Wednesday, December 3, 2008

Buying Ann Arbor Area Foreclosure Homes? Consider Steamlined a 203K loan.

Buying an Ann Arbor area bank owned or foreclosure home? Wells Fargo has a new loan available for people considering the purchase of a property needing repairs such as plumbing or heating systems - the Streamline 203(K). These loans allow a buyer to get into a home that needs repairs that disqualify it from conventional or FHA financing.

Foreclosure listings offer Ann Arbor real estate buyers an opportunity to get a great value on a property sometimes needing only minor TLC and other times in need of significant renovation.

The Wells Fargo Streamline 203(K)renovation loan simplifies the process of getting a mortgage that includes the cost of minor renovations.
• A speedy process helps you buy and repair a home sooner.
• Reduced fees leave more money in your pocket.
• Easier guidelines save you time and trouble.

Perhaps you’re considering an FHA loan but the home you’re looking at has septic issues,rot damage,water damage,mold, lead base paint or termite damage.The seller would have to
correct those conditions before you could receive approval on an FHA loan — which might mean the seller looks for a different buyer.

With the Streamline 203(K),you simply get an estimate to have the issues corrected,finance the cost in your loan amount and have the work done after closing. With personal service and tailored solutions like our Streamline 203(K),I can help you enjoy all the comforts of home.

Features of the STREAMLINE 203(K):
More Flexible – Loan amounts up to
110% of the home’s appraised value;
renovation amounts up to $35,000.
Easier Process – No work write-up,no
inspection required if repairs are less
than $15,000 and no HUDconsultant
Fewer Fees – HUD consultant fees are
eliminated and no post-close draw
inspection fees required if repairs are
less than $15,000.

Thanks to Kenda Merriman, Branch Manager Wells Fargo Bank.
Ann Arbor Real Estate

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