Buying A Home With A 203(K) Rehab Loan
Sometimes homebuyers may come across the fixer upper home and after repairs would appear have a good investment on their hands. Whether the homebuyer is handy or not at self-repairs they could get enough money to buy the home and make the repairs all with one mortgage loan. The Federal Housing Administration (FHA) 203(k) mortgage loan allows homebuyers or homeowners to finance the cost of repairs into their total mortgage amount. There are two programs for homebuyers and homeowners, the limited 203(k) mortgage program which allows up to $35,000 worth of repairs and/or upgrades to be added to the total loan amount. Under the full 203(k) mortgage the cost of repairs/upgrades must at least total $5,000 and the upper limit is the total limit allowed for any FHA mortgage based on the area the home is located in.
As mentioned above the money does not need to be used for only repairs to a house. The money can also be used to make updates to a home such as upgrading an outdated kitchen, replacing an old roof, making energy efficiency upgrades (solar, geothermal) and more. The FHA 203(k) mortgage helps homeowners and homebuyers boost the value of homes and as a result local neighborhoods by allowing the upgrading or updating of homes needing it.
Who Can Use A 203(k) Mortgage To Purchase A Home?
The answer to the question of who can use the 203(k) mortgage to buy a home is only a homebuyer who will be occupying the home as their primary residence can use the loan. Investors who will not be occupying the property need not apply. On the...
What Is A Buyer’s Persona and Why Should Home Sellers Care
In marketing speak a persona is a particular set of customers that are grouped together in order to better sell to them. Home sellers would be wise to understand what type of persona would be interested in buying their home. For instance if one is selling a luxury home marketing to those who are luxury home buyers makes the most sense and represents the most effective use of marketing dollars versus marketing to everyone and anyone that wants to buy a home. With luxury homes costing what they do it does not make sense to market to those who are looking for an entry level starter home. Home sellers need to focus on the right persona in marketing their home and as a result there is greater chance the right buyer will come along ready to make an offer.
How To Target The Right Buyer
Given an unlimited amount of money for marketing purposes home sellers and/or real estate agents can advertise a home for sale all over the world without regard to who is seeing the message. The reality is there is a limit to the amount that can be spent on marketing and as a result those marketing dollars need to be effectively spent to target the right buyer who would be interested in buying the home. Therefore it makes sense to figure out who the ideal homebuyer is and where do they go to find information on homes they potentially want to buy.
A majority of buyers (more than 80%) begin their home shopping online. What that means is in some form or another they are actively looking for homes via their laptop/desktop computer, tablet or mobile phone. The traditional...
Homeownership Facts To Be Aware Of
There is much more to owning a home than just making a mortgage payment. If homeownership just required the payment of a mortgage payment and nothing else then many more individuals would opt to buy a home. Those who do own a home should be aware of all the aspects that are involved with homeownership especially since neglecting some of these areas can result in loss of one’s investment in the home. This article explores a few important areas where homeowners should keep up to date with in order to protect their investment.
Updating A Home
A home will requires updates throughout the time a homeowner is living in it. Some updates may be cosmetic like fresh paint, updating landscaping, adding new window treatments. Other updates may be required out of necessity such as replacing outdated HVAC systems that no longer function or function with very poor efficiency. Replacing the roof on a home also would be required in order to maintain the habitability of a home. If a roof can’t do its job of protecting a home from the elements the rest of the home will quickly degrade as the weather does its damage. Other updates like remodeling a home to change the floor plan to something more modern or to remodel a kitchen to change its look and style also are done by some homeowners.
Where updates like replacing an old worn roof, replacing inoperable HVAC systems or water heaters are required in order to keep a home livable other updates like a kitchen update, window treatments, or more are not required as they don’t effect the livability of a home. Those non-required updates though may be needed in order to maintain...
Preparing Your Home For A Quick Fall Sale
Whether your home is making its debut for the first time on the market in the fall or maybe needs to be re-listed after having expired with no offer getting the home marketing presentation done right can help ensure success. A fall time home sale does require somewhat different preparation in order to attract the right buyers. By ensuring your home is better than every other home out there on the market and primed for a fall sale will result in a quick sale.
Should You Sell Your Home In The Fall?
The first question many homeowners ask is if they should sell their home during the fall. The fact is homes sell throughout the year. Depending on one’s location there may be a peak season when the most homebuyers are out shopping for homes and as a result that season has the greatest number of home sales. For the Greater Cincinnati, Ohio and Northern Kentucky area the peak season for selling homes is during the spring. During the springtime many families are shopping for homes so they can get moved in prior to the start of the school year in the fall. Moving during the fall can often be disruptive to children and could potentially force the children to change schools during the school year which most parents want to avoid.
Seasonality wise with fall and winter being colder and there being greater chances of rain or snow (depending on one’s location) homebuyers may not be as up to buying a home during the colder seasons. There being fewer buyers out during the fall also may mean in order to get sold lower...
August 2017 Greater Cincinnati Luxury Real Estate Market Report
Interest rates for conventional and jumbo mortgages are still low and overall home sales are depressed. The reason for depressed home sales is thought to be low inventory. There is also a trend of certain buyers opting to remain more mobile by not purchasing and instead renting a place to own. Since July 2017 the average prices of luxury homes has gone up in the Greater Cincinnati area as well as the inventory has gone done which is somewhat expected as homes sell or are pulled off of the market until Fall or Spring. In the case of Greater Cincinnati more luxury homes sold during the month of August than did in July. See below for more statistics and articles of interest.