6/30/2009

Turn An REO Fixer Into Your Palace


DID YOU KNOW . . . .
THAT the foreclosure/bank-owned property (REOs) market is shrinking? There are several reasons for this, but basically, it may be the buyer's opportunity to get a very good deal on the right property under conditions acceptable to the seller.
THAT the County of Los Angeles' HERO program works with foreclosed/abandoned properties which may be purchased with a 1% down payment, and provides down payment assistance for low-to-middle-income households, for up to $10,000 of the purchase price. This program is for single family homes up to $493,000 and condos up to $394,250. Call me for more information on approved lenders and other requirements for this program.
THAT the Good Neighbor Next Door Program through HUD helps law enforcement officers, teachers and emergency medical technicians purchase an available home, at a very large discount. Teachers must be full-time in an accredited school, other personnel must be employed by a unit of the federal, state or local government, including an Indian tribal government. Eligible buyers may receive up to a 50% discount off the HUD appraised value, as well as an extremely low $100 down payment if the buyer qualifies for an FHA-insured mortgage. This program may be used in conjunction with the FHA 203(k) program also. Contact me for more information about this program. This program is for homes in one of many of hundreds of designated areas.

THAT the FHA 203(k) Residential Rehab Loan may offer financing in conjunction with several types of buyer program (but not all) and is a great way to gain up front financing to remodel or repair the home of your choice. If you find a fixer property in an area you would like, but the house needs work, this loan is a way to accomplish those repairs within your overall mortgage qualification, so that you're not paying for repairs out-of-pocket, but amortizing them over time. Repairs may include flooring, fencing, roofing, windows, foundation, appliances, heating, A/C and termite.

Turn a fixer into a palace. These programs are just some of the ways a first-time, or return buyer, may find a new home under very advantageous conditions.

PLEASE CONTACT ME AT JULIA@JULIAHUNTSMAN.COM FOR A LIST OF HOMES THAT ARE ELIGIBLE FOR THESE PROGRAMS. NOT ALL SUCH HOMES MAY NECESSARILY BE FOUND THROUGH THE MLS. I CAN ALSO HELP POINT YOU TO THE RIGHT AREAS THAT APPLY TO THESE PROGRAMS.

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