What do you do?

Do you keep looking?

No, you use FHA 203(k) financing and transform the house into the one in your dreams.

The 203(k) loan was designed so the borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of a property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed (After-Improved value), taking into account the cost of the work.

This special financing is only available for people who intend to live in the home after renovations are completed. The house in question must be at least a year old and can be a single family home, a one to four unit home or a condo/townhome (interior only).

The FHA 203(k) gives you lots of options as to what you can do with your new home. You can just give it a fresh coat of paint and some new carpeting or you can gut the interior and completely remake it to your tastes and desires. You can even raze the entire home and start from scratch as long as some part of the original foundation remains.

The FHA 203(k) comes in two “flavors” Standard and Streamline. The Streamline limits you to $35,000 in renovations and also has limits on the type of renovations you can do. The Standard is more complex, but offers you more flexibility in the allowed renovations.

With The Streamline you can repair, replace or upgrade things like the roof, the gutters, the downspouts, the HVAC systems, the plumbing systems, the electrical systems, flooring, windows and doors. Painting, re-siding, weatherization and waterproofing are also allowed. You can do minor remodeling and finishing as long as it doesn’t involve any structural repairs. No appliances? Use The Streamline to purchase and install them. Buying a home with a well and septic system and they’re kaput? Use The Streamline to repair or replace them.

You can do everything listed above with The Standard plus you can make structural alterations, structural reconstruction, structural repairs, add an addition or a second story to the home just to name a few.

The above is only a brief rundown of the FHA 203(k) loan. Please contact a knowledgeable FHA 203(k) lender for more details and with any questions regarding the FHA 203(k) loan.

The Masters Real Estate Group officially became a thing of the past at midnight December 31, 2011 and Professionals realty group/colorado springs became the newest ‘star’ in the Colorado Springs real estate community.

With the name change came the most up-t0-date real estate marketing technology for the agents and their clients.

Professionals has You Tube property tours, Smart Phone Aps to find properties. eMagazines,
and more tools that are state-of-the-art to help buyers and sellers achieve their real estate goals.

Professionals is now taking applications from REALTORS wanting to hitch their careers to a rising star! And buyers and sellers that are ready for a new experience in buying and selling real estate in the Pikes Peak Region.

1.  

This remarkable 1,360-acre park is so full of weird and surreal red sandstone rock formations that it looks like Mother Nature teamed with Salvador Dali in forming it. Numerous well-maintained nature trails, some of which are paved, fan through the park and offer great photo opportunities. Educational markers are numerous and enhance your understanding of the who, what, where and why of these one-of-a-kind formations. Garden of the Gods Visitor Center, located across the street from the north entrance, offers hands-on exhibits, tours, a cafe and more. Admission is free. For more info click here.

2.  Pikes Peak

Towering 14,110 feet above Colorado Springs, this mountain serves as one of the nation’s most famous landmarks. Access to the summit can be obtained via the Pike’s Peak Cog Railway , or by driving the Pikes Peak Highway which winds through stands of pine and aspen before cresting above treeline. Katherine Lee Bates was so moved by her visit to the summit that it inspired her to pen “America the Beautiful.” Bring a jacket as the temperature is about 20 degrees cooler up top.  For more info click here.

3. US Air Force Academy

This scenic pine filled campus with a Rocky Mountain backdrop, is home to America’s future Air Force officers. Enter Colorado’s third most popular attraction at the North Gate for a glimpse of a B-52 bomber. Travel six miles to the visitor center, chock-full of exhibits, short films and a gift shop. Tour the stunning Cadet Chapel with 17 magnificent spires reaching 150 feet into the sky. Or check out Falcon stadium where the Air Force Falcons Football team plays, and keep an eye above where the skies are colored with cadets practicing parachuting and flying Thunderbird jets. For more info click here. 

4. Old Colorado City Historic District

This three-block historic district of restored brick buildings once served as Colorado’s original capitol back in 1861. Today it is both a shopping and dining magnet. Old brick buildings and thick towering trees hem both sides of Colorado Avenue to create a visually appealing throwback feel, without relying upon touristy gimmicks and campy decorations. The district is jammed with 113 shops, galleries and restaurants that all have the refreshing distinction of not being chains. Special events such as Territory Days draw big crowds. For more info click here.

5. Cheyenne Montain Zoo

Spend a day at America’s only mountainside zoo. It features endangered species in mountain exhibits that resemble their natural habitat. You can walk the hilly terrain or catch the tram at one of seven stops. Hands-on contact with animals is permitted in front of the Aquatics building – giraffes will literally eat from your hand and zoo crackers can be purchased at the entrance. Mountain weather changes rapidly, so bring a light jacket. For more info click here.