Many people think they cannot afford to buy a home. You may be one of them.  You may think that you don't have enough money for a down payment and closing costs.  You may think you don't make enough money to qualify.  You may think you have a few dings on your credit that would disqualify you for financing.  Well, think again.

Today's market is a true Buyers Market. Prices are down and the interest rates are very low. There are more homes on the market and it is taking longer for these homes to sell than it did just a year ago.  What does that mean for you? Lower asking prices and more reasonable sellers.

We have put together programs to help you resolve the issues that may be preventing you from purchasing a home. These programs are designed for owner occupants only.  You must be prepared to occupy the home for at least one year.

Call us to make an appointment to discuss the financing options available to you.  Together we can find the right financing for you and get you into your own home.

We only work with the best.

Financing

• FHA 203 (b) - Standard FHA

• Streamline K - up to $35,000 for upgrading and small renovations

• FHA First Time Home Buyers Program

• FHA 203 (k) for properties that need work

• NJ Smart Start Program

• Conventional Construction Financing

FHA  203 (b) and FHA 203 (k)

• Lower Down Payments

• Allows Gift Money for down payments from relatives and non-profit organizations

• More liberal credit requirements

• Allow seller assist with closing costs

• FHA 203 (k) allows you to purchase fixer upper properties and finance the renovations*

Convention Construction Financing

• Allows for purchasing of fixer upper properties

• Allows for financing of reconstruction costs

• Standard Conventional credit requirements

• Construction to Permanent Financing

VA

• Zero Money Down

• Allows seller assist for closing costs

• More liberal credit requirements

 FHA 203 (K)

The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.

The FHA 203(k) program can help you with this quagmire and allow you to purchase a property plus include in the loan the cost of making the repairs and improvements.  If a property cannot be occupied while the repairs are being done, it allows for up to 6 months mortgage payments to be included. This program is not available for investors, it is only available to persons wanting to occupy the home

List of Eligible Repairs:

• Windows

• Roofs

• Siding

• New Bathrooms including Whirlpool baths

• New Kitchens including built in dishwasher, built in ranges

• Heating and Air Conditioning

• Well and Septic (or hooking up to Public Utilities)

• Painting

• Carpeting

• Flooring

• Room Additions

• Decks

• You can include up to 6 months mortgage payments (PITI) to allow time for renovations if the property is not habitable during repairs and renovations

In other words, any repair or renovation that increases the value of the property are allowed.  Luxury items that do not become a permanent part of the real property are not eligible as a cost rehabilitation.  All health, safety and energy conservation items must be addressed prior to completing general home improvements.

* Streamline K

Streamline K allows you to finance an additional $35,000 to do minor renovations.  This is for homes that just need updating.

GETTING PRE-APPROVED IS THE SMARTEST MOVE YOU CAN MAKE

Home sellers won't even entertain an offer from you unless they can confirm that you will qualify for the financing to purchase their home. In addition, you need to make sure you know how much you qualify for so you can avoid wasting time and effort inquiring about homes that are priced above what the lender determines you can afford. Get pre-qualified. This will cost you nothing but an hour of your time and there is no obligation.

The FHA 203(k) and Conventional Construction Financing are specialized financing programs that allows you to finance not only the cost to purchase the property but to also allow you to finance the costs to repair and renovate the property.  Most agents have no experience in this type of financing, we do.

Contact us now to schedule an appointment to sit down with us and a mortgage professional. You'll be looking back on this as the best decision you've ever made. There is no obligation.

Be sure to include your name, address, phone number or better yet just pick up the phone and call us to schedule a time most convenient for you.

We look forward to meeting you,

Linda Kerr Iwaniw
Terry Iwaniw
Realtor Associates
RESALES & INVESTMENT REALTY, LLC

Linda:   Cell - 609-417-1084
Terry:   Cell - 609-417-1086

Main