Lauras Choice

A Blog from Laura Kubicki

203k Mortgages – Great Financial Tool When Buying A Home To Renovate!

by Leave a Comment

This is not Jason...:o)
This is not Jason…:o)

Hi Friends!  Are you thinking of buying a property to renovate into your dream home?  If so, this may be of interest to you!

Consumers often find ample value in what I’ll call distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, “distressed” speaks more to the condition of the home than their recent financial histories. They may have been empty for extended periods and/or subject to vandalism and theft.  But they can be a great way to get a fantastic property for a good price, while delivering you the opportunity to create your own unique dream home…think “Fixer Upper” on HGTV!

If you are considering a home in need of renovation, you should consider a 203k mortgage. It would allow you to finance both the acquisition and rehabilitation with a single loan. NICE!

There are two types of 203k loans:

203k Streamline: This is the most popular. The maximum allowable in repairs is $35,000 and does not allow any structural repairs to be done to the home (unless they’re a result of an unforeseen circumstance).

Full 203k: Allows for structural repairs and can exceed the $35,000 in home repairs. Both types allow up to $1,500 in swimming pool repairs.

Here are some other key 203k facts you’ll want to know:

  • Since it is based on the home’s potential value after repairs (not its existing value), you can be approved for a higher loan amount.
  • They carry long-term-fixed rates.
  • They’re insured as soon as they fund.
  • They include escrow accounts for the scheduled repairs.
  • Loan amounts are capped according to local FHA limits.
  • Only owner-occupied properties of one to four units qualify.
  • The home must be at least one year old.

You can click here for more information on 203k mortgages.  Hope you find this information useful!  Don’t forget to like me at Laura Kubicki Realty on Facebook too for even more great real estate information and ideas.  I’m always just a couple clicks away!

Happy house hunting!

Save

Save

Save

Save

Interior Decor Tip – Try the 60/30/10 rule!

by Leave a Comment

Hi Everyone!  Thought you might like a decor tip or two!  If you know me you know I use yellow as an accent color in my home.  Are you looking to change it up in yours?  Here’s an idea for you…

To paint and decorate your home without worrying whether you’re going overboard with color, try the classic interior design rule known as the 60/30/10 rule. It’s a foolproof way to divide your color scheme into primary, secondary and accent colors by assigning them percentage values.

Look at that accent color pop!

The primary color is the largest block of color and will act as your neutral. You can use a true neutral like beige, grey, or white, or try a soft tint of your favorite color. The secondary color is the anchor and works well on upholstery and bedspreads. The accent color should have the most color intensity and is used sparingly in pillows, chair seats or oil paintings. Outside, the primary color is the brick, stucco or siding, the trim is the secondary color and the front door, porch chairs, or planter pots are the accent.

If you choose a deep shade for walls, give the paint a satin finish for sophistication. A dark color can easily look chalky. And the opposite is true—a light color can become blinding in a shiny finish. If you have lots of fine wood trim, paint baseboards, crown moldings and door and window trims in a complementary hue like white or cream.

To test a paint chip for accuracy, hold it parallel to the wall under natural light. Buy sample jars and test the colors on large poster boards you can tape to the walls. Watch how the colors change throughout the day and evening under artificial light.

Remember, interior colors always tend to go darker, while exterior colors appear lighter.

Hope this helps ya!  And if you haven’t already – don’t forget to subscribe to lauraschoice.com!  You can easily do this – just look to the handy side bar and click Subscribe to Laura’s Choice!

Happy summer!!!!

Staging Tips To Help Sell Your Home FAST!

by Leave a Comment

Beach Home

Any professional home stager will tell you that the basic principals remain the same throughout the year—keep things clean, clutter free and colorful. Each season has its own special set of rules. There are a number of things you can do both inside and out to emphasize each time of year:

  • Add splashes of seasonal color to your porch with potted flowers in spring, Poinsettias during the holidays, pumpkins and mums in the fall, etc.  Greenery accents also add a nice touch. By introducing seasonal colors, your home becomes very attractive to prospective home buyers.
  • Bring seasonal colors into a home with accessories like throw pillows, area rugs, artwork, towels and bedspreads. If you change accessories, the whole house changes.
  • Use decorative knickknacks that speak of the season, such as pears, eggs, and seashells. Add fun seasonal patterns in fabrics and wicker where you’re able.
  • Consider updating the drapery panels in a home or office.

All rooms are important and there are ways to liven up each. You want the buyer to absorb the whole house, not just one or two staged rooms, so it’s important to create a cohesive design.

And how about the great outdoors?

  • Remove fallen leaves and dead plants.
  • Maintain your lawn. Clean up any toys and clutter around your property.
  • Add bright, new plants where you can.
  • Trim bushes and hedges.
  • Scour outdoor furniture if appropriate.  Plump the cushions.
  • Sweep porches and patios.  Hang a decorative flag.

Impatiens

If you can take advantage of all that each season has to offer when sprucing up your home to sell, you’ll find you have much better luck selling it than if you choose not to stage.  And if you’d like some friendly assistance just email me and I’ll be happy to help!

And don’t forget to “like” me on Facebook at Laura Kubicki Realty for even more up the minute staging and other ideas for your home!

Conforming, Conventional and Government Loans

by Leave a Comment

What’s the Difference?

The most confusing world for homebuyers has to be mortgage loans. If you don’t know the difference between “conforming,” “conventional” and “government” loans, here’s a quick tutorial of what you should know, so you’ll have a better idea what kind of loan you want and you can get preapproved to buy the home you want.

First of all, the USA doesn’t lend money to homebuyers, so there really is no such thing as a government loan. But, through federal agencies such as the Federal Housing Authority and the Veteran’s Administration, there is a guarantee that banks that offer mortgages won’t lose their money should the loans go into default.

FHA and VA loans allow first-time or low-income borrowers to buy a home with little or no down payment and with less than perfect credit scores. To protect taxpayers from losses, the loans are guaranteed through mortgage insurance that borrowers pay for the life of the loans.

Conforming loans refer to loans that conform to borrowing limits, depending on the cost of living for the area. Loans that are above the given amount are called non-conforming or jumbo loans.

While it may seem counterintuitive, a conventional mortgage is simply any loan that is not guaranteed by the federal government. Conventional loans conform to borrowing guidelines set by the government-sponsored entities Fannie Mae and Freddie Mac which buy loans packaged into securities from mortgage lenders. To minimize risk for investors, Fannie and Freddie insist that the borrower and bank must “conform” to their terms and amounts.

Talk to your mortgage lender to learn which loans would be right for you.  And if you need a little direction on where to start, just ask me!  Couldn’t be more happy to help!

And don’t forget to “like” me on Facebook at Laura Kubicki Realty for even more up to the minute information and to join the conversation!

Summer Sandwich Time!

by Leave a Comment

Summer Sandwich 2

Ok.  Guys.  Memorial Day came and went.  For Kubicki people, that means it’s SUMMER!

And summer calls for a little switch-er-roo in the day in day out sandwich department in our house – namely the reintroduction of SUMMER SANDWICHES!   You know what I mean.  Tomato sandwiches, BLTs, bagels with cream cheese and lox.  Salivating yet?

Well as luck would have it, I wandered into my kitchen today to find some inspiration for lunch and VOILA.  The lunch above came to life – briefly, mind you.

So what’d I do?  First I started with a very grainy and seeded organic, whole grain, sandwich bread.  Pick your favorite.  Then lightly toast.

Next I slathered cream cheese with chives on both sides, and added a layer of ham to one, a layer of thinly sliced cucumber to the other.  Add light S&P sprinkle if you will.

Then I layered fresh tomato slices, a smidge more S&P on those, another slice of ham (feel free to load it up – I went light with mine as the pool is now open after all – if you catch my drift) and topped it off with loads of romaine lettuce!  I would have added some green or black olives and fresh sprouts if I’d had any on hand – they would be delicious crammed in there!  And a leaf or two of fresh basil if you want to layer even more fresh flavor!

Result?

Summer Sandwich

Crunchy. Creamy. Nutritious. Delicious!  And…SUMMERY!

So I got to thinking…I know I’m not the only one who loves summer sandwiches.  What kinds do you like to make?  Shoot me a pic and show me your stuff!  I’d love to add a couple of your photos to the blog!

Until we meet again…live happy!