Helping Rebuild America with REBuildUSA

By Julie Chroust, Senior Mortgage Consultant, Prospect Mortgage

May 16, 2011

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I am proud to announce I am a member of REbuildUSA, a nationwide organization of real estate, lending and home improvement professionals, working in partnership with Lowe's and is dedicated to helping more Americans achieve the dream of home ownership, improving our communities and contributing to the health of our economy.

 

The FHA 203k Renovation Loan offers tremendous opportunities for many Americans to enjoy great prices on homes today, yet there is very little awareness of this program and the power it offers in our current economy.

 

REbuildUSA was established with the mission of creating more awareness of the opportunities offered by the FHA 203k program, while at the same time, simplifying the process for all involved. As REbuildUSA's home improvement partner, Lowe's assists in identifying the scope of work and relative costs and then coordinates the actual renovation activities through its nationwide network of licensed installers.

 

I'm excited about this program. Brentwood has many opportunities for buyers to take advantage of a program like this and make the most of the excellent opportunities in today's market.

 

A few mentionable highlights:

 

The FHA 203K Renovation loan* allows a buyer to purchase (or refinance) and renovate a property with one loan and one closing. With one loan, there is only one application, one set of fees, one closing and one monthly payment.

 

Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements.

 

A 203K loan can create huge value for home shoppers looking to:

 

1.

Buy a home in a neighborhood that they could not ordinarily afford by purchasing a fixer-upper.

6.

Upgrade by adding additions and putting in landscaping.

2.

Include all their upgrades and repairs in one loan.

7.

Fix damaged homes - new roof, fire damage, termite removal and mold remediation.

3.

Purchase a home with only 3.5 percent down payment on the total sales price plus the cost of repairs.

8.

Maximize a property's potential. The loan is based on the after-improved value - what the house will be worth once the renovations are complete.

4.

Streamline the process because closing occurs first, and then repairs are done after closing. You receive your commission and the seller receives their payoff sooner.

9.

Customize the home to the buyer's taste.

5.

Replace anything from carpet, paint and appliances, to fixtures, windows and more, and include it in the financing.

10.

Purchase and rehab a foreclosure.

 

 

 

Julie has been active in lending for 10 years and enjoys serving the local community. She also holds designations as Certified Fannie Mae Homepath, Certified California Down Payment Assistance, Certified FHA 203(k) Renovation. She also holds Regional Top Producing Award (2001); National Top Producing Award (2001); Top Producer Award (2004); Presidential Elite Top Producing Award (2005); Presidents Club Top Producing Award (2006); President's Club Top Producing Award (2010).

Jodi Marfia

Julie Chroust

Prospect Mortgage

925-516-5809

julie.chroust@prospectmtg.com

www.activerain.com/jchroust

 

 

 

This article is written by Julie Chroust and first published on May 16, 2011 so some information may be outdated after some time. It is posted as an informational and promotional piece by Julie Chroust and does not necessarily reflect the opinion of the publishers EverythingBrentwood.com.

 

 

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