Are you wondering if you will be able to purchase a home after a Short Sale? You Can! According to Ted Canto of Academy Mortgage Arizona.  It's hard to believe that you will be able to obtain home ownership again.

There is no time limit after the completion of the short sale (title is transferred to the new owner) to the credit approval date on a new loan as long as the file meets the following requirements:

According to Ted Canto here are some of the requirements needed. For more information see his site.

Must be able to indicate and document to the best of the borrowers’ ability:

1. Evidence that the borrower did not Short Sale their previous property to take advantage of declining market conditions, and / or

2. To purchase another property, at a reduced price, a similar or superior property within a reasonable commuting distance. (No less than 100 miles as directed from HUD)

   
   
   Does it seam like the best neighborhoods only have distressed home? PERFECT! This can help you!  I know it seams overwhelming, however with a qualified Contractor the worries will be gone. Knipp Contracting can help you with renovations within your budget, making the distressed home the home of your dreams. 
   
   
   
   
   
   

   

   Before

   Before and after photos of a renovation home. Sometimes all a home needs is a little painting or flooring It's cheaper than you think. 
   

   

   After

   
   
   

   

   Before

   For more information contact us at:

    623-561-0803 sales@knippcontracting.com 

   

   After

Renovated Home in Paradise Valley, AZ

With inventories low, choosing a home in the perfect neighborhood is simple. Finding the home of your dreams can get a little complicated. Knipp Contracting is here to help!
This is an example of a home in the Prestigious area of Paradise Valley, AZ. Within walking distance to Road Runner park whee children playing on the play ground, fishing in the lake and feeding the neighborhood ducks.
Sit back and enjoy the transition of the before and after!

Knipp Contracting can help you renovate your home! Contact us at 623-561-0803 or sales@knippcontrating.com

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.

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

Before

After