Conventional financing won’t work on an unfinished property. FHA 203K loans require a Certificate of Occupancy which is unattainable if the property was never finished. If you lack the funds to purchase in cash you have but one option, the FANNIE MAE HOMESTYLE renovation loan. How does it work?

Fannie Mae Homestyle Renovation Loans

The Homestyle Renovation loan works much like a FHA 203K would. You get yourself pre-approved with a Fannie Mae Homestyle approved lender like myself. You locate the property that is substantially complete, but not yet finished. Most underwriters consider “substantially complete” to me at least 75% finished. Anything less and you have yourself a construction loan, that’s a different post.  Once the property is located you get it under contract at a great price. We then submit your loan to underwriting for credit approval. While we await your credit approval we gather the contractor bids from a licensed General Contractor. We provide those bids to the appraiser who will appraise the property based on the “as completed” value.  Usually, we have your credit approval before we are finished gathering the bids and getting the appraisal. Once we have that we will simultaneously work on clearing your credit conditions while we work on getting the property, contractor and scope of work approved. Once we have everything cleared through underwriting you’re ready to close. Now starts the renovation phase of your Homestyle Renovation project!

The renovation escrow account that is dispersed post close is based on your contractor bid + a 10% contingency reserve along with any scattered renovation related fees we rolled into your escrow account. We’ll disperse the funds in a series of draws ranging from 3 to 5. Each draw will be inspected by a third party before funds are released. Please make sure your contractor is aware that the Fannie Mae Homestyle, much like the standard FHA 203K, does NOT HAVE UPFRONT FUNDS AVAILABLE. You need a strong contractor with sufficient cash flow to successfully complete a Homestyle Renovation! Once all the work in the final contractor bid is completed you can close out your renovation escrow, from that point forward you have a traditional Fannie Mae loan.

Simply and easy right? ; ) Still have questions? Call or email me and I will guide you through the process. All in all if you are looking for a new home and you want it cheap, this is the absolute best path to take. You will not only get the value of a home available at a deep discount due to lack of financing, but you will also get to finish out the home with your personal touches and a contractor of your choosing!

APPLY NOW for your FANNIE MAE HOMESTYLE RENOVATION LOAN!

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http://homestylerenovation.com/uncategorized/how-to-buy-unfinished-builder-foreclosures/

1.) Unfinshed New Construction — FHA 203K loans require a certificate of occupancy (known as a C.O.). This is a nearly impossible request on unfinished new construction foreclosures. This makes FHA 203K loans virtually impossible on unfinished new construction foreclosures. This is where the Fannie Homestyle comes into play. The Homestyle only requires homes be “substantially complete”.  What does that mean? Well, it is open to interpretation, but anything with the systems in place that is at least 75% complete might be a good candidate for a Homestyle.

2.) Loans Exceeding FHA Loan Limits — If you are over local FHA loan limits and need to do a renovation loan then your clear choice is the Fannie Mae Homestyle. In most places across the US conforming loan limits exceed those of FHA. For example, in Atlanta FHA loan limits are $346,250 while Fannie Mae Homestyle limits are $417,000.

3.) Borrowers with 20% Down — FHA 203K loans have mortgage insurance for 5 years regardless of the amount you put down (30 Yr fixed rate). It is possible via the Fannie Mae Homestyle to put 20% down and to avoid mortgage insurance entirely.

4.) Non-Owner Occupants — FHA loans require you to occupy the residence as your primary residence. Fannie Mae Homestyle loans will allow your to renovate a residence as a 2nd home OR AN INVESTMENT PROPERTY!

5.) I Already Have a FHA Loan! — Already have a FHA loan? Chances are you won’t be able to get another. Look at the Fannie Mae Homestyle to renovate if this is your situation.

There are certainly more situations where the Homestyle is a more appropriate loan then a FHA 203K.  Consult a knowledgeable Renovation Loan Specialist to determine what is best for your situation. We are here to HELP!

APPLY NOW FOR YOU FHA 203K or FANNIE MAE HOMESTYLE RENOVATION LOAN!!

Good Luck!!

1. EnergyStar Appliances.

Replacing your appliances is an easy and affordable way to save 20%+ of your monthly energy bill. EnergyStar appliances are widely available and comparably priced to their less efficient equivalents. There is NO reason not to have them in your house.

2. Insulate, Insulate, Insulate…

Effective insulation slows the rate that heat flows out of the house in winter or into the house in summer, so less energy is required to heat or cool the house. Choosing the RIGHT contractor for your renovation can help you make sure your house is properly insulated. If your house has no wall insulation, and it has more-or-less continuous wall cavities (such as conventional stud walls), blown-in insulation can greatly improve your comfort and save enough energy to be very cost-effective. If your attic is unfinished, you can often look to upgrade your insulation there as well.

3. Improve Your Water Efficiency.

I don’t want to delve too deep into wasting water since I have already done that on a previous post. So, in an effort to avoid redundancy and save myself some time I’ll just direct you there and you can read the multiple ways you can reduce your water consumption. Savings by the Gallon With FHA 203K…

4. Replace Those Drafty Windows.

If your windows are old and leaky, it may be time to replace them with energy-efficient models. Windows are not huge energy losers, accounting for no more than 20% of a homes typical loss, but if you are replacing windows for other reasons then energy efficient windows are a no-brainer. Typically, EnergyStar windows cost no more than $15 more per window than their less efficient cousins.

5. Dump the Older Furnace.

If your furnace was built before 1992 and has a standing pilot, it probably wastes 35 percent of the fuel it uses. We recommend early replacement with a “condensing furnace” with annual efficiency of at least 90 percent. This type of furnace wastes no more than 10 percent of the natural gas you buy, and may save you as much as 27 percent on your heating bill.

Jonathan Blackwell FHA 203K Renovation Specialist Hometown Lenders Atlanta, Georgia, 30317	Work: 404-551-3845 Mobile: 404-519-5383 www.203KLoan.net

Problems with Traditional Paint

According to the EPA, the concentration of pollutants inside your home is several times that of the great outdoors. The reason is quite simple, lack of proper ventilation. Obviously, the most dangerous time for you, your children and your pets is during the painting process and the few weeks after the painting has been applied. Traditional paints contain airborne chemicals known as VOC’s. VOC’s can headaches, fatigue, dizziness and possibly even cancer or heart disease. These concentrations are strongest when paint is fresh, but can linger around your house for years.

Environmentally Sound Paint Solutions

1. Low VOC Paints — Due to environmental regulations and increasing consumer demand, paint companies have developed new house paints that emit little or no VOCs.  This is achieved by using water as a base instead of traditional, petroleum-based oil solvents. Low VOC paint is now widely available at most hardware stores with prices comparable to more traditional paint.
2. Natural Paints — A natural paint does not contain heavy metal or any VOCs.  Natural paints and wood finishes are often composed of natural plant dyes, oils, and waxes. There are various forms of natural paints on the market, including clay and milk based paints. These natural paints still have a ways to go as they tend to be more expensive and all less durable than traditional paint.
3. Lime Wash — A reasonably inexpensive green alternative to traditional paint is lime wash.  Limestone, a calcium-based mineral, is combined with water to form a simple, natural paint that is the basis of all whitewashes.  Lime wash can be used indoors or outdoors and forms a unique, glowing finish that comes in a variety of colors.

As your start to tackle your next renvoation project consider all your paint options and how they fit into your plan. Eco-friendly paint is just one step in making your renovation green. I encourage you to read all of the “focus on green building materials” posts before you get started. Also visit our FHA 203K Renovation site to learn how to finance your next green renovation with 203K Financing or a FHA Energy Efficient Mortgage

Focus on Green Building Materials — Terrazzo

Focus on Green Building Materials — Bamboo

Focus on Green Building Materials — Reclaimed Exotic Hardwood

Jonathan Blackwell FHA 203K Renovation Specialist Hometown Lenders Atlanta, Georgia, 30317	Work: 404-551-3845 Mobile: 404-519-5383 www.203KLoan.net

Bathroom Renovations

EnergyStar Appliances

Kitchen Renovations

EnergyStar Doors & Windows

Imagine shaving 30%+ off your monthly energy bills in 2009. Now is the right time to take advantage of those savings. Don’t let these rates slip away.

Jonathan Blackwell

404-551-3845

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From toilets to tubs, we use around 60% or our household water supply in the bathroom. Don’t fret though there a few simple changes we can tackle that can dramatically reduce that consumption

Inefficient Toilets — Toilets guzzle nearly 27% of your household water supply every year. Older homes often have toilets that average nearly 3.5 GALLONS PER FLUSH! If you haven’t updated that old toilet I suggest you get hopping as newer low flow toilets consume less than a third of that outdated guzzler you have now. In fact, if you toilet is using more than 1.6 GPF then it is time to make a change.

Wasteful Showers — Although not as bad as toilets, showers can also be huge water wasters. Some fancier systems with multiple heads can actually burn through 80 gallons per minute. Federal guidelines for a single head shower require 2.5 gallons per minute or less, but you can take it even further and get one of Delta’s new H20 Kinetics head that only use 1.6 GPM.

Water Heaters — American households waste an average of 6.35 gallons of water per day waiting around for the water to heat up. Wait no more however and get yourself a tankless on demand water heater to have instantly hot water. Check for your individual state, but you might just get a tax credit for purchasing one.

Faucets — Finally, while you are making all the other water saving changes you might just want to go ahead and increase efficiency at the faucet as well. Most faucets run about 2.2 GPM or less, but newer models may just use a paltry 1.5 GPM.

Ready to stop wasting all that water? If you are short on cash for those renovations contact us for an FHA 203K Green Renovation Loan and we can take care of that bathroom, along with those old energy wasting windows and appliances while we are at it!

Jonathan Blackwell

404-551-3845

So much of today’s existing housing stock is in the form of foreclosures. Many of them aren’t livable and have been vacant for some time. What if we could get a movement going to help take these properties and provide affordable green renovations for buyers in need through FHA 203K renovation loans? Not only are you fulfilling the mission of FHA 203K, to restore and preserve America’s existing housing stock, but you are also incorporating money and energy saving green improvements into those homes. I’m not talking about solar panels and wind turbines here; I am talking about simple and affordable improvements like EnergyStar windows and appliances, low flow toilets and showers with on demand water heaters. Not only would these kind of improvements benefit the planet, but they would also help the low to moderate income home buyers save on their monthly energy bills. That makes their mortgage more affordable, lessens the likelihood they default on their mortgage and helps restore the integrity and quality of the neighborhood by ensuring that its homes are in good condition and OCCUPIED!

It seems like such a simple idea. Why are we not doing it? The government has shelled out well over a trillion dollars to bailout banks, brokerages and even car dealerships, but no one has thought that it might kill two birds with one stone to turn existing foreclosures into affordable green renovations that are cost effective and available for low to moderate income home buyers? Who am I to say, but I think that is a damn fine plan to help restore America’s housing market and get our neighborhoods back on track.

Jonathan Blackwell

www.203KLoan.net

404-551-3845

When most homeowners want more space or a fancier place they call Real Estate Agent and start their search for a new home. It doesn’t have to be that way though, you don’t have to move out to move up! You can just RENOVATE.

Recently homeowners wanting new digs have found the going a bit tougher. Both Fannie Mae and FHA have instituted tough new rules aimed at homeowners looking to buy a new place and rent out their current residence until market conditions improve. For both you now must have significant equity, 25% and 30% respectively, to use the rental income on your current residence to qualify. That means that many people now have to qualify for both mortgage payments. Obviously, that simply isn’t possible for many homeowners. All is not lost for those wanting a bigger space though, they just need to look a little closer to home.

Both FHA 203K and Fannie Mae Homestyle Renovation Loans allow homeowners to refinance and renovate their current residence. They allow it all based on the after repair value of the renovations instead of what your home is currently worth. Only have 10% equity currently? That is not a problem for FHA 203K or Fannie Mae Homestyle renovation loans, they are only concerned with the equity you will have when you are finished with your renovations! So, how can you use a Renovation Loan?

New Freestanding Appliances, Complete Bathroom Remodel, Adding a New Master Bathroom, Upgrading Heating & Cooling Systems, New Siding, Fresh Paint Inside or Out, Attic Build-Outs, Finishing the Basement, Making the House Handicapped Accessible, Complete & Total Renovation, Adding a 2nd Floor, Adding a New Master Bedroom, New Deck & Outdoor Kitchen Area, Upgrading Doors and Windows, New Hardwood Flooring or New Carpet, New Lighting, Upgrading Plumbing & Electrical System, New Fixtures for Bathrooms and Kitchens, Opening Up a Floorplan, New Kitchen Counters, Vaulting Your Ceiling, Going Green with Solar Panels, and Building a New Garage to name a few!

There are hundreds of ways these loans can help you create the house you want without having to pack and unpack a moving truck. You can even add those green and energy efficient improvements you have wanted while you are creating your new space. If you are in Georgia, Alabama, Florida, Tennessee or Virginia and would like to discuss your FHA 203K or Fannie Mae Homestyle choices go visit our quick and easy Renovation Advisor now!

Jonathan Blackwell

FHA 203K Specialist

Hometown Lenders

203KLoan.net

404-551-3845

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Jonathan Blackwell

404-551-3845

TerraMai floors are a mixture of numerous tropical hardwood species, reclaimed from antique railroad ties and other salvage sources in Southeast Asia. Our floors are used in residential, municipal and commercial applications where environmentally responsible, beautiful, stable and durable solid wood is desired.

TerraMai flooring can easily be used in kitchens and bathrooms, providing it is professionally installed, finished and sealed for moisture control. TerraMai flooring can also be used over concrete slab floors and with radiant heat systems, using industry-accepted techniques. Specific product recommendations are available upon request.

Composition and Materials
TerraMai flooring is a genuine, unfinished, solid wood product composed of a variety of reclaimed tropical hardwoods. It is likely to include Asian rosewood, merbau, ironwood, padauk, chengal, takien, narra as well as other species. Latin names of the dominant species are available upon request and on our web site. TerraMai flooring provides a beautiful and resilient floor under light or heavy wear. Every variety in the species mix is hard fibered, minimizing slivering and splintering. TerraMai flooring polishes with use (under friction) actually increasing its wear resistance.

Color
TerraMai flooring can be purchased in a random color mix (Jungle Mix) or color sorted to create floors of a generally distinct hue (ie. Rose, Gold, Cinnamon and Blonde Mix). All mixes will contain a variety of species and colors. Color can vary widely within any given species of tropical hardwood. TerraMai floors offer a wider spectrum of color than a single species floor. Due to size limitations and the natural variation in wood, TerraMai samples cannot be guaranteed to represent all color possibilities. Lighting and room color can also change the perception of hardwood floor coloration. Wood color will change when finish is applied.

Our exotic reclaimed woods include:

• Teak
• Tropical Mixes (Cinnamon Mix, Gold Mix, Jungle Mix, Rose Mix)
• Hevea

Teak
Our Teak is approximately 50 to 100 years old, reclaimed from pilings under structures in northern Thailand, Burma and Laos slated for demolition. Age and environment have seasoned this wood into an incredible swirl of mellow browns, tans and silvers.

This wood begs to be touched. Plantation grown wood cannot compare.

Cinnamon Mix
A blend of our darkest woods running from musty golds to deep chocolate browns. It is comprised of Merbau, Alan Batu, Sepetir and Ironwood reclaimed from antique railway ties.

Cinnamon Mix offers steadfast durability and features the rich inviting warmth that only the finest antique rainforest woods can achieve.

Gold Mix
Gold Mix has a rich amber hue distinct from any other hardwoods. Oxide stains, seasoning checks and spike holes imbue Gold Mix with history and character, denoting the untreated hardwood railroad ties that are its source.

Comprised of Keledang, Balau, Giam and Chengal.

Jungle Mix
Inspired by the vibrant, random array of colors found in our Asian hardwoods, we have mixed bright roses, muted golds and chocolate browns to create a playful and unpredictable grab bag of marvelous looking wood.

Rose Mix
Rosewood railroad ties? In Thailand, they used what they had and what they had was Rosewood! This amazing blend may also contain Pyinkado and Narra and other rose-toned species.

Burgundies, pinks and purples laced with gold create a deep, plush patina. Laden with character this mix is one of our most rare and most desired.

Hevea
Our Hevea flooring is produced from “orchard salvage” - from rubber tree plantations of Southeast Asia.

After about 25 years of producing latex for the rubber industry, rubber trees are culled from the plantation and replaced. The wood from these trees is utilized to produce our Hevea flooring.

It is similar in appearance to Oak and nearly as hard as Teak. It is available as either an unfinished or a pre-finished product, and for those desiring a custom color, Hevea takes a stain nicely.

Thanks to the great people at GreenHomeGuide.com

http://www.greenhomeguide.com/index.php/product_detail/563/C113