This post isn't talking about some hollywood celebrity fearing another stay at the Betty Ford Clinic, rather it is regarding Realtors & Buyers fearing the Rehab Property and the Rehab loan. Many Realtors & Homebuyers are discouraged when they see a bank-owned REO or Bank Repo that is in Poor Condition. Dirty, filthy carpets, dire need of fresh paint, needs new appliances, and otherwise simple repairs. The problem is that the house just doesn't show well. It leaves a bad taste in your mouth just looking at it.
For those with a little vision of what that house could turn into, the VanDyk FHA Rehab loan can help. This loan doesn't require HUD consultants, or lengthy inspections. It is actually quite easy to deal with our streamlined process and one time closing procedures.
Utilizing the VanDyk FHA Rehab program can actually enhance the value of your new home. Imagine moving in to fresh paint, new appliances, upgraded lighting, a new deck, or ? Most families plan on making changes when they purchase a new home, only it takes either years of saving & work on weekends, or empties the savings account. Let us show you the exciting power this loan offers to not only help you purchase your new home, but also to make it your own just the way you want it.
Call Brian Skaar at VanDyk Mortgage to find out if this program can help sell your listing, or if it might be the right choice to help you into your next home. 866-900-2342 toll free. or apply online.
Realtors have found that teaming up with VanDyk Mortgage is helping them sell their REO listings quicker, as potential buyers have more options than with other banks or brokers. Utilize our expert knowledge to sell more homes. Team up with Brian Skaar & VanDyk Mortgage today.
The VanDyk FHA Rehab loan is available up to the FHA loan limits for your area. Currently the limits are 729,750 in Los Angeles, Orange County, San Francisco & San Jose, while San Diego is capped at $697,500, Seattle is at 567,500, and Riverside/San Bernardino areas are at $500,000.
VanDyk Mortgage is a Direct FHA Lender. VanDyk Services all of these areas and more. Visit our website for details.
Saturday, August 9, 2008
Tuesday, August 5, 2008
FHA Rehab loans - the best way to buy a bank REPO or REO home
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO, Repo'd, etc homes. One problem. many have been hammered on by the previous owner and left in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Most lenders don't offer loan programs that will be able to help folks buy homes in this condition. At least not without a very large downpayments.
This is where a little known program called the FHA 203K Rehab loan comes in. The FHA 203K Rehab loan is becoming very necessary for the purchase of many Bank Owned, REO, or Repo properties. VanDyk Mortgage offers FHA 203K streamlines to make the process of buying a home that needs a little TLC (or quite a bit in some cases!) easier, more affordable, and quicker. Many of us have seen firsthand, or have heard stories about foreclosed home that have been torn up, stripped, vandalized, etc. With conventional financing, these homes are very difficult to sell or buy, as they are not in move in condition, and most lenders will not lend on a damaged home.
Our FHA 203K Streamline program allows the homebuyer to put up to $35K of rehab work into the new loan. The loan closes 1 time. It is a permanent form of financing. The Streamline program should not be confused with the more complicated FHA 203K rehab loan, which can accomadate major remodels, major damage repair, storm damage, etc. The FHA 203K Streamline rehab loan is just that - Streamlined.
This loan can help with new paint (in/out), new siding, new roof, new flooring, new appliances, hvac repair/replacement, electrical & plumbing repair & upgrades, new windows, decks, porches, patios, minor kitchen remodels, & more.
These loans are a key to helping homes become more accessible for disabled folks as the modifications can often be completed with a FHA 203K loan.
What it can't cover is landscaping, structural damage, foundation work, room additions, load bearing wall changes, etc. This loan is not compatible with FHA Secure. It is available up to the Mortgage limits in your county (FHA Jumbo), which can be found here.
There is no HUD consultant or general contractor is required. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right.
Here is a real life example of a perfect home to use a VanDyk FHA 203K Streamline Rehab loan to purchase:
The previous homeowner took the dual zone central AC units with them (Ok, they stole them) wrong, yes, but they did it. Now the Bank and the Listing agent need some help to get this place sold, since it is missing teeth so to speak. In comes the FHA 203K rehab loan. That same home also needs alot of new light fixtures, and a complete set of appliances, but with a little work and a VanDyk FHA 203K rehab loan, a lucky new homeowner is getting a great deal. Along with fresh paint, new AC units and new appliances throughout the home.
Please give us a call to find out if this loan is right for your listing, or right for your buyer that is looking at Bank-owned, REO, or Repo properties that are in need of TLC & repairs. 866-900-2342 (toll free) or apply online at www.vandykfunding.com. Call the FHA Experts, Call VanDyk Mortgage
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, Concord, Fremont, Oakland, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County.
This is where a little known program called the FHA 203K Rehab loan comes in. The FHA 203K Rehab loan is becoming very necessary for the purchase of many Bank Owned, REO, or Repo properties. VanDyk Mortgage offers FHA 203K streamlines to make the process of buying a home that needs a little TLC (or quite a bit in some cases!) easier, more affordable, and quicker. Many of us have seen firsthand, or have heard stories about foreclosed home that have been torn up, stripped, vandalized, etc. With conventional financing, these homes are very difficult to sell or buy, as they are not in move in condition, and most lenders will not lend on a damaged home.
Our FHA 203K Streamline program allows the homebuyer to put up to $35K of rehab work into the new loan. The loan closes 1 time. It is a permanent form of financing. The Streamline program should not be confused with the more complicated FHA 203K rehab loan, which can accomadate major remodels, major damage repair, storm damage, etc. The FHA 203K Streamline rehab loan is just that - Streamlined.
This loan can help with new paint (in/out), new siding, new roof, new flooring, new appliances, hvac repair/replacement, electrical & plumbing repair & upgrades, new windows, decks, porches, patios, minor kitchen remodels, & more.
These loans are a key to helping homes become more accessible for disabled folks as the modifications can often be completed with a FHA 203K loan.
What it can't cover is landscaping, structural damage, foundation work, room additions, load bearing wall changes, etc. This loan is not compatible with FHA Secure. It is available up to the Mortgage limits in your county (FHA Jumbo), which can be found here.
There is no HUD consultant or general contractor is required. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right.
Here is a real life example of a perfect home to use a VanDyk FHA 203K Streamline Rehab loan to purchase:
The previous homeowner took the dual zone central AC units with them (Ok, they stole them) wrong, yes, but they did it. Now the Bank and the Listing agent need some help to get this place sold, since it is missing teeth so to speak. In comes the FHA 203K rehab loan. That same home also needs alot of new light fixtures, and a complete set of appliances, but with a little work and a VanDyk FHA 203K rehab loan, a lucky new homeowner is getting a great deal. Along with fresh paint, new AC units and new appliances throughout the home.
Please give us a call to find out if this loan is right for your listing, or right for your buyer that is looking at Bank-owned, REO, or Repo properties that are in need of TLC & repairs. 866-900-2342 (toll free) or apply online at www.vandykfunding.com. Call the FHA Experts, Call VanDyk Mortgage
We serve the following areas for FHA and Conventional loans: California, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, Santa Ana, Seattle, Washington, Bellevue, Kirkland, Redmond, Lynnwood, Olympia, Tacoma, Puyallup, Buckley, Auburn, Kent, Federal Way, Seatac, San Francisco, Concord, Fremont, Oakland, San Jose, Carson, Gardena, Hawthorne, Lawndale, Inglewood, Ladera Heights, View Park, Windsor Hills, Baldwin Hills, Fox Hills, Culver City, Beverly Hills, Malibu, Santa Monica, Brentwood, Calabasas, Encino, Bel Air Estates, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Manhattan Beach, Redondo Beach, Hermosa Beach, Torrance, San Marcos, San Diego, Rancho Bernardo, Carlsbad, Escondido, Poway, Oceanside, Vista, Encinitas, Carmel Valley, Scripps, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Long Beach, Artesia, La Palma, Cerritos, Compton, Lynwood, Bellflower, Temecula, Murrieta, Southern California, Washington, Everett, Lynnwood, Tacoma, Kent, Federal Way, Auburn, Renton, Bellevue, Redmond, Kirkland, Whittier, Santa Fe Springs, Downey, Irvine, Newport Beach, Los Angeles, San Bernardino, Riverside and Orange County.
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