These homes only need some upgrading and cosmetic work and are perfect for a quick, Streamline 203K for a home buyer or, they’re great for an investor since they are priced so cheap compared to their real value.

The only problem is, some of what we find….some of the REALLY exceptional deals, are bought very quickly so if you want a beautiful home at an incredible deal…. call or email us today!

We had a great Bi-level home on our inventory that slid perfectly into a Streamline 203K loan.  It was exactly what this couple was looking for in their home.

The house is almost 1800 square feet with a 2 car garage, 3 bedrooms, 2 full baths, large eat in kitchen, living room, dining area and family room with a coal stove.  Actually, the home was bigger than what they expected to be able to afford but it came in under their budget and that is one of the biggest advantages to these foreclosure projects. Sarah helped them secure a contract on the house for approximately $54,000 and the renovation costs were $29,950.

As with every client, there was no surprise with the final cost of the home because we presented them with the estimate before they even contracted the house, which was backed up with an independent inspection.  Barbara walked them through the financing process every step of the way and even helped clear up misinformation she discovered that would have harmed them if she had not found and corrected it.  As always, Barbara went above and beyond what any other mortgage professional would have because her focus is the client, and what is best for them.

Sarah handled all the real estate items and paperwork, which can be overwhelming if the buyer doesn’t have the quality of representation provided by PFP.  There is a mountain of paperwork and legalities and inspections that have to be attended to and Sarah handles all of it.  This afforded the client the confidence to go on with their life in anticipation of that beautiful new home while Sarah worked hard making the entire transaction as seamless as possible.

As the closing neared, Chris at Homestead Land Services began to assemble the necessary documentation and paperwork to close on the house.  Chris actually represents the client’s interests on all transactions so they know they are in great hands with Homestead!  As with any closing these days, there were last minute adjustments needed and time schedules to be accommodated but Chris performed the closing at the client’s convenience.

Once the closing was done, the real anticipation sets in for the client…. their home is just a few weeks away!  With this project, we were on a 30 day turn around as the client was out of the country for the month.  Northeastern went in and ripped out the old and renovated with new, beautiful finishes the client chose themselves, truly making this a “custom home!” New floors… new windows… new baths… new granite!!

Our client has returned from their trip and they are ecstatic with their home.  Another happy couple who got an incredible deal turning a foreclosure into a dream come true!

Today, we  assist you with the ONE type of financing needed to buy and fix-er-up- together — in advance.  It’s quicker, easier, with less out of pocket expenses.  Sounds Great?

Depending on how much work the house will need, we help you through the process of securing either a Streamline 203K loan or a Full 203K loan , which is a guaranteed loan through the Federal Housing Administration.  This allows the buyer greater flexibility in qualifying with a lower down payment and less out of pocket expenses to close, than conventional foreclosure financing.  The seller is able to assist you with some of the closing costs, too.  What does this mean for you?  Well, you don’t need 20% down payment (today it is 3.5% of the purchase price) and one closing covers everything!

It allows you to finance the purchase and repairs with one long-term loan.  The money is available through some traditional and none-traditional lenders.  It is flexible to allow for a variety of credit and less out of pocket expenses than most loans.

Imagine moving into a home that has new windows, new appliances, new carpeting, new paint or a new bathroom and you will have thirty years to enjoy it.

Most homeowners buying an existing home are using almost all of their saved funds to buy it and move in.  Then they have to start saving again to paint and maybe change the carpeting or the tile floor in the bathroom.  That is where this program is different than any other.  You can buy it, have it fixed up and then move in.  WOW- this is living!

In the coming weeks and months we’ll be going into greater detail about these loans and the advantages to using them, so check back often to learn all you can.