Fee and Documentation of Donation Drop Boxes

The Cobb County Code for Donation Drop Boxes.

Before this code (Official Code of Cobb County 134-287 (1)-(4).) was enacted, I was reviewing a listing of “draft” Building Code changes issued in Cobb County and saw the attached change on last page 32 that instittutes a fee on the box itself…I’m not sure what problem this solves, other than raising county revenue to pay for Braves contract issues, or some sort of control of the proliferation of clothing, newspaper, recyclables, etc., drop boxes sprouting up all over the place (usually on private commercial properties)…Now at least we can “document” donation drop boxes and not other things or other people in this country. 😉


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Millennials are “literally” full of crap!

Yes..they are..but no wonder…the crap that fills their brains is the direct result of too many real estate articles, blogs, and advertisements designed to make them feel bad about not buying a home…

Sometimes I hate the real estate industry, and I’m in it. Every day I see 2-3 articles warning Millennials that it’s…

Too late to buy…!

Home prices are rising so you better buy now…!

Hey, you’re strapped with student loan debt but there’s still a way to buy a house!

Interest rates are expected to rise so get off the fence…!

The Dirty Secret #1: The sole purpose of all these headlines and stories (i.e., hype) is designed to “push people off the fence” to buy a house and enable someone else make money…realtors…attorneys…insurance companies….warranty companies…sellers…Home Depot and Lowes (apppliances, sales of product to home improvement remodelers and contractors, and your home improvement projects) and other housing related contractors (painters, plumbers, electricians, HVAC services) etc,.

The Dirty Secret #2: Housing related spending (whether buying houses, fixing them up, or all the related household services supporting housing) drives anywhere from 15-20% of the US Gross Domestic Product (GDP).

Yes, they/we all want your money…

So my advice to millennials is to “release the crap and wipe away the leftover hype” before you make a mess. And make sure that when “you” are ready to buy a home, you’ve done the basic research of home values compared to what you get…and do the math, if it doesn’t pay YOU to buy a home – Don’t!

Oh, and I use the term “literally”, figuratively in this case….

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“Coming Soon” v. Stick the yard sign in yard

Fair or unfair?

Should the listing agent wait until the listing is ready to be posted for sale to plant a yard sign…or put the sign in advance of listing effective date to offer “more potential buyers” chance at the house?

These are unlisted properties that may or will be formally and contractually listed with a broker in the near future, but not currently and most often, not yet priced. These are “teasers” to gain interest once the property becomes listed.

Source: “Coming Soon” signs – Is it in the Seller’s Best Interest?.

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Home Buyer Summary Steps to Buying a Home

Hey, before you begin this nerve racking fun and worthwhile process – PLEASE be honest with yourself. Don’t swing for the fences and overpay for a house you can’t afford to furnish, maintain, or pay monthly mortgage.

Also, take a shoot from the hip 30% of your total gross income and try to stay near that amount for your total monthly mortgage payment. And don’t forget, your mortgage payment will include the following: principal loan; interest on loan; homeowner’s insurance; property taxes; and possibly some form of mortgage insurance…so don’t get a quote of Principal and Interest (called P&I) from a lender and think that’s all. And be sure to factor monthly expenses such as home maintenance, utilities, and emergency repairs into your budget…DON’T PAY TOO MUCH FOR A HOUSE and get strapped!!!

Step #1: Get familiar with the home buying process. Please review my summary of the Buying Process here. Don’t just think you go out and find a house, then go to a lender to get qualified. You will be way behind the curve. Also, don’t think the mortgage payment will be your only monthly expenditure.

Step #2: Review my summary of the steps of the Mortgage application process. Talk to several mortgage lenders within a 2-4 week period (only counted as one hit to your credit). Just don’t call lenders over several months…Use my questions to Ask Lenders worksheet for a sample of questions to ask each lender to keep track. Also, if you find one who explains things and sounds like you can work with them, great!

Step #3: Get your finances in order and get pre-approved….YES – preapproved, not just pre-qualified. This means to get your financial paperwork into the lender and let them run it through their analysis and underwriting to get approved. This weighs alot during your negotiations – you will be way ahead of the rest who just found the same house but weren’t even talking to lenders…

Step #4: Look online through several real estate websites including realtor.com, zillow.com, trulia.com, redfin.com, etc., to find homes in your price range. Are you finding any that look like possibilities? If so, that’s great….and you shouldn’t have difficulty finding a home to buy. If not, you may need to adjust something like price or desired features. You can always add features and updates once purchased.

Step #5: Talk to several real estate agents and select one. Don’t pick one because he’s cute (like me), or one of the HOT busy agents at the time since they will have little time for you. Ask questions of his/her past experience and how would they approach your buying situation.

Step #6: Once your agent knows the features, price range, and area you are looking to purchase, the agent can setup a portal of listings mailed to you daily and from all you have found interesting, can setup appointments for you to visit with your agent. They can also research features, details, and other information about the properties. Once you have a date and time to visit properties – go visit with your agent. Or, perhaps you want to perform a drive by to see what the house and area actually look like. Sometimes pictures lie and the house and area aren’t exactly what you wanted. You can visit open houses with or without the agent to see styles and layouts. But if you have already selected an agent, be sure they know you are visiting open houses and mention to the listing agent you are working with an agent and mention their name. It’s possible the open house agent will try to prevent you to use a Buyer’s Agent in some ways.

Step #7: Once the right house comes across your interest, you and your agent can sit down to draft a contract offer and start the buying process. Be sure you understand your responsibilities and your ability to exit the contract and not get stuck with the house. Normally there will be a period of time to perform inspections, negotiate any repairs, and if necessary, terminate the contract and still get your earnest money back. Also, don’t forget to negotiate the appraisal and financing contingencies of your offer.


  • There’s always another house if the deal goes south. It may not have “been the one”.
  • See at least 10-15 houses before making any decisions. The number isn’t as important as getting to see the inside of houses and helps you to evaluate the pros and cons of the features and layouts as a basis of comparison for your decision to purchase.
  • Evaluate each home after seeing it that day and try to pick the pros and cons of each. That way you’ll know what features to expect in your price range and once you see a home that pops, then it might “be the one”.
  • Try to minimize the number of homes to more than 10 and less than 50. Be honest after the first round of showings of what features you are of primary importance and which you are willing to reject. This will keep things fresh and not let the process drag on and both (1) discourage you and (2) lose out on better homes when you spend time on losers.

References to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate, but the user must perform their due diligence and investigate whether the information provided is valid, or the product or service is right for them. I welcome any or all comments that would help others. Be careful – if it sounds too good, it probably is!

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Using Georgia Native Plants

I met the author – she is very dedicated to this effort – please consider using native Georgia plants in your yard…

Here’s an excerpt from her latest post…

“I’ve been writing this blog every week for over 7 years now – the first entry was October 14, 2010. The history is all there and, since plants don’t change much, some of the older January blogs are worth reading again – especially if you weren’t following back then. The pictures may not be as good, but the words are spot on. If you find any broken links, let me know in the comments and I’ll fix them (or remove them if they don’t exist).”

Source: Using Georgia Native Plants.

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Daily Real Estate News from Access Brokerage

References to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate, but the user must perform their due diligence and investigate whether the information provided is valid, or the product or service is right for them. I welcome any or all comments that would help others……Be careful – if it sounds too good, it probably is!


Post #1: Do homeowners need mortgage life insurance?. It all depends on ho will remain to burden with the mortgage as well as the specific coverage requirements. For instance, it might matter how you die. For instance, the policy might cover accidental deaths (you’re hit by a bus) but not death by natural causes (you have a heart attack).

Post #2: Budget 2018: Would the real estate sector ever see real changes?.

Post #3: Will It Become Harder to Afford a Home? Experts Say Yes.


Post #1: NAR wins pro-real estate provisions in budget deal. The National Flood Insurance Program (NFIP) and six tax provisions that affected real estate were extended in the federal budget deal signed by President Donald Trump on Feb. 9, thanks to lobbying by the National Association of REALTORS®. NAR wins pro-real estate provisions in budget deal

Post #2: NAR Wins Pro-Real Estate Provisions in Budget Deal.

NAR wins provisions


Post #1:
Two California residents are facing federal indictments for allegedly participating in a nationwide telemarketing real estate scam that reached into parts of Madison and St. Clair counties
. Under the SCAMS Act, because it alleged that the crimes took place in connection with telemarketing, and victimized ten or more people over age 55, the maximum penalty for the conspiracy to commit wire fraud and wire fraud count carries a maximum sentence of 20 years. The pair can also be fined up to $250,000 per count, and can be ordered to pay restitution to the victims.

Post #2: 18 things real I estate agents should do before 2018. Including (a) Send thank you cards, not just holiday cards, to everyone who helps you keep the lights on and (b) Remove, block or ignore any trolls or haters.

Post #3: 5 Tips for Buying A House With Student Loan Debt . This includes improving your credit score and considering down payment assistance programs.


Post #1: Why Should Real Estate Firms Invest In Technology?

Post #2: Property doesn’t always make you money as data shows house price falls over the past decade.

Post #3: There’s A Lot To Consider When Choosing A Home Inspector.


Post #1: Conventional Shmonventional: Is A Creative Loan Option Best For First-Time Buyers? “A new program allows employers to help workers’ down payment on a home, similar to how companies contribute to a 401(k),” said REALTOR Mag. “HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform….

Post #2: 5 Reasons to Get a Prelisting Home Inspection.

Post #3: Average U.S. Home Seller Profits At 10-Year High Of $54,000 In Q4 2017 .


Post #1: Some impacts of new tax law on local real estate are clear. Some aren’t..

Post #2: Should downsizing baby boomers rent or buy? We can unequivocally conclude: It all depends.



Post #2: Will You Be Able to Get a Mortgage in 2018? Hint: You likely won’t have to worry about getting approved by a lender.

Post #3: Why You Should Sell Your Home in 2018 . According to a recent survey, 31% of respondents expect 2018 to be a better year for selling a home than 2017 – and just 14% expect it to be worse.


Post #1: Real estate companies work to draw in millennial homebuyers. “There’s definitely the apps they love to use. It’s that instant gratification. So they’re able to look at photos online and do virtual tours,” Rogers said.

Post #2: The top 5 real estate marketing ideas.

  • Focus on the clients you have, not the leads you want
  • Showcase your expertise with a digital storefront
  • Distinguish yourself from the countless other agents in your market
  • Consistently utilize one or two brand-building activities
  • Create value with your content-marketing strategy

Post #3: Man accused of attempting to sexually assault real estate agent who was giving him a tour of a home.


Post #1: Pay Attention in 2018! …to these and other factors:

  • changes to tax law, estate planning, resulting neighborhood development
  • Saving for a down payment,
  • Paying monthly condominium fees,
  • Pay attention to which laws, regulations, services, and real estate expenses have actually changed

Post #2: Top 3 Most Popular Real Estate Accounting Software in 2018 . While 55 percent of sales in 2017 were between $500,000 and $1 million, that segment of the market is slipping away as locals who already own real estate are no longer trading up or building new homes.

Post #3: If I buy through the Seller’s Agent, will I get a better deal? Three compelling incentives for why home buyers should use the services of a licensed Realtor.


Post #1: There are 5% down payment loans on Jumbo Mortgage Loans (now $453,100 is Fannie & Freddie eligible); up to 10% down payment on home loans up to $1 million… lower down payments normally come with higher interest rates (more risk)…and seasoned funds are defined as those in your bank/investment accounts are at least 60 days old.
Source: Wall Street Journal, 1-29-2018, “Up in the Air over Down Payments”, Page M7

Post #2: Who Owns the Home When Two Names are on the Mortgage? . Both names can be on the title of the home without being on the mortgage. Generally, it’s best to add a spouse or partner to the title of the home at the time of closing if you want to avoid extra steps and potential hassle. Your lender could refuse to allow you to add another person – many mortgages have a clause requiring a mortgage to be paid in full if you want to make changes. On the bright side, some lenders may waive it to add a family member.

Post #3: Mortgage lender LoanDepot sees real estate agents as key in next phase of fintech. The lender’s parent, LD Holdings LLC, said it is working on a service to connect pre-approved borrowers with local real estate agents.


Post #1: Pennsylvania could eliminate property taxes this year, senators say . Argall said he’s polling senators on four options: One would exempt homeowners from paying taxes on their primary residences and would raise the state income tax to fund school districts; two also would exempt only primary residences, but would make up the difference through combinations of sales and income tax increases; and the Property Tax Independence Act, which would eliminate school taxes on all properties by raising sales and income taxes.

Post #2: New California Law Requires Additional Pool Safety Devices. Not sure if your state or county public health department requires these or other safety measures, but be sure to investigate. Good article on 2007 Virginia Graeme Baker Pool And Spa Safety Act.


Post #1: Arkansas real estate agent, daughter plead guilty for fake will. A former south Arkansas real estate agent and her daughter have pleaded guilty to federal crimes involving a fake will for a survivor of an oil rig explosion who later died in a car crash.

Post #2: FBI and NAR offer 10 ways to guard against real estate cyber scams.

Post #3: The truth about technology and the role of a real estate agent.


TransUnion exec talks credit scores and real estate. The first thing is to look at your credit report and see what your score is. And maybe people don’t know this, but for a real estate transaction a mortgage lender looks at all three credit reports — TransUnion, Experian and Equifax.


Post #1: Limited housing inventory remains the primary drive of increased home prices in the US. The median sales price of an existing home in 2017 was 246,800, up about 6% from 2016. Source: WSJ, 1-25-2018, A2

Post #2: Intersection: How Zillow Wants To Be Your Real Estate Agent. Zillow started testing out this new service last year in Orlando and Las Vegas. The company says it will keep testing the program in Orlando and will expand it this year into Phoenix. But realtors are pushing back, saying there’s more to the service that how it’s being marketed.

Post #3: Amherst: Amazon’s HQ2 choice to drive local housing demand up to 25%. This may sound great for home sellers and residential listing agents, but for home buyers (especially first time Buyers) and those still living in homes, it’s pricing some Buyers out of the market and raising prices for home based related services like contractors, HVAC, plumbers, electricians, etc.,.


Post #1: Defining Principal Residence: Its Your Home! In order to take advantage of the up-to-$500,000 exclusion of gain (or up-to-$250,000 if you file a tax return as a single taxpayer) the house you sell has to be your “principal residence”.

Post #2: Why Home Buyers and Agents Need to Have Each Other’s Backs.

Post #3: Tips for selling a house to millennials. Fresh paint and staging? Is that all – no!


Post #1: An $80,000 kitchen upgrade isn’t going to add $80,000 or more to the value of your house. Better rethink that kitchen an bathroom remodel project.

Post #2: Real-Estate Matters: There’s no standard method to calculate square footage. Note: Typically in the Atlanta area, appriasers meaure square footage of houses using outside walls…

Post #3: 10% and Falling: Housing Inventory Keeps Shrinking. “Tight inventory fueled by a tight labor market and low interest rates propelled home values to record heights in 2017, but the outlook is now much less certain,” Terrazas says. “Tax reform will put more money in the pocket of the typical buyer, but will limit some housing-specific deductions. Overall, this should increase demand for the most affordable homes and ease competition somewhat in the priciest market segments.”


Post #1: 6 secrets to getting a real estate listing every day.

Post #2: Real Estate Advice: Don’t withhold your condo fees.


Post #1: FDIC hit by 50+ breaches in a two year period. One of the most striking findings was how the FDIC handled notifying the potential victims of their breaches. Of the 18 cases reviewed in the report, the FDIC only contacted victims related to five of the incidents. Additionally, it took an average of 288 days—or more than 9 months—from the date the breach was discovered to the date that the FDIC notified affected individuals.

Post #2: The Inman Files: Ending 155 years of real estate scams.

Post #3: Three Big Things Homebuyers Are On The Look-Out For.

  • Curb Appeal
  • Space
  • Updates


Post #1: Why You Should Sell Your Home in 2018 . According to a recent survey, 31% of respondents expect 2018 to be a better year for selling a home than 2017 – and just 14% expect it to be worse.

Post #2: Reverse Mortgages Draining FHA Resources, Overhaul Needed. Home Equity Conversion Mortgage (HECM) program the program is an economic drain…the most recent showed the program with an economic value of negative $14.5 billion


Post #1: All Things Real Estate: Home transfer triggers acceleration clause. Banks pretty much suspended this practice back in 2007-08 as the number of foreclosures due to the Great Recession began to spike.But now, with the economy growing and the real estate market pretty stabilized, the banks are going back to enforcing the acceleration clause.

Post #2: If you prepaid property taxes, will you get the deduction? If not, can you get your money back ? “In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018,” the IRS said in its Wednesday advisory. “A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.”


Post #1: 8 Ways To Up Your Chances Of Buying Your First Home .

  • Work with a good REALTOR®
  • Get that preapproval
  • Talk to landlords
  • Consider a home that needs work
  • Look just outside your target neighborhood
  • Consider a transitioning neighborhood
  • Raise your budget
  • Go back to your lender

Post #2: How many credit checks are performed before closing on a home purchase? Hint: More than once.


Post #1: Local real estate agent fined over lead paint charge. Serves time and pays >$50,000 in fines.

Post #2: Man pleads guilty to armed robbery of real estate agent.

Post #3: Ask The HOA Expert: Parking Rules…contractor estimates…etc,.


Post #1: 2018 real estate forecast: foggy, lukewarm. Slower price growth than 2017

Post #2: What Xceligent’s Bankruptcy Says About the Property Data Business. Commercial real estate data firm Xceligent filing for bankruptcy protection, the property data industry was not surprised—it’s an expensive field to be in.


Post #1: Hundreds of robot realtors are helping Bay Area renters find new homes. The three-foot-tall robot had an iPad mounted at the top, connected to real estate agent Rabia Levy in her Sunnyvale office. “I’m a person too!” she responded.

Post #2: 5 Ways Savvy Real Estate Agents Are Using Social Media.

Post #3: 10 tips to have an awesome mortgage in 2018.


Post #1: What To Expect In 2018 In Real Estate.


Post #2: Ask the HOA Expert: Fines Should Be Reasonable.

Post #3: There is an estimated $6.7 trillion of outstanding government guaranteed mortgage (FHA,VA, Freddie Mac, or Fannie Mae) debt.


Post #1: Tax Reform: Here’s What Could Impact Homeowners Most:

  • Cap on Mortgage Interest Deduction
  • New SALT Deduction Limit
  • Preserved Exclusion of Capital Gains
  • Deductibility on Home Equity Loans
  • Doubling of the Standard Deduction

Post #2: A Guide to Selling Real Estate to Millennials – Maximize your opportunities…More than half the homes sold last year were sold to Millennials, and so you need to be able to understand their motivations to reach this generation effectively.

  • Be Online
  • Mobile-friendly
  • Friendly content
  • Make it easy
  • Get out there
  • Be Transparent
  • Re-evaluate Your Listings


Reasons Why Real Estate Brokers Will be Needed Forever.

  • They Have Serious Knowledge Of Your Local Area
  • They Have A Close Eye On Current Market Trends
  • They Know How To Market Your Property
  • They Can Handle Heated Conversations And Paperwork


According to the National Association of Realtors, we’ve been in a Seller’s market for the past 5+ years.

Mixed real estate news— Housing starts rose 3.3% in November from October but residential housing permits fell 1.4% – WSJ, 12-20-2017, Page A2. This probably just means we are heading into the winter season which is traditionally slower housing starts due to weather and weather related delays….which cause extra cots for developers and builders.


Current value of U.S. homes are worth a combined $31.8 trillion.

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The New Home Mortgage Disclosure Act (HMDA) Rule

On April 25, 2017-the CFPB issued a proposed clean-up rule to correct and clarify the 2015 rule (that expanded the data to be collected and reported by lenders regarding borrowers) to become effective January 1, 2018.

Brief overview:

Lenders are to collect the new data (see complete A Regulatory and Reporting Overview Reference Chart of requested information) required by the rule for loan actions on or after January 1, 2018, and they will need to report this data by March 1, 2019. The new HMDA rule requires reporting on 48 data fields-adding 25 new data fields to the current 23-but also modifying 20 of the existing fields. The new data fields include those mandated by the Dodd-Frank Act, as well as fields required by the CFPB under its discretionary authority. Some of the new HMDA fields include:

  • Age of borrower and credit score;
  • Borrower’s debt-to-income (DTI) ratio;
  • Borrower-paid origination charges;
  • Interest rate; and
  • Lender credits;

Applicable financial institutions will be required to collect, record and report information for approved-but-not-accepted preapproval requests for home purchase loans (the collection, recording and reporting of this information is currently optional).

Also-beginning in 2020-institutions that reported a combined total of at least 60,000 applications and covered loans in the preceding calendar year will be required to report data quarterly. The first quarterly submission will be due by May 30, 2020.

As of the time of this log post, I understand private consumer identification information (name, ss#, address, etc) will remain private and not be released to the public.

Potential impact:

  • Expensive implementation costs for systems and business process changes immediately on the heels of the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule;
  • Confidential information-such as credit scores, if improperly released, could cause significant harm to borrowers’ claims against lenders, and even undermine homeownership;
  • Increased litigation risk. HMDA has been a major source of fair lending claims in the past, and the new data will allow greater analysis of application and loan data to evaluate impacts on protected classes. While HMDA’s purpose is to shine light on lending practices, data can be misused to present unfair claims-forcing costly litigation defense, and/or settlements and causing significant reputational harm.

Home Mortgage Disclosure Act (HMDA)/Reg C – Frequently Asked Questions such as:

  • Are “fix and flip loans” reportable for HMDA purposes?
  • Can you be more specific regarding reporting ethnicity and race for loans purchased?
  • Does “Preapproval”, when the final loan disposition is “Approved but Not Accepted”, also mean “Preapproval Mailings”?

Source: The New Home Mortgage Disclosure Act (HMDA) Rule.

References to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate, but the user must perform their due diligence and investigate whether the information provided is valid, or the product or service is right for them. I welcome any or all comments that would help others……Be careful – if it sounds too good, it probably is!

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Credit Bureau Contact info for Fraud or Identity Theft problems

Consider freezing your credit with each of the 3 credit bureaus below, but please research the pros and cons of feeezing credit. It can help prevent things, but doesn’t correct existing problems.

Equifax: 888-349-9960

Experian: 888-397-3742

Trans Union: 888-909-8872

Source: The Wall Street Journal, “Don’t Get Burned By A Credit Freeze“, 11-3-2017, Page M8

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Where do all the Buyer Inspection Reports Go?

During the Due Diligence period (time when Buyer performs all desired inspections on a home to understand if any problems exist or may exist), there may be several different inspection reports. Home Inspection, Termite Inspection, Radon Inspection, Structural Engineer Inspection, Roof Inspection, HVAC Inspection, etc.

The inspector prepares a report. Based on the report’s findings, the buyer may then decide to negotiate with the Seller any repairs or resolution agreement and move forward with the purchase, or to cancel the contract. But, what happens to the report?

The original report is normally held by the Buyer and a copy is released either as directed by the Buyer or contractually.

Depending on the terms and conditions of the contract itself, you may have to furnish a copy to the seller as either additional explanation as to what condition needs to be corrected.

Source for inspiration: What Happens to Buyer Reports?

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Difference between FHA 203B and 203K loans

FHA 203(b) Mortgages (below $5,000)

The 203(b) is the most common mortgage loan product insured by the FHA. If you’ve found a home for sale and it needs $5,000 or less in repairs an FHA 203(b) insured mortgage may be for you. FHA 203(b) mortgage funds also are disbursed to borrowers and their lenders in a single loan amount, much as with most conventional mortgages. Many foreclosed homes owned by the FHA and its parent agency, the Department of Housing and Urban Development, also qualify for FHA loans.

FHA 203(k) Mortgages (between $5,001-35,000)

FHA 203(k) mortgages often are known as rehabilitation mortgages, because they’re intended for homes needing significant rehabilitation. For example, you may find a home needing a teardown of its roof plus extensive foundation work. An FHA 203(k) mortgage is disbursed in several stages, including the amount needed to purchase the home and then additional distributions as repairs are certified as complete. HUD-owned homes needing significant repairs are also offered for bid at its website, and they may qualify for FHA 203(k) mortgage financing.

FHA 203(b) Home Appraisals

If you buy a home using an FHA 203(b) loan, it will have to undergo an FHA-specific home appraisal. FHA 203(b) home appraisals are used to ensure that homes being purchased by eligible homebuyers meet agency guidelines for safety and security. For example, an appraiser conducting FHA 203(b) home appraisal will examine the home’s electrical system to ensure it’s safe. Typically, minor repairs identified on an FHA 203(b) home appraisal must be completed prior to the homebuyer closing on her loan.

FHA 203(k) Home Appraisals

A home appraisal for an FHA 203(k) loan takes into account a home’s post-rehabilitation projected value. For instance, you might find a rundown home listed at $80,000 and in need of another $80,000 in repairs. Your FHA 203(k) loan’s home appraisal will determine if your rundown home will actually be worth $160,000 after its rehabilitation. Depending on the FHA 203(k) mortgage lender, an “as-is” value appraisal of your rundown home may be required in addition to its projected post-rehab value appraisal.

Difference Between 203k and 203b.

What’s the difference between FHA 203(k) and 203(b) home loans?

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