The FHA 203k or FannieMae HomeStyle Renovation loan products may be just what you need. In most cases you may find that you have no down payment but can get the money to make the repairs needed to bring your home back to it's original or better condition.
If your home was dated prior to the fire, this could be what you need to do the updating as you rebuild your home.
Loosing a home to a fire can be a very traumatic experience. Whatever those feelings are you have to make some choices, either rebuild and get on with your life of take your insurance money and move to another home. If you choose to rebuild, update, add on, etc, all these things are possible and you may be able to keep some or all of your insurance money in your bank and use the new loan to do it all.
In the event you choose to move away to another home and pick up the pieces there is still an issue remaining. You are on title still at the home that burned to the ground or at least was fire damaged. You are responsible for the taxes on that property and need to get it out of your possession. Who might buy that burned out home? ANY potential buyer in that neighborhood should jump at taking this home off your hands and paying you the "land value". They can use one of these loan programs to rebuild the home and this is a great time for them to make this home "all theirs" that means with their own colors, textures, roof, floor coverings, etc.
What an opportunity for someone who might have been looking in that neighborhood before the fire. If you are an agent and had been showing homes in that area, you may be able to sell those buyers and give them the very home of their dreams.
We had a buyer pick up a lot for the cost of the taxes... $2,500 after a fire. The lot was worth $50,000-75,000 by itself so the "investor" made money on the purchase... oh, that is why they are called investors.
Can an investor purchase a fire burned home and rebuild it... YES, we can show you how it's done.
Mike Young, 203k Team Leader Mike ready for your 203k order
With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534
1.707.812.7668. We have ten offices in CA covering both CA states, NorCAL and SoCAL
To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
Skype name: the203kconsultant