Turn this home's potential into your buyer's Dream Home - Kevin J. Miller

"Turn this home's potential into your buyer's Dream Home"

or " Look past the Ugly"





Kevin J. Miller, Renovation Specialist
Home Services Lending

 When a home cannot be financed due to any health, safety or structural issues, think renovation financing. Anytime a home lacks updated kitchens, baths, lighting, flooring or size, think renovation financing. 

On July 27th, 2011, Kevin J. Miller, Renovation Specialist with Home Services Lending presented information regarding the three major types of loans available for buyers of homes that need renovations.   These loans are:

1. FHA 203K Streamline Loan  -  used for cosmetic repairs (such as paint) or replacing a missing air conditioner  or appliances or mold remediation. Maximum is $35,000 in repairs.   No minimum repair costs for this loan.  FHA loans that programs require only 3.5% down payment and loan amount up to FHA county loan limits.
2. FHA 203K Full -  more involved repairs like replacing a kitchen and bathroom or a whole list of items.  You actually have a HUD inspection with this loan.  The HUD consultant will review licensed contractor repair bids with purchaser.  There is a minimum repairs of at least $5,000 on this loan.   No repairs can be done until after closing.    FHA loans that programs require only 3.5% down payment and loan amount up to FHA county loan limits. 
3. Fannie Mae Homestyle - used when you need more improvements that the FHA 203K Full will allow.   This program requires as little as 5% down payment for primary residence and is also eligible for 2nd home and investment properties with only 20% down payment. Loan amounts go up to 417K, and 75% of after improved value can be used for repairs and renovation.

On all 3 loans Appraisals are based off of after improved value from repairs and upgrades. No repairs can start on any programs until after closing. The Fannie Mae Homestyle and FHA 203K full can both have the same type of repairs and upgrades; however, the Fannie has higher loan limit, it is eligible for Non owner occupied, and does not require a HUD consultant.



Lunch N Learn with Kevin J. Miller, Renovation Specialist
at Harry Norman Realtors, North Fulton Office

 For more information on these types of loans, go to http://www.renovationloanfinancing.com/.