Face it, finding the perfect house is tough. Even with all of the choices out there today, it can be hard to find the one that is 'just right.' My famous line to buyers is this: Finding the perfect house is kind of like a woman looking for the perfect husband...if you could take a little piece of each one and put it all together then, voila, perfection.
So what is today's cultivated woman to do? Lower her standards? Never!
My advice is, figure out what faults you can live with and then TRAIN HIM. ( =) c'mon guys, stay with me here)
Finding the perfect house can be approached in the same way. Find that one that has the best combination of must-have features and lack of fatal flaws, and then fix it to your liking.
Better still, save your cash and finance the alterations!
Enter the FHA 203(k) Streamlined Mortgage.
This program has been around for a couple of years but has been very under-utilized. Recent changes in the loan limits, guidelines and processes for FHA loans in general have made it a much more desirable program, especially in today's lending environment. What makes the Streamlined(k) mortgage so special is its ability to facilitate 'simple' repairs or improvements to a home...up to $35,000 worth.
Eligible improvements include some of the most common home repair issues we encounter here in the Poconos like:
- Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement of flooring, kitchens & appliances
- Painting, both exterior and interior
- Septic system and/or well repair or replacement
- Repair/replace/add exterior decks
- Basement finishing and remodeling, which does not involve structural repairs
Other improvements which could be financed include:
- Basement waterproofing
- Window and door replacements and exterior wall re-siding
- Weatherization, including storm windows and doors, insulation, weather stripping, etc
- Accessibility improvements for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint hazards
Basically the rule of thumb is, as long as there are no structural changes or proposals that require engineering or architect reports, they are probably finance-able under this program. Simply providing bids, estimates or projected invoices is all the additional documentation required for this loan. An appraisal will be done to ensure the as-fixed value of the property, and the program allows up to six months after closing to complete the work.
There ya have it, the solution to your house-hunting dilemma...it's easier than teaching your husband to put his socks in to the hamper!
For more information on the FHA Streamlined(k), please contact Bill Cullen at Hometown Security Mortgage (570)424.1289.