Renovation Mortgage 101 For Realtors In Kalamazoo
Real estate agents and licensed Realtors® in the greater Kalamazoo area can earn continuing education credits while learning about a great financing option for home buyers. Today’s housing market is full of fixer uppers, bank-owned (and vacant) homes and other problem-listings. The FHA 203k home improvement loan is one option for today’s home buyer.
Thursday, February 25th, 2016 real estate professionals will hear from national renovation lending expert Joseph P Daly on how to put the FHA 203k to work selling these misfit homes. Check out the information from Joe below:
Renovation Mortgages 101:
Mortgage Solutions for a Challenging Market
As a REALTOR® in today’s market you face many challenges. There are many external factors affecting the housing and mortgage lending industry and in order to survive you need to change the way you think to open new doors.
A recent study by the NAR showed over 40% of the homes being sold today are distressed properties. These numbers are staggering. Some reports have these numbers even higher. These homes come on the market and RELATORS® get new listings. Sounds like a win-win right? There is one big problem. Many of the homes need repairs and lenders don’t like that, especially if your buyer is looking at FHA 203b or what most just call an FHA loan. So what do you do? The answer has existed since 1978.
That answer is an FHA 203k loan.
This mortgage allows the buyer to purchase a home and make any necessary improvements they desire and any required by the bank. Follows the same guidelines as traditional FHA loans. Only requires the buyer to put 3.5% down. Allows for up to a 6% sellers assist.
- Who: Joe Daly, FHA 203k Loan Specialist & National Program Director
- What: Renovation Mortgages 101
- When: Thursday, February 25th, 2016
- Schedule:
- 10:00 am – 12:00 Program
- Lunch provided after the event
- Where: Greater Kalamazoo Association of REALTORS®
- 5830 Venture Park Dr.
- Kalamazoo, MI 49009
- Fee no cost!
- See attached flyer below to registar for the event.
Past FHA 203k classes have received rave reviews: A Real Hunger for the FHA 203k
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