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Nima Rezvan First Time Home Buyer Expert CT FHA Loans - FHA 203k - CT Mortgage

Healthy Alternatives to Asbestos a Priority for Connecticut Home Owners

Healthy Alternatives to Asbestos a Priority for Connecticut Home Owners

Used in millions of homes and buildings built prior to 1980, many civilians are still being exposed to asbestos in public facilities, restaurants, schools, shipyards and other industrial locations. As one of the small states in the country, it is ironic that Connecticut is one of the largest in terms of asbestos exposure risks. There are an estimated 600 locations in the state that have been known exposure sites. All of the known exposure sites occurred in the cities of Hartford, New Haven and Fairfield. There are many things to consider in the real estate industries.

Asbestos is often in old fireproofing, roofing, vinyl flooring, pipe and boiler insulation, and some roads and cement pipe and cement sheet products. Citizens of Connecticut should be aware that when purchasing or remodeling older homes, exposure to asbestos may potentially become a health concern.

Although exposure to asbestos does not always lead to related illnesses, frequent exposure greatly increases those odds. Asbestos exposure can cause a severe lung ailment known as malignant mesothelioma. This rare form of asbestos lung cancer accounts for nearly three percent of all cancer diagnoses in the country. Mesothelioma treatment is unfortunately almost always unsuccessful and physician prognosis is poor. There were 498 fatalities relating to asbestos in Connecticut between 1979 and 1999. Of those deaths, 249 can be attributed to mesothelioma. Mesothelioma diagnosis can be hard to detect, as it can take as long as 20-50 years for symptoms to show.

The removal of asbestos must be performed by licensed abatement contractors who are specially trained in handling hazardous materials. It is highly recommended that those who believe they live or work in an area where asbestos are found to leave it undisturbed. Contractors come equipped with protective gear in case its fibers become airborne immediately after it is broken up.

The removal of hazardous materials must be performed by an abatement contractor who is trained and licensed in handling toxic substances. The Connecticut Department of Public Health administers an asbestos program that aims to reduce potential exposure to asbestos. Found in over 3,000 products in the state, they provide assistance in the safe inspection, removal and disposal of asbestos-contaminated areas by following state regulations.

With increasing technology and public initiatives, green alternatives exist which allow for an asbestos free environment. The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. These asbestos alternatives will not only reduce energy costs, but allow for a clean, healthy home, free of health damaging materials.

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This is an informative blog for everyone who should be well aware of this deadly disease.

As you may know, homes built before 1980 likely have asbestos insulation in them. When homeowners remodel, they may expose themselves to asbestos, which could lead to the deadly cancer called mesothelioma. There are many environmentally safe and healthy ways to insulate your home and this is among the topics we like to discuss. For more information please visit http://www.Asbestos.com

Your Connecticut Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: NRezvan@LADDFinancial.com

How do I know if this Condo Complex is FHA Approved? Click on FHA Approved Condo List Link in this Blog!

Dear Realtors and Consumers,

Are you always wondering if a certain condo complex is FHA approved or not? Do you find yourself having to contact the listing agent and asking them if it is and sometimes they don't know? Wouldn't it be better if I just gave you a link to go and check on your own with the most updated FHA Condo Approved list? This website is not a big secret and it is easily found on http://www.HUD.gov but sometimes difficult to locate on the website.

Click on this link to do a simple search to see if a condo complex is FHA approved or not:

https://entp.hud.gov/idapp/html/condlook.cfm

Currently there are 1,590 condo complex's in the state of Connecticut that are FHA approved.

If you would like any information on FHA loans or even would like to apply for an FHA loan here in CT or any of the following states: NY, NJ, MA, RI and FL, then don't hesitate to contact me now.

Remember that a FHA mortgage - home loan is not solely for first time home buyers. Ask me for details.

Hope this blog is helpful to anyone looking to see if a condo is FHA approved or not. This link needs to be added to your favorites so that you can go back to it if you ever need to look up a new condo complex.

Your Fairfield County Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: NRezvan@LADDFinancial.com

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  • Home Loan Highlights: FHA 203k, FHA Streamline 203k, Fannie Mae HomeStyle and EasyBuild Renovation - CT MORTGAGE - Connecticut First Time Home Buyer Loan

    CT Mortgage - Renovation Home Loan Highlights
    FHA 203k FHA Streamline 203k Fannie Mae HomeStyle EasyBuild
    Renovation
    Owner Occupied only, 1-4 Family, Mixed-use Owner Occupied only, 1-4 Family Owner occupied 1-4 unit, 1 unit Second home & 1-2 unit Investor 1-2 Units Owner occupied, Second home
    Minimum $5,000 in repairs Up to $35,000 in non-structural repairs. No minimum repair. No minimum amount of repairs Minimum $35,000 in repairs
    FHA Loan Limits FHA Loan Limits FNMA Loan Limits Up to $1mm
    Borrower can be their own general contractor (Limited to qualifications) Borrower can be their own general contractor (Limited to qualifications) Borrower can be their own general contractor (Limited to qualifications and 10% of future appraised value) Borrower cannot be their own general contractor
    Ratios 31/43* Ratios 31/43* Ratios 28/36* Ratios 28/36* Minimum FICO 700
    Plan Review required by FHA Consultant No Plan Review or Consultant required No Plan Review required with
    < $15,000 in rehab
    No Plan Review required
    Homeowner/Contractor agreements required Homeowner/Contractor Agreement + Detailed Contractor Cost Estimates Homeowner/Contractor agreements required Contractor agreements required
    No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor) No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor) Reserves may be required at closing* 6 months interest liquid reserves required at closing
    10% to 20% Contingency Reserve. Determined by DE Underwriter NO Contingency Reserve 2 disbursements per sub-contractor 10% Contingency Reserve ALWAYS required Cost overrun allowed up to 10% of construction costs
    High LTV on O/O 1-4 units High LTV on O/O 1-4 units 95% LTV on O/O 1 & 2 family 1Unit
    Mixed-use properties, up to 4 residential units. Purchases and refinances 80% LTV on O/O 3-4 family 90% to $650,000 - 700
    80% to $750,000 - 700
    Up to six months of PITI can be financed, if home is not habitable during renovation See FHA Guidelines regarding eligible improvements 95% LTV on Single Family Second Homes 75% to $1,000,000 - 700
    Items NOT completed on MMWS:
    Contingency Reserve (unless elected) Consultant or Architectural Fees 80% Non-O/O 1 family Second Home
    90% to $417,000 - 700
    70% Non-O/O 2 family 2 Units
    Up to six months of PITI can be financed, if home is not habitable during renovation 80% to $650,000 - 700
    70% to $1,000,000 - 700
    * May differ if allowed by Automated Underwriting June-08

    If you have any questions in regards to these 4 different type of rehab home loans then please feel free to contact me.

    Your CT Mortgage Professional,

    Nima Rezvan

    Senior Loan Officer

    Blackberry: 203.913.6016

    Email: NRezvan@LADDFinancial.com

    Understanding the FHA 203k STREAMLINE

    See full size image

    CT FHA 203k Streamline Rehab Loan

    Being a mortgage professional since 2002 and I can be honest with you in saying that the hottest inquired about home loan in recent days has been the FHA 203k Streamline. I'm posting this blog today so that everyone can get themselves familiarized with this loan. This is an excellent mortgage product specially for buyers of foreclosures, REO properties or bank owned properties because most of these homes need some fixings before a bank or lending institution is willing to lend money on them. FHA 203k Streamline goes by the FHA guidelines hence the name FHA 203k rehab loan.

    See full size image For more information directly from the US Department of Housing and Urban Develpment, click on this link: http://nhl.gov/offices/hsg/sfh/203k/203kmenu.cfm

    Understanding the FHA 203k STREAMLINE

    I. Program Highlights

    • FHA Renovation Program
    • Owner Occupied Only
    • Simplified process!
    • Up to $35,000 in repairs with no minimum!
    • No consultant required
    • No contingency funds required
    • Up to 50% of materials can be disbursed after closing to each contractor in order to defray cost
    • Two draws per contractor
    • No 10% holdback

    II. Eligible Properties

    • 1-4 unit properties
    • Town houses
    • Condos (interior only)
    • Row homes
    • HUD Repos (single unit only)
    • Purchase and Refi Transactions

    III. Eligible Improvements

    • Repair/Replacement/upgrade of:

    - roofs, gutters and downspouts

    - existing HVAC systems

    - plumbing and electrical systems

    - flooring

    • Minor remodeling, such as kitchens, which does not involve structural repairs
    • Painting, both exterior and interior
    • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
    • Septic system and/or well repair or replacement
    • Repair/replace/add exterior decks, patios, porches
    • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
    • Accessibility improvements for persons with disabilities
    • Lead-based paint stabilization or abatement of lead-based paint hazards
    • Basement finishing and remodeling, which does not involve structural repairs
    • Basement waterproofing
    • Window and door replacements and exterior wall re-siding

    IV. Ineligible Improvements

    • Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
    • New construction (including room additions)
    • Repair of structural damage
    • Repairs requiring detailed drawings or architectural exhibits
    • Landscaping or similar site amenity improvements
    • Any repair or improvement requiring a work schedule longer than six (6) months
    • Rehabilitation activities that require more than two (2) payments per specialized contractor

    V. Who Can Do the Work?

    1. Borrower can select their own contractor
    2. Should be licensed and insured if required by municipality
    3. Should be able to document qualifications
    4. Borrower can do their own work only if they can document their qualifications

    VI. Getting them Closed

    • Borrower collects contractor bids
    • Bids are used to order appraisal
    • Appraiser will do a "subject-to-completion" appraisal
    • Borrower and contractor sign contract

    VII. What Happens After Closing?

    • Work begins
    • Up to 50% can be paid to each contractor up front
    • Final inspection will be done to ensure workmanlike completion of work
    • Title update will be needed before final disbursement

    VIII. Reasons to pick the 203(k) Streamline

    • Much faster process to get to closing
    • Includes appliances and cosmetics
    • Less expensive (no contingency funds, no consultant fee, fewer inspections, etc.)
    • Up to 110% of after-improved value
    • Overcomes borrower concerns about property

    If you have any questions feel free to visit the Frequently Asked Questions section of US Department of Housing and Urban Development: http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

    I really do hope that this blog is helpful to you and if you would like to speak to me directly regarding a FHA 203k Loan then you may do so by emailing or calling me.

    Your Connecticut Senior Mortgage Broker,

    Nima Rezvan

    Blackberry: 203.913.6016

    Email: NRezvan@LADDFinancial.com

    Website: http://www.MyNima.com

    CT REO, CT Foreclosures, CT Bank Owned Properties - FREE WEEKLY LIST

    Click for FREE FORECLOSURE LIST

    Dear Reader,

    For the passed 18 months I've been sending out a free weekly CT foreclosure list. If you would like to see these CT bank owned properties then please simply email me at: NRezvan@LADDFinancial.com with your Email address and I will add you to the list.

    This week's Connecticut foreclosure list is going to be going out soon so for the subscribers already on my list, stay tuned.

    Please let me know if anyone that you know could take advantage of this CT REO list as it has become a very popular hot item here in Connecticut for anyone that is interested in receiving this list. The list contains realtors, investors, attorneys, past clients, current clients, family, friends and specially first time home buyers. First time home buyers can definitely take advantage of this list because not only can they purchase a new home at already low prices and low interest rates but even a heavier discount on top of all of the low rates and prices. Real Estate Investor's enjoy this list as well so it is a win-win situation and this CT REO list is absolutely FREE.

    Get on this Connecticut Foreclosure list and take advantage of this free service that I provide. I currently have over 1,600 subscribers and would be willing to add you and anyone else that can take advantage of these bank owned properties.

    My goal is to help move the real estate market with as much help as possible. We have lots of inventory and these CT foreclosures need to go and not pile up one over the other.

    I'm here to network so please let me know if you are interested in this free weekly list of CT foreclosures.

    Your Connecticut Senior Mortgage Broker,

    Nima Rezvan

    Senior Loan Officer

    Blackberry: 203.913.6016

    Email: NRezvan@LADDFinancial.com

    Available to you 7 days a week until 10pm for your convenience. Making homeownership dreams come true since 2002.