The housing marketing in the St. Louis Missouri area is getting more and more difficult for home buyers, the most recent statistic I saw for certain areas of St. Charles and St. Louis County showed homes on the market for only 17 days! We are starting to see Open Houses that have dozens of potential home buyers attending and multiple offers on homes their first day going onto the market. Speed, Agility, and paying very close attention to new homes coming to market is most new home buyers best methods to stay ahead of the game. But, many home buyers have a secret weapon, a weapon that allows them to consider ALL homes on the market creating a better home buying experience.
THE FHA 203K YOUR SECRECT WEAPON
The FHA 203k is a renovation mortgage program that will provide you with the funds to not only purchase your new house but also fix it up to make that house your home. The FHA 203k is becoming the secret weapon of choice for many first time home buyers because it helps them consider every house for sale in the area or location they consider their first choice. No longer do they have to settle for a house, no longer do they have to turn away from a house that needs some repairs or even a lot of repairs, and no longer do they have to scratch off AS IS houses.Imagine finding that near perfect house, it is located in the area you want, the house is what you want, it is close to work, good schools, and play, the it has more rooms than you need, it is everything you want except..... The FHA 203k will fix that except for you and fix it to what you want!Because you are not competing for a house that many others want you have more ability to negotiate the sales price, negotiate closing costs, and get more home for possibly less money. The FHA 203k should be your secret weapon if you are looking for a house in the St. Louis and St. Charles area or even nearby.
The FHA 203k is just one of many renovation home loans, if you would like to learn more about the FHA 203k in St. Louis Missouri, I have a lot of information at my website, https://www.bobrutledge.com/fha-203k-renovation-St.Louis.Another option is the conventional counterpart to the FHA 203k, the Fannie Mae HomeStyle Renovation Mortgage, there are many similarities to the two programs, the biggest differences is that the HomeStyle has a higher loan limit, requires a little more for down payment, and limits the renovation costs. Go to https://www.bobrutledge.com/HomestyleRenovation and learn more. If you are eligible for a VA mortgage, thank you, there is a VA Renovation Home Loan that can help tweak that house you are looking at. The VA Renovation Mortgage will not allow for anything really major and limits you to $35,000 in renovation costs but it can help. If you would like to learn more go to https://www.bobrutledge.com/VA-renovation-mortgageAt my website you can read about the Renovation Equity Plan and how a renovation mortgage is helping new home buyers build instant equity in their new home. There is a Renovation Mortgage FAQ that should help to answer all your questions.If you are having troubles finding that new home or you are about to enter into the St. Louis and St. Charles home market you need the FHA 203k as your secret weapon. I would welcome the opportunity to work for you as your mortgage loan officer, I can get you approved for any mortgage plus any renovation mortgage, go into your home search with more.
My name is Bob Rutledge, I closed my first FHA 203k renovation mortgage in 1998 and I have closed 100s of renovation mortgages in my career. I have been certified as a FHA 203k and Renovation Mortgage Specialist because of my experience and knowledge. New American Funding is a national lender and one of the best renovation lenders in the market, out offices are located throughout St. Louis and St. Charles Missouri. Visit me at https://www.bobrutledge.com/Home
Loans For Remodeling, Mortgages for Renovation or Fixing Up, Home Loans for Rehabbing, Home Improvement Loans. There are a lot of different options available to you to borrow the funds necessary to complete the project you have in mind for your home or soon to be home.
You currently own your home and want to make improvements or upgrades? You are looking at purchasing a new home and are considering a fixer upper? There are home loans and mortgages available to you!
The FHA 203k Renovation Mortgage is the best known mortgage option to help a home owner or home buyer with home remodeling and renovation funding. The FHA 203k is a first mortgage that combines the sales price and the renovation costs as a combined new first mortgage when you are purchasing a new home. If you already own your home the FHA 203k would be used as a refinancing or replacement of your current mortgage.The FHA 203k can be used to make just about any home improvement you can consider or think of. Want to add a second story to your ranch? Looking to upgrade all your appliances? Add a new room? Expand your garage? Landscaping? If you would like to learn more about the FHA 203k visit my webpage; http://www.bobrutledge.com/fha203krenovationloan
One of the great advantages of the FHA 203k is that you don't always need to have equity in your home. The FHA 203k will allow you to borrower 10% over the after completion appraised value. So if you are short on equity to start use this program to make equity building improvements and build new equity in your home.The Fannie Mae HomeStyle Renovation Mortgage, this is the near FHA 203k equal but a conventional renovation mortgage option. All the improvements that you can make with the FHA 203k you can do with the HomeStyle Renovation Mortgage. If you are considering getting a swimming pool you cannot go with the FHA 203k but you can get it done with the Fannie Mae Home Style Mortgage.
The HomeStyle mortgage can be used as a refinance or replacement of your current mortgage or it can be used as a new purchase mortgage for those homes that need some extra work to make them your home. The minimum down payment or equity position is 5% or the appraised value or sales price.
The big advantage the HomeStyle Renovation Mortgage has over the FHA 203k is mortgage insurance. If you have 20% equity in your home or a 20% down payment you will not have a monthly mortgage insurance payment. If your loan to value ends up being more than 80% but less than 95% there is a possibility of not having a monthly mortgage insurance payment, mention it if you are interested in this option.Cash Out Refinance, no matter what type of mortgage you have on your home you can refinance to get cash out of the equity you have in your home. Each mortgage, except USDA, has their loan to value limitations based on a new appraisal, FHA is 85%, VA is 100%, and Conventional is 80% loan to value based on a new appraisal in many instances.
Home Equity Second Mortgages and Loans, many times these are referred to as Home Equity Lines of Credit or Home Equity Second Mortgages. Professionally, I do not have the ability to provide any of these mortgage programs but I do have resources to help you with finding the right HELOC for you.
Many times these types of loans are shorter in term, require much more equity in the home, have higher interest rates, and are harder to qualify for. But, the times are changing and I am starting to see these programs loosen up. Talk with your bank to start, then a credit union or two, and then ask me if I can help. There are positives and negatives associated with these loans but they have a very useful purpose.
Did You Know? In many instances the FHA 203k, HomeStyle, and Cash Out Refinances have tax advantages that Home Equity Loans do not. This is especially true if you utilize the mortgage interest deductions on your Federal tax returns. Consult your tax preparer before making this decision.
There are a few more options available to you when it comes to financing your home improvements and remodeling projects. Consider asking your Contractor to finance the costs, many bigger companies can do this or provide you with a private lending company. But, look at the terms and conditions and compare with some of the options above. Ask you contractor if you can make payments during the work phase, many will take a percentage upfront, during, and at the end.
I am a Mortgage Lender with USA Mortgage and I am a Certified FHA 203k Specialist, I close either one or more FHA 203k and/or HomeStyle mortgages nearly every month. I closed my first renovation mortgage nearly 20 years ago. You need and want a mortgage loan officer like me if your are wanting a home loan for fixing up you house, remodeling, renovating, improving, or rehabbing.
USA Mortgage has offices in the St. Louis MO area, plus Kansas City MO, Columbia MO, Springfield MO, Jefferson City MO, Branson MO, and Cape Girardeau MO. I am located in the St. Louis and St. Charles MO area but help borrowers throughout the State of Missouri, if you have questions or want help please feel free to contact me.