What you Should Know about FHA loans

Loans can be underwritten by an approved lender which includes most of the major banks in the country.  FHA has the some high loan limits as Freddie Mac and Fannie Mae (which have been extended to the end of 2010).  You can buy a home with a 3.5 percent down payment as compared to at least 10 percent down for a Freddie Mac or Fannie Mae home.  You can get your loan scored for approval through a variety of underwriting engines including Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector.



 Linda Shank is a Real Estate broker in the Phoenix Southeast Valley Gold Canyon area.  She can be contacted at www.ISellAZsunshine.com

FHA Finance & Condos

Here's what you need to know about getting an FHA loan for a condo:

FHA requires that a condo is FHA approved.  You can go to the FHA-approved condominium projects site at:  https://entp.hud.gov/idapp/html/condlook.cfm   Put in the Condo project name or other details and you will be able to determine the FHA approval eligibility.  If the condo is approved, then a condo questionnaire must be submitted to the Homeowner's Association for completion.  This will determine if the project meets the investor guidelines such as owner occupancy ratios, association minimum reserves, HOA fee delinquencies and any potential or pending lawsuits within the project.  If the Project isn't an FHA approved project, then that's something you could discuss with your lender or Realtor.








Linda Shank is a Real Estate Broker/Owner in Phoenix's Southeast Valley Gold Canyon.  She can be contacted at www.ISellAZSunshine.com

Four More Low-Cost Remodeling Projects

According to the Remodeling Cost Value Report for 2009-2010 homes in the Western Region of the United States (AZ, CO, ID, MT, NV, UT, WY), homeowners recouped 94.8% of their minor kitchen remodeling costs.  This Cost Data contains information gleaned from over 6200 survey respondents across the country.

Here are four more low-cost remodeling projects to consider:

1. Freshen up a bathroom without retiling---Put in a new medicine cabinet, light fixtures, a faucet and new vanity.  The total cost for this project should run between $500-600.

2.  Add a room---Look for large spaces that can be enclosed  to create a new bedroom by just adding a wall.  If you have an unused den, add a closet and now it's considered a bedroom.  If you have a large loft space consider closing it in, adding a closet and now you have another bedroom.

3.  Spruce up cabinet fronts---If the cabinetry wood is starting to look worn consider hiring a 
firm that reconditions kitchen cabinets.  They can take out the nicks and scratches, recondition with oil and put on new door pulls or handles.  Cost should be around $1000.  You can spend between $1500-$4000 to replace cabinet doors & drawer fronts or having all the cabinets refaced at a cost of $4,000 to $12,000.  There are also many unemployed painters out there that will gladly paint your
cabinets gorgeous colors for around $2500-3500.

4.  Replace light fixtures---Replacing overhead light fixtures in bathrooms, kitchens and a foyer can add a lot of cluck for your buck.  If you are handy you can make these changes yourself.  If you 
need to hire an electrician then you would be spending several hundred dollars for labor.  Installing a dimmer switch on dining room and kitchen lights is also a nice touch.

5.  Replace or remove any yard plantings that are dead---Plant flowering plants for a pop of color.
If this isn't possible, then a large decorative pot with flowering plants by the front door creates
a positive feeling.





Linda Shank is a real estate broker in Phoenix's Southeast Valley.  You can contact her @ LShank5179@aol.com