The Fast and Easy Rehab Loan in Sonoma County
There is a great Fast and Easy Rehab Loan available in Sonoma County that will open up more inventory for your buyers and sellers. The FHA 203(k) rehabilitation loan is a bit complicated and expensive to use for the homebuyer who is not in the building trade, but the Fast and Easy Rehab Loan version this program is quick, easy to use, with a minimal fee ($250). This is exciting because our biggest challenge in Sonoma County right now is inventory in the less than $350k range. In the past, many buyers don't have the extra cash to be prepared to handle a fixer-upper as their dream home purchase. But this Fast and Easy Rehab Loan is just the tool to open up more inventories to your buyers and more buyers for your sellers in Sonoma County. Here are some highlights:
- Will fund improvements from $5k to $35k and can additionally fund $8k in Energy Efficient improvements
- 3.5% down payment of sale price plus improvements
- Can use for REO, short sales, incomplete remodels
- Owner occupied only
- 1-2 units
- Only 2 simple draws
- Does not require a contractor
- FICOs down to 620
- Up to $662,500 in Sonoma County
Repairs can include but not limited to:
- Appliances including stove, refrig, laundry, dishwasher
- Termite damage, mold remediation
- lead based paint stabilization
- Energy upgrades
- Kitchen and bath remodel
- Roof, HVAC, Plumbing, Electrical
- Carpet, flooring, paint, windows, doors, siding
- Exterior deck, porches, stairs, patios
- Septic/well work
- Some landscaping
This Fast and Easy Rehab loan program is a benefit for both sellers and buyers in Sonoma County, as REO fixer-uppers can be listed as being a candidate for this financing. Any issues that would get in the way of a standard FHA loan can now be mitigated with this buyer financing.
Mark Your Calendar!
I will have presentation on this financing with an FHA appraiser present to answer any and all FHA appraisal and improvement valuation questions:
Wednesday, September 30, 2009 1pm- 2:30pm
First American Title Company
Mendocino Avenue
Educate Yourself. Space is limited. RSVP to me.
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