Skip Schenker’s “Hot…Dog Of The Week”: An FHA 203k Renovation Loan Is The Ideal Financing For This Fillmore, CA Home That Has Mold, Illegal Room Additions, Un-Permitted Add-On’s, Multiple Kitchens And Zoning Issues (Video)

6 12 2010

Skip Schenker’s HOT… Dog of the week shows how the FHA 203k loan program can be used to remodel a property with mold, illegal room additions, un-permitted add-on’s, multiple kitchens and zoning issues. This property will be a great home to someone who has the vision of what the home will look like after a major remodel.





Home Renovation And Remodeling With 203k Loans: EPA To Enforce New Rules Regarding Mandatory Use Of “Certified Contractors” In Safe Removal Of Lead-Based Paint

10 05 2010

Beginning April 22, contractors who remodel and repair homes built before 1978, when leaded paint was banned, must be certified in safe removal practices and follow specific steps to prevent work site contamination.

The EPA’s primary motive for the new rules is to limit children’s exposure to lead, a toxic metal that can irreversibly damage the brain and central nervous system, causing lower IQs, behavioral difficulties and hyperactivity.

Renovation Specialists http://www.reolenders.com/

(From an AJC.com article)   More than half of the nation’s homes could contain paint with lead, which once was used to boost durability and brighten color, according to the U.S. Environmental Protection Agency, which issued the new regulations.

Remodelers, painters, plumbers, even neighborhood handymen who fail to follow the new rules could incur fines of up to $37,500 per violation per day. The penalties apply to workers, not the homeowners who hire them.

Beginning April 22, contractors who remodel and repair homes built before 1978, when leaded paint was banned, must be certified in safe removal practices and follow specific steps to prevent work site contamination.

The EPA’s primary motive for the new rules is to limit children’s exposure to lead, a toxic metal that can irreversibly damage the brain and central nervous system, causing lower IQs, behavioral difficulties and hyperactivity.

Although lead can cause health problems for adults, too, young children are most at risk because their bodies absorb more lead than grown-ups’. Despite the ban on lead-based paint three decades ago, 1 million American children annually still are affected by lead poisoning, according to the EPA.

http://www.ajc.com/news/lead-paint-targeted-in-486846.html?cxtype=rss_news_128746





Financing Residential Radon Mitigation Costs: Using The FHA 203k Loan To Repair Your Home And Reduce Radon Levels And Risks Of Lung Cancer

9 05 2010
 

Renovation Specialists http://www.reolenders.com/

The Section 203(k) mortgage financing program is the Housing and Urban Development’s (HUD) primary tool for rehabilitating and improving single family homes. The program allows home buyers to finance the purchase and repair or improvement of a home using a single mortgage loan. Reducing radon levels in a home is an improvement that can be financed through a 203(k) mortgage loan.

Part of the 203(k) mortgage proceeds must be used to pay the costs of rehabilitating or improving a residential property. To qualify, the total cost of the eligible repairs or improvements, including fixes to reduce radon levels, must be at least $5,000. The 203(k) program is an important tool for expanding home ownership, revitalizing homes, neighborhoods and communities, and for making homes healthier and safer for those who occupy them.

Homes eligible for 203(k) financing include:

  1. one to four-family dwellings that have been completed for at least one year; 
  2. dwellings that have been demolished, provided some of the existing foundation system remains; and, 
  3. converting a one-family dwelling into a two, three, or four-family dwelling; or, alternatively, converting an existing multi-unit dwelling into a one to four-family unit.

The 203(k) program has been used successfully by many lenders to rehabilitate properties through partnerships with state and local housing agencies, and with non-profit organizations. To further help borrowers buy homes, lenders have found innovative ways to combine the 203(k) program with other financial resources like HUD’s HOPE and Community Development Block Grant Programs.

Contact an FHA-approved lender in your area for more information about HUD’s 203(k) program, or if you’re interested in getting a 203(k) insured mortgage loan. Check your phone directory’s blue pages for the HUD office nearest you; they can get you a list of the 203(k) approved lenders in your area.

http://www.epa.gov/radon/realestate.html