Lewis Poretz | Social Media | Featured Blogger | Advice | Problem Solver

Check out this video from highly regarded 203k consultant Gary Smith who calls Mississippi home. 

Gary has also started a great web page www.203kforum.com where consumers can learn all they need to know before entering into this very misunderstood loan.

Maryland 203K Loans - Baltimore 203K Loans - the Happy Renovation Loan - FHA 203K Loans - 

HUD's 203K REHAB LOANS - an Fha product

FHA 203K loans offers consumers the ability to purchase and renovate a house with just one settlement. This simplifies the traditional construction process, which many times involves two loan closings, high fees and balloon loan payments hat can be called at a given time.

The current economic client of foreclosures and strategic defaults has left a glut of homes for sale that need work. These homes often referred to as a fixer upper, are perfect candidates for HUD's 203K rehab loan. Because they are guaranteed by HUD they are underwritten with the consumers best interest in mind. And because they fall under FHA guidelines, the approval process is clearly defined.

First time home buyers can take advantage of the 203K. The combination of depressed home values and a glut of properties that need rehabilitation should put first time home buyers in the drivers seat when discovering their options. But take my advice and only work with lenders and real estate agents that have experience with his product. The 203K Rehab Loan is not a difficult loan to close, but without experience with these loans it could turn out to be a very frustrating process. Experience is key with this product.

The 203K can be used for purchase and refinance transactions. Interest rates are very competitive with current market rates. Appraisals are based on future value. Your home ownership dreams can come to life. As with any new venture, understanding the product is key. Seek high quality mortgage advice when dealing with this product.

MARYLAND 203K LOANS - MARYLAND REHAB LOANS

Oh my bad...

I didn't realize you were one of the many consumers who bought in to the fact that the recession officially ended last year and has been declared over. As for me, an Annapolis, Maryland Mortgage Banker who pulls credit, reviews income and understands current property value trends, I say we may have never ended the first dip...

Political spin may send this country into a tailspin if consumers continue to buy into what the government tells us. Do yourself a favor and measure the state of the economy yourself.

Ask yourself, your family and your friends - Are you in better financial shape than your were last year?

Key indicators would be responses from local businesses, restaurants, dry cleaners, marinas, car dealers and on and on... American consumers are not spending any disposable income to stimulate the economy. That is if they have any disposable income left after paying the necessities to survive.

Check out this FREE poll, cast your vote and share your comments with industry experts and interested consumers.

click here to take the poll

Annapolis MARYLAND Fannie Mae HomePath Lender - Learn about this fantastic financing option - Click Here

President Obama spoke from the rose garden today. On TV he appeared clearly concerned that the effective one trillion dollars we have spent so far on this economic crisis is not working. Home sales plummeted last month. Unemployment sits around 10%. Housing prices continue to decline. Credit continues to decline. Income continues to decline. Why wouldn't he appear worried? After all, wouldn't you think he is more in touch on the realities of the economic landscape than anyone else?

American Home Shield not so impressive so far. @1sthome attn: David J. Crawford - President AHS

AHS could not find a competent HVCC tech to fix my heat pump. I spent several days of 95+ degrees and high humidity without AC... Finally they found a tech who appeared to be a complete sketch ball.

The AHS approved tech told me on the phone to be certain to have my checkbook because AHS hardly ever covers what needs to be replaced and he is not going to work for nothing... he complained that he never gets paid when he makes service calls for AHS... needless to say, I cancelled his service call... Because AHS was unable to find one of their approved technicians they told me to hire my own.

I had already been told by 4 different shops my compressor and air handler inside needed to be completely replaced. All four companies who came out and gave me estimates told me that. They said I was lucky to get 20 years out of them but they were no longer serviceable nor efficient.

When my tech called American Home Shield for authorization, the AHS inside customer service person, who refused to give me his last name, only authorized the outside unit to be replaced. They wanted the inside unit to have parts replaced first. This also meant I would be approved only for the old style compressor that is rarely used anymore for new installs. In fact, R 22 refrigerant is being phased out...

I believe they are dragging their feet on replacing a 20 year old heat pump. My compressor locked up. It was 20 years old. It was dead...My installer said you must replace inside and outside units together when they are that old. AHS warranty approved me for a new outside unit (which is old technology) and told the tech to start replacing parts on the inside handler. My tech refused and said if he did he would be back next week to replace it. He also refused to replace the heat pump with the same old style technology that is not energy efficient.

Any HVCC techs out there who can add some thought to this?

Hopefully @AHS @DavidCrawford @JudyPeedic read this post. I will be calling AHS tomorrow to try and make this right and will report back the outcome.

Why was I skeptical from the start?

Read the reviews for American Home Shield here-->> click here

I wonder if anyone at American Home Shield, otherwise known as Service Master has ever read the information below regarding the phase out of the type of unit they want me to continue to repair.....

A Common Sense Approach To Servicing Your SystemAlong with prohibiting the production of ozone-depleting refrigerants, the Clean Air Act also mandates the use of common sense in handling refrigerants. By containing and using refrigerants responsibly -- that is, by recovering, recycling, and reclaiming, and by reducing leaks -- their ozone depletion and global warming consequences are reduced. The Clean Air Act outlines specific refrigerant containment and management practices for HVAC manufacturers, distributors, dealers and technicians. Properly installed home comfort systems rarely develop major refrigerant leaks, and with proper servicing, a system using R-22, R-410A, or another refrigerant will reduce its impact on the environment.

While EPA does not mandate repairing or replacing small systems because of leaks, system leaks can not only harm the environment, but also result in increased operation and maintenance costs. One important thing a homeowner can do for the environment, regardless of the refrigerant used, is to select a reputable dealer that employs service technicians who are EPA-certified to handle refrigerants. Technicians often call this certification "Section 608 certification," referring to the part of the Clean Air Act that requires minimizing releases of ozone-depleting chemicals from HVAC equipment.

A Common Sense Approach To Purchasing New SystemsAnother important thing a homeowner can do for the environment is to purchase a highly energy-efficient system. Energy-efficient systems result in cost savings for the homeowner. Today's best air conditioners use much less energy to produce the same amount of cooling as air conditioners made in the mid-1970s. Even if your air conditioner is only 10 years old, you may save significantly on your cooling energy costs by replacing it with a newer, more efficient model. Products with EPA's Energy Star® label can save homeowners 10% to 40% on their heating and cooling bills every year.

These products are made by most major manufacturers and have the same features as standard products but also incorporate energy saving technology. Both R-22 and R-410A systems may have the Energy Star® label. Equipment that displays the Energy Star® label must have a minimum seasonal energy efficiency ratio (SEER). The higher the SEER specification, the more efficient the equipment. You should consider energy efficiency, along with performance, reliability, and cost, in making your decision.