These days the majority of first time home buyers are using FHA Financing to purchase their Seminole County homes. In the past, using FHA financing has meant that some homes that a buyer might have wanted to purchase did not qualify do to the condition of the property.
Conditions such as:
- The age of the roof
- Missing or broken HVAC systems
- Missing Flooring
- Missing Appliances
- Plumbing and Electrical Problems
These conditions have eliminated many short sales and foreclosures from consideration because often these homes are in less than ideal condition. Now, with a Wells Fargo "Remodel Express" home loan a buyer can purchase a Seminole County short sale or foreclosure property and include the remodel costs in the loan...
This is how it works:
- $35,000 Maximum Repair Limit (Non-Structural)
- Improvements are considered complete for the appraisal value
- All work performed by a National Home Improvement Company (Lowes, Home Depot or Sears)
- Owner Occupied Properties Only
- One application one approval, one closing, one monthly payment
This winning combination equals an opportunity for a home buyer to purchase a home that needs a little work and make the improvements that they want after closing. From replacing the roof to installing new flooring, the Remodel Express will have it covered.
Please contact me for more information and a list of Seminole County Foreclosures that qualify for the Remodel Express home loan program.
Lake Mary, Orlando & Central Florida Real Estate
Licensed Real Estate Professional, ALHS, e-PRO
407.758.1020 or Debbie@CasAndDebbie.com
Aaa you beat me too it. I was talking to a friend over at wells fargo today about this and it's just great. The only problem is when the appraiser flags something that has to be fixed prior to closing that could raise some flags.
I had lunch with the dynamic duo from Wells Fargo today... I'm very excited about this product! The appraisal shouldn't be an issue... Wells Fargo will loan 110% of appraised value to accommodate the improvements.
It's the appraiser on FHA loans that flags issues like wood rot, pools etc. Nothing having to do with the price.
Heather... That is a really valid concern and you're right, those concerns will have to be addressed. Wood rot and "safety issues" have always been issues when you are dealing with FHA financing.
Debbie - Having renovated a few homes with 100% plus financing I know it can work very well.
What a mess. At least they hauled the garbage away from that house. It is good to see a few lenders still in the game.
wells fargo? ouch =0) LOL.
Did you know that there is wording in the FHA guidelines that allows for FHA 'construction' loans!!! Therefor allowing you to build a new home from the ground up with FHA!!
Chris the implementer
j/k about Wells... they are a good company
Rob- I'm happy to see that some lenders are trying to make additional oppurtunities available...it seems like everything is really drying up.
Hey Chris - Touche... A smart girl always keeps her options open. Knowing is half the battle...it's a very good product and should help a lot of buyers out there.
Debbie
that is a true statement. I think it can help some buyers... knowledge is power
Chris