Need Your Help Building “The Bar”!
YTD Dollar Amount Of Repairs Completed: $167,481.10
It seems that now days appraiser required repairs are almost the norm. Looking back at the loans my team closed so far in 2014 over 40% had one repair or another required by the appraiser. There is a misnomer out that that conventional financing is some how shielded from required repairs, that simply not true. Now these transaction don’t have to fall apart simply because there is a busted window or missing toilet, in fact I don’t think any transaction should fall apart because of appraiser required repairs. We have a number of options when it comes to seeing these transactions through to closing. You can read all those options here. I will say setting up a repair escrow is by far the most popular option. In fact, 95% of the borrowers that ran into repair issues chose to deal with those repairs using a repair escrow.
If you have been following my previous post my team is playing a little game building a log home tracking how many loans we gets closed that have repairs.
Each block on the house represents $500 worth of repairs we escrowed for and had completed after closing.
With October over we only have 2 months left to complete the most important building “The Bar” slated to be constructed right next to the Real Estate Office. I need your help to make this happen. If you have any repairs that need to be completed after closing give me a call!
Latest Blog Post
The Family Opportunity Mortgage
Unlocking Homeownership: Supporting Loved Ones with the Family Opportunity Mortgage Program
For many, the dream of homeownership remains a significant milestone. But what if you could help a close family member achieve that dream, even if they face financial hurdles? The Family Opportunity Mortgage Program, often referred to as the Family Assist Program, is a specialized mortgage solution designed to do just that – empower families to support loved ones in purchasing a home.
What is the Family Opportunity Mortgage Program?
This unique program was created to address a common challenge: families who want to assist elderly parents, adult children with disabilities, or other qualifying relatives in buying a home, but where the assisting family member might not be able to occupy the home themselves, or where the assisted family member faces challenges meeting traditional mortgage qualifications alone. It essentially allows family members to secure financing for a loved one’s primary residence, often with more favorable terms than a standard investment property loan.