About Montrose County, CO

How to buy a home with a Renovation Loan. Montrose Colorado

We have all seen the ad in the newspaper or the Real Estate magazine "Needs TLC" "Lots of Potential" that's the nice way of saying this place is a "fixer upper"

How are you going to fix it up ? when you don't have $10,000 or $20,000 or more in cash to fix the house up after you buy it. The simple answer is to borrow it from the mortgage company.

FHA has a loan program called 203 K which is exactly that. In simple terms this is how it works. You find a house to buy that you can buy for $40,000 you estimate the renovations that you will have to do the home is around $30,000. For a total of $70,000. The home will have to appraise for at least $70,000 based on all the improvements being done. You have to put down 3.5% for an FHA loan so it would be 3.5% of the $70,000.

It doesn't matter the amount of renovations that need to be done, you can even add sq ft or add a garage the key is the home must appraise for the total amount. FHA 203 k loans are only available to Owner Occupant buyers it does not apply to Investors. There is a conventional loan program for renovations for investors, multi family.

You cannot do the work yourself, the work has to be done by approved contractors. You have to obtain detailed written bid for all the renovations before you close and all bids are submitted to the lender for approval. The work is done after you close and has to be completed within 4 months for a streamline 203 k loan which are improvements under $35,000. For improvements over $35,000 the time frame is 6 months. FHA will do multi family renovation loans as long a s the borrower lives in one of the units.

Construction draws are handled by the lender once the work commences not by you the borrower.

Not all lenders are created equal when it comes to orginating renovation loans, many lenders can only do the FHA 203k streamline loan under $35,000. The lender in the Montrose Area that specializes in Renovaton loans FHA, Conventional and is Tracy Frank at Wells Fargo Mortgage 970-240-1006

Wells Fargo also do Renovation loans on Manufactured homes which no other lender does.

If you are looking to buy a home and you want to fix it up contact me Alan Brown 970-209-8436 or AlanBrownRealtor.com I can help you find the home and assist you in the loan process.

Here is the last 7 Days Real Estate Activity in the Montorse Area. This is week 5 of the year. This information comes from the Montrose Area Realtors Information Network.

SOLD

tbd 72.50 Rd $30,000 a 3 acre lot, juniper and pinion trees south of town, 2 lots sold 30k each

1001 S 5th St $45,000 A foreclosed hm lots of work needed 1402 sq ft 3 Bd 1.5 Ba

tbd Fellows Dr $90,000 Very nice lot in the Bridges across from the 13th green

1816 Freedom $142,000 1578 sq ft hm 3 bd 2 ba

67029 Sunnyside $150,000 A foreclosed hm 1000 sq ft on 20 acres.

67585 Liberty Rd $164,900 A foreclosed 3345 sq ft hm 4 bd includes basement

67877 Tailspin $217,000 A foreclosed hm 2124 sq ft 3 bd 2 ba

67574 Trout Rd $284,900 A foreclosed log hm on the river, 1900 sq ft 4 car garage

14114 Matterhorn $388,500 2389 sq ft hm on 1 acre 5 car garage.

UNDER CONTRACT. The prices you see in this list are the asking price and do not reflect the price at which the property may be under contract for.

3600 Chestnut $39,000 A lot in the Brown Ranch sub

tbd Bellhaven $45,000 A residential lot in the city

63900 Jacaranda $62,000 A manufactured hm 1603 sq ft on 3 acres

18000 Rattler $84,500 A manufactured hm on 40 acres 2016 sq ft

1306 Bighorn $86,800 A foreclosed townhome 1065 sq ft

1964 Natalia $94,900 A foreclosed hm 1608 sq ft needs some work

64225 S Ramona $96,800 A foreclosed 1842 sq ft hm 2 bd 2 ba

14 Brown $99,950 972 sq ft hm 2 bd 1 ba

tbd Merchant Dr $108,000 A commercial lot by the Ford dealership.

813 Barnwood $112,100 A foreclosed hm 1141 sq ft 3 bd 2 ba

1629 Dover $117,300 A foreclosed hm bi level 2204 sq ft 4 bd 3 ba

6 Columbia $121,990 1434 sq ft older hm 3 bd 2.5 ba

441 Silver $125,000 A foreclosed manufactured hm 2248 sq ft

1560 American $199,900 1542 sq ft hm 3 bd 2 ba

Here are some great news articles brought to you by The Zappa Team, Montrose Colorado's Real Estate Experts.

For Relocation information and REO and Foreclosures contat the Zappa Team nick@zappateam.com

Montrose Colorado . Real Estate Market Report Jan 23rd - Jan 29th 2012

Week 4 of 2012.. Here is the list of properties that SOLD and went under contract this past week in the Montrose Area. This information comes from the Montrose Area Realtors Information Network. If you have any questions at any time about Montrose Real Estate be sure to contact me either by phone 970-209-8436 or e- mail me AlanBrownRealtor@gmail.com

SOLD

523 S Park $32,500 A foreclosed 1064 sq ft hm 3 bd 2 ba

tbd Fellows Way $50,000 Lot in the Bridges by the 15th green.

tbd Tiyoweh Trail $58,000 40 acres of Sagebrush

44 N Junction $78,000 1900 sq ft older home in good condition

60075 Oak Grove $95,000 4.2 acre building lot on Spring Creek

1234 S 4th $97,000 A foreclosed hm 1609 sq ft 3 bd 2 ba

67498 Oak Leaf $219,900 A foreclosed log hm 2304 sq ft New Carpet tile paint views

UNDER CONTRACT. The prices you see here are the asking prices and do not reflect the price that the property maybe under contract for.

401 S San Juan $64,900 A foreclosed hm 1116 sq ft 3 bd 2 ba

1761 Kellie Dr $116,000 Nice Manufactured hm 1742 sq ft includes the lot

2524 Glen View $149,900 1442 sq ft home 3 bd 2 ba

2500 Stonebridge $250,000 2342 sq ft home by the 4th tee box of the Bridges.

1004 Laurel $259,900 Very nice brick hm 1946 sq ft 1/2 acre lot

23414 Uncompahgre $264,900 A foreclosed hm 2600 sq ft on 3 acres good condition

13820 Larkspur $329,900 A foreclosed hm 2318 sq ft on 1 acre lot

Montrose Colorado Foreclosure List for Jan 25 2012

If you have an interest in looking at Foreclosed homes for sale or you would like to receive an e-mail everytime a foreclosure is listed for sale contact me with you name and e-mail address and I will make sure you are kept up to date on the foreclosure market as it happens.

The list below is all the bank owned homes that are currently available today. This list is constantly changing. These homes are listed with many different agents and companies around town. If you would like to see any house listed for sale contact me today. Alan Brown 970-209-8436 AlanBrownRealtor@gmail.com

18 N 9th $39,000 14598 6355Rd $40,800

521 N 4th $64,400 17800 6780 Rd $64,900

401 San Juan $64,900 67610 Sunshine $72,900

102 Brown $82,900 107 Vista View $84,900

1306 Bighorn $86,800 1305 Pitchfork $89,000

64225 S.Ramona $96,800 813 Barnwood $112,100

1964 Natalia $112,900 63873 Nancy $114,900

1270 Wagon $115,000 1629 Dover $117,300

441 Silver $125,000 1672 Rhine $128,000

1808 Drafthorse $128,000 2839 Stoney Creek $129,900

9017 Harvard $129,900 2729 Country Club $129,900

2545 Storm King $134,900 2210 Devon $140,000

11311 6450 Rd $142,900 2497 Sunnyside $146,900

130 N 8th $153,500 9570 Indian $167,900

12773 6600 Rd $168,300 3911 Lone Tree $169,900

62667 Jig $198,900 13368 Marine Rd $209,900

319 E Main St $214,900 21835 Govt Spgs $249,900

23414 Uncompahgre $264,900 61393 Niagara $279,900

13895 Larkspur $298,900 12570 6450 Rd $329,900

2218 Fellows $385,000 67660 Ogden Rd $570,000

60169 La Salle $749,900