I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys in one-way or another. I believe I might be the third brother- the one that nobody knows about- the one that helps you to be able to finance the projects that these guys are doing!
So what do you think? Ok- so maybe I don’t really resemble these guys but I know how to help you get the money that you need to get these types of projects done!
FHA 203k Renovation Mortgage
As you can imagine most people don’t have the 50, 60, 70, 100 thousand dollars that these guys are using to do these great projects that they’re doing on the show, and normally they need a loan to do it. And what loan is that? What it really comes down to for most of my clients is the FHA 203k program. I’m hoping to actually get in touch with these guys and see if I can get this involved in one of their shows, because what their show really shows you is that any home that you look at, with the right eyes, can be turned into your dream home.
So the “Property Brothers” do what I am basically trying to preach. They look at homes in areas that are distressed- that have been neglected- properties that, at the end of the day, were once great homes and, as the years have gone on, their owners have gotten older and they’ve let the houses go but the structure is still there. They’re in the developments, they’re in the towns and they’re in the population that people want. However, the truth is, the houses have just deteriorated. So the great part about what these guys do, and what the FHA 203k program allows you to do, is to go into this property and kind of have a clean slate. It lets you look at the properties and say, “Hey, you know what? This property is not what I want, but it is where I want it, and the price is unbelievable! So here is what we can do: hire a contractor to come in and do what we want- I want new kitchen cabinets; I want this cream color for my family room; I really like the open space concept; I really want a finished basement; and this issue of mold- I’d like to get that mold remediation completed- this is a great house if it had all of this done!” There’s all kinds of things that the FHA 203k program allows for.
The “Property Brothers,” really get it. They understand that the opportunity is there to be able to buy great properties and do things that you want. The truth is you can create instant equity. So take that into consideration when going out to buy your home. Whether your a first time home buyer or buying a move-up home, the one thing to keep in mind is that the FHA 203k program is for primary residences only, and as I’ve seen on most of the shows so far from the “Property Brothers,” they really only deal with primary residences which is great!
One of the things to keep in mind as well is that the FHA 203K mortgage program is only limited by county loan limits and those are established by FHA and HUD and can be searched FHA website. You want to check your county before you go out and start shopping and thinking this is the loan for you. Now understand there are other options but the FHA 203k is the crème de le crème of renovation programs that allow you to be able to do everything that you want with not a whole lot of limitations.
So check out the show, its on HGTV on Wednesdays, and think about the brother that is not on the show (that would be me, Jeff Onofrio) and understand that there is another component to buying these houses and that if you’re a first-time home buyer, or any other type of buyer, or even somebody that is interested in refinancing, you can do the same thing! You are not limited, these people are not the only people out there that can buy great deals and include the renovations into the mortgage- you can do it too! Who knows, maybe we can talk to the “Property Brothers” and get them to come out to the property and show you what you can do using our program. So consider the FHA 203k mortgage program when considering purchasing a home, and realize that it’s not just for major rehabs, it can be for little ones as well. Thank you very much!