Specializing in “BUT” Loans!

 

By Brian Short, CMC, CRMS, GMA

Tom and Sherry were looking for their “DREAM  HOUSE” and had been saving, planning, praying and preparing for months – even years – for this day.  Their Realtor had set-up viewing appointments on two other occasions when the three of them had spent over a half a day driving by houses and going into several on the list of their very detailed agent who was doing he could to narrow down what would be the ideal house for these seasoned home-buyers. 

This would be their third house since they were married 27 years ago and they wanted this house to be their last move.  Their kids were now on their own and this house would be the special house for the two of them for years to come.  The price of the houses available were unbelievable and the current low-interest rates allowed them to afford much more of a house than they originally expected.

Today they saw four houses and Tom and Sherry were now facing a dilemma:

1. The FIRST house was just what they were hoping for BUT the previous owner had not kept it in good shape and it needed new carpet, kitchen counter-tops and paint – inside and outside.  Now what could they do?  They didn’t have the money for these repairs in addition to their down payment and closing costs.

2. The SECOND house was in much better shape BUT they needed an additional bathroom and the kitchen appliances were dated and were a color that Sherry could not stomach.  Now what could they do?  They didn’t have the money for these improvements in addition to their down payment and closing costs.

3. The THIRD house was prefect, BUT it was older and the windows needed to be replaced with more energy-efficient windows and some additional insulation was needed in the attic to help make this home more energy-efficient.  Now what could they do?  They didn’t have the money for these energy-efficient improvements in addition to their down payment and closing costs.

4. The FINAL house they saw was just what they wanted BUT the bonus room would need to finished in order for them to have the space they needed to for their home-office and study they needed for Tom and Sherry’s desks and work spaces.  Now what could they do?  They didn’t have the money for this bonus room build-out in addition to their down payment and closing costs.

We are now offering the FHA 203k Rehabilitation Loan Program which would make ANY of these “BUT” HOUSES become the “DREAM HOUSE” for Tom and Sherry because they could borrow the money they need to make any of these updates or improvements – even before they move into their new house.  One half of the money they need to complete these projects would be fronted to the contractor so he could purchase materials and supplies and then he would receive the balance upon completion of the project. 

Any of these projects would qualify – all the way up to $35,000 and this extra money would simply be added to their loan balance at about $6 per month per $1,000.  Therefore, if their project cost them $20,000 to complete, their monthly payment would only increase by $120.  A small price to pay in order to have their “DREAM HOUSE”!  This could all be completed with one loan, one loan transaction and one smooth closing!

Get out there and find YOUR next DREAM HOUSE and don’t let a few “BUT’s” get in your way jumping in on these historically low-interest rates and an abundance of great inventory!

Contact Brian Short at BShort@AmeriFirst.com or CLICK HERE for more information.

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