Searching for a rehabilitation loan?
Have you heard of the Fannie Mae Renovator, a
rehabilitation loan that will bring the property up to conventional
standards
while minimizing your cash out of pocket for
repairs.
If you haven't heard of the RENOVATOR, you may
be missing out on a real estate opportunity. Many people avoid
foreclosures
because of the of property conditions, also, they find it
difficult to negotiate on REO's for repairs. Therefore, many home buyers
are missing out on the opportunities that bank owned properties present.
At Sun American Mortgage, we provide a complete solution, everything from the loan to preferred partners that will complete the work and request draws for the work done.
That's right, no cash out of pocket from the buyer for renovation work.
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Minimum Rehabilitation: $5,000
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Loan: Call for limits in your
area
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Down Payment: 10% for primary
residence and 20% for non-owner
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Seller can pay up to 3% of closing cost
Property is appraised as if the improvements were
complete and the value is based on the home's new look.
Sun American Mortgage's Preferred Partner's Program:
Our preferred partners work with Sun American Mortgage on a draw
schedule,
thus eliminating cash out of pocket from the borrower for the
renovation.
Sun American has selected only the best, our construction partners have maintained a
reputation of excellence for 30+ years, winning the JD Powers Customer
Service Award for three straight years.
Sounds awesome and it is. Don't let the property condition keep you
from selling a home, call us today for more details.
Sounds awesome and it is. Don't let the property condition keep you from
selling a home, call us today for more details.
Get more info on a FHA
203k.
Recent Interview with
Christopher Sign on Channel 15 news:
Mesa company uses mortgage to combine home repair costs
Reported by: 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.
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Sun American Mortgage
4140 E Baseline Rd. Ste 206
Mesa, AZ 85206
BK BR 7548
NMLS# 160265
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(888)863-5245
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More information on a Rehabilitation Loan, giving you the opportunity to take advantage of
real estate opportunities that exist with bank owned homes.
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Recent News Articles:
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. "
Falling prices, low interest rates appealing, but snags
abound - by Susan Felt - May. 30, 2009
The Arizona Republic
Buyers, especially first-time buyers,
emboldened by housing prices suddenly within their reach, the $8,000 tax
incentive and low interest rates, may find the bank-owned home of their dreams,
but then find that the price tag to make it livable is beyond their grasp,
says Reg Gustin, senior loan officer at Sun American Mortgage Co.
in Mesa.
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