The Home Buyer's Korner

Information presented should be used for educational purposes only.

July 7th, 2015

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GREATER METAIRIE LOUISIANA

The Home Buyer’s Korner

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Homes With Foundation Problems

Foundation ProblemsIf you’re shopping for a home and concerned the foundation could be a deal breaker you might want to rethink the idea. Certain parts of the country like Texas have serious foundation issues and a lot of it seems to be due to soil expansion and extreme heat. Before I go further on foundations let me recommend that if you don’t have a foundation issue and want to prevent it, plant bushes around your home and water them frequently. Doing so not only makes your home look nicer, but can save you thousands by preventing soil expansion and a cracked slab.

It’s a common misconception that foundation repair is not allowed when considering the FHA 203K renovation loan. That’s simply not true!

If you notice cracks on the interior walls, large trees planted close to the house, windows or doors not closing properly or cracks in the garage floor then the home may have foundation issues. All of these issues can be remedied with the use of the FHA 203K.

Often times you will notice that HUD list their homes for sale as “uninsurable” due to foundation issues. This doesn’t mean you will need to pay cash for the home. What they are really saying is the home isn’t eligible for the standard FHA 203B loan, but fail to explain to home buyers they can using the FHA 203K loan and the programs is as good as paying cash for the property.

Foundation issues are simple fixes and you need only consider the average value of the home if it is in otherwise average to good condition and the cost of repair when giving an offer for the home.

If you’re a real estate agent don’t let your home buyers say “I really might have considered that home but…” Informing your home buyer about the FHA 203K could be just the tool they need could close the deal. Let’s face it, the FHA 203K is a great tool not only for home buyers, but for real estate agents that have that not so great listing in a great neighborhood!

Be sure to discuss your home buying needs with your real estate agent and other community members that can assist you. Distressed homes make for great opportunities and more often than not you can purchase a home well under value and renovate it with the FHA 203K, while creating immediate equity far over and above the small 3.5% down payment FHA requires to purchase a home.

START YOUR PATH TO HOME OWNERSHIP TODAY

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LOUISIANA HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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