How an FHA 203k Loan Can Get You the Home of Your Dreams

How an FHA 203k Loan Can Get You the Home of Your Dreams

When most people look for a new home, they want a ready to move into property. The cost of having to fix and renovate a home can seem daunting. What if you could get a loan, though, that covered both the cost of the home, as well as the cost of repairs?

The FHA 203k loan is used to encourage lenders to fund what might be considered ‘risky’ home purchases. The purpose is to revitalize neighborhoods and drive more home ownership opportunities.

There are two types of FHA 203k loans: regular and streamlined. A regular 203k loan is for homes that need structural repairs, while streamlined are for homes that have nonstructural needs.

While the credit requirements vary, eligibility is considered more flexible and as little as 3.5 percent down payment is required on a purchase or up to 97.75%  loan to value on a refinance.

So, what kind of homes and repairs can qualify you for a FHA 203k loan? You first must plan to live in the home you are repairing. Then, if you have any of the following types of residence, you qualify:
• Tears-downs (foundation must remain)
• Existing construction of at least one year
• Single-family, two-family, three-family or four-family dwellings
• Condos (if they have been approved for FHA loans)
• Mixed-used property

Which repairs qualify? Below are some of the repairs that qualify. If you would like the full list please click here and download it.
• Disability access
• Plumbing
• Finishing an attic or basement
• Roofing and flooring

FHA 203k loans are great ways to build and design the home of your dreams, especially if a brand new home is out of your price range. If you have any more questions or are interested in applying for the loan, please give me call at 402-301-4500 or send me an email at terry@terrywilliams.com

Divorce – Not a Fun Topic but a Crucial Matter In Mortgages

There is a Chinese Proverb that is often used by collaborative professionals: “Never cut what can be untied.”

When going through or considering a divorce, we all know the expense it can cost, not just financially but, mentally, physically and emotionally as well.

What does divorce have to do with your mortgage?  If two parties share joint credit, and scheduled payments by either spouse are not made timely as required by the creditor, an individual’s credit health can be damaged.

The collaborative model is designed to assist divorcing spouses work through their disputes constructively and peacefully. It is process by which couples work through issues of child custody, parenting time, division of financial assets and payment of marital bills and expenses through non-litigation techniques guided by specially-trained, experienced family law attorneys with the assistance, if necessary, of collaboratively trained professionals, such as child and financial specialists.

There are countless benefits to this approach: time, money, power of your own destiny and maintaining respect and civility. Moreover, each party is given the time necessary to process, evaluate, and apply the information to his/her individual circumstances. 

If you are interested in knowing more about the collaborative process, please contact Janice, a collaborative divorce attorney.  She would be glad to answer any questions you may have!

Janice Mandla Mattingly
402.507.5214
jmattingly@hzlegal.com
www.hzlegal.com

The Mortgage Doctor with the Granite Doctor

A special thanks this week to Barb Kadrlik of the Granite Doctor.

Please contact them with any questions or if you would like to schedule service:

Granite Doctor
4383 Nicholas Street, Ste 102
Omaha, NE  68131
Phone: 402-884-1101

Learning about stone has been very exciting!  What may be obvious to many people has been a new education for me.  There are 2 types of stone…calcium and silicate.  The calcium based stones are softer stones like marble, limestone.  The silicate stones are harder like granite, slate.  But all stones have four things in common:  pH, absorption rage, breathability and natural attraction.

Stone with a higher pH will react to acid – meaning that if you were to drop acid onto marble, it will bubble and fizz.  That will not happen with granite.  Stone absorbs like a sponge – pores and capillaries are the highway through stone.  Natural stones need to “breathe”.  If they are not able to breathe, the eventually die – which means harder stones lose their luster and softer stones can actually crumble.  The above three items make natural stone naturally attractive to contaminates – all kinds.

Sealing stone keeps out contaminates.  Too much sealer will make it difficult for your stone to breathe…which results in Moisture Vapor Transmission…a natural force of nature…and can cause damage or even “death” to your stone.

Sealing will NOT guarantee stone will not chip, stain or crack.  It helps keep the stone looking its best AND prolongs the health of the stone.  Sealing should be done based on usage of the stone.  More use…more often it needs to be sealed.

One of the most frequently asked questions is, “Do I really need to seal my granite counter?  Seems like a pain….”

Answer:  Although granite is one of the hardest surfaces on earth, it is surprisingly absorbent.  Like all organic materials it needs to be sealed because it is very porous.  Sealing will not keep your stone from staining or even getting damaged by extreme heat…but it will give you the time to get a spill picked up before a stain sets in.  Sealing keeps contaminates out of the pours in the stone so it maintains its luster.

The next question asked most often is, “ Why is my stone dull”?

Answer:  That is easy, when the seal wears off contaminates fill the pores and the stone becomes dull.  To fix that you need to get the stone cleaned and resealed.  This is not something a home owner wants to tackle on his/her own.  This is when they need to contact the Granite Doctor.  We will be able to determine whether or not we can help repair the stone.  At the very least, we

How often should I seal my countertops?  

Answer:  That depends….how much use do they get?  If you wax your car in the spring and leave it in the garage all summer, you won’t need to wax it again in the fall.  However, if you wash it every week, you will most likely get another wax before winter.  Why?  The wax wears off….just like the seal on your countertop.  Washing it daily wears the seal down, but washing it with chemicals makes it wear off sooner.  Constant working in a single area also wears the seal off.  So, one portion of the countertop may need resealing sooner than other sections.  However, it is recommended that you get it cleaned and resealed at least once every 3 years.

How do I clean my countertops?

ANSWER:  It is not necessary to spend a lot of money on cleaners. We recommend plain soap and water.  Most important is to dry the stone after it is cleaned.   This should be done daily.  Don’t let water sit, especially if you have hard water.