Charming Colfax Bungalow calling out to be restored – Eligible for Renovation Financing – $269,000 List Price

212 Vista Ave, Colfax, CA – Listed at $269,000 – Tons of potential in this charming Colfax neighborhood – Use an FHA #203k to Finance up to 96.5% of the Purchase Price & Renovation Budget  – in 1 Loan! SO much potential here – Add square footage by finishing the ATTIC or Adding a Granny flat! Call me today for more information or to get qualified  – I specialize in Renovation Financing and have closed hundreds successfully since 2008 and would love to Introduce YOU to Renovation Finance so YOU can benefit from using very little out of pocket to finance your next Purchase & Renovations!  

See Example 203(k)  Financing Scenarios at $20k, $45k & $70k renovations below

 

212 Vista Ave

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/

Fair Oaks Fixer on nearly 1/4 Acre Corner Lot – Eligible for Renovation Financing – $285,000 List Price

7324 Sunset Ave, Fair Oaks, CA – Listed at $285,000 – Tons of potential in this charming Fair Oaks neighborhood – on nearly 1/4 acre corner lot – Use an FHA #203k to Finance up to 96.5% of the Purchase Price & Renovation Budget  – in 1 Loan! Bring your own Contractor  & Vision – Make this your DREAM Home in an established Fair Oaks neighborhood! Call me today for more information or to get qualified  – I specialize in Renovation Financing and have closed hundreds successfully since 2008 and would love to Introduce YOU to Renovation Finance so YOU can benefit from using very little out of pocket to finance your next Purchase & Renovations!  

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

7324 Sunset Ave Fair Oaks financing flyer

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

500x285

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/

Fixer Upper on 3 Acres in Georgetown – Eligible for Renovation Financing – $254,000 List Price / Estimated $400,000 After Improved Value

4901 Hotchkiss Hill Rd, Georgetown, CA – Listed at $254,000 – 5 bed/2 bath – 1960 Sq. Ft. – 3.32 Acres – Use an FHA #203k to Finance up to 96.5% of the Purchase Price & Renovation Budget  – in 1 Loan! Bring your own Contractor  & Vision – Make this your DREAM Home overlooking spectacular sunset views! Call me today for more information or to get qualified  – I specialize in Renovation Financing and have closed hundreds successfully since 2008 and would love to Introduce YOU to Renovation Finance so YOU can benefit from using very little out of pocket to finance your next Purchase & Renovations!  

See Example 203(k)  Financing Scenarios at $100k, $125k & $150k renovations below

4901 Hotchkiss Hill financing flyer

 

Properties I am marketing – Renovation Loan Candidates

HOT – ACTIVE Renovation Loan Candidates in Sacramento, Placer & Surrounding Counties!

3724 Gordon Way, Carmichael, CA 95608 – Listed at $290,000 (needs $150k plus in renovations) – Put as little as 3.5% down on total between Purchase & Renovation costs.

Source: Properties I am marketing – Renovation Loan Candidates

~ Get Pre-Approved for a Renovation Loan

203k Pre-Approval – Fast and Secure

Source: Get Pre-Approved for a Renovation Loan

~ Standard & Limited 203(k) Eligible / Ineligible Improvements – Effective 9/14/2015

You will find a more inclusive list of eligible repairs under the FHA 203K renovation loan with the update taking affect on 9/14/2015 – the major update is that POOL repairs can now be included in a renovation budget (the cap used to be $1500 in total repairs) – YAY

Standard (Consultant) 203(k) Eligible Improvements include, but are not limited to:

  • Converting a one-family Structure to a two-, three- or four-family Structure;
  • Decreasing an existing multi-unit Structure to a one- to four-family Structure;
  • Reconstructing a Structure that has been or will be demolished, provided the complete existing foundation system is not affected and will still be used;
  • Repairing, reconstructing or elevating an existing foundation where the Structure will not be demolished;
  • Purchasing an existing Structure on another site, moving it onto a new foundation and repairing/renovating it;
  • Making structural alterations such as the repair or replacement of structural damage, additions to the Structure, and finished attics and/or basements;
  • Rehabilitating, improving or constructing a garage;
  • Eliminating health and safety hazards that would violate HUD’s Minimum Property Requirements (MPR);
  • Installing or repairing wells and/or septic systems;
  • Connecting to public water and sewage systems;
  • Repairing/replacing plumbing, heating, AC and electrical systems;
  • Making changes for improved functions and modernization;
  • Making changes for aesthetic appeal;
  • Repairing or adding roofing, gutters and downspouts;
  • Making energy conservation improvements;
  • Creating accessibility for persons with disabilities;
  • Installing or repairing fences, walkways, and driveways;
  • Installing a new refrigerator, cooktop, oven, dishwasher, built-in microwave oven, and washer/dryer;
  • Repairing or removing an in-ground swimming pool;
  • Installing smoke detectors;
  • Making site improvements;
  • Landscaping;
  • Installing or repairing exterior decks, patios, and porches;
  • Constructing a windstorm shelter; and
  • Covering lead-based paint stabilization costs, if the Structure was built before 1978, in accordance with the Single Family mortgage insurance lead-based paint rule and the U.S. Environmental Protection Agency’s (EPA)

Improvements Standards

  •  General Improvement Standards – All improvements to existing Structures must comply with HUD’s MPR. For a newly constructed addition to the existing Structure, the energy improvements must meet or exceed local codes and the requirements of the 2006 International Energy Conservation Code (IECC) or a successor energy code standard that has been adopted by HUD through a Federal Register notice.
  • Specific Improvement Standards – Any addition of a Structure unit must be attached to the existing Structure. Site improvements, landscaping, patios, decks and terraces must increase the As-Is Property Value equal to the dollar amount spent on the improvements or be necessary to preserve the Property from erosion.

Standard 203(k) Ineligible Improvements/Repairs

The 203(k) mortgage proceeds may not be used to finance costs associated with the purchase or repair of any luxury item, any improvement that does not become a permanent part of the subject Property, or improvements that solely benefit commercial functions within the Property, including:

  • Recreational or luxury improvements, such as:
    • swimming pools (existing swimming pools can be repaired)
    • an exterior hot tub, spa, whirlpool bath, or sauna
    • barbecue pits, outdoor fireplaces or hearths
    • bath houses
    • tennis courts
    • satellite dishes
    • tree surgery (except when eliminating an endangerment to existing
    • improvements)
    • photo murals
    • gazebos; or
  • Additions or alterations to support commercial use or to equip or refurbish space for commercial use.

Limited 203(k) Eligible Improvements include, but are not limited to:

  • Eliminating health and safety hazards that would violate HUD’s MPR;
  • Repairing or replacing wells and/or septic systems;
  • Connecting to public water and sewage systems;
  • Repairing/replacing plumbing, heating, AC and electrical systems;
  • Making changes for improved functions and modernization;
  • Eliminating obsolescence;
  • Repairing or installing new roofing, provided the structural integrity of the Structure will not be impacted by the work being performed; siding; gutters; and downspouts;
  • Making energy conservation improvements;
  • Creating accessibility for persons with disabilities;
  • Installing or repairing fences, walkways, and driveways;
  • Installing a new refrigerator, cooktop, oven, dishwasher, built-in microwave oven and washer/dryer;
  • Repairing or removing an in-ground swimming pool;
  • Installing smoke detectors;
  • Installing, replacing or repairing exterior decks, patios, and porches; and
  • Covering lead-based paint stabilization costs if the Structure was built before 1978

Limited 203(k) Ineligible Improvements/Repairs

The Limited 203(k) may only be used for minor remodeling and non-structural
repairs. The total rehabilitation cost may not exceed $35,000. There is no minimum repair cost.

The Limited 203(k) mortgage proceeds may not be used to finance major rehabilitation or major remodeling. FHA considers a repair to be “major” when any of the following are applicable:

  • the repair or improvements are expected to require more than six months to complete;
  • the rehabilitation activities require more than two payments per specialized contractor;
  • the required repairs arising from the appraisal:
    • necessitate a Consultant to develop a specification of repairs/Work Write-Up; or
    • require plans or architectural exhibits; or
  • the repair prevents the Borrower from occupying the Property for more than 15 Days during the rehabilitation period.

Additionally, the Limited 203(k) mortgage proceeds may not be used to finance the following specific repairs:

  • converting a one-family Structure to a two-, three- or four-family Structure;
  • decreasing an existing multi-unit Structure to a one- to four-family Structure;
  • reconstructing a Structure that has been or will be demolished;
  • repairing, reconstructing or elevating an existing foundation;
  • purchasing an existing Structure on another site and moving it onto a new foundation;
  • Making structural alterations such as the repair of structural damage and new construction, including room additions;
  • Landscaping and site improvements;
  • Constructing a windstorm shelter;
  • Making additions or alterations to support commercial use or to equip or refurbish space for commercial use; and/or
  • Making recreational or luxury improvements, such as:
    • new swimming pools;
    • an exterior hot tub, spa, whirlpool bath, or sauna;
    • barbecue pits, outdoor fireplaces or hearths;
    • bath houses;
    • tennis courts;
    • satellite dishes;
    • tree surgery (except when eliminating an endangerment to existing improvements);
    • photo murals; or
    • gazebos.

Call me today to discuss your Renovation Loan Options at 916-235-3989 – I have been helping clients with mortgage loan needs since 1999 and I specialize in FHA 203K Renovation Loans in California! (Read More about Sheri here)

Sheri McLaughlin – NMLS#448414

~ Refinance and Renovate based on your FUTURE value – Get out of your FHA loan!!!

Did you know that you can pull future equity out of your house based on the renovations you want to do?

Plans

Did you know you can use a Conventional HomeStyle Renovation loan to borrow up to 95% of the AFTER renovated value to pay off your current mortgage AND complete the projects you haven’t had the cash to complete?

With a conventional renovation loan, there is NO mortgage insurance if your new loan amount is 80% or less of the AFTER renovated value, and there are multiple mortgage insurance options for loan amounts between 80%-95%. The great thing about conventional loans is that IF you do have MI it will automatically drop off once your balance gets to 78% of the appraised value used in your refinance.

Here is a scenario of a client who closed an 83% Loan to Value Conventional Renovation Refinance in 2014 after purchasing using a 96.5% FHA loan in 2012 (They NEEDED to renovation but chose to pass on the renovation loan since they were going to do the projects over time as they saved up but found themselves nearly 2 years later with boxes left unpacked “waiting” to save and complete the projects) – Sacramento, CA.

2012 Purchase

  • $156,000 Purchase Price / $161,614 Loan Amount (including financed upfront FHA mortgage insurance and Escrow Repair for required repairs) – HUD purchase – As-Is Appraisaed Value – $155,000
  • $1226.80 monthly payment

2014 Renovation Refinance – Value increased by $125,000 with a $77,000 Renovation Project  – To include complete interior remodel, exterior paint / windows, new electical, heating, lot grading for foundation / exterior settling issues

  • $280,000 After Renovated Value / $234,425 Loan Amount
  • Payoff to 1st Mtg – $157,786.12
  • Renovation Budget – $77,328 (includes closing costs, labor, material, permit costs and a 10% contingency reserve fund)
  • $1597.45 monthly payment

Let’s make a new success story for you!

Call me today to discuss your Renovation Loan Options at 916-235-3989 – I have been helping clients with mortgage loan needs since 1999 and I specialize in FHA 203K & HomeStyle Renovation Loans in California! (Read More about Sheri here)