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The Louisville Gaines Real Estate Blog

The Louisville Gaines Real Estate Blog

Acquire A Home With Potential With An FHA 203K Rehab Loan

house, repair, blueprintRecently, I worked with someone who wants to use an FHA 203K Rehab loan to buy a Louisville property that needs a lot of work. This type of loan provides funds to both buy the home and make repairs, a great approach if you want to buy a foreclosure. I will keep you posted how this works out, but this is a good time to offer some information on a feasible way to acquire a home with potential. 

With foreclosures dotting the landscape, there are many homes in disrepair. Some were trashed by angry former owners, while some were vandalized after the fact. Even homes left vacant for a time may that need major systems replaced. Even properties sold at short sale might need more work than the owner can afford. By arranging financing that covers both the mortgage and repairs, you can bring the property up to code and make a nice home for your family.

There are specific requirements for the Federal Housing Administration's 203(k) program

  • The home will be your principal residence.
  • The amount you borrow must be no more than the loan amount you qualify for and be less than the maximum FHA limit for your area.
  • You must be prepared to put down at least 3.5%
  • Your mortgage will include mortgage insurance.
  • Your interest rate will be higher than prevailing rates to cover the lender's risk.

With a 203 loan, you do not get a bag of money for repairs at closing so you and Uncle Joe can work on the home every weekend for three years. Instead, you must have a plan outlined...

Are You Part of the 51%?

carpet, magic carpet, flooringWhen you think of floor surfaces you like in your Louisville home, what comes to mind? Soft carpet? Tile? Hardwood? Vinyl? You may choose a variety of surfaces according to what room it is, or you may be like the growing number of people who prefer hardwoods and other hard surfaces throughout the home. Since the 1980's, carpet has lost market share, but still has its fans. It makes up about 51% of all floor covering is the U.S. What you choose is personal preference, but carpet vs. hardwoods each have pro's and con's to think about.

Hardwoods are always a plus in current home sales. Long lasting and sustainable, they are the ultimate green floor covering, especially if harvested from a responsible managed forest and treated with a lower level of VOC's (volatile organic compounds.) Furniture can dent them, and pets can scratch them, but they can be refinished. Vacuuming, sweeping, and light mopping will keep them clean. With proper care, they can last hundreds of years. Many people accent them and protect them with beautiful room sized rugs or smaller throw rugs.

Carpeting has a lifespan of 10- to 15 years. Available in an endless array of colors and textures, carpeting enhances décor and feels warm when your foot hits the floor. It can be neutral or make a vibrant statement. It also help soundproof a room, plus retains heat. With vacuuming and yearly steam cleaning, carpeting will maintain its good looks. They can be made of recyclable fibers or recycled when they reach their life span, so they are environmentally friendly.

On the downside, carpet traps dirt. Spills seep into the fibers and can’t be completely removed,...

Plan Ahead for Halloween Fun in Louisville

pumpkin, dogHalloween in Louisville is a big deal with more attractions underway in October than in most other cities in the US. Halloween is not just a holiday for kids to dress up and “beg” for candy, but is also popular among adults, who enjoy visits to corn mazes and haunted houses too scary for children, as well as adult-themed parties at homes and local bars. There are over 20 haunted attractions, plus numerous other events. You can keep track of the scariest events at LouisvilleHalloween.com and plan to attend as many as your blood pressure will allow. If you feel your child will have bad dreams from viewing a haunted house, there are plenty of options for the younger set.

In Louisville, there is plenty of age-appropriate Halloween fun for everyone. Who doesn’t enjoy dressing up to corner the market on sweets and fun?  If you have young kids and want keep down the fright factor, the Louisville Zoo is holding World’s Largest Halloween Party every weekend in October from 5 until 8:30 pm. This year, talking pumpkins, pirates and princesses, superheroes and storybook characters and much more will entertain as you wind your way through 15 storybook scenes around the zoo Between October 6-28, PNC Bank will be on hand to take free pictures of your child in costume in conjunction with their Grow Up Great Mobile Learning Adventure . Kids under 11 can bring their own bag to trick or treat. 

Not surprisingly, many Halloween events center around pumpkins. You can buy one at ...

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