Hello and happy new year to all home buyers in Willow Glen!
At this point, and since my last blog on the topic last June, there has not been a a single short sale or REO property for sale in Willow Glen. TLC and fixer upper properties are on the rise in Willow Glen though: 25 in 2014 versus 10 in 2013.
So, if you are ready to tackle some renovation work and/or qualify for a construction loan, buying a tear down home in Willow Glen might be more achievable.
For those who never heard about construction loand (aka rehab loan), it is a very helpful type of loan to finance the rehab or repair in a home. Typically, only interest is paid during the rehab period. Funds are advanced incrementally during the construction process. Once the certificate of occupancy is issued, the outstanding balance of the loan will amortize over the remaining term of the loan.
Construction/rehabilitation loans are also available for FHA home buyers: They are called 203K FHA loans. These loans are backed by FHA and follow the general FHA guidelines regarding upfront fees and monthly insurance premium. If the size of your project size is larger than the FHA loan limits or if you need more flexibility with rates or terms, a number of lenders offer conventional construction/rehabilitation mortgages.
Do not hesitate to call if I can be of any assistance to help you purchase fixer upper properties in Willow Glen.
Your Realtor in Willow Glen
(408) 717 2575
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