{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5af9aecaf13708f81d408878/665f29365259600012562e6f?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Fixer Upper with Ron Byrom ","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/5af9aecaf13708f81d408878/1717512447117-b2e20f3682fb9c5ff97ea49f9d50c1eb.jpeg?height=200","description":"<p>Tell me what’s going on in the market in general:</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates are down</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory is tight</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory is the tightest in the affordable housing segments</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renovation mortgages are a huge tool for those wanting to broaden their search</p><p>Tell us about renovation mortgages, I know that’s your specialty…</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 loan for purchase and for repairs/renovations</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great for needs AND wants</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work is done after closing</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal is based on “as improved”</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several types:</p><p>o&nbsp;&nbsp;<a href=\"https://www.loandepot.com/loan-officers/rbyrom\" rel=\"noopener noreferrer\" target=\"_blank\">FHA 203k</a> – great for 1st time home buyers. Owner occupied only. 1-4 units. Can use DPA. Generous seller concessions. Can pair with $100 Down program on HUD REO properties. Caps out around $315K loan amount.</p><p>o&nbsp;&nbsp;FNMA Homestyle – owner occupied and 2nd homes and investment properties. 1-4 units for owner occupied. Can do “luxury items” like a pool. Can go to higher loan amounts up to $484,350.</p><p>o&nbsp;&nbsp;VA – must be a qualified veteran with <a href=\"https://www.benefits.va.gov/homeloans/\" rel=\"noopener noreferrer\" target=\"_blank\">VA entitlement</a> (mention <a href=\"https://www.military.com/daily-news/2019/06/13/senate-passes-blue-water-navy-bill-cementing-victory-ill-vietnam-veterans.html\" rel=\"noopener noreferrer\" target=\"_blank\">Bluewater Bill</a>), owner occupied, 1-4 units, 0% down, generous seller concessions.</p><p>What should a customer consider when shopping for a renovation mortgage and can these be done asa refinance as well?</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experience #1 and products #2</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don’t be the person who is getting practiced on with these products. I have done over 600 of them and would not consider myself to have been a real master of them until I had done about 100.</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;“If you are a hammer, every problem looks like a nail”… if your lender does not have all these products then they are looking at putting you in what they have available versus putting you in what fits you best.</p><p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These are awesome for refinance opportunities</p><p>o&nbsp;&nbsp;Tight equity scenarios</p><p>o&nbsp;&nbsp;Better than high interest credit cards</p><p>o&nbsp;&nbsp;Avoid dipping into savings or retirement</p><p>o&nbsp;&nbsp;Go to higher LTV’s and go off “as improved” values</p><p><br></p>","author_name":"Patty's Playhouse"}