Turn this...
INTO THIS!
Shawn and Jill were finally going to realize their dream of being homeowners for the first time.
Even with their concerns about the economy, both felt their jobs were safe and they knew homes would probably not be this affordable for a long time.
Most importantly, they wanted the best for their three children. Their current three bedroom rental home was nice, but the kids were getting too old to continue sharing a bedroom, plus Jill needed an office for her work as a medical transcriber.
The kids were very happy with their school and Shawn and Jill figured it wouldn’t be too hard to find a 4 or 5 bedroom home in the same neighborhood. Every week they would see more For Sale signs appear with advertisements of “bank owned”, “repo” or “foreclsoure”.
They had saved a little money for down payment and Shawn’s parents had agreed to help them out if they needed it. Every day they searched the internet for a home in their target neighborhood and finally their diligence was rewarded. They found a nice five bedroom home with a big yard at an affordable price. They immediately called Jane’s friend Kellie, their Real Estate Agent to see the house.
Within an hour they all met at the property. Shawn and Jill did not want this opportunity to slip through their fingers.
When they pulled up to the property they passed another couple on their way out. As they walked through the house, they noticed little things that needed to be repaired or replaced, but at this price they could easily afford to make those repairs. The new carpet and hardwood floors would have to wait. The floor plan and five bedrooms were what they needed and the home was walking to distance to the kid’s school. This house had everything and they immediately returned to Kellie’s office to make their offer.
Later that day, their Real Estate Agent called and informed Shawn and Jill there were eight other offers on their home and five were for a higher price than theirs. Needless to say, they were heartbroken, but as their agent explained, “it’s very competitive out there and you may have to make seven or eight offers before you are the winning bidder.”
or this...
INTO THIS!
One Sunday morning as they were taking the kids and the dog for a walk, they came across a house that had seen better days. The weeds in the back yard were waist high and through the windows they could see holes in the wall, the appliances had been taken, and the flooring was destroyed. But it was the same floor plan as the previous home.
They called their agent who told them the house didn’t qualify for FHA financing in it’s current condition and that’s why the list price was so low. Shawn and Jill knew there was no way they could come up with the money to do all the needed repairs.
Not one to take NO for an answer, Shawn went to the HUD website (www.hud.gov) and learned about an FHA loan program that would not only lend them the money to buy the home but include the funds necessary to make the house “as good as new”.
Woud you rather cook here?...
OR HERE?
Shawn immediately called Kellie, who referred him to a Mortgage Broker who knew the FHA 203k Rehabilitation Loan Program. Shawn, Jill and Kellie met with the lender, he explained how the program worked and gave them a “mind map” on how to use this loan program to buy the house no one else seemed to want.
Well, it’s been three months and Shawn, Jill and the family are in their new home. It has stainless steel appliances, new carpet and laminate flooring, the holes in the wall have been repaired and the house has been painted throughout and the family couldn’t be happier.They were able to buy the home for substantially less than the other homes in the neighborhood and even with the repairs have a lower payment than they would have had competing with all the other homebuyers.
Enjoy family time here?
OR HERE?
For more information on the FHA 203k Rehabilitation Loan Program go to www.hud.gov or contact us: greg@homebuyerhelpnetwork.com
Tags: first time home buyer loans, loans for first time home buyers