The short answer is, if you have the land it is probably better to build out than to build up.

Building any home addition is a major undertaking. However, building a second story addition has significant more risk and interruptions associated with it.

First, local codes need to be checked to see if adding a second story addition is even feasible.

Second, the existing foundation needs to be inspected by the local building inspector, architect, or foundation contractor to see if the foundation can support a second floor. Concrete footings and foundation requirements usually vary on the type of home being built. A second story home creates significantly more load on the concrete footings and foundation walls. Consequently the footings and foundation walls are typically built more ruggedly for two story homes.

Third, the roof has to be torn off the home. This leaves the home vulnerable to the weather such as rain, snow and wind. Also, removing a roof in a controlled manner also takes significant time and labor which adds to the cost of the project.

Forth, frequently the homeowners need to find temporary housing elsewhere, as it is nearly impossible to live in the home while the roof is removed and replaced with another level.

Fifth, although every attempt is made to maintain the integrity of the first floor of the home, inherently there are risks of damage to the first floor ceilings and walls. Ceilings frequently are cracked while the second floor is being constructed.

Building a second floor addition is not an impossible endeavor. However, it does require more up front work and presents more risk to the existing home structure while being constructed. If you have limited land, then it may be your only alternative to create more space in your home. Again, however, if you do have the land it is probably a better bet to build out with a room addition.

Articla , Atlas Green Homes

The post Choosing between a Room Addition and a Second Floor Addition for Your Home, Article by ATLAS HOMES appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

Types of sales & properties:
regular standard listing, Foreclosure, HUD repos, REO, For sale by Owner, as well as other sales, plus it can be used to refinance. Eligible properties include Single family, 2 to 4 units, Condos, townhomes and even mixed use.

Avoid Common Financing Roadblocks

Avoid getting your financing denied due to property conditions
Avoid any upfront property repair requirements

Improvements are Made After Closing

Improve your home Size
Improve your home Comfort
Improve your home Value

Finance + Improvements!

Combine  your home improvement funds with your purchase or refinance loan to Renovate, Repair, Rehab, or Remodel your property all at the same time.

[See image gallery at atlasgreenhomes.com]

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Low Construction Impact Building,

almost by definition, is initially a destructive act. Land usually has to be at least minimally cleared and reshaped, holes need to be dug, and material resources refashioned to serve the building. A ‘green’ building minimizes its impact on the building site and the environment at large through careful, conscious design and by utilizing replenishable materials that create a minimum of ecological destruction through their use.

 Resource-Efficient

The impact of a building’s construction is only part of the story. Once a building is built, people move in and use it. This human use requires environmental resources for such things as heating, cooling, water, and electricity. A ‘green’ building provides these human needs efficiently, conserving resources.

Long-Lasting

Natural resources in the form of building materials, tools, and fuels, as well as human energy and ingenuity, come together to create a building. The longer that building lasts, the longer the time before the environment is asked to give up those resources again to replace the building. Therefore, the longer a building lasts, the ‘greener’ it is.

Nontoxic

To sustain healthy lives, we need to sustain a healthy indoor and outdoor environment. A ‘green’ building, then, needs to provide a healthy indoor environment while doing nothing to harm the outdoor environment.

 Beautiful

One of the biggest sources of our environmental woes is the constant and polluting movement of humans about the planet. To create a sustainable lifestyle, we need to stay put more of the time and derive more of our social, physical, and spiritual sustenance from our own backyards. For example, it takes a long time to build healthy soil to grow good food; to build a network of friends and compatriots that will be the basis for community; to nurture the trees and other plants that will be part of a house’s cooling strategy. These things simply won’t happen if you aren’t sufficiently lured by your home to stay there for the many years it will take to turn it into a real place that nurtures both its inhabitants and the environment. A ‘green’ house, then, needs to be beautiful. Green building guidelines offer recommended measures for conserving natural resources, using water and energy wisely, improving indoor air quality, and planning for livable and vibrant communities. Building with these measures helps to create healthy, durable buildings that reduce environmental impacts and cost less to operate and maintain.

Finally, consider these statistics:

Buildings account for: 39 percent of total energy use 12 percent of the total water consumption 68 percent of total electricity consumption 38 percent of the carbon dioxide emissions

The post “Build Green” by Atlas Homes appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

What if, however, there was a loan product out there that would allow them to take advantage of FHA financing and get the money they wanted or needed to rehab, remodel, or update their new home? A little-known program called the FHA 203(k) loan does just that.

The FHA 203(k) loan program allows a borrower the ability to borrow up to the maximum FHA loan amount even if the purchase price is less. The remaining money is placed in escrow for repairs, remodeling, or updating the home. Sounds great, right? So, why haven’t you heard of this program before? Well, there a couple of ways to structure the loan and some general rules that have to be followed. Let’s get started with those because they are pretty universal.

Rules of the Road
Regardless of the type of 203(k) loan you choose, the following rules will almost certainly apply:

■One of the biggest drawbacks is that it takes a full 45 days to process the loan. That’s 45 days from the day you turn in everything you need to your lender. You will need that written into the contract.
■FHA requirements for loan qualification are still in place. That means that credit scores, ratios, etc. have to fall in line.
■The loan must be on your primary residence. No investors as of this writing. That being said, I have heard that the topic of opening this to investors is going to be discussed as a means of reducing the inventory of foreclosures flooding the market. If this policy changes, I will be sure to make you aware.
■To take advantage of this program, buyers have to hire a specially trained inspector to go over the plans, assess the feasibility, and make sure the the After Repairs Value (ARV) is in line with the loan program.
■While you can act as your own general contractor, if you don’t have experience in construction it is highly recommended that you hire a general contractor to do the work.
■All repairs must be completed within 6 months of the loan closing.
■There are two draws on the escrow account during construction. One is at 50% of completion and one at the end of construction. The FHA will make two inspections prior to the draw to make sure that the work is being done according to plan.
■Your real estate agent plays a pivotal role in this process because the lender will likely rely heavily on him/her to provide solid comps of the ARV.
Two Paths
Streamlined

The Streamlined 203(k) loan allows a buyer to borrow the purchase price of the home plus an additional $35,000 for repairs. Generally speaking, even if you are not going to have $35,000 in repairs, it is recommended by most that you skip the streamlined 203(k) and opt for the regular. The reason why is that once your amount is submitted with the loan package, that’s it. If you get into your project and realize that you need more money, you are out of luck.

Regular

Unlike the Streamlined 203(k), the regular version allows you more money for your repairs and considerably more flexibility. Using the Houston market as an example, you could buy a $100,000 home that needed considerable work, and as long as the ARV was in line with comparables, you could borrow an additional $170,000 for repairs. Additionally, let’s say you get into your project and realize that your new home had termite damage and needs $4,000 in additional repairs. As long as you don’t break the maximum loan amount allowed by FHA, you can go back and readjust your loan amount to cover the unforeseen expense. Because there is no difference in the application process or processing time, it is generally recommended by most experts to go this route no matter what.

Also Available for Refis
One attractive aspect of the 203(k) loan is that it is also available on refinance loans. So, if you’ve been thinking of doing a refi on your home but would also like some money for a covered patio or just some updates, this could be the right thing for you. Of course, the ARV must appraise, but if the numbers work then the 203(k) could be the answer you’ve been looking for.

Conclusion
The FHA 203(k) loan isn’t for everyone, but for the right buyer who is looking to make repairs to a home they are purchasing it can be a very attractive option. Between the low down payment, access to large amounts of rehab money, and flexibility in the regular program there is the ability to buy low, fix the home up, and still have a nice equity position in a home. If you’ve been looking for a home to fix up and call your own, the FHA 203(k) could be right for you. To visit the FHA’s web site and learn more,

The post Have Your Cake and Eat It Too with 203k FHA loan appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

We offer:

 Approved 203K FHA program contractor **Room Additions  ** Garage Conversions  ** Kitchen Remodeling  ** Bathroom Remodeling ** Foundation Repair  ** Windows  ** Solariums  **  Carpentry  **  Cove Moulding  ** Fire Restoration  **  Patio Covers  **  Fast Service  **  Reliable Employees   **  Architect and Designer on staff   ** 24 Hour Emergency Service   ** FREE estimates   ** AND MUCH MORE!!!                

     Over 20,000 completed projects

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An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203k lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.

Often the loan will also include: 1) an up to 20 percent “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.

please give us a call at 713 545 2429 if you might have any questions about this type of loan

The post Getting a Mortgage Loan for a Fixer-Upper? FHA 203k Loans. Atlas Homes GC. appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.