Debut Jewelry Trunk Show Invite

Debut Jewelry Trunk Show Invite

Debut Trunk Show in Raleigh NC

Come one, come all.. Join me to celebrate our local Raleigh jewelry artists in there debut trunk show event

When: November 8th
Time: 6-9pm

Where: Shag and Garnish Salon
8377 Creedmoor Road, Raleigh NC 27612.

Bring friends, come shop, laugh, eat and drink. Please pass this along and share with everyone to make this an extraordinary event.

Artists include:
Megan Wakefield ( 32lbs)- Find her on Facebook under 32lbs
Jessie Voci ( J.Star Designs)
Amanda Wren (Wren Designs)

If you know that you are going to come then please send me an email If it is last minute don't think that your not invited :) I hope to see all of you there!

Friday, April 30, 2010

Time to renovate and turn those lemons into lemonade

I have noticed the rise renovation loans in today’s economic market. Homeowners are either staying in their current house longer waiting for the market to change or scared of their employment status. The others are allowing their homes to go into foreclosure allowing for more purchases that require improvements.

Renovation loans can be used for Purchases and Non Cash out Refinances. This allows you to purchase a property or refinance a property using the additional money for renovations, repairs and/ or additions. Just like antiques need polishing to sparkle so do those older homes. If you are considering purchasing a foreclosed home that needs work done then this loan is for you. Many of the foreclosures are lemons after the buyers have let them go for so long. They need your help turning them into lemonade.

There are many benefits regardless of the type of renovation loan you select but it does require some work from you and certified individuals. Renovation loans use the value after the improvements allowing you to borrow more money. It allows you to borrower up to 110% of the value where construction to perm loans are based on the completed value. These types of loans are based on a 30 year fixed rate mortgage so it is suitable for long term unlike a Home Equity Line of Credit.

I thought I would give you some basic information of a Renovation loan so you can see if it fits your needs. I would recommend contacting a lender for additional information.

There are two types of 203k loans and both have eligible and ineligible items. Which means your first step would be to figure out what you want done to the house. This will help the lender to figure out what type of loan and make it easier for you to find the right contractor and/or consultant.

203k Streamline- requires no consultant up and total costs cannot exceed $35k (including associated fees), intended for quicker, easier rehabilitation costs, borrower cannot complete there own work, You can typically occupy the property after close or live there during renovations and a single payment is paid to the contractor upon completion.

Consultant K- requires more extensive work such as items to the structure, major installs and requires more supervision. A minimum of $5k worth of work, up to 6 months of the Principal and interest payments can be financed to assist borrower who would otherwise be paying 2 house payments.

All repairs have to start 30 days after closing and are to be completed within 6 months. The funds are put into an escrow account and will be paid to contractors depending on the guidelines of your 203k loan.

If you are ready to head down that path then contact a lender today.


Post a Comment