Wednesday, November 15, 2017

2 Programs to Help in the Wake of Hurricane Harvey

The 203(h) and 203(k) loan programs are designed to help those impacted by Hurricane Harvey. I’ll explain how they work today.

The 203(h) and 203(k) programs can help those affected by the devastation of Hurricane Harvey.

The 203(h) program is offered through FHA and is designed for disaster victims. If you or a loved one has experienced flooding or damage from the hurricane in a property you own and it’s no longer habitable, you may qualify for 100% financing to buy a new home with no money down.

These programs are designed to help those affected by Hurricane Harvey.

This is a very simple program that works just like an FHA loan, except there is no down payment. The credit score requirement is fairly low and you don’t have to have a super low debt-to-income ratio. Don’t worry about any past debt that you’ve laid on after the storm, either. They will forgive that. A lot of the time, you can get a very low interest rate just like you would for an FHA loan.

You have up to one year to use the 203(h) program, so long as you have proof that you are a victim of that storm.

The second program is the 203(k) program, which was designed by the FHA for homeowners and homebuyers.

If you own a home that got damaged during the storm and insurance didn’t cover the repairs, you didn’t have flood insurance, or some repairs were covered by insurance but you want to do some remodeling, this program is a great option for you.

The 203(k) offers a streamlined refinance of your current property that allows you to roll in up to $35,000 in repairs. It’s a very easy process.

If you are buying a property with a 203(k) loan, the program works a little bit differently. Like with an FHA loan, you will put 3.5% down. In the wake of the storm, many people are selling homes that have been flooded or damaged without fixing them up. If you want to buy the home, the 203(k) finances the purchase of the property and gives you up to $35,000 in repair so that you can fix it up after you make the purchase.

If you have any other questions or are interested in either one of these programs, just give me a call or send me an email. I would be happy to help you!

Thursday, October 26, 2017

How to Maintain Your Home’s Value

Though it’s not always under your control, there are things you can do to prevent your home from losing value over time.

Today, let’s discuss home values, the difference between appreciation and depreciation, and how it works in your house.

One of the first steps in determining what your home will be worth is actually three steps: location, location, location.

Location is one of the biggest factors when it comes to buying your house. You want to pick a house that’s in a great neighborhood with good schools, shopping areas, social activities, and so on. When you buy a house in the right area, you’re solidifying an increase in value in the long run right from the start.

Another way to build your home value is to do proper improvements that add lasting value. I’ve always said kitchens and bathrooms always bring up the value, but you want to do things that look great. I’ve told customers in the past that you can have toilets made of gold, but that won’t make your house any more sellable or valuable in the future.

Do updates that make sense, things everyone is going to like. In order to have great value, and you want to have something that conforms with everyone’s taste, but also gives them good, solid principles to make the house look great and last a long time.

Now that we’ve talked about making your home’s value go up, how can we keep them from going down? Here are a couple ways to minimize home depreciation.

The first way to do that is just proper maintenance. I’ve seen many clients buy nice houses, but they don’t maintain it—they don’t keep the lawns cut, they don’t keep up with maintaining the AC, or if there are damages that occur over time, they just let them get worse and will eventually cost them more money than if they’d taken care of them earlier on. Keeping up with issues as they appear will help keep your values in place.

Keeping up with issues as they appear will help keep your values in place.

Additionally, some external items can bring down your home's value. Sometimes this is beyond your control, such as if you live in an area near a factory that closes down. If there are issues in your neighborhood, try to become more involved in your community to make sure that things are happening that will bring your values up. Again, not all external factors are under your control, so be sure to do your proper research before purchasing your home.

While there's no guarantee about what it will take to keep your value up or down, you do have some control. Always be aware of what you can and can't do to maintain it.

If you have any questions or concerns, or are in need of advice from my team, feel free to reach out to us anytime via phone, email, or text. We are here to help you and look forward to hearing from you.

Monday, October 16, 2017

Work With A Mortgage Team That Truly Cares

 Learn how the Clifton Saunders Mortgage Team brought Jane’s business to life

Click here to see if you qualify for a loan

Meet Jane. Jane is a Texas-licensed Realtor. 

Since Jane started out in the real estate industry, she’s been very driven and successful. She also understands she’s only as good as her team around her.

You see, just because Jane is on top of her game doesn’t mean her referral partners are too.

This is a common problem in the industry for Realtors.

Realtors are constantly struggling with customer service and communication issues from their mortgage partners, not to mention some are just not knowledgeable.

In many cases, wrong answers for mortgage partners have cost them time and money. It doesn’t matter how good of a Realtor you are if you can’t depend on your mortgage partner to get your customer to the closing table.

Jane was sick and tired of this, and decided it was time—time to call the Clifton Saunders Mortgage team.

She never has to call and ask, “Hey, what’s going on with my customers?

The Clifton Saunders Mortgage Team actually cares about customer service. They not only educate Jane and her customers, but actually answer the phone when she calls. Even better, once Jane has a loan in process with  the Clifton Saunders Mortgage Team, she doesn’t even have to call: She receives countless updates via email, text, and videos every step of the way, so she never has to call and ask, “Hey, what’s going on  with my customers?”

Jane also receives weekly updates on every customer she’s introduced to the Clifton Saunders Mortgage Team. This is how a true partnership works.

Jane’s customers have never been happier, and her business has never been better. Happy customers equal more referrals for Jane, and this makes Jane happy.

If you have any questions or concerns, or are in need of advice from The Clifton Saunders Team, feel free to reach out to us anytime via phone, email, or text. We are here to help you, and look forward to hearing from you.