Home affordability has never been better.  This is especially true with the discounted prices on foreclosures and short sales. Down payment assistance, rehab loan money, and historically low interest rates make this a great time to buy a new home.  But how do you turn a run down foreclosure or short sale  house into your dream home?

Mary Alice Short of the Minnesota Real Estate Team and Elizabeth Vaughan of Cornerstone Mortgage have the answers.  Mary Alice knows short sales and Foreclosures inside and out.   She can tell you how to get your offer accepted.  Elizabeth knows all the programs available to help you fund the rehab and purchase of these distressed houses.  You will be able to ask questions and be well on your way to a game plan that will put you in the home you want.

While this is primarily aimed at First-Time home buyers,  even move up buyers will find lots of useful information.

Saturday, February 13th, 9-10:30AM; 436 Gateway Blvd, Burnsville, MN 55337.

Sign up here:

Technorati Tags: Bank owned, First Time Home buyer seminar, Foreclosures, Free Real Estate Seminar, Short Sale Seminar, Short Sales

Fixer Upper Mortgages

One of the big challenges of buying a home these days is how to buy one of the many distressed houses that need fix-up.   The traditional ways to do this is to either save your cash and fix up with your own funds or take out a construction/rehab loan and later replace this loan with a traditional fixed rate mortgage (see ‘Doing the Two Step‘).  Both of these methods are beyond the means of most home buyer’s.  In an earlier post I talked about one program offered only on Fannie Mae owned properties called HomePath.  Today I want to talk about another program for financing real estate, the FHA 203K,  which a can be used on almost any distressed house.  This program is not available to investors.  But this program can be a great way to create the home of your dreams from what first looks like a run down mess.  The Minnesota Real Estaete Team will sponsor a seminar  Fixin’ to Stay? Use a 203k - Tuesday, March 2nd, 6:30-8PM in Burnsville.

There are two versions of the FHA 203K.  Both loans involve only one mortgage which finances both the purchase and rehab with one mortgage and one closing.

1.) The Streamline FHA 203K is meant for projects under $25,000 which are not too complex in nature.  This is perfect for those neglected homes that need paint, flooring, and non-structural repairs.

2.) The full version or just FHA 203k, can take on just about any rehab project up to tearing down the house and reusing the foundation.

These are great loans in today’s market, because there is so much fixer upper  inventory available today.  The FHA 203K also allows even first time home buyers to customize a home to fit their dreams.

So What’s the catch?

Actually there are a lot of “catches.”   First of all you need to find a lender willing to underwrite an FHA 203K  because not all lenders have the experience and capacity to help a home buyer with a 203K.  It also helps if you have a Realtor who can team with the lender to help you coordinate the complications of a 203K purchase.  Purchasing a house with a 203K requires a step buy step process that will involve a team of professionals to be involved.  The entire team needs to understand the process and paperwork.   There is also an order that should be followed to insure the best outcome.  Understanding, the loan process, the construction process and all the paperwork involved requires teamwork and preparation.   To borrow another sports cliche´ you first  need a game plan and you need a team to carry out that plan. Here are the key players needed besides your lender and Realtor: contractors, inspector, consultant (not needed for Streamline 203K),and appraiser.

FHA 203K Rehab Game Plan

As you might suspect that someone (me)  who writes a blog about Fixer Uppers might be able to help you put together that game plan and find great players for your team.    I’ve put together an online Businesses I Refer list online on my website FYIBob.com.  I have the names and contact numbers of people who would be a great additions to any FHA 203K team.   I can also provide you with great search tools for finding just the right fixer upper to rehab into your dream home.   I can set you up with MLS search functions for your phone for when you are driving around a neighborhood you like,  and an online home search engine you can use on your computer.

If you would like to sit down and discuss your own plans my contact numbers are on the sidebar of this blog.  Or you can use the contact form at the bottom of this post.   The Minnesota Real Estate Team will also be sponsoring a seminar to help you become more familiar with the FHA 203K rehab process. As I mentioned above;  on Tuesday March 2 from 6:30-8 pm Cornerstone Mortgage and the Minnesota Real Estate Team will sponsor “Fixin’ to Stay? Use a 203k!”

Use the contact form to reserve a spot at the seminar, request more information, or set up a one on one consultation.

[contact-form]

Technorati Tags: FHA loan, Fixer Upper Inventory, real estate finance

Our team has put together 5 new seminars!!!!

New Short sale Seminars

Some of our talented distressed property experts will be introducing two new Short Sale and Foreclosure seminars.  We hope these group sessions help people realize they are not alone facing this financial crisis. Distressed homeowners can find out ALL their options and ask questions of the experts.   If you can’t make it to one of these seminars we would be happy to help you with one on one counseling at a time and place convenient for you.  If you can’t make your mortgage payment you do have options.  We are committed to helping avoid foreclosure one homeowner at a time.

If you want to learn more about Short Sales and foreclosures I have a special site dedicated to helping people learn more about the short sale process.    Check it out

Two new seminars for First Time home buyers

The first of these seminars is not really new.  It’s a new northern metro location and a Saturday for those in the nothern burbs.   Thursday February 25th, 6:30 -8:00 pm Shoreveiw Community center, 4580 Victoria St N 3203

Next we have a new twist on the First Time Home buyer theme.  In addition to First Time Home buyer information, Mary Alice Short will help people understand how to make offers on Short Sales and Foreclosure and get those offers accepted.  Mary Alice is an expert in Distressed property listing and sales.  This will be a Saturday morning seminar. Saturday February 13th, 9-10:30am,  Cornerstone Mortgage building, 436 Gateway Blvd, Burnsville, MN.

A great new seminar for people who buy those Bank Owned and Short Sale Fixer Uppers.

Fixin’ to stay?  Use a 203k!

This seminar will focus mostly on the 203k  rehab loan program.  However, much of the information would apply to other rehab programs like HomePath. This seminar will be Tuesday, March 2nd, 6:30-8:00 pm., Cornerstone Mortgage building, 436 Gateway Blvd, Burnsville, MN.

For more information call 952-240-5949 or use the contact form below:

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