My New Blog

At least once a week I'm asked by a client what I think they should do with their home. The answer usually falls in to 3 categories, fix it, sell it or burn it (of course just kidding on the last one, kind of).

For today's blog entry lets talk about the first option "Fix It". Because of the decrease in home values most people who have decided to stay in their home long term don't have the option of using a home equity line of credit to update/upgrade their home. As was often the case over the past decade this was a quick easy way to get money. But what options do you have today, short of simply paying cash?

Riding in on a beautiful white horse is the FHA 203k rehabilitation loan. No this isn't a way to finance rehab for uncle Ted's undesirable lifestyle, it's a way to get money for home improvements.

The idea is pretty simple, we get to look at the future value of your home (and sometimes up to 110% of the future value) after improvements are made and lend you the money to make those improvements. With today's low rates there couldn't be a better time to check into this option if you are thinking of renovating your current home or if you want to purchase that new fixer upper at a discount.