Christopher Sign
Last Update: 5/29/09 5:58 am
"Basically, if you purchase a home for $100,000
and the work you want done costs $20,000, your new purchase price for
the home is $120,000." said Judi Gustin, a loan officer
with Sun American Mortgage Company.
Gustin says a buyer can use the FHA program to borrow
up to $346,250 and must put 3.5 percent down.
"And you have to spent at least $5,000 to repair or
upgrade the home," said Gustin.
According to the two companies, once a person decides
they want to buy a particular home, the buyer then explains the upgrades
or repairs they want to a Via Homes contractor and the contractor then
takes the estimate, gives it to Sun American Mortgage, and once the
title is transferred, the work begins.
Buyers flocking to cheap foreclosed homes
by
Catherine Reagor - Mar. 22, 2009 12:00 AM
The
Arizona Republic
"Homeowners can take the purchase price of a foreclosure home and add
the home's rehab cost to come up with an adjusted sales price," said
Reg Gustin of Mesa-based Sun American
Mortgage. "Buyers can finance
the adjusted amount through FHA if the property appraises for that
much."
Via Homes joins Sun American
Mortgage in effort
by Angelique
Soenarie - May. 28, 2009 12:00 AM
Arizona Business Gazette
"Last year, we saw that this wasn't going
to go away and that it's a reality, and we started to diversify," said
Judi Gustin, a senior loan officer for the company.
"The reason that this has become popular
is because of the foreclosed properties that sit vacant and have a higher rate
of damaged properties. "
