FHA 203k Renovation mortgages and Fannie Mae Homestyle are our primary focus. Whether it is for purchasing a home that needs rehab work in NJ, PA, MA, CT, VA, MD or DE or a current homeowner who is looking to renovate their primary residence in NJ, PA, MA, CT, VA, MD or FL or any of the other states we are licensed in we are a FHA 203k and Homestyle lender, here to help you. AnnieMac Renovation Lending is helping to rebuild communities and creating opportunities using the FHA 203k Rehab mortgage and the Fannie Mae Homestyle mortgage. Right now there are millions of homes sitting on the market that with a little TLC would be everyone’s dream home – it’s just a matter of learning how to make those dreams a possibility.
At AnnieMac Renovation Lending we not only originate FHA 203k and Homestyle mortgages – we educate consumers, Realtors and contractors on how to use the FHA 203k and Homestyle mortgage correctly. We take the time to truly give everyone the knowledge of how to take a fixer upper and turn it into the American Dream. Our experience and dedication to giving the best possible customer service is what truly separates us from the rest. Some companies talk about their experiences – we show you ours.
Aesthetics aside, your exterior paint job is important because it can have an impact on the value of your house. DIY Network provides some advice.
Even if you’re an avid do-it-yourselfer, certain jobs are best left to the professionals. Here are five that meet that description, according to howstuffworks.com.
Over the last 18 months or so, we’ve seen quite a few projects that include repair or replacement of septic systems. That’s another type of job where the 203k is helpful.
Much of our housing stock is aging. The degree of aging depends on where you are. In Florida, the average house may only by 10 or 15 years old. In New Jersey, however, the average age of homes is closer to 40 years. Regardless, the average life span of a septic system is about 20 years, depending on how well it was maintained. Not surprisingly, we see many reports of septic systems in need of repair or replacement as people look to buy new homes.
Often, the seller doesn’t have funds to do the work prior to close. And if you’re the buyer, do you really want the seller — who is probably going to do it as cheaply as possible — handling repairs on the septic system that your family will be using for the next 10 or 20 years?
If I was the homebuyer, I’d rather be the one who picks the septic contractor. That way, I could make sure the contractor has sound experience, and does a job that’s going to last.
There are a few things to keep in mind when fixing a septic system with a renovation loan, especially with a FHA 203k.
If you’re installing a new septic system on less than an acre, HUD requires a waiver. That applies only to new systems, not replacements. In such cases, HUD will inspect the project and make sure it meets their guidelines before granting the exception. We’ve done a few of these in the last few months, and the exception usually comes through in about 7-to-10 days. Keep that in mind when buying a property. And make sure your agent keeps it in mind when making a contract offer.
To get the exception from HUD, you’ll also need a water test if there’s a well and drawings from the septic contractor. All of that must be done prior to close. So if you’re buying a home that has a septic system in need of replacement, as opposed to repair, you can potentially be out about $1,000 if the septic contractor won’t foot the bill and allow you to pay out of the renovation budget.
Those are possible pitfalls you should be aware of when looking at projects. They may not affect you, but going into the process as an informed customer can save you money and time.
One more thing to be aware of: You can do septic repair in a refinance if your existing home has septic problems.
Snow sure looks pretty on holiday decorations, doesn’t it? But it’s a less welcome sight on your driveway and sidewalk. Here are some tips on what to look for in a snow blower from Consumer Reports.
Not all contractors are interested in doing the work associated with 203k loans — or qualified to do so. Due diligence is important when searching for a contractor to handle your renovation project.
So what are some of the ways to find a good contractor?
We’re always looking for new suggestions to pass along. So if you find any good sources of contractor information other than the five I just listed, please feel free to share them — along with the names of any contractors you’ve found, and any experiences that might be of interest to someone else doing a 203k renovation. I’d love to hear from you!