So much of today’s on the market housing stock is in the form of foreclosures. Many of them aren’t livable and have been vacant for some time. Entire neighborhoods sit vacant, havens for crime and an eyesore to surrounding neighborhoods. What if we could get a movement going to help take these properties and provide affordable green renovations for buyers in need through FHA 203K renovation loans? Not only are you fulfilling the mission of FHA 203K, to restore and preserve America’s existing housing stock, but you are also incorporating money and energy saving green improvements into those homes. I’m not talking about solar panels and wind turbines here; 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!
With the passage of the stimulus bill there is a very important provisions that can help further my goal of using affordable FHA 203K renovation loans to drag us out of this housing nightmare…
In negotiations between House and Senate leaders, the $5.2 billion the House had earmarked for community development block grants and a neighborhood stabilization program was also slashed to $3 billion. Of that, $2 billion is earmarked for the neighborhood stabilization program, which helps states, local governments, and nonprofits purchase and rehabilitate foreclosed, vacant properties.
Why can we not use this provision to provide reduced FHA 203K downpayments to homebuyers buying foreclosures throughout out the US? We can put a simple stipulation that to qualify you must renovate that foreclosure with 203K eligible energy efficient improvements. Why are we not doing this? This is a simple, yet effective, way to kill two birds with one stone. I suggest we all contact our local governments and request that we use this tactic to bring our housing market out of the current funk. With FHA 203K and simple green renovations we can solve two problems at once.
APPLY NOW for Your FHA 203K Renovation Loan!
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Jonathan Blackwell
FHA 203K Renovation Specialist
Wells Fargo
Atlanta, Georgia, 30317
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Work: 404-551-3845
Mobile: 404-519-5383
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Serving: Atlanta | Birmingham | Savannah | Huntsville | Jacksonville | Mobile | Montgomery | Warner Robbins | Columbus |
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