Tuesday, April 15, 2014

I Want To Do The Bare Minimum Required by HUD For My FHA 203k Project


How many times have we heard that? About  every week someone tells us that and it is likely the worst thing you can do or for sure one of the worst things you can do.

Why? There are no guarantees in life, and I don't want you to become a slave to your house. Get it fixed up like you want to live in it. Yahoo, then enjoy the heck out of your new home. Take the weekends off and have fun. Invite your friends over for a BBQ, swimming party, or just to play cards.

So many times I see people that put so little into the home for fear of the mortgage payment... a real concern for sure, but not the only concern.

I don't want to hear that you came up short of funds for the repairs due to something discovered during the course of construction that was more than your contingency reserve. It happens folks.

Once you get the work completed we suggest you go back to your lender and look into refinancing out of that high PMI loan and get rid of the PMI (Private Mortgage Insurance).

I'd like to see more activity in the Central Valley, selling or buying a home that needs any amount of work can also gain you 10% on your appraised value.