Battling Inventory Shortages with Creative Mortgage Financing

In Blog by Jonathan Blackwell

Buyers Need to Think Outside the Box In his recent State of the Union, President Obama announced the return of nearly 34,000 more US Troops later this year. These new soldiers join the tens of thousands of troops already home from Iraq. They are potential home-buyers, more potential home-buyers entering a market that is already short on inventory. Incredibly short actually. Those troops entering the housing market face a unique reversal from when they might have departed, the US housing …

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Revisiting the HomeStyle Renovation Loan

In Blog, HomeStyle Renovation by Jonathan Blackwell

Why the HomeStyle Makes Sense Why is the Mortgage Insurance so HIGH! A question I get frequently when I compare FHA 203K to HomeStyle renovation financing to prospective borrowers. They react that way with good reason, FHA MI is expensive and getting more expensive on April 1st, 2013. As of right now, a potential borrower looking for $300,000 in FHA financing will pay $3750 annual and $5250 in upfront mortgage insurance (MIP) on a 30 year loan. Since FHA mortgage …

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How to Raise Your Credit Score

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

How to Raise Your Credit Score  Raising Your Credit Score Can Save Thousands on Your Mortgage! The Atlanta and US housing markets continue to recover. New home sales are at a multi-year high, interest rates are near all time lows, inventory remains low and renovation contractors are expecting a HUGE 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. …

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(Featured) Green Renovation and Green Living Tips – GreenHomeGuide.com

In Blog, Going GREEN! by Jonathan Blackwell

(Best of the Web – Green) Going Green! – Green Living, Green Renovation and Green Financing Tips I want to provide as much relevant, quality content I can find to our readers. Going forward, we are going to feature of a few sites that are perfectly matched with our focus on using 203K and Homestyle renovation loans to facilitate green renovations. On of my favorite GREEN sites is GreenHomeGuide.com Check them out if you’d like to get the best tips …

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Georgia One of Five States With Most Foreclosure Activity

In Blog by Jonathan Blackwell

Foreclosures Still an Issue in Georgia and Florida 203K and HomePath Renovation buyers will still have plenty of inventory to choose from in 2012 and 2013 with foreclosure pipelines are re-filling nationwide. According to data from RealtyTrac, the number of foreclosure filings dipped below 192,000 in July 2012, a 3 percent decrease from the month prior. However, Atlanta is still keeping Georgia high on the list of states with the most activity. They have a fairly broad definition of “foreclosure activity” which …

Investors – Why Real Estate Is the Best Investment of 2012

In Blog by Jonathan Blackwell

Why Real Estate Investment Is a HUGE Opportunity Some people prefer Gold, some prefer stocks and other are foolish enough to stuff there money under a mattress. Regardless of your current investment preference, I am about to illustrate why the best opportunity available is real estate. Especially when leveraged with investor renovation loans Most people are sheep, they invest in herds and by the time they pull the trigger the majority of the returns are done. They missed the window. Warren Buffet provided …

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203K Loan Market Update – Foreclosures in Process by State

In Blog, FHA 203K by Jonathan Blackwell

 203K Loan Potential by State Despite the efforts of incompetent loan officers and renovation lenders, the FHA 203k loan is still extremely important to the restoration of our housing market. Without the 203K Loan buyers will lack the mortgage loan to purchase and renovate our foreclosure stock. Without a foreclosure purchase and renovate financing option unkempt foreclosures will continue to drain our housing values and strain our communities. Of course, we do have cash investors all over the foreclosure market. They …

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Are 203K Loans ACTUALLY Closing? [INFOGRAPHIC]

In Blog, FHA 203K by Jonathan Blackwell

203K Loan Closings in 2011 One of the most common questions I get from potential 203K loan customers is “do these loans actually close?” I like that question, it usually means the customer has done some research, they have read the horror stories on the internet and know the potential for disaster if a 203K loan is left in the hands of the wrong loan officer. Are 203K loans helping home-buyers purchase and renovate a foreclosure? Damn straight. Check out …

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203K Loans – What Does the 203K Consultant Do?

In Blog, Consultant 203K, FHA 203K by Jonathan Blackwell

Why Do I Need a 203K Consultant? As we have discussed time and again FHA 203K loans come in two forms; Streamline 203K Loan Consultant 203K Loan I am not going to use this post to go into major detail about what scope of work or repair type requires a 203K (HUD) Consultant to be brought in the picture. I have already done that on several posts, including HERE & HERE. Basically, if your repairs are structural in nature or they exceed the …

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How to Raise Your Credit Score

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

How to Raise Your Credit Score  Raising Your Credit Score Can Save Thousands on Your Mortgage! The Atlanta and US housing markets continue to recover. New home sales are at a multi-year high, interest rates are near all time lows, inventory remains low and renovation contractors are expecting a HUGE 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. …

Holiday Season Foreclosure Moratorium – Inventory to Rise in Spring?

In FHA 203K, HomePath Renovation by Jonathan Blackwell

  Holiday Foreclosure Moratorium – What It Means to You For the past couple years banks have decided not to be the Grinch who stole Christmas and have put a moratorium on foreclosing during the holidays. How thoughtful! They guys who wouldn’t help you refinance, told you you need to be late and destroy your credit for a loan modification, take 5 months to complete your HARP REFI and go silent for weeks at a time when you want to short sale …

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203K Loan Market Update – Foreclosures in Process by State

In Blog, FHA 203K by Jonathan Blackwell

 203K Loan Potential by State Despite the efforts of incompetent loan officers and renovation lenders, the FHA 203k loan is still extremely important to the restoration of our housing market. Without the 203K Loan buyers will lack the mortgage loan to purchase and renovate our foreclosure stock. Without a foreclosure purchase and renovate financing option unkempt foreclosures will continue to drain our housing values and strain our communities. Of course, we do have cash investors all over the foreclosure market. They …

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Are 203K Loans ACTUALLY Closing? [INFOGRAPHIC]

In Blog, FHA 203K by Jonathan Blackwell

203K Loan Closings in 2011 One of the most common questions I get from potential 203K loan customers is “do these loans actually close?” I like that question, it usually means the customer has done some research, they have read the horror stories on the internet and know the potential for disaster if a 203K loan is left in the hands of the wrong loan officer. Are 203K loans helping home-buyers purchase and renovate a foreclosure? Damn straight. Check out …

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Are You Buying the Right Homeowners Insurance Policy?

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

What Type of Homeowner’s Insurance Do I Need for a Renovation Loan? I am not an insurance agent, but I do have several excellent referral partners that have educated me on the differences in the insurance companies and their policies in relation to a standard home purchase and a purchase + renovation transaction. My job is to understand every aspect of the 203K / Renovation Loan process, homeowner’s insurance is a key piece of the puzzle. So, like the rest of …

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Not All Homeowners Qualify for FHA 203K or HomeStyle Refinance

In Blog, FHA 203K, HomeStyle Renovation by Jonathan Blackwell

I Have No Equity, Can I Get a 203K or Homestyle Refinance? Although FHA 203K and Fannie Mae Homestyle loans are mostly based on after repair value, they still have a caveat that prevents many homeowners from utilizing them for refinances. Renovation loans – the FHA 203K and the HomeStyle both require TWO values to work. They require the after repair value AND the AS-IS value. Homeowners need to be at 95% loan to value or less on the as-is …

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Hey! What Happened to MY Earnest Money?!

In Blog, FHA 203K, HUD Homes by Jonathan Blackwell

  Hey! What Happened to MY Earnest Money?! Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? What? Just trust us right? ;) Absolutely not, know, check and follow where your purchase earnest money goes, stays and is held. I don’t know a first time home buyer who does not ask this question. Heck, many multiple time home purchasers STILL ask this question. According to Wikipedia: Earnest Money – an earnest payment(sometimes called earnest …

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HUD $100 Down – Atlanta Pick of the Week #2

In Blog, HUD Homes by Jonathan Blackwell

HUD $100 Down – Atlanta, GA Pick of the Week This HUD 203K special is perfect for the Atlanta Braves fan. This home is located near one of Atlanta’s most desirable neighborhoods, historic Grant Park. Walking distance to Turner Field Even if you hate baseball, it”s a pretty sweet deal for everyone in fact. Check out the specs. $99,000 List Price 3 Bedrooms / 2.5 Baths ~1600 Square Feet Built in 2008 Looks like it might need a some minor TLC …

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(Featured) Green Renovation and Green Living Tips – GreenHomeGuide.com

In Blog, Going GREEN! by Jonathan Blackwell

(Best of the Web – Green) Going Green! – Green Living, Green Renovation and Green Financing Tips I want to provide as much relevant, quality content I can find to our readers. Going forward, we are going to feature of a few sites that are perfectly matched with our focus on using 203K and Homestyle renovation loans to facilitate green renovations. On of my favorite GREEN sites is GreenHomeGuide.com Check them out if you’d like to get the best tips …

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How Does a Energy Efficient Mortgage (EEM) Work?

In Blog, Going GREEN! by Jonathan Blackwell

Understanding the Energy Efficient Mortgage (EEM) Designed by HUD as a way to add incentives for home-owners to pursue GREEN and ENERGY EFFICIENT improvements on their next home purchase or home refinance, the EEM (Energy Efficient Mortgage) was created. An energy efficient mortgage recognizes that by increasing the overall efficiency and lowering a home’s energy consumption that the monthly energy savings actually increase HOME AFFORDABILITY! Because the home is energy efficient, you will save on utility costs and, thus, be able …

Buy Cheap, Renovate Green and Profit

In Blog, Going GREEN! by Jonathan Blackwell

Using Green Renovation Loans Foreclosures & Short Sales in disrepair, dilapidated, outdated, tired and, for the most part, deeply discounted litter the American landscape. Leaky roofs, dated kitchens, mildew, water guzzling bathrooms are just a few of the problems you’ll find. Enough to scare away buyers and lenders alike. However, the savvy home buyer, armed with the knowledge of FHA 203K,  HomePath & Fannie Mae HomeStyle renovation loan capabilities, looks at a dump and see’s something different, they see OPPORTUNITY! So how do you …

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How to Raise Your Credit Score

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

How to Raise Your Credit Score  Raising Your Credit Score Can Save Thousands on Your Mortgage! The Atlanta and US housing markets continue to recover. New home sales are at a multi-year high, interest rates are near all time lows, inventory remains low and renovation contractors are expecting a HUGE 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. …

Holiday Season Foreclosure Moratorium – Inventory to Rise in Spring?

In FHA 203K, HomePath Renovation by Jonathan Blackwell

  Holiday Foreclosure Moratorium – What It Means to You For the past couple years banks have decided not to be the Grinch who stole Christmas and have put a moratorium on foreclosing during the holidays. How thoughtful! They guys who wouldn’t help you refinance, told you you need to be late and destroy your credit for a loan modification, take 5 months to complete your HARP REFI and go silent for weeks at a time when you want to short sale …

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Are You Buying the Right Homeowners Insurance Policy?

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

What Type of Homeowner’s Insurance Do I Need for a Renovation Loan? I am not an insurance agent, but I do have several excellent referral partners that have educated me on the differences in the insurance companies and their policies in relation to a standard home purchase and a purchase + renovation transaction. My job is to understand every aspect of the 203K / Renovation Loan process, homeowner’s insurance is a key piece of the puzzle. So, like the rest of …

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Freddie HomeSteps or Fannie HomePath – HomeWhat?

In Blog, HomePath Renovation by Jonathan Blackwell

Copy the code below to embed this image on your site. HomeSteps vs. HomePath – What’s the Difference Clearly, we have delved into Fannie Mae HomePath and HomePath Renovation loans in depth, but this is the first time I have stepped into Freddie’s HomeSteps program. So, what is Homesteps? Not sure why it has taken this long, maybe because Freddie themselves lacked articulation on exactly what the heck they are offering. Who runs Freddie Mac? How can you be such …

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Investor Renovation Loans – What Are My Options?

In Blog, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

Investor Renovation Loans 2011 and beyond presents an amazing opportunity for real estate investors. Whether you are buy and hold or fix and flip, whether you are in Alabama, Georgia, Florida, South Carolina or Tennessee – it doesn’t matter, the market is RIPE! If you are a cash investor then have at it, the world is yours. If you need mortgage financing then you need to know your options, the guidelines, the pitfalls and the benefits of going that route. …

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FHA 203K & HomePath Renovation Loans – Where Can I Find an Approved Contractor List?

In Blog, FHA 203K, HomePath Renovation by Jonathan Blackwell

203K Loan & HomePath Approved Contractors? Excellent question, one that I get from potential home-buyers all the time. The answer? You can’t, no such list exists! While some individual lenders may keep records of their “approved” contractors, HUD nor Fannie Mae have a master list of RENOVATION certified general contractors. Why? Why no master list exists is simple, referring contractors is a liability for HUD or Fannie Mae. Homeowner’s need to take contractor selection upon themselves. Do their own research and …

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HomePath Renovation Mortgages – What Are They and Why Should I Care?

In Blog, HomePath Renovation by Jonathan Blackwell

HomePath Renovation Mortgages – What Are They and Why Should I Care? If you are housing hunting you are no doubt seeing HomePath properties everywhere. What the heck are they and why should you care? HomePath properties are foreclosures held by Fannie Mae that previously had a Fannie Mae loan on them. With a glut of inventory and lack of available financing vehicles, Fannie Mae was faced with a MAJOR problem and needed to find a way to move these …

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203K | HomePath Renovation – Contractor Selection

In Blog, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

FHA 203K | HomePath Renovation – Contractor Selection Want a successful FHA 203K or HomePath Renovation? You need to select the right contractor. Contractor selection is YOUR choice. It is VITAL. YOU need to do the research, YOU need to make the calls, YOU need to get the bids and YOU will ultimately make the contractor selection. Hoping for a list of HUD approved contractors for your 203K loan? Guess what, that doesn’t exist. No such thing.  Can you imagine the …

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Revisiting the HomeStyle Renovation Loan

In Blog, HomeStyle Renovation by Jonathan Blackwell

Why the HomeStyle Makes Sense Why is the Mortgage Insurance so HIGH! A question I get frequently when I compare FHA 203K to HomeStyle renovation financing to prospective borrowers. They react that way with good reason, FHA MI is expensive and getting more expensive on April 1st, 2013. As of right now, a potential borrower looking for $300,000 in FHA financing will pay $3750 annual and $5250 in upfront mortgage insurance (MIP) on a 30 year loan. Since FHA mortgage …

View Post

How to Raise Your Credit Score

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

How to Raise Your Credit Score  Raising Your Credit Score Can Save Thousands on Your Mortgage! The Atlanta and US housing markets continue to recover. New home sales are at a multi-year high, interest rates are near all time lows, inventory remains low and renovation contractors are expecting a HUGE 2013. Since late-2011, falling mortgage rates have boosted buyer purchasing power. Now, today, in many U.S. markets, the number of active home buyers outnumbers the number of active home sellers. …

View Post

Are You Buying the Right Homeowners Insurance Policy?

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

What Type of Homeowner’s Insurance Do I Need for a Renovation Loan? I am not an insurance agent, but I do have several excellent referral partners that have educated me on the differences in the insurance companies and their policies in relation to a standard home purchase and a purchase + renovation transaction. My job is to understand every aspect of the 203K / Renovation Loan process, homeowner’s insurance is a key piece of the puzzle. So, like the rest of …

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Not All Homeowners Qualify for FHA 203K or HomeStyle Refinance

In Blog, FHA 203K, HomeStyle Renovation by Jonathan Blackwell

I Have No Equity, Can I Get a 203K or Homestyle Refinance? Although FHA 203K and Fannie Mae Homestyle loans are mostly based on after repair value, they still have a caveat that prevents many homeowners from utilizing them for refinances. Renovation loans – the FHA 203K and the HomeStyle both require TWO values to work. They require the after repair value AND the AS-IS value. Homeowners need to be at 95% loan to value or less on the as-is …

View Post

Investor Renovation Loans – What Are My Options?

In Blog, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

Investor Renovation Loans 2011 and beyond presents an amazing opportunity for real estate investors. Whether you are buy and hold or fix and flip, whether you are in Alabama, Georgia, Florida, South Carolina or Tennessee – it doesn’t matter, the market is RIPE! If you are a cash investor then have at it, the world is yours. If you need mortgage financing then you need to know your options, the guidelines, the pitfalls and the benefits of going that route. …

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203K | HomePath Renovation – Contractor Selection

In Blog, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

FHA 203K | HomePath Renovation – Contractor Selection Want a successful FHA 203K or HomePath Renovation? You need to select the right contractor. Contractor selection is YOUR choice. It is VITAL. YOU need to do the research, YOU need to make the calls, YOU need to get the bids and YOU will ultimately make the contractor selection. Hoping for a list of HUD approved contractors for your 203K loan? Guess what, that doesn’t exist. No such thing.  Can you imagine the …

FHA 203K | HomePath | HomeStyle – The Renovation Draw Process

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

FHA 203K | HomePath Renovation | HomeStyle Renovation Loans – The Draw Process   I have closed hundreds of RENOVATION LOANS that all have one thing in common, both the contractor and the borrower want to know how the DRAWS are disbursed. Of course they do, this is critical information. HOW you get paid & WHEN you get paid are two MAJOR planning pieces of the renovation loan process. Some lenders manage the draw process well and some lenders are …

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FHA 203K | HomeStyle | HomePath – Which RENOVATION Loan Is Right for Me?

In Blog, FHA 203K, HomePath Renovation, HomeStyle Renovation by Jonathan Blackwell

Renovation Loan 101 – What Are My Options? So, you want to buy and renovate a foreclosure? No problem, the homes are out there and the renovation loan products are as well. FHA 203K , HomeStyle Renovation or HomePath Renovation – which is best and what is the difference? On some properties you may only have one of the renovation loan options, on others you’ll have two and on some ALL the renovation loan potential will be available. HomePath Properties Fannie Mae foreclosures, marketed …

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Hey! What Happened to MY Earnest Money?!

In Blog, FHA 203K, HUD Homes by Jonathan Blackwell

  Hey! What Happened to MY Earnest Money?! Hey, I gave my real estate agent a $5000 Earnest Money Deposit check… Where does that money go? What? Just trust us right? ;) Absolutely not, know, check and follow where your purchase earnest money goes, stays and is held. I don’t know a first time home buyer who does not ask this question. Heck, many multiple time home purchasers STILL ask this question. According to Wikipedia: Earnest Money – an earnest payment(sometimes called earnest …

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HUD $100 Down – Atlanta Pick of the Week #2

In Blog, HUD Homes by Jonathan Blackwell

HUD $100 Down – Atlanta, GA Pick of the Week This HUD 203K special is perfect for the Atlanta Braves fan. This home is located near one of Atlanta’s most desirable neighborhoods, historic Grant Park. Walking distance to Turner Field Even if you hate baseball, it”s a pretty sweet deal for everyone in fact. Check out the specs. $99,000 List Price 3 Bedrooms / 2.5 Baths ~1600 Square Feet Built in 2008 Looks like it might need a some minor TLC …

Atlanta 203K – HUD $100 Down Deal of the Week

In Blog, FHA 203K, HUD Homes by Jonathan Blackwell

Atlanta 203K Deal of the Week – HUD $100 Down Hud Homes in Atlanta are available for$100 down if you are purchasing as a primary residence. You can purchase AND renovate with a 203K Loans all for $100 DOWN.This HUD Foreclosure is an example of some of the AMAZING deals available on the market. If you are interested in this home please click the link to find an experienced Atlanta HUD Home Realtor. This 3 bedroom / 3 bath house …

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FHA with Repair Escrow – Buying a HUD Home

In Blog, FHA 203K, HUD Homes by Jonathan Blackwell

FHA with Repair Escrow – Buying a HUD Home With home affordability reaching levels not seen since World War II, potential buyers are looking to find the best way to take advantage of the foreclosure market. One of the best values on the market are HUD FORECLOSURES. Why? Because in Georgia they can be had for $100 DOWN for home-buyers purchasing as a primary residence.The best way to buy a HUD Home? With a FHA Repair Escrow or FHA 203K loan! …

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How to Write a FHA 203K Purchase Offer – Realtor Advice

In Blog, FHA 203K, Realtors by Jonathan Blackwell

How to Write a FHA 203K Purchase Contract If you’re a Realtor chances you are, in some capacity, working with Foreclosures, Short Sales or other types of distressed property. If you’re not working that market yet then maybe you want to add it to your bag of tricks! If you work that market then you’d better understand the mortgage products that are needed to finance that purchase. The king of distressed property mortgage loans is clearly the FHA 203K Loan! Before …

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203K Renovation Advisor

In Uncategorized by Jonathan Blackwell

In the market for a FORECLOSURE or SHORT SALE? Is everything you see BEAT UP, DATED or VANDALIZED? Are the real bargains all listed CASH ONLY? Increase the pool of potential homes with RENOVATION FINANCING! Current Property Condition NOT an Issue Low Down Payments Available ALL Renovations Are FINANCED INTO THE LOAN! Flexible CREDIT Qualification Take 2 MINUTES and Complete the Form Below and Learn YOUR RENOVATION OPTIONS

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