203k Streamline – Turning Foreclosures Green
With economic turmoil in many real estate markets it should come as no surprise that foreclosures are also up in many areas of the country. This awful truth has resulted in many properties now sitting empty. The following article by Fred Chamberlin presents some great ideas on how to revamp some of these vacant properties to make them more environmentally friendly and more attractive to potential buyers.
Via Fred Chamberlin of FHA Loans Oregon:
Another reason to use an FHA 203k Streamline rehab loan: Foreclosures are bringing down the Eugene/Springfield and Lane County Real Estate market. My reasoning on this has to do with the condition of many of the foreclosed properties. Many of them aren’t livable and may have been vacant for some time. In many areas of the United States, entire neighborhoods sit vacant, havens for crime and an eyesore to surrounding neighborhoods. Although I haven’t seen this scope of a problem here, I do know that there have been cases of squatters moving into foreclosed (or about to be foreclosed) properties and using them as a base of criminal operation.
How about starting a movement to help take these properties and provide affordable green renovations for buyers in need through FHA 203K renovation loans? Not only would we be fulfilling the mission of FHA 203K, to restore and preserve America’s existing housing stock, but also incorporating money and energy saving green improvements into those homes.
Although solar panels and wind turbines are “sexy” improvements, I want to be realistic about what the individual can do. For that, I am talking about simple and affordable 203K streamline improvements like EnergyStar windows and appliances, low flow toilets and showers with on demand water heaters. Not only would these kind of improvements benefit the planet, but they would also help the low to moderate income home buyers save on their monthly energy bills. That makes their FHA mortgage more affordable, lessens the likelihood they default and helps restore the integrity and quality of the neighborhood by ensuring that its homes are in good condition, energy efficient and OCCUPIED!
The FHA 203K Streamline Rehab program is the ideal way to bring these homes back as great representatives of their respective neighborhoods. When you combine this with the $8,000 Tax Credit for First Time Home Buyers and exceptionally low interest rates, it really is the ideal time to buy a home. Call me today at 541-342-7576 to make an appointment for your one on one time with me.
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