Attention Investors and first time home buyers .!

 Buy a foreclosure home at a discounted price in today's market & make big profits when the market comes back.

The secret to make money in Real Estate is to buy when the market is down. Do not let the opportunities go away.

 

For a first time home buyer you have the following options to obtain financing :

 

FHA 203(K) loans ...Just the facts ...

 

The ability to close "as is " opens the door for more homes to be sold and neighborhoods to be revitalized.

 

 One of the biggest misconceptions about the 203-k loan process is that it's too hard and time consuming.

It's only hard if the mortgage is inexperienced with the program.Jose Rivera Sinclair has a Dedicated department specialized in the matter.

 

What is a FHA 203-(K)?

 

The FHA mortgage program allows the cost of the rehabilitation of a property to be included in the total mortgage amount .All Repairs are made to the property after closing ,no wok prior to taking ownership.The key is the value is based in the anticipate work to be completed.Therefore an "as is" purchase is possible, regardless of the condition of the home .In addition 110% of the after improved value will be considered when determining the maximum loan amount.

 


 

Highlight

    Refinancing is available for present home owners.Closing cost may be included

    Minimum down payment of 3% of total package is required includes purchase and rehab


    Sellers may pay up to a 6% concession on purchase

     

    All work must be completed within 6 months of closing

     

    Up to five draws are allowed for release of construction money

     

    10-15% of repair cost contingency account must be established

     

    Monies not used for repairs  may be applied  to principle balance or accessed for additional repair

     

    Up o 6 months of mortgage payments may be included in the construction package


Elegible Properties 

To be eligible ,the home must be a one to four family dwelling and occupied for a minimum of one year.

It's important to understand that 203-k plan is underwritten to FHA guidelines and insured by HUD.

 All the same requirements for credit, income and assets still apply

 

One of the very few restrictions in the 203-k program is the plan will not allow for a new home to be finished.The home must be at least one year old and evidenced by a certificate f occupancy.

The program allows for one family units to be increased to multi units and multiunits to be converted to a single family home if local officials allow for such a revision.

 

Existing homes may be torn down and rebuilt again.As an example, taking down a home and placing a modular on the lot, the sole requirement is the original foundation must stay in place.An added footprint may be included in the new construction and additional square footage is required.

 

Jose Rivera Sinclair was named by the National Association of Realtors
in the year 2006 as one of the
Top 30 Realtors in the country under 30 years old

 

What would it be like to sell real estate in a world without the Internet? Our “30 Under 30” for 2006 will never know. Every one of them entered the business after the now decade-old Internet revolution. Concepts like e-mail marketing and Web sites are second-nature to them. Despite their youth, this year’s 30s are well-moored in the past. Many credit parents, grandparents, and mentors in the business who contributed to their success. REALTOR® Magazine received more than 550 applications for “30 under 30.” The editors selected a group that reflects the geographic, ethnic, and career diversity of NATIONAL ASSOCIATION OF REALTORS® members. Humbled by the slowdown they’re experiencing in some markets, the Class of 2006 is nonetheless optimistic about continuing on their path to success.

 

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