otherwise wouldn’t have been able to accomplish. Renovations included putting in a new air-conditioner, new energy-efficient windows, all new appliances, a new deck, new fence for the backyard, new carpet, and fresh paint throughout the whole house.

Watch this video to hear their story.