{"id":19190,"date":"2012-02-13T15:16:29","date_gmt":"2012-02-13T15:16:29","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19190"},"modified":"2012-02-13T15:16:29","modified_gmt":"2012-02-13T15:16:29","slug":"why-buy-new-when-you-can-renovate","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-buy-new-when-you-can-renovate\/","title":{"rendered":"Why Buy New When You Can Renovate?"},"content":{"rendered":"

\"\"Why Buy New When You Can Renovate?<\/em><\/p>\n

With the amount of homes on the market listed for sale, instead of starting from scratch and building new, why not buy an existing home “as is” and renovate<\/a> to fit your specific taste? \u00a0Find a house with some great bones, in a neighborhood you love and renovate that house to be your dream home.<\/span><\/p>\n

You may find the neighborhood that you are drawn to is more established with great big lots and big trees, but the homes are out of date\u2026.not a problem\u2026we have more programs than anyone to help make this a non issue.<\/strong><\/p>\n

FHA 203K Renovation<\/a> – FHA Financing<\/strong>: Max Loan limit set by HUD<\/a> for Texas is approximately 271,050.00 \u2013 this will vary from county to county.<\/p>\n

The program will allow for the purchase of the property and rehab cost to be rolled into the loan. The minimum requirement of $5,000 and a max of 35% of the after improved value. Major and structural repairs (i.e. foundation and roof) are allowed<\/strong>. \u00a0Also can include cosmetic remodeling and updating of kitchens, bathrooms etc. The down payment required is 3.5% and is limited to primary residences.<\/p>\n

FHA 203K Streamline Renovation<\/a> – FHA Financing<\/strong>: Max Loan limit set by HUD for Texas is approximately 271,050.00 \u2013 this will vary from county to county.<\/p>\n

This program is a streamlined version and has a limit to repairs at a maximum of $35,000.00. The required down payment is 3.5%. These repairs should be of the cosmetic nature and include paint, carpet, counter tops etc.<\/strong><\/p>\n

FNMA HomeStyle Renovation<\/a> – Conventional Financing<\/strong>: Check with your county for the max loan amount.<\/p>\n

This program is designed to allow borrowers to roll in the cost of repairs, remodeling, or renovation to the property. Luxury items, such as pools or outdoor kitchens, may be repaired or added under the program along with structural and cosmetic repairs and upgrades.<\/strong> The down payment is 5% for a primary residence and 25% for an investment property.<\/p>\n

FNMA HomePath Renovation <\/a>– Conventional Financing<\/strong>: Check with your county for the max loan amount.<\/p>\n

This program is designed for properties that are currently owned by Fannie Mae <\/a>(FNMA) as a result of foreclosure or other similar action. Repairs and renovations are allowed to be rolled in and can be structural and cosmetic<\/strong>. There is no mortgage insurance required with this loan. The down payment is 3% for a primary residence, 10% for a second home and 15% for an investment property.<\/p>\n

Escrow Holdback<\/a> – Conventional and FHA Financing<\/strong><\/p>\n

Designed for singular repairs on the home valued at or around $5,000.00. For example, if the home only needs foundation repair then the Escrow Holdback may be used. Doesn\u2019t require a full rehab program and the work should be completed in approximately 10 calendar days.<\/p>\n

Call me today to discuss all of the renovation loan programs and find the one right for your specific needs!!<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With the amount of homes on the market listed for sale, instead of starting from scratch and building new, why not buy an existing home “as is” and renovate to fit your specific taste? Find a house with some great bones, in a neighborhood you love and renovate that house to be your dream home.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67,69,144,127,70,62],"tags":[145,128,79,146],"class_list":["post-19190","post","type-post","status-publish","format-standard","hentry","category-203k-full","category-203k-streamline","category-conventional","category-escrow-holdback","category-fannie-mae-homestyle","category-mortgage-programs","tag-fannie-mae-homepath","tag-fannie-mae-homestyle-rehab","tag-fha-203k-rehab-loan","tag-home-renovation"],"acf":[],"yoast_head":"\nWhy Buy New When You Can Renovate?<\/title>\n<meta name=\"description\" content=\"With all of the homes listed for sale don't buy new when you can renovate. 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