Sheri McLaughlin – June Renovation Newsletter

Hot off the PRESS – Manufactured Housing now Available under FHA 203k Financing – Effective immediately!! HomeBridge Financial Services now allows 203k financing on manufactured homes. 

  • No Perm Foundation? That’s OK!! Use the 203k to install a NEW foundation.
  • No Septic / Well connection? That’s OK!!! Use the 203k to ADD a septic or well to the property
  • Too Small for your Buyers?? That’s OK!!! Use the 203k to ADD on square footage & decking 

Garden Valley Fixer FHA 203k Success Story My Buyers found the perfect “dream” home in Garden Valley that BUT there was nearly $40k in deferred maintenance / neglect from previous Elderly owner that was required to qualify for financing and the Seller’s Trustee was NOT willing to complete repairs. Home was listed at $265,000 with MULTIPLE Offers and the Seller accepted our offer with the promise to close Fast & As-Is. Our Buyer used the FHA 203K to complete the minimum repairs with a finalized Total Acquisition Cost of $314,860 with only $11,021 total down payment out of pocket / Closed in 42 days with $10k in instant equity!

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The Buyer chose to include ONLY minimum repairs, listed below:

Replace all damaged trim / sidingReplace all damaged fascia / raftersRemove all peeling / chipping paint~ Remove rotting decks & replace with landings~ Paint Exterior / Interior where needed~ Repair roof where needed / Replace gutters~ Install flooring where flooring was missing~ Remove exterior outbuildings that were deteriorated~ Septic repairs 

 

Final loan figures:

  • $275,000 Purchase Price 
  • $39,860 Total Renovation Budget
  • $303,839 Base Loan Amount (96.5% of Total Cost of $314,860)
  • $11,021 Down Payment (3.5% of Total Cost)
  • $325,000 After-Improved Appraised Value (No As-Is Appraisal Needed)

Reno Loans to the RescueHow do I bring it up?

When I meet a client how do I bring up renovation loan options?

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I recommend you let Buyers know upfront before showing properties that they have an option to finance the cost to repair, modernize, or customize/personalize any home with an FHA or Conventional loan; allowing you to show more properties that may be “cash only”.

That’s it.  It is truly that simple!

Everyone does SOMETHING to a new home when they move in.  How do they pay for it?  The majority of new homeowners either wipe out their savings or they charge up the credit cards. In my opinion, neither option is wise for a new homeowner.  Typically, $10,000 in renovations is less than $55 per month!  How much is the minimum monthly payment on a credit card with a balance of $10,000?

How can you help them write a contract sooner rather than later?  Be ready to remind them of this option as you overhear “Oh, I wish the kitchen had this”, “I wish the bathrooms were more updated”, “the closets are to small”, “the rooms are to cut up” or “I really want a garage”.

Today’s buyers want to be educated.  All you need to do is let them know that these programs exist. What is the worst thing that will happen?  They might just make a home decision a few months quicker allowing you to move onto your next buyer!

From Distressed Properties to Outdated Houses…

I have a Step-by-Step Solution to help YOU Sell more homes…

 

Join me the 3rd Wednesday each month from 11:30 – 1pm for a FREE Renovation Finance Lunch & Learn or Call me to schedule a Lunch & Learn in your office!!!!

Reno class invite

I would love the opportunity to speak with any client you have that MAY be interested in learning more about the Renovation Loan Process with No Obligation.  

Please feel free to contact me anytime with questions by phone at 916-235-3989 or by email at SMcLaughlin@HomeBridge.com

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Sheri McLaughlin 
Renovation Loan Specialist / NMLS#448414
HomeBridge Financial Services, Inc.
702 Sutter Street, Ste. C
Folsom, CA 95630
c: (916) 235-3989  f: (866) 341-7531
e: smclaughlin@homebridge.com
web: http://sheritalks203k.com/

RARE Opportunity in Lake of the Pines / 9 min walk to Beach – Renovation Loan Candidate on .43 Acres – $257,000 List Price

13492 Torrey Pines Dr, Auburn, CA 95602 –  Listed at $257,000 – This is a Rare Opportunity in Lake of the Pines to Finance the Purchase & Renovation costs to turn this HUD Fixer (on nearly 1/2 acre & less than a 10 Minute Walk to the Lake) in to your Dream Home. Use the FHA #203k to complete a FULL Remodel / Addition OR Use the Fannie Mae #HomeStyle to ADD square footage, Remodel and/or Construct a POOL! Call me today for more information or to get qualified to place a bid!  HUD REO – As-Is – Owner Occupied Bid Deadline – 5/3/17.

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See Example 203(k) Financing Scenarios Below

Lake of the Pines 203k

Hot Fixer Candidate – Renovation Loan – Sacramento, CA – $134,000 List Price – HUD Home

2729 Connie Drive, Sacramento, CA 95815–  Listed at $134,000 –Use the FHA #203k to Finance up to 96.5% of the Purchase Price & Repairs / Remodeling  – in 1 Loan! Call me today for more information or to get qualified to place a bid – I am very familiar with HUD properties & specialize in closing renovation loans smoothly – Bring your own Contractor!  Bid Deadline is 4/23/17.

See Example 203(k)  Financing Scenarios at $10k, $20k & $30k renovations below

2729 Connie

Hot Fixer Candidate – Renovation Loan – Sacramento, CA – $159,900 List Price

6201 Sun River Dr, Sacramento, CA 95824 –  Listed at $159,900– 3 bed / 1 bath / 1 car garage / 980 sq feet living area – TOO SMALL?? This has a HUGE lot (nearly 1/4 Acre) so Use the FHA #203k to ADD square footage & remodel to your liking OR Use the Fannie Mae #HomeStyle to ADD square footage, remodel & Build a POOL / SPA in this HUGE backyard! Call me today for more information or to get qualified to place a bid!  Owner Occupied Buyers ONLY through 4/30/17.

See Example 203(k)  &  HomeStyle Financing Scenarios at $30k, $50k & $70k renovations below

6201 sun river 203k

6201 sun river HomeStyle

Hot Fixer Candidate – Colfax 2bed/2bath – 2+ Acres – $245,000 List Price

25425 Pineview Drive, Colfax, CA 95713 –  Listed at $245,00– Must See / Amazing Opportunity!! House needs to be nearly gutted, but with imagination & vision this property could be AMAZING  – Excellent end of the road location on 2.6 beautiful acres w/lovely sunset view over the Bear River Canyon! Use an FHA #203k or Fannie Mae #HomeStyle Renovation Loan to completely remodel this home with LITTLE out of pocket Expense – See attached loan scenarios OR call me today to get pre-qualified!

See Example 203(k) Financing Scenarios at $90k, $110k & $150k renovations below

25425 Pineview

Hot Fixer Candidate – Renovation Loan – Sacramento, CA – $161,500 List Price

208 Roundtree Ct, Sacramento, CA 95831 –  Listed at $161,500– HUD AS-IS sale – 3 bed / 1.5 bath / 1,170 sq feet living area – Townhome requires repairs to make it pass financing standards – Use an FHA #203k or Fannie Mae #HomeStyle Renovation Loan to personalize this home with your tastes! Call me today for more information or to get qualified to place a bid! Bid Deadline 4/18/17 – Owner Occupied Buyers ONLY.

See Example 203(k) Financing Scenarios at $10k, $20k & $35k renovations below

208 roundtree ct

Hot Fixer Candidate – Renovation Loan – 10469 Sierra Crest, Rancho Cordova – $170k List Price

10469 Sierra Crest, Rancho Cordova, CA 95670 – 1/2 Plex – Great Starter home – 2 bed / 1 bath / 974 sq feet living area – Listed at $170,000 – HUD REO AS-IS sale – Home requires repairs to make it pass financing standards – Use an FHA #203k or Fannie Mae #HomeStyle Renovation Loan to personalize this home with your tastes! Bid Deadline 4/9/17 – Owner Occupied Buyers ONLY.

See Example 203(k) Financing Scenarios at $10k, $20k & $35k renovations below

 

10469 Sierra Crest flyer