The worse the market gets the bigger the opportunity to purchase for a lot less. Investors (mostly fly by night) are taking advantage of this huge opportunity because cannot partake because they cannot get a loan to purchase if the property needs work and they cannot fix up the property unless they own it. This is a catch 22.
The Opportunity - Cut Out the Middle Man Fly By Night Investor! NEIGHBORHOOD REVITALIZATION. Instead of "fly by night" investors buying up the foreclosed, bank owned/short sale properties and putting them together with TAPE & GLUE and selling them back to home buyers at TOP Dollar in a declining market. Home buyers can now leverage a Government backed loan, FIND and purchase the property, FIX IT and have all the work done for them to turn the property into their dream home and MOVE IN
The Solution FHA 203K is a loan offered by FHA approved lenders that is only for home buyers not investors. With one loan you get the money to purchase and repair/improve any 1-4 unit property. HUD Approved Consultants determine how much work needs to be done to bring property up to HUD standards and depending on your budget will ask the home buyer "WHAT IS YOUR WISH LIST?" Eligible improvements cover everything from new roof, room additions, windows, carpeting even appliances and much, much more.
Licensed and Insured Contractors can be chosen by the Home Buyer or you can avoid the usually painful and "how do you really, really know how good they are" process by asking for a recommendation of some that have proven their worth to us already. Either way know that the contractors perform all the necessary improvements and will not get paid unless the work is signed off by HUD Approved Inspectors. Its almost too good to be true.
How Much Money Can I have for Rehab? Calculate how much you can afford - Click Here. To easily calculate your available budget for Rehab and see some clear examples - Click Here
This Process Is Easy As 1,2,3,4
1. HBR SUCCESS - Just follow the steps and see for yourself how easy HBR really can be.
A)Qualify - Do you qualify for HBR? Determine your maximum loan amount. B)What You Like & How Much It Costs - Only you know exactly which items make up your dream home. You choose and document those items and present them to your contractor. Remember to include appliances. C)Budget - Understand how to calculate your budget for rehab/improvement. D)Your Team - A glance of the players. No worries, we build the perfect team for you.
2. FIND IT - Use your Realtor to help you locate a property with huge potential.
3. FIX IT - All the work is done for you by licensed and Insured contractors.