- Melissa Kellerman
Buying or selling a home can be a stressful experience without the security of a trusted REALTOR in your corner.
Choose me to be your trusted REALTOR.
I will guide you through every step of this rewarding process with professionalism and dedication. My attention to detail, strong communication and 100% effort will deliver the results you deserve. It is my mission to build lasting relationships and earn repeat referrals. The key to this is providing my clients with personalized service before, during and after every transaction. I am here to help you with all of your real estate needs.
Feel free to call or email me anytime!
Tuesday, February 28, 2012
Friday, February 24, 2012
If You Paid Interest on Your Mortgage …
If You Paid Property Tax … (Hint: You Did)
If You Had a Loan Forgiven …
If You Made Energy-Efficiency Improvements to Your Home …
If Your Home Was Damaged in a Disaster …
Special Note: Should You Take the Home Office Deduction?
If You Paid Closing Costs …
If You Paid Property Taxes … (Hint: You Probably Did)
If You Paid Mortgage Discount Points …
If You Took Out a Personal Home Equity Loan …
If You Made a Profit on Your Home …
Wednesday, February 22, 2012
Frequently Asked FHA 203(k)
Questions And Answers
Can An Investor Use The 203(k) Loan?
No, in October, 1996, HUD placed a moratorium on investor participation in the 203(k) Rehabilitation Mortgage Program. You can, however, purchase a single family home and convert it into a duplex and rent out the second unit or purchase a four unit home and rent out the three other units.
Is There A Minimum Amount
Of Rehabilitation Required
For A Standard 203(k)?
Yes, there is a minimum $5,000 requirement for the eligible improvements on the existing structure on the property. Minor or cosmetic repairs by themselves are unacceptable; however, they may be added to the minimum requirement. Under The Streamlined 203(k) program, a minimum repair/improvement cost requirement is not applicable.
Can A Six (Or More) Unit Building
Be Done Using The 203(k) Program?
No, however, the building could be renovated and reduced to a four unit building.
Can A Home Be Converted To Provide
Access For A Disabled Person?
Yes, a home can be remodeled to improve the kitchen and bath to accommodate a wheelchair access. Wider doors and handicap ramps can also be included in the cost of rehabilitation.
Is There A Time Period On The Rehabilitation Construction Period?
Yes, the Rehabilitation Loan Agreement contains three provisions concerning the timeliness of the work. The work must begin within thirty days of execution of the Agreement. The work must not cease prior to completion for more than thirty consecutive days. The work is to be completed within the time period shown in the Agreement (not to exceed six months); the lender should not allow a time period longer than that required to complete the work.
Is A Contractor Required To Do The Work?
No, however, if the borrower wants to do any work or be the general contractor, they must be qualified to do the work, and do it in a timely and workmanlike manner. It is very important that the work be done in a time frame that will assure the completion of the work that will be agreed upon in the Rehabilitation Loan Agreement (signed at closing). A borrower doing their own work can only be paid for the cost of the materials. Monies saved can be allocated to cost overruns or additional improvements.
Can Mortgage Payments (PITI)
Be Included In The Mortgage?
Yes, using The Standard. Up to six months of payments may be included in the mortgage if the property is not able to be habitable due to condition of the property during the rehabilitation period.
HUD's FHA Lender List is available to help you find
a knowledgeable FHA 203(k) lender in your area
who can answer all your questions regarding both
the Standard and Streamline FHA 203(k) loan.
Sunday, February 19, 2012
“While the local police may be the first to reach the scene of the crime, and perhaps they will be able to catch the perpetrator, they can’t keep the crime from happening,” says Joe Clement, Broker/Owner of RE/MAX Properties, Inc.. So what can you do? You can protect yourself. Luckily, technology has made that task a bit less daunting.
Burglars enter through an unlocked door or window in approximately 30 percent of robberies. Before you even start thinking about an alarm system, make sure your doors lock efficiently. All exterior doors should have keyed passage locks as well as deadbolts. “All windows, garage doors, Bilco doors and sliding doors should have sturdy locks as well,” Clement recommends.
Lighting is the next item on the list. Burglars attack under the cover of darkness where they can hide. They won’t want to break into a well-lit home where any neighbor or passerby might spot them. Motion-detecting spotlights are particularly effective because they surprise the thief and scare them off.
Home Alarm Services
Alarm services are essential. “Many homeowners shy away from them because they think they’re expensive or unnecessary. But anyone who has had their home broken into knows that any precaution taken is well worth it in the end,” says Clement.
Not only do these systems scare off the bad guys and tip off the authorities, but they can also deter break-ins before the burglar has even entered the home. Alarm companies will provide you with a sign to post outside your home, so that all prospective burglars know you’re protected.
Here is a run down of a handful of the best security systems out there, according to Clement.
Brinks Home Security – This company is rated a Consumers Digest best buy. They have low basic prices, although their premium cost is a bit on the pricier end. One of their touted features is a simple one button turn-on, instead of requiring a sequence of button presses.
ADT Security Services – ADT offers a key chain that lets the homeowner arm and disarm the system from anywhere in the home. “This is helpful if your child or spouse accidently sets off the alarm coming in; you don’t have to scramble to the panel with an obnoxious noise blaring in your ear,” says Clement. Their prices are extremely affordable.
GE Security – GE is another home security standard. They offer basic home security systems, as well as protection products for multi-unit dwellings and offices.
Guardian Protection Services – Guardian’s main advantage is that they integrate burglary protection, fire protection, and personal emergency protection, as opposed to offering them separately like most of the other companies. Their prices vary regionally.
“Once you have chosen and installed a home security system, don’t forget to use it,” Clement reminds us. Consumer Reports found that 43 percent of people with home security systems fail to consistently use their systems when they leave home. “Turn it on whether you’re heading out to do errands for a few hours, or going on vacation for a few weeks,” Clement says. “Keeping your home safe should be a top priority, and knowing it’s protected will help you relax when you’re out, regardless of where you’re going or how long you’ll be away.”