Showing posts with label HUD. Show all posts
Showing posts with label HUD. Show all posts

Monday, November 5, 2012

Where are all the WHO's ? HUD is helping New York families.




If it's not WHAT we know but WHO we know. 
 Then where are all the WHO’s in our time of need?


 Unlike the Grinch who lives in a cave with no mortgage payments. In the real word we have mortgage payments, property taxes and the cost of maintaining our home.

We have also named our disasters, most recent hurricane Sandy! A devastating event that has caused damage for homeowners who are struggling to maintain a since of sanity in a time where it's not that easy to make the mortgage payment. What is the next step? How do we build up enough courage to re start yet again? I can tell you the process is not easy. 
In a world where it’s not WHAT you know but WHO you know I am hoping the WHO’s of the world will step up to the table and offer support.

Now that the aftermath of Hurricane Sandy has shown us her worst  communities across New York have come together to show support for our fellow neighbor. As Americans w have shown in our darkest hour we are ONE!  As Americans we are standing together and giving each other a glimmer of hope and humanity for each other. 

I work with homeowners everyday, with non- profit organizations I understand the struggle Americans endure on a daily basis just to maintain a roof over their head. A need to have a stable home, somewhere to go each and every day to escape the cynicism of the daily grid we call making a living.

 I recently attended the AREAA (Asian Real Estate Association of America) convention in Las Vegas. HUD Sectary of State Shawn Donovan was speaking. I was impressed with his heartfelt speech about helping and the implied
 offerings of assistance to struggling homeowners. His outpouring of emotion moved me.
As I was sitting in the audience of real estate professionals, some with tears streaming down and some nodding and clapping in joy for his words of encouragement I couldn’t help but wonder, would he really make a difference?  His ambition to make a difference telling the story of meager beginnings was encouraging. When I left the convention that day I didnt think I would be hearing from the Shawn Donovan.  I was surprised to read the release on October 30th, 2012. HUD one of the WHO’S of the world has stepped up to the table. HUD is offering assistance to the Americans in New York struggling through the destruction of Hurricane Sandy.

According to the HUD’s website www.hud.gov the state of New York has the ability to re-allocate existing federal resources toward disaster relief.  This will allow millions of dollars to expedite the repair and replacement of damage housing.

A 90- day moratorium of foreclosures and forbearance on foreclosure of FHA insured home mortgages. In section 108 HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.  HUD 203k loan program enables those who have lost their homes to finance the purchase or refinance a house along with its repair through a single mortgage. 

I am happy to hear that HUD has offered a solution on what they can do to help the communities and regain a since of normality. The WHO’s have stepped up to the table and offered a helping hand.  Thank you to Secretary Shaun Donovan!

While the everyday struggles have not completely gone away it has become easier when HUD sits at the table. America unites in times like these! We are strong and proud to be Americans who help one another. It sure feels good when someone out there has our back. Living on an island alone is sad and offers no hope. Thank you to the men and women and children of America who have come together! Perhaps other companies such as food distributors or water companies will take the lead and help with bottle water and food for the homeless. 

United we stand-  Divided we fall... take care! 






Sunday, January 22, 2012

FHA 203 k Loan Program

203 k Loan




The FHA 203 k Loan is a program that is used to make renovations for a property being purchased or refinanced. Within the loan certain repairs and upgrades are allowed. 


After
Before
Example of Renovated bathroom. 

 Information below taken from HUD Website: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kmenu


Streamline 203(k) Mortgage

The "Streamline"(K) Limited Repair Program permits homebuyers to finance an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

203(k) Mortgage

The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. To find out how to become a 203k consultant, read HUD mortgagee letter 00-25 and How to Become an Approved 203k Consultant.

Sunday, January 15, 2012

Should I use a 203k loan?

Have you found the neighborhood of your dreams but the home was less than desirable? It can be overwhelming to think of renovating a home on your own.  Where ever I go people are asking me about the 203 k loan and who they should contact. I have put together a few of the frequently asked questions about Realtors, Loan officers and inspections.

The Renovation loan program is designed for current and potential home owners to finance both the purchase price and the cost of renovations. What does this mean?  Location, location location! You can now find a distressed home in the neighborhood of your choice. It's ok if you are not a handyman, the 203 k certified contractor can help you with the process.

Are you looking to repair, replace or upgrade plumbing or electrical systems, how about upgrading your kitchen or bathroom. replacing your countertops?  The renovation home loan is a good avenue to take.
What type of home can you buy ? Any type! If you see a home in a neighborhood you desire, then it has the qualifications needed, as long as after the renovations of your home appraised for 110% of after rehab value.

The HUD Home has many options for the homebuyer, with its down payment assistance program and many homes available in your area. Look for a HUD Broker in your area for more information. Arizona or Las Vegas

Seaton & Associates is a company we have worked with for several years with an excellent reputation.
As your 203k consultant, Kathy M Seaton will help assist you through the journey of your 203k home rehabilitation project. From step one with the initial consultation all the way to completion, Kathy will be there to answer all questions and lead you in the right direction. With over 14 years of experience and over three hundred 203k loans successfully completed, you can be assured that your loan will be provided with the highest level of expertise and care.
Confused about who you should contact first? I would recommend a loan officer who is certified in the 203k loan
process.

If you go to Renovation Loan Program, you will find several loan officers that can answers questions for your specific home.
For more information you can contact us: Knipp Contracting
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After