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Renovation loans get pandemic boost as homeowners want home offices

Housing Wire

The Federal Housing Administration’s 203(k) rehabilitation mortgage insurance program is designed for borrowers to renovate when they purchase or refinance. For over 40 years with Section 203(k) of the National Housing Act, FHA has been protecting lenders with fully-insured mortgage loans even as renovations are underway.

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FHA proposes changes to 203(k) program

Housing Wire

The 203(k) Rehabilitation Mortgage Insurance Program helps borrowers purchase a home or refinance an existing mortgage and includes the cost of repairs or rehabilitation into one new mortgage. For the preparation of work write-up, consultants may charge up to 1% of the repair costs or $2,000, whichever is lower, for repairs over $140,000.

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Rhode Island historian uses a reverse mortgage as an estate planning tool

Housing Wire

The pandemic-era run-up in home prices and the property’s reappraisal made the burdens of the mortgage payments too high when deducted from the gift itself, Dooley explained to the outlet, despite the Conleys continuing to pay for taxes, utilities and renovations for the property.

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Opinion: The elephant in the real estate room? Lowballed appraisals

Housing Wire

The Brookings Institution summed it up well: “Today, downtown Detroit is nearly unrecognizable from previous decades, with new features such as the QLine streetcar system, a renovated Detroit Tigers ballpark, a riverwalk, and Campus Martius Park. How can we help Detroit and similar places? As Coleman A.

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Make Your First Investment Property an Attractive and Profitable Option

Cleveland Appraisal Blog

You’ve just purchased your first property to renovate. Let the Renovations Begin! When you’re figuring out how much money you can put into your property, don’t forget to calculate renovations. This should include repairing any structural damage or major systems before you think about design.

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How reverse mortgages could improve financial stability for older homeowners

Housing Wire

CM : Firstly, reverse mortgages, whether government-insured or proprietary, are non-recourse loans. And I think it’s important for lenders to frame the product that way with borrowers – as a proactive tool designed specifically for older homeowners and one that can help them retire with more financial freedom and peace of mind.

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Reverse mortgage originator: real estate CE helps close more purchase loans

Housing Wire

Mangus then worked to build the dedicated reverse mortgage department at his new company from scratch and has found a notable degree of success by building Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business through the use of continuing education (CE) classes designed for licensed real estate agents. he says.