Creating Your Dream Home
If you are like most Jacksonville area home buyers you’re looking for the best home at the best price with the best mortgage financing. In today’s market there are numerous bargains to be found, many of them being bank or lender owned properties. However, what you typically find are homes that are in need of carpeting, paint, windows, roof, updated kitchen or bath, the list goes on and on. What usually happens is you can only afford the house only wishing you had the money to do the updates.
Now your wishing can STOP and your dreaming can begin.
Three different Jacksonville businesses have come together to make using a Federal Housing Authority loan program a viable solution to getting your DREAM Home.
In order to get your DREAM Home, you will have to assembly a team that consists of you as team manager, a Real Estate firm that is knowledgeable of renovation and dealing with distressed property sellers, a FHA 203k approved General Contractor and a Florida Lender that is approved to underwrite this special type of loan.
Good News! An experienced team is available.
Capstone Residential, the host of this site and lead by Jim Heffernan, have several real estate consultants experienced in renovation. Click here to view featured properties that present super opportunity.
203k Approved General Contractors, Experienced 203k professionals are a must during this all important time of making housing dreams come true. To learn more about approved contractors click here.
Urban Trust Bank, is a 203k Streamline approved lender. John Golio, a Sr. Loan Officer and 203k specialist, is located here in Jacksonville and is ready to guide you through the EXCELLENT opportunity that the FHA 203k Streamline affords not only to finance your home, but to upgrade your home and save money too! You can email John Golio by clicking here or calling 904- 473-1629.
So what is unique about the FHA 203K Streamline?
The FHA 203K Streamline allows you to finance up to $35,000 dollars in rehabbing and/or updating expenses. Plus, being it is an FHA loan you only need to put 3 1/2 percent down payment, the minimum down payment of any mortgage available. Use the extra money to update the property the way you would like to including making any necessary repairs per FHA guidelines. The rehab money is financed as part of your primary mortgage which means you get to take advantage of the incredible low interest rates currently available.
What is the catch with the FHA 203K Streamline?
There really is not a catch. All you need to do is find the property that meets your criteria and determine what you would like to use the money for. Urban Trust will send an FHA appraiser to the property and determine what the “after repair/update value” is of the property. As long as the after repair value is equal or less than the original purchase price plus repairs/updates you can qualify pending you meet all other FHA guidelines.
What is the real intention of the FHA 203K Streamline?
The FHA 203K Streamline is not only intended to help Jacksonville area home purchasers finance their homes but help revitalize houses and neighborhoods. This is an EXCELLENT opportunity not only to finance your home, update your home but save money too!
So why have not I heard about this before?
It is not widely publicized and not all FHA mortgage companies are true experts utilizing them. Like everything else when buying a Jacksonville area home it is a team effort. In this case you want to utilize a team that is well versed with the FHA 203K streamline including Jacksonville Realtors, Mortgage Lenders, Contractors, etc.
What other ways can the FHS 203K Streamline benefit me?
Think about this, what are some of the best bargain properties on the market today? Jacksonville Bank or Lender Owned properties (also known as REO’s) and properties in a pre-foreclosure status like Short Sales are some of the best values available. Of course several of these properties need some renovation and repair help since the home owner was not able to afford maintaining them. The potential here is to get a great price on a Jacksonville REO or Short Sale property, do the updates you would like therefore greatly improving the properties value and you get to move in with a nice amount of instant equity versus most people that move into properties that have little or no equity.