The Latest Owner Builder Home Improvement Loan

Home improvement loans are gaining popularity as more people opt to fix up their homes in today’s economy instead of buying or building new houses. And, saving money during the renovation is more important than ever. The latest twist in the mortgage industry’s home improvement niche allows you to manage the process yourself as an owner builder and cut out the costs of a general contractor.

A home renovation or rehab loan is a great product for a person who either owns a home that needs some work or who has found a home to buy that isn’t quite right. In today’s housing market, there are a myriad of houses to choose from. Indeed, the large number of foreclosures that have flooded the market means that it’s truly a buyer’s paradise in terms of options and prices.

One problem with foreclosures, though, is that they often need some work to fix them up. For many borrowers, that would mean that you first get a loan to buy the property. Then, you find a way to finance the repairs, either through credit cards or a second mortgage – neither of which is a very good option.

However, there is a great home improvement and renovation product that is growing in popularity around the country, because it allows you to purchase or refinance a home while wrapping in the costs of repairs/ improvements. To make the product even more exciting, you are allowed to manage the process yourself without hiring a general contractor. This is known as owner builder construction, or, in this case, owner builder renovation.

Many people mistakenly think of owner builder construction or renovation as a process that requires you to do the labor yourself. However, this couldn’t be farther from the truth. In reality, owner builder renovation simply means that you will manage the process by hiring your own sub-contractors and avoid the costs of a general contractor.

Obviously, the more extensive the workload, the more money you will save as an owner builder. But, in today’s economy, every penny saved is helpful, even on smaller home improvement projects. The key is knowing where to get the right financing.

If you want to be an owner builder and manage your home improvement project yourself, you can finance it through the government-insured Federal Housing Administration (FHA) 203(k) Streamline loan. This specific product will allow borrowers to buy or refinance an existing home, and you can wrap in the costs of home improvement repairs up to $ 35,000.

And, the best part is that you don’t have to hire a general contractor. You can be an owner builder and manage the process yourself. If you want to do some of the labor on your own, then you must show that you are truly qualified by submitting licensing and resume information to the lender. However, even by simply managing the process yourself, you can cut out the costs of the general contractor and save some money on your home improvements.

If this type of home improvement appeals to you, there are some restrictions you should be familiar with. First of all, the loan is not designed for any structural repairs. Instead, it is designed for you to fix items such as new appliances, counters, cabinets, flooring, painting, energy efficient improvements, plumbing, heating, electrical, roofing, porches, etc. So, you can see that there is a pretty extensive list of improvements that fall under the umbrella of this product.

As the owner builder, you hire whomever you wish to use as your sub-contractors. Your loan will take into account the appraised value of the home once it improvements are done. In this way, you won’t have two sets of mortgages – just one loan will cover the purchase and the home improvements together.

As a borrower for the loan, you must meet some minimum qualifications. FHA sets some guidelines, but individual lenders will also apply their own set of criteria for these products. In general, though, most borrowers will need to have FICO credit scores above 580. And, you will need to be able to document enough income to qualify for the new house payments plus your regular monthly expenses. The maximum down payment ever required is 3%, and the borrower typically does not need to have any money leftover in savings (a.k.a., reserves).

These liberal guidelines make the FHA 203(k) Streamline loan a great option for people who otherwise wouldn’t qualify for an owner builder rehab or construction loan. So, if you are someone who likes the idea of being an owner builder to save money during construction or rehab, you may want to consider this government-insured home improvement loan.

Chris Esposito specializes in owner builder construction loans and owner builder renovations or rehabs. If you want to learn more about the process and the potential equity savings, call (877) 876-3688 to speak with a representative. Or, visit www.OwnerBuilder101.com.

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Remodel Interiors with Florida Builder appliances

Article by jasonausie

Remodel Interiors with Florida Builder appliances – Home – Home Accessories

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Remodeling home interiors is a lengthy task that gets easier when home appliance designers give a builder some colorful options to start with. The occupants of a home can select from a variety of colors for the exterior panels used in home appliances like refrigerators, stoves and electric dishwashers. Home appliances can minimize the number of feet used to construct a wall because many home appliances have been designed to enhance home interiors when they are installed side by side.

Nowadays there is growing trend in Florida in getting your home remodeled with good appliances. And also remodeling your home can add a great deal of value, and if you update it properly to suit your needs, you can make your life easier in the long run. You don’t really have to move in order to have the house that suits your changing family needs; a home remodeling will address your needs more cheaply and easily. So if you want your kitchen to be remodeled with the best storage, as well as the best appliances at economical price and best of Quality you can opt for Florida Builder Appliances.

As some families want to create kitchens that have a totally different look. They will select a new refrigerator that is styled with a refrigerator on the top and a freezer drawer on the bottom. Home appliances can turn the most rural themed dwelling into a home because the people that look at them every day will feel very comfortable looking at the matching themes and will often consider the features as an added bonus that was not expected in such an appliance.

So with all the best appliances Florida Builder Appliances has proudly served the highly specialized appliance needs of the most discerning homeowners, finest luxury high-rise and project developers, custom builders, re modelers, kitchen designers, and cabinet shops. And also they have their dealing in different cities and have opened Kitchen Appliance stores Naples and also exquisite Appliance store Miami,from where you chose the best appliances and remodel your home, the way you ever dreamy of with the best professionals at Florida Builder Appliances.

So it’s time you had the dream kitchen you deserve? Just make a call and make an appointment with our appliance professional at 1-800-692-5141

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Expect Only the Finest at Florida Builder Appliances, recognized as Florida’s largest distributor of prestige brand kitchen, laundry, and outdoor cooking appliances. Get exclusive content and interact design with Kitchen Appliance Store.

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Plan a Design along with your Home Builder in Perth

Article by Charles Deems

If you’ve been residing in your home for several years, it may need a few home renovations. In Perth, Western Australia, the majority of homeowners accomplish this to mend damages and keep up with the trends. There are many other reasons households wish to redesign their houses.

Cracks and molds begin to develop around walls of your property after some time. Like people, houses get older and their appearance are going to fade away. Certain properties can experience this stage early if you do not take better care of them. It can be hard to help keep homes looking new even after years particularly if you do not have time. Every family member can be too occupied to attend to fixes or upkeep. If this continues on, your house may well soon grow to be unpleasant to live in. To forestall this from happening, it is best to opt for home renovations in Perth.

Some families are discontented with the look of their house. This really is more common for households who recently moved in a new house only to discover features they don’t want or need. Houses seem spacious when there are not many home appliance lodged inside. Once you begin putting pieces of furniture, you might suddenly realize that the space is in fact small. At times, it may take a few years before you find out that certain parts of your home are not durable enough. You will only start noticing them as soon as damages become visible. At this point, you need to find a dependable home builder in Perth that may help you restore your residence.

Other families might have the luxury of changing their interior whenever they would like. Several may want to give their home a whole new atmosphere. Whatever the reason is, you ought to get a good home builder in Perth that could give your property a refreshing new look. Here are some items you should know about before you start this project.

Know what you want

You’ve got to be clear on how you would would like your interior to look like after the process. Don’t be afraid to discuss your ideas with the building contractors and let them suggest strategies to achieve your goals. You cannot leave the whole job to development companies and expect them to know very well what you like. Research on the web for different patterns and decide on what you want to incorporate in your interior.

Seek good recommendations

Recommendations are always beneficial as they serve as a good basis on the quality of work. Your dependable pals or colleagues will never suggest you contractors that gave them an unsatisfactory renovation. You can check for reviews and testimonials online if you do not know anyone who already worked with contractors.

Keep your options open

Do not quickly decide on just about any home builder in Perth. Make a list of your options and compare the benefits you may get from each one. You can look into the quality of design, work experience, or affordability as deciding factors.

You need to take note of these things if you want a successful and less stressful reconstruction work. Find a developer who can provide you with simple yet effective designs at an affordable price.

The author is a fan of the designs for luxury homes Perth and is looking for highly recommended Perth building companies.