Danny Salas

Archive for the 'Chico Home Loans' Category

How to Think Like an Asset Manager

Access Real Estate Lending will be hosting this event with guest panelists from Fannie Mae, Freddie Mac, and FHA.

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When: Friday, February 11, 2011

Time: 3PM to 5PM

Location: Sierra Nevada Brewery Co’s Big Room

Cost: Only $10 a person.

You won’t want to miss this event!

Enjoy appetizers from Sierra Nevada’s Restaurant.

♦ Hot Artichoke Dip with Crostini
♦ Sierra Nevada/Chico State Farm trio of sausages with pale ale
♦ Sauerkraut & their award winning mustard
♦ No host bar
♦ Stick around after to play “Classic Rock Fishing” with Danny!

The Experts:

FHA: Scott Mercer & Julie Rolls

Fannie Mae: Sandi Bauman

Freddie Mac: Kimberly Nedelkow

Topics that will be discussed:

♦ What people are saying

203(K) Loans

♦ Learn what to expect and require from your buyers.

♦ What contractors qualify for the program?

♦ How to stack up FHA, 203(k), EEM, for maximum buyer benefits

Homepath Loans

♦ Why 3.5% seller credits just may not be enough

♦ What are EA-Level I Approvals from Fannie Mae?

♦ Do EA-1’s Qualify for Homepath?

Homepath Renovation Loans

♦ How much can apply towards renovation?

♦ What items are Homepath Eligible?

♦ Want to kill an escrow? Check the wrong box!

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203(k) Loans – Turning Potential Dreams…Into Real Ones

Fix Your Home Into Your Dream

What Are 203(k) Loans?

The Federal Housing Administration (FHA) insures loans that enable home buyers to finance 96.5% of acquisition costs PLUS the cost to renovate the home.  So, if you’re interested in buying a foreclosed property that has had the carpets removed, that doesn’t have a front door, or needs some nice fixing up, than this loan will enable you to do so.  And the escrow can close before any of the work starts!

Writing An Offer

You definitely want to write your offer to include the verbage, “seller is aware that buyer is obtaining an FHA 203(k) loan.”  This is important, as the seller, and Listing Agent, need to know that you understand that the property needs some rehabilitation attention, if it’s not included, than the seller may not take your offer seriously; as they know the property is dilapidated.

FHA’s 203(k) Loan Attention To Detail

You’ll definitely will want to get your ducks in a row, on this loan.  It’s not only important for you to have your documentation ready, but you’ll be working with a general contractor that needs to pay specific attention to details, as well.  One example is a general contractor’s insurance needs to be updated…almost always.  The renovation must start within 2 weeks of the escrow closing.  All of the work must be completed within six months.  So, if the general contractor’s insurance is set to expire in seven months, from your loan application date, you can see that this could be an issue.  Simple answers to these types of dilemmas, are exactly why you want to use a knowledgeable Mortgage Banker, like Access Real Estate Lending.

You Will Want To Be Very Organized

What You’ll Need

Click on this link, and it will take you to a list of everything you’ll need to gather, including what your general contractor will need to provide.

Real Estate Radio Today – Jan 4, 2011

Happy New Year from Access Real Estate Lending!

We’re ringing it in with a new radio segment. Listen why Danny Salas thinks FHA 203K Loans are a good opportunity for Buyers and Agents.

 

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Real Estate Today Radio – December 10, 2010

 

 

Check out Danny Salas and Dan Henry (Steve Williams Realtor) on Real Estate Today Radio! 

Check out Danny Salas and Dan Henry (Steve Williams Realtor) on Real Estate Today Radio and hear why they both agree that it is best to act now instead of waiting for the market to bottom out.

 

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