It was a pleasure helping Jacob with is first time homebuyer loan! Thank you to Cindy Swayngim of Keller Williams for the referral to this great client! Jacob used our 3% down, conventional loan program for first time homebuyers. Perfect for him!
Use a FHA 203k or FNMA HomeStyle Mortgage Home Loan to Upgrade Your Kitchen!
This article is a great example of what you can do with a FHA 203K or Homestyle Renovation home loan to upgrade a kitchen for not that much money. Click HERE to see the article.
Did you know you can do a refinance with these loans as well and upgrade your current home? Doesn't have to be a new purchase. Call me and I'm glad to answer any questions you have. 828-552-4300
Great article on this topic here. Read more
Congratulations to "Cat" on the purchase of her new home. Thanks to Collin O'Berry for the referral to this great client and to Hart Dahlhauser and Goosmann, Rose, Colvard & Cramer Law Firm for making everything as smooth as possible.
It's a great time to double check your mortgage interest rate!
Great article about how many people don't know their mortgage interest rate. It's a great time to check. If you have a rate on a 30 year loan of 4.50% or more, refinancing could be a great option for you. Call me and I can take a look for you. 828-552-4300
Finance Energy Improvements! Cost-effective energy-saving measures may be financed as part of the mortgage! Make an older, less efficient home more comfortable and affordable!Increase Your Buying Power! Stretch debt-to-income qualifying ratios on loans for energy-efficient homes! Qualify for a larger loan amount! Buy a better, more energy efficient home!WHO BENEFITS from the ENERGY EFFICIENT MORTGAGE?Buyers: Qualify for a larger loan on a better home! Get a more comfortable home NOW. Save money every month from Day One. Increase the potential resale value of your home.Sellers: Sell your home more quickly. Make your house affordable to more people. Attract attention in a competitive market.Remodelers/Refinancers: Get all the EEM benefits without moving. Make improvements which will actually save you money. Increase the potential resale value of your home.Pay for energy improvements easily, through your mortgage. Your lender can increase your loan to cover energy improvement costs. Monthly mortgage payments increase slightly, but you actually save money because your energy bills will be lower!
Mortgage Tip: Get a Thorough Pre-Approval.
Not only do sellers often prefer buyers who come preapproved by a lender, making their offers more attractive, but a preapproved mortgage also can help you avoid any hiccups down the line.
With a real preapproval, I will pull your credit report and submit supporting documentation to a live underwriter. This allows me to give you more accurate terms based on your actual credit score, debt obligations and income, instead of relying estimates. It also puts you ahead of the process when you finally go into contract and will help you close faster as well.
Call me to get your pre-approval started! 828-552-4300
This is great news for all home buyers in need of an FHA loan. I know there are a lot of home buyers in Asheville that can utilize an FHA mortgage to their benefit!! Call me to learn more!
NEW YORK (CNNMoney)
In an effort to make owning a home more affordable, the Federal Housing Administration will dramatically cut the costs associated with the mortgages it backs.Premiums for FHA mortgage insurance, which is designed to protect the agency in case a borrower defaults on a loan, will be cut from 1.35% of a loan's value to about 0.85%, the White House said in a statement Thursday.
As a result, a typical first-time homebuyer will save $900 a year on their mortgage payments. Existing homeowners who refinance into an FHA loan will see similar savings.
"Too many creditworthy families who can afford -- and want to purchase -- a home are shut out of homeownership opportunities due to today's tight lending market," the White House said.
The White House estimates that the lower premiums will enable up to 250,000 new buyers to purchase a home.
In the wake of the financial meltdown and ensuing foreclosure crisis, FHA raised its mortgage insurance premiums to shore up its finances. But now home values are on the rise, the jobs picture is improving and foreclosures have fallen to their lowest level since 2006.
Last March, the FHA announced it would not need another bailout due to improving financial conditions. The White House said that even after lowering premiums, reserves in the fund are projected to grow by $7 billion to $10 billion annually.
FHA loans have been an important lifeline for low-income and higher risk borrowers in the wake of the financial crisis. As private lenders tightened their lending standards, FHA-backed loans became the only mortgages available to many of those buyers, given their tiny down-payment requirements and easier credit-score hurdles.
Happy New Year! 2015 is going to be a great year. If this is the year for you to refinance your current mortgage loan or purchase your first home, remember Glenn Kavanagh at Atlantic Bay Mortgage in Asheville, NC.
What's the fastest place to get a mortgage loan in Asheville, NC? Atlantic Bay Mortgage! Did you know that we just closed a loan in 1 week? 1 week!! That's amazing and the fastest I've ever seen. If you are in a pinch or have a tight closing date for your purchase loan, visit me at ashevillehomemortgage.com.
When Stephen first heard about Atlantic Bay, it was through one of his clients. The experience was so positive for the client and Stephen’s team that they immediately sought out Atlantic Bay. “My goal is to align myself with service providers that offer my same level of service for the client. Atlantic Bay is hands-on. Our clients can meet face-to-face, they can meet over the phone, or via email. They really fit the consumer’s needs better than anyone we’ve ever worked with.”
Stephen’s number one priority is spoiling his clients. If he receives feedback that is less than perfect tens, he calls them personally to apologize. He appreciates that Atlantic Bay extends the same level of service. “I’ve been very pleased with how they reach out to my clients and keep them totally involved in the process,” he explains. “Most people can get a loan, but people really need advice on what type of loan suits their financial goals and their lifestyle.”
Another area that Atlantic Bay excels in, Stephen says, is giving clients an accurate picture of the home they can afford. “They completely underwrite the loan upfront. This causes a sense of calmness with not only the buyer but also with us.” He says that Atlantic Bay has won out over competing offers from other lenders because of this service. In addition, when it comes time to close on a home, Atlantic Bay has helped his team out on more than one occasion. “Sometimes there are five to eight home closings — with people moving out and in — and if one hits a snag, all of them hit a snag too. So the beauty of Atlantic is that they actually close on time.”
Asheville Home Loans
Offering Mortgage Loans including Purchase, Refinance, Renovation, 203K, FHA, VA, USDA and Conventional Loans.
Did you know that an Energy Efficient Mortgage can be a great way to help you purchase a home and add the cost of certain repairs to the loan? Asheville Home Mortgage has these loan programs. With tons of distressed properties on the market, this can be a good way for you to purchase a nice home without paying $1000’s out of pocket for repairs.
What is an Energy Efficient Mortgage (EEM)?
The main idea behind these types of mortgage is that energy efficient homes use less energy and are, therefore, less expensive to own. People who have more efficient homes spend less per month on utility costs. Theoretically, they should have more to spend on their monthly mortgage payments allowing them to afford a larger mortgage.
We attach the cost of the repairs to the traditional FHA or VA loan. With Atlantic Bay Mortgage, the process is easy and does not add additional time to the processing of the loan.
What are the different kinds of EEMs?
There are 2 main kinds of EEMs:
· FHA EEM: This EEM is done in conjunction with FHA financing. Borrowers can finance up to 5% of the home’s value and it is added on top of an FHA purchase with the standard 3.5% down payment.
· VA EEM: This version of the EEM Mortgage is used in conjunction with VA financing. It allows borrowers to finance up to $6,000 for energy efficient upgrades when purchasing an existing home regardless of the value of the home.
Depending on the amount of the repairs and the type of financing, a Home Energy Rating System (HERS) report may be necessary to determine the savings meet the requirements for the loans. This report ranges from $500-$800 and should be ordered early in the process. The HERS report is required on all FHA loans.
We would then just need a bid outlining the repairs and costs. That is it!
So, what kinds of things does an EEM pay for?
An EEM can pay for improvements like new dual pane windows, a new HVAC unit with air ducts, insulation, weatherizing, energy efficient heating and cooling systems, installing active and passive solar technologies, and other upgrades.
Can you benefit from new windows, a new HVAC system or additional energy efficient items?
Give me a call today!!
Atlantic Bay Mortgage
Asheville Home Mortgage
FHA and VA Energy Efficient Mortgage
Have you ever looked at a home you wanted to buy because it was a great deal BUT it needed new carpet, BUT it needed new appliances, BUT it needed a new roof - and you didn't have the cash available to fix those items once you got into the house?
The FHA 203K Loan
You should look into the FHA 203K loan. I call the 203K loan the "But" fixer because the it can help you buy the home and give you the funds within your purchase loan to make those upgrades or repairs you'd like to make on the home before or after you move in. The fixer-upper is now within your reach!
An Affordable Dream Home
If you're on a budget, you may find that you only have a choice between houses that are too small for you or that need a lot of work before you can move in. There are, though, especially in this market, a lot of great fixer uppers that could be turned into dream homes with a bit of work. Even though you can't do any of the work yourself with the 203K loan(it has to be done by licensed contractor), you can often buy a fixer-upper and rehabilitate it for quite a bit less than you would spend on a comparable house in "perfect" condition.
How does it work?
The basics of the program work like this. We take the sales price of the house and add in the estimate of the costs to do the work you need to come up with the loan amount. When your loan closes, we place the repair funds into an escrow account to be dispersed to a licensed contractor when the work has been completed and inspected. The work must be done by a licensed contractor and they will only be paid after the work is complete.
You can get up to $35,000 for repairs or upgrades - even including things like new appliances!
There are many more details that I can't cover here but I'd love to answer your questions and help!
Please feel free to give me a call if you'd like more information. We offer the 203K loan at Atlantic Bay Mortgage and I'd love to help.
Happy house hunting!
I love to tell this great success story of clients of mine that took out an FHA 203K loan here in Asheville. They purchased a fixer upper for $130,000 and used the 203K loan to do $30,000 in repairs. When the repairs were complete, the home appraised for $220,000!! That's $60,000 in Equity right away! Incredible!
$160,000 of total investment on the home and now it's worth $220,000! If I only I had know about this program when I bought my first home!
Have questions about renovation loans? Call me!
The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property.
When HomeStyle is used for energy-related improvements, borrowers are required to obtain an energy report to identify recommended energy improvements to the property and the estimated cost savings associated with those improvements.
Essentially, HomeStyle Renovation is a solution to the current problem in housing that home buyers often see: finding houses that aren’t yet “home.” You can buy a house with potential and turn it into your home with your style, without breaking the bank. With a minimum of 5% down*, you can finance the purchase and remodeling of your dream home.
With as little as a 5% down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.
Glenn Kavanagh writes all blog posts on this site.
Programs, rates, and fees are subject to change at any time without notice. This information provided is deemed reliable but not guaranteed. The information on this website is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. All mortgage financing is subject to credit and underwriting approval. Receipt of borrower’s application or inquiry does not represent an approval for financing or rate guarantee. Atlantic Bay Mortgage Group is an Equal Housing Lender and Equal Opportunity Lender.