Why is this FHA loan program so special and what benefits can it bring to you as a potential home buyer?  First and foremost, buying a home with an FHA loan usually requires that the home be able to pass an FHA inspection and be in a safe, occupiable condition.  That of course eliminates numerous homes that we find on the market today because many foreclosures have trouble passing an FHA inspection.  With the Streamlined (k) program, the FHA will allow you to purchase a home that needs updating and will actually lend you the money to make the improvements!

Here is a complete list of the repairs the FHA will allow if you utilize the Streamlined (k) Renovation Loan:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of 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.
• 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
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements
  and exterior wall re-siding
• Septic system and/or well repair or replacement

This is a list of repairs not authorized under the FHA 203(k) Loan program:

• 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

In addition to the above requirements, the FHA specifies a cost ceiling of $35,000 for the allowable repairs, plus there are very specific guidelines you must follow regarding property eligibility and borrower qualifications.  You may review the complete requirements for the program here.

If this program sounds like it may interest you or help you buy the home of your dreams, contact me, and let’s sit down and discuss your options.  I would be honored to help!!

This post was inspired by Patricia Dewitt of 5/3rd Bank.  She can be contacted at 502.417.6390.  She would be happy to help you with all of your mortgage needs.  Please let her know where you found her name!

The first step in the process of buying a home is to get your finances in order and analyzed by a mortgage lender.  Contact me for recommendations of quality mortgage providers.  You need to ensure you credit report is sound and your credit scores are adequate.  If you have any issues with your finances, you need to begin to take action now to resolve the situation as this market may turn at any time.

The next step when buying a home is to get in touch with me to discuss the market, to develop a home buying strategy, and to begin to search the Louisville MLS for a new home.  I can save you a significant amount of time just through a simple interview process that will help me guide you effectively in your new home purchase.  In addition, I will be able to help you save money and avoid costly mistakes.

To learn more about the process of buying a home in Louisville, KY, and to take advantage of these incredible low mortgage interest rates, contact me today!  It will be my pleasure to assist you…

While it is true we are in an economic downturn, and the housing industry played a role in the situation, the real estate market in Louisville has weathered the storm better than most areas.  With the significant changes to mortgage lending requirements, plus an elevated inventory of homes for sale, Louisville does face long-term challenges and probably several years must pass before a certain stability returns to the real estate market.

Louisville’s real estate market presents a dynamic and potentially confusing challenge to potential buyers.  Thorough market knowledge is the key.  When searching for a new home in one area you may find depressed prices, excessive days on the market, and high rates of foreclosure leading you to take a relaxed approach to buying.  Yet, a few streets over the market is robust, prices are steady or increasing, and the best homes sell in just weeks.  Without adjusting your perceptions and buying strategies you could potentially miss out on the perfect home and become frustrated.

From a seller’s perspective, failing to honestly acknowledging the surrounding market, the condition of the home you are selling, and the location can cause you to overprice the home and fail to sell.  One great reason to use a real estate agent when selling your home is that we visit a huge number of homes all of the time.  We will be able to give you perspective on how your home competes in the marketplace.  If you wish, you should consider actually going to some homes to see how your home compares in person.  It can really help guide you in pricing.

The bottom line is… Louisville is great market to be in compared to many regions of the country presently.  Certainly there are troubles, and certainly the market will continue to correct, but if you take the time to study the market data, employ competent professional guidance, and are prepared to act, both buyers and sellers can take advantage of this market and continue to conduct business.

No longer listed for sale by Joe Hayden, Realtor.

This home features an open floor plan and all the benefits of living in a two year-old home. The home is in fair condition requiring paint, carpeting, and flooring updates. Currently rented for approximately $850/month, this home could make a nice investment property. Rough in for full bath in the basement.

This home is a short sale, so we encourage you to make an offer. The seller’s lender will negotiate the final sales price.

Marketed for sale by Joe Hayden, Realtor.  Contact him today for additional information or to schedule a private showing.

No longer listed for sale by Joe Hayden, Realtor.

(This picture does not represent current exterior updates)

This home was updated with new siding and replacement windows, plus a new water heater and HVAC two years ago. The home is in fair condition requiring paint, carpeting, flooring, and minor carpentry updates. Currently rented for approximately $850/month, this home could make a nice investment property.

This home is a short sale, so we encourage you to make an offer. The seller’s lender will negotiate the final sales price.

Offered for sale by Joe Hayden, Realtor.  Please contact him for additional information or to schedule a showing of this nice home.

No longer listed for sale by Joe Hayden, Realtor.

This home features an open floor plan and all the benefits of living in a newer home.  There are four bedrooms and three full baths in this home!  The home is in fair condition requiring paint, carpeting, flooring, and minor carpentry updates. Currently rented for approximately $850/month, this home could make a nice investment property.

This home is a short sale, so we encourage you to make an offer. The seller’s lender will negotiate the final sales price.

Marketed for sale by Joe Hayden, Realtor.  Contact him today for more information about this home or to schedule a private showing.

No longer listed for sale by Joe Hayden, Realtor.

This two year old home features three bedrooms, two and one half bathrooms, plus a nice, open floor plan.  In addition, there is a full unfinished basement that features a rough-in for another full bathroom!

Currently, the home is a rental property with approximately $850/month rental income.  It could be a nice investment property for the right buyer.  This home is in good condition requiring minimal cosmetic updating.  The home will most likely be a short sale, so we would like you to make an offer.

Offered for sale by Joe Hayden, Realtor.  Contact him with questions about this home, or with any of your real estate related issues.

No longer listed for sale by Joe Hayden, Realtor.

This newer two-story home features an open floor plan, three bedrooms, and two and a half bathrooms.  There is also a full unfinished basement that has the plumbing roughed in for another full bath!

The home is presenty a rental property with an approximate rent of $850/month, and could make a nice investment property.  It is in fair condition and needs paint, carpeting, flooring, and minor carpentry updates.  It is priced well below the current appraisal and is a possible short sale, so we encourage you to make an offer!

This home is offered for sale by Joe Hayden, Realtor.  Please contact him for additional details and to schedule a private showing.

Click Here for Additional Photos

Great Value for the Neighborhood! This tastefully updated two-story brick ranch is ready to move in! Inside you will find fresh paint and carpet, plus quality replacement windows and steel exterior doors. The kitchen features new countertops, a gorgeous new tile backsplash, a new faucet, and new cabinet hardware. In addition, this home has a one year-old roof, a new water heater, a new front porch and sidewalk, new tile in the entryway, several new light fixtures throughout, plus a new vanity top in the upstairs bathroom.

Outside, the rear yard is fully fenced in and features vinyl fencing, plus serene landscaping. A large basketball court with a newer high-quality goal rounds out the exterior amenities. Make plans to view this wonderful home today!

Professionally marketed by Joe Hayden, Realtor. Contact him to schedule a private showing, or for additional information.

The seller of this home will pay 3% of the purchase price towards the buyer’s closing costs and prepaid items. In addition, down payment assistance may be available for this home.

Contact me for more information, pricing, and additional photos!

This is the best unit available in the complex, and it is in a very convenient location. It is literally the back corner, first floor unit, furthest from the street and other buildings. It features brand-new carpet and fresh paint throughout. The bathroom has updates and is tiled. Two ceiling fans make the home comfortable, and there is lots of closet space. There is an assigned parking space with visitor parking available.

The maintenance fee covers the master insurance, flood insurance, water, sewer, trash, exterior maintenance, groundskeeping, and gas! You only pay electric separate! Investors take note this home may also serve as a nice rental property.

Contact Joe Hayden today for additional pictures and information, or to set up a private showing. This is a great home at an incredible price! You can search the MLS Louisville, KY to find your perfect home.