■Market property to more buyers
■Allow buyers the opportunity to renovate/upgrade/improve to suit their tastes and preferences
■No need to settle for low-ball cash offers
■Current condition of property not required to meet FHA’s property standards
■Buyer is permitted to correct any property deficiencies after close of escrow
■No more inspection concerns
■Absolutely no repairs are required prior to close of escrow
■Seller not responsible for cost of repairs/improvements
■Transaction will close with property in “AS-IS condition
■Closing occurs in 45 days

The post 203K loan Benefits to Sellers, appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

Dust mites don’t live in your air ducts, although most people tend to focus there when attempting to remove them. They live in soft places, prefer higher humidity and release a protein which causes an allergic reaction for many people. If you don’t have any reactions to dust mite proteins then reducing your exposure may not be a priority for you but these basic treatment steps should still be taken to reduce their presence in your home and affect on your life. If you need motivation to do some of these steps you can see pictures of dust mites by doing this google image search. They’re gross enough to scare anyone into a rapid cleaning spree.

1. Dust and vacuum your house on a regular basis. The more dirt you have, the more dust mites you have.

2. Use a dehumidifier to reduce the humidity levels in your home as they prefer high humid environments (anything over 70%)

3. Wash your family’s bedding in hot water at least twice monthly, preferably weekly.

4. Get machine washable plush toys if you have children, the fabric harbors dust mites.

If you have someone allergic to dust mites these are more intense combat steps to take:

1. Do your best to eliminate all cloth surfaces as they tend to harbor these creatures

2. Replace your carpets with wood or laminate flooring

3. Remove fabric covered furniture and switch to wood or plastic pieces

4. Wrap your mattress, pillows and box springs in zippered covers that area dust proof and allergen proof.

You probably won’t completely eliminate dust mites, but you can go a long way toward reducing their numbers by maintaining a clean healthy living environment. Your family will thank you for it.

The post Controlling Dust Mites in Your Home – appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

■Increase income by selling more homes and originating more loans
■Raise real estate values by improving homes and neighborhoods
■Decrease foreclosure inventory
■Help buyers who previously could not buy homes
■Help seller/owners with properties in outdated or fix-up condition
■Spur economic growth by creating job opportunities for the construction/remodeling industry
■Promote an under-utilized niche program that not many Realtors or Lenders understand
■Revitalize your community

The FHA 203k loan program strengthens the real estate market and the economy, because it requires a property to be improved, thereby increasing real.

The post 203k Benefits to Realtors & Mortgage Lenders, Atlas Homes TX appeared first on Atlas Homes TX. Custom Homebuilder / Major Remodeling.

Add Value to Your Home With the 203k loan Texas When doing a FHA 203k loan there are a couple of things to consider. First of all the property maybe in poor condition and some repairs maybe required…such as foundation or roof repairs. Secondly there are the cosmetic upgrades that aren’t necessarily required but that will make the home more to your liking and these changes can add great value to the home. So let’s take a look :

Which Renovations Add Value To Your Home?*

The post Texas buyers add value to their home by using the 203k loan 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.

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!  http://atlashomes.us

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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