Home Buying in Atlanta>Question Details

Tanishacuster, Home Buyer in

Are there any people who assist with buying and renovating homes in Atlanta? Something like the Property Brothers?

Asked by Tanishacuster, Sun Feb 10, 2013

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19
Rodney Mason’s answer
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant versions), HomePath Renovation, and HomeStyle Renovation.

For the FHA 203K program, some lenders only offer the Streamline FHA 203K. That does not give you any options should you encounter the need for the Consultant version for structural repairs or if you are looking for renovations in excess of the Streamline’s $35,000 limitation. Working with a direct lender who offers bother the Streamline and Consultant versions is very important.

For HUD’s Fiscal Year ending 09/30/12, Prospect Mortgage was the 2nd largest volume FHA 203K lender in both the country and the Metro Atlanta market. At Prospect Mortgage, we have a dedicated operations center that only handles our renovation mortgages.

Selecting a loan officer that knows the program inside and out is the key. If your loan officer is not experienced in closing a lot of these types of mortgages, then it will be a very challenging experience for you. Allow an average of 45-60 days for your 203K closing. Prepared buyers are often able to close sooner than that. Some have closed in under 30 days when they are very prepared.

All renovation work will need to be completed by a licensed and insured contractor. I have heard that some lenders may require the use of certain contractors. At Prospect Mortgage, you are free to use any contractor that you wish that meets the minimum requirements as we do not maintain any type of approved contractor list or provide contractor recommendations.

Other than for appliances in certain situations, you may not use any of the big box retailers (i.e. Best Buy, Home Depot, Lowe’s, etc). This is because they will not sign any of the HUD required 203K contractor forms.

Use of a HUD Consultant is required on the Consultant FHA 203K and highly suggested on the Streamline version.

Just be careful not to confuse what you see on TV with reality. Most of the home improvement shows only depict things in the best light, not the true reality of the situation.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Mon Feb 11, 2013
Tanishacuster,
We've got access to many programs set to do small renovations such as the FHA 203k listed below to renovation loans that can knock the home down and restart from scratch. It all depends on what you are looking for. I have built a team of professionals for just these types of questions.

1st. you need to get Credit and Financial Approvals. This is so you can know your limitations as well as your options on the different financing options available. Counseling of this type will save alot of embarrassment later on (there are many people every day that think they can buy a home who get turned down with what is required in this new financial market) know what to expect before it happens.

2nd. You do need an expert real estate agent, but not just to help you find the listings but knows by experience what you would need to do to the home to increase its value and be comparable to the neighboring high-end homes. This is not an average skill set.

3rd. Have access to several types of contractors. It;s one thing to go into Home Depot and another to do a 100% rebuild of the whole property. Make sure you know can do that much work. Many of the banks that lend on renovations will only make 3-5 over all payments. the company you pick needs to be able to not only hold the labor costs but any material costs as well. the last thing you want is a cheap contractor that can't afford to wait until the bank pays them and walks away mid job. The banks not going to hand you any more money once the deals been made, so then your sitting in a half finished house, trying to sue the contractor (who will just file a BK and walk away). Ps. One of my primary Contractors were the Stars of "Flip this House" when it was in Atlanta.

Where are you intending to live this whole time? several of my loans will pay the mortgage for up to 6 months while your waiting so you aren't strapped with two home and utilities payments.

Be also aware that if the renovations take longer than 6 months then you have to get Risk Based Insurance vs. your regular home insurance.

There are SOOOO many pitfalls, I would recommend you talk with a TEAM of professionals not just a few individuals. Ps. My consultations are FREE.

Best of Luck,

Robert Robbins
Certified Mortgage Specialist
Cornerstone Mortgage Group, LLC
office 678-578-7613
cell 404-932-5353
rrobbins@cmghl.com
1 vote Thank Flag Link Sun Feb 10, 2013
Do not confuse reality TV with reality. People who know how to buy, renovate, and sell property at a profit, consistently over time, do not need to work for someone else. Unless maybe they are very attractive, photogenic and have a friend with a cable TV show. Do your homework, determine what skills you bring to the table, and be prepared to hire professionals to fill the gaps.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
1 vote Thank Flag Link Sun Feb 10, 2013
Property Brothers is casting in ATLANTA right NOW! Inquire how you can be on the show.
Email: propertybrothers@cineflix.com!
0 votes Thank Flag Link Thu May 2, 2013
Property Brothers is casting in ATLANTA right NOW! Inquire how you can be on the show.
Email: propertybrothers@cineflix.com!
0 votes Thank Flag Link Thu May 2, 2013
be wary of those posting here (and apparently they are sharing the wealth all over trulia tonight) who "wanna" help you with promises that sound too good to be true (because they aren;t true) - no credit check and rates as low as 3%? Right , and when you get that loan, I have a bridge in Brooklyn to sell you......
0 votes Thank Flag Link Mon Feb 18, 2013
I just wrote a review of Levi Afrah last night that you should check out. He was GREAT and has experience in renovating homes (which was one of the reasons why he was a winner for us). Once we closed on our house he had things moving in high gear and in 3 weeks we had a TOTALLY beautiful and renovated house at a great price.
0 votes Thank Flag Link Tue Feb 12, 2013
Is he out of Atlanta? Where can I find your review?
Flag Wed Feb 13, 2013
For the most part , FHA 203k guidelines mirror those of regular FHA mortgages.
0 votes Thank Flag Link Tue Feb 12, 2013
Sure thing. I can help you find a home and put you in touch with a few reputable contractors in the area. I may not be on HGTV, but I am a real estate professional that can help you reach your real estate goals.

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metrobrokers
770.901.0956
http://www.LaquitaBaez.com
0 votes Thank Flag Link Mon Feb 11, 2013
I also have another question. With the FHA 203K loans, are the credit guidelines the same? Will a median credit score of 640 (with no other negative reporting like late payments or collections) be approved for an FHA 203K loan?
0 votes Thank Flag Link Mon Feb 11, 2013
It sounds like you are looking for a place to live in not to try and flip for a profit. It is possible to finance this kind of purchase with a FHA 203K renovation loan. You can work through contractors at Home Depot or Lowes to get a remodeling done. While this is not painless it is also not a way to riches. It is a way to get an older home modernized and have those costs included in your loan. Before choosing to do that, I would look for and exhaust the search for renovated home in your desired area.

Sincerely,

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Sun Feb 10, 2013
Ok. In the meantime if you would like a free consultation to discuss your wants and needs along with what each area has to offer please let me know. I could also place you in contact with my loan officer. She can advise you on what best works for you and give you some great tips on how to handle your credit cards. It's important to be pre approved first so that you know what your options are for a more direct course of action.



Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes Thank Flag Link Sun Feb 10, 2013
Either between lithia springs and howell mill or between lithia springs and panola rd area. I should know very soon. When I do I will be ready to get a pre approval and start looking. I know I will be pre approved for at least $165k and thats before I pay down current credit cards considerably which will be done this month. I also have at least $7k for a down payment. It will be more but thats what I have put aside as of today.
0 votes Thank Flag Link Sun Feb 10, 2013
What area are you looking in Tanisha?

Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes Thank Flag Link Sun Feb 10, 2013
I wouldnt consider someone offering to assist for free.....I would have a budget to adhere to of course but I would want someone who specialized in that area and knew what they were doing...
0 votes Thank Flag Link Sun Feb 10, 2013
This would be for a private single family home, not rental properties.
0 votes Thank Flag Link Sun Feb 10, 2013
There are many people who can assist. The issue is do you have adequate financial resources and willingness to pay for real professional advice. Most people do not have the financial resources needed and then hire cheap. As a consequence they are oblivious of the degree of risk and often lose money. Those of us who can do this don't need to help people for free. It's expensive to get someone who understands and can execute the process.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Sun Feb 10, 2013
Hi, if you like the total package please give me a call. I can assist you in purchasing homes, getting estimates from contractors that I can provide you with and managing your rental properties .
0 votes Thank Flag Link Sun Feb 10, 2013
Hi Tanisha,

Any realtor can help with purchasing a home for renovations. I happen to know a couple of great contractors that could help renovate.

It's really about having a good realtor that knows your area and maybe helping you out with envisioning the possibilities.

If you ever need assistance I'd be happy to help.

Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Office: (404)541-3500
Direct: (678)656-5524
tylerwillisintown.kwrealty.com
0 votes Thank Flag Link Sun Feb 10, 2013
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