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
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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| 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 |
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| 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 |
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| * 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
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.
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
II. Eligible Properties
III. Eligible Improvements
- roofs, gutters and downspouts
- existing HVAC systems
- plumbing and electrical systems
- flooring
IV. Ineligible Improvements
V. Who Can Do the Work?
VI. Getting them Closed
VII. What Happens After Closing?
VIII. Reasons to pick the 203(k) Streamline
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
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.
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CLICK on Email above to contact me now! Specialize in helping First Time Home Buyers. Ask me for a complimentary mortgage pre-approval. Ask me for the CT Foreclosure list. Ask me if you can Refinance?
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