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Roll the Repairs into the Mortgage

by Mehner Weiser Real Estate, LLC.

Roll the Repairs into the Mortgage

It's been said that if you can find a home that has most of what you want, you should go ahead and purchase it.  Many first-time buyers are using everything they have for a down payment and closing costs and would have to "live" with the less than perfect home until they can save the money to make the changes.

The FHA 203(k) mortgage allows a borrower to purchase a home and provides additional funds for improvements to be made.  These types of renovations can include kitchen and bathroom remodels, flooring, plumbing, heating and air conditioning systems, additions and other things.

The benefit to the buyer is that they have the opportunity to consider a home that needs repairs and might have been unacceptable without a program like this.  Being a FHA loan, a minimal down payment is required, fair interest rates and generous qualifying requirements.

The 203(k) Streamline can be used for cosmetic improvements, appliances and minor remodeling up to $35,000 in cost.

As you can imagine, this is a specialized program and not all lenders choose to make 203(k) loans.  They usually take longer to process and getting firm bids on the work to be done will be required.  It is important to find out how much experience a lender has with this particular type of loan.    

It will also be required that you work with a 203(k) consultant in addition to the mortgage officer.

For more information, go to Hud.gov FNMA has a similar conventional loan program called HomeStyle Mortgage Your real estate professional will be able to help with recommendations.  Call me at (907) 261-7632.

3 Easy Mistakes to Avoid When You Buy a House

by Mehner Weiser Real Estate, LLC.

3 Easy Mistakes to Avoid When You Buy a House, Anchorage, Alaska

Whether you buy a house for the first time or want to upgrade your space, the process of qualifying for a mortgage, finding the right home, and closing with the seller can be complicated. Mehner Weiser Real Estate in Anchorage, AK, wants to help you avoid feeling stressed and confused. To make home buying smoother, here they share critical mistakes many potential homeowners make. 

Top 3 Missteps When You Buy a House 

1. Forgetting the Mortgage 

While shopping for a house is the most exciting part of the experience, you should qualify for a mortgage first. You may become disappointed if you discover the ideal home, only to find out you are in the wrong price range or can’t make a serious offer. Once you know how much you can borrow, you can bid on a beautiful home that fits your budget. 

2. Skipping the Inspection 

Anchorage-Buy-a-HouseSince home inspections take time and carry a fee, some buyers bypass them. Foregoing a professional review of a property you like is a costly mistake. Expensive, hidden damage could reveal itself after you close on the house. Avoid surprises about major repairs by getting an inspection first. 

3. Overlooking a Real Estate Agent 

Some home buyers choose not to hire their own real estate agent. Instead, they work with the seller’s Realtor®. These agents want to secure the best price and terms for the seller. If you don’t have an advocate, you could be outbid or pay too much. 

Displaying blog entries 1-2 of 2

Contact Information

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Mehner Weiser Real Estate, LLC
RE/MAX Dynamic Properties
3350 Midtown Place
Anchorage AK 99503
Bethany (907) 223-1632
Bonnie (907) 223-0005