Painting? Pay Attention to the Type of Paint You’re Using:

Painting? Pay Attention to the Type of Paint You’re Using:

Don’t pass up buying a home because it requires cosmetic repairs! FHA offers the 203k  mortgage program that provides funds for repairs and/or upgrades. Not to be confused with FHA’s full 203k program, a Streamlined 203k loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the streamline 203k is to aid with those cosmetic or minor repairs One “repair” that is allowed is paint. What kind of paint is best for each room? There’s a basic rule of thumb to follow when choosing paint sheens: The higher the sheen, the higher the shine — and the higher the shine, the more durable it will be. Flat paint has no shine; high-gloss is all shine. In between are eggshell, satin, and...

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A Few Things to Consider When Looking At Foreclosed Homes for Sale

In today’s real estate market, many potential buyers run across short sale homes and houses close to foreclosure. Some homes have already been foreclosed and are now for sale by financial institutions that own them. While this leaves some potential buyers leery, it is potentially a good opportunity to find larger properties with plenty of space and amenities.       Property Neglect Oftentimes, homes that have gone through foreclosure or are on the verge of it, are not in top condition. Small repairs have been neglected leaving potential buyers to wonder what else may be wrong with it. A careful walk-through with a home inspector would be helpful. Making a list of what needs to be fixed will help lessen the surprises after purchasing the...

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203K Streamline – What Improvements Are Eligible With The 203K Streamline Loan?

203K Streamline – What Improvements Are Eligible With The 203K Streamline Loan?

In today’s real estate market and economy more people are looking for ways to improve their home. Also people are buying bank foreclosures and fixing them up. But the problem many people are running into is the difficulty of getting a construction or rehab loan. That is where the 203K Streamline Loan steps in. The official name of this program is the FHA Streamlined 203(k) Limited Repair Program. The 203K Streamline Program will allow a homebuyer or homeowner to purchase a home or refinance a mortgage plus include in the loan the costs of repairs and improvements in the loan. The 203K Streamlined loan is not a government loan, it is provided though FHA Approved Lenders throughout the country. Because the 203K Streamline Loan is insured by FHA, the FHA...

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Need a Roofing Contractor? Here are Some Questions to Ask:

If you stay in a home for any length of time, you eventually find yourself needing a new roof or roof repair. When the time comes, it’s a good idea to seek out a few bids from different contractors . When speaking with the contractors, you may want to ask the following questions: How Much Experience Do You Have? A more experienced roofing contractor might be your best bet. Not only will they have more years of roofing experience,but they may also know the regional climate and weather conditions better and what roofing materials are better to use. A company that does shoddy work, cuts corners, or is consistently not delivering on time and within budget is not likely to last long in one area, so a company that has a long-standing history in the same area may...

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What is a 203k Mortgage and is it for Me?

You’ve looked at  a home that seems to be in the perfect location for you, great schools for the kids, and the price is right. But… it seems to need a little (or a lot) of work. A 203k mortgage may be exactly what you need! You will want to have the home inspected. A home inspector will help you evaluate the condition of the home, including the roof. A 203k loan is an FHA product. Standard FHA loans have strict guidelines about the condition of the home you’re buying. The home has to get an inspector’s approval for livability and the health and safety of the occupants, including things such as working windows, unbroken stairs, working appliances and a working heating system.  If the home you want to buy doesn’t meet FHA standards and you...

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Yea, It’s Freakin’ Cold. Here’s How to Stay Safe:

When temperatures dip below normal, let alone in the sub-zero range, there are things you can do to stay safe during a cold snap. The Red Cross offers the following steps people can take during the big chill: Wear layers of lightweight clothing to stay warm. Gloves and a hat will help prevent losing your body heat.   Don’t forget your pets – bring them indoors. If they can’t come inside, make sure they have enough shelter to keep them warm and that they can get to unfrozen water.   Protect your pipes – run water, even at a trickle, to help prevent your pipes from freezing. Open the kitchen and bathroom cabinet doors to allow warmer air to circulate around the plumbing. Be sure to move any harmful cleaners and household chemicals out...

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