Now, I'll be honest, I haven't sold a house using the 203K loan. When I was a lender, I did originate Chase Construction Remodel loans. My expert at Bank of America tells me the two loans have a lot of similarities. (Read, a lot of work for your loan officer)
Lots of homes on the market are shining examples of "potential". The problem in most situations is the hardworking buyers can't see themselves having the time or the money to remodel.
This is where the 203K loan can be a boon. Picture adding $20,000 to $50,000 to your loan and fixing all the things wrong with your new home, BEFORE YOU MOVE IN!
This loan has lots of benefits such as no payments until construction is complete so you don't have both a house payment and a rent payment. The lender aggressively manages the process. They want your home complete in a month or two at the max.
Because I work with REOs I get some great deals from my contractors. This can make the loan dollars go as far as possible.
If you consistently find yourself liking homes but wishing they were not so tired, this could help you get what you want. Do your self a favor, make an appointment to talk to a Senior Loan Officer and learn how the 203k loan can give you the remodeling opportunity of a lifetime.
Showing posts with label teacher loan. Show all posts
Showing posts with label teacher loan. Show all posts
Buyer's Market Door Slams Shut - Real Time
There is an old saying I love that goes, "Opportunity will knock but, She won't knock your door down!" The current real estate market is opportunity knocking.
All the clients I have helped with Short Sales understand this. They got their sales completed so they will be able to buy a new home before the prices and the interest rates bounce up again.
I put a big production effort into having lots of people visit my open houses. Because of this, I meet lots of buyers. Too many of the people that are shopping for a home today act as if the great deals will go on forever.
It is as if each weekend they have Brad Pitt facsimiles to date so why worry about getting serious? When the market changes it will change fast, and in a snap, the Brad Pitts are gone and all that will be left are the Ozzy Osbournes.
Here is a real time example. Did you know there was a teacher loan that gave teachers in San Jose an interest free second to make their house payments more affordable? This loan has been around for a couple of years.
A couple of weeks ago, the news came out that the Federal Government decided to take back funds, and the San Jose Redevelopment Agency would lose money they used to fund the Teacher Loan Program. A young teacher, who had been shopping a long time, suddenly had to make up his mind or lose the opportunity.
He made an offer on one of my listings. The Teacher's agent has worked with me on several deals. He is very transparent and cooperative. Because of that we have continued to work on this purchase together even though it is complicated due to the fact the teacher got his acceptance for his loan ONE day before it was abolished.
SLAM!! Now there are no more San Jose Teacher Loans.
The opportunity to get a great LONG TERM home investment has never been better. Opportunity is knocking. What the hell? Let her in!
All the clients I have helped with Short Sales understand this. They got their sales completed so they will be able to buy a new home before the prices and the interest rates bounce up again.
I put a big production effort into having lots of people visit my open houses. Because of this, I meet lots of buyers. Too many of the people that are shopping for a home today act as if the great deals will go on forever.
It is as if each weekend they have Brad Pitt facsimiles to date so why worry about getting serious? When the market changes it will change fast, and in a snap, the Brad Pitts are gone and all that will be left are the Ozzy Osbournes.
Here is a real time example. Did you know there was a teacher loan that gave teachers in San Jose an interest free second to make their house payments more affordable? This loan has been around for a couple of years.
A couple of weeks ago, the news came out that the Federal Government decided to take back funds, and the San Jose Redevelopment Agency would lose money they used to fund the Teacher Loan Program. A young teacher, who had been shopping a long time, suddenly had to make up his mind or lose the opportunity.
He made an offer on one of my listings. The Teacher's agent has worked with me on several deals. He is very transparent and cooperative. Because of that we have continued to work on this purchase together even though it is complicated due to the fact the teacher got his acceptance for his loan ONE day before it was abolished.
SLAM!! Now there are no more San Jose Teacher Loans.
The opportunity to get a great LONG TERM home investment has never been better. Opportunity is knocking. What the hell? Let her in!
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