Mixed Use Property – Finance it Using 203k Instead of a Commercial Loan

Recently I started working with a client looking to buy a property with a commercial space on the first floor and 3 apartments above, one he will live in. It happens the property does need some updating so a 203k renovation loan was a great choice. I was reminded why the 203k solves problems for those purchasing a mixed use … Read More

First Time Buyers Can Add Money to Rehab in One Mortgage

                                                                                       First Time Buyer? Do you know a mortgage exists that includes rehab                                                                                                                                        funds ?  In one Loan ! If you have read my Blog before you know it’s my passion to spread the word about renovation mortgages !   It’s the best kept secret in home buying. Buy the home with a small down payment and add … Read More

Student Loans Stopping You From Buying a Home ?

             Are Student Loan Payments Stopping You From Buying a Home?   In my role as a Loan Officer who specializes in renovation loans I speak to many potential buyers. These days it is not uncommon for a first time buyer to have student loan payments that are actively in repayment or will one day be in repayment after any … Read More

Buy and Rehab a Mixed Use Building with a 203K

                     How to Buy and Rehab a Mixed Use Building with a 203K One of the little known uses of FHA 203k financing is to purchase (or refinance) a small building that has both commercial space and residential space. This is allowed by FHA only for owners who will live in the residential space. The commercial space can be leased … Read More

How To Find & Buy A Property Using A Renovation Loan

                              How to Find and Buy a Property Using Renovation Financing:                                                    Realtor & Buyers Renovation Tool Kit I speak with many Realtors who work with buyers. The buyers may have questions about crime statistics, roads, public transportation, local amenities, school system statistics, etc. Many buyers will ask to see properties based on these criteria and more. Buyers are … Read More

How to Sell Property with Renovation Financing

                                    How to Sell a Property by Offering Renovation Financing:                                                         Realtor Renovation Sales Tool Kit I speak with home owners with properties for sale and Realtors with listings for sale frequently. Many times these properties are not selling quickly. One reason might be the price is too high for the local market conditions. Often a reason a property is … Read More

Why Would Anyone Want to Buy a Home With a Rehab Loan ?

Realtors Ask: Why Would Anyone Want to Buy a Home With a Rehab Loan ?   Many times in speaking to Realtors who have clients asking to see properties that are old, outdated or missing key components, they ask why show these properties ? Why not look at a remodeled home or newer one instead ? They say look for … Read More

Top 20 Questions Buyers and Owners Ask About FHA 203K Renovation Loans

Clients and Realtors in the Chicago area often ask me questions on FHA 203k renovation loans so I thought I would take the top 20 and present answers here in a concise format. Please send me any of your own questions on 203k rehab mortgages to Perry Farella at pfarella@amerifirst.com. With an FHA 203K if I put 20% down do … Read More