About Houses LLC

It’s easier to land a rental home than a mortgage to buy one, but monthly rent is three times as expensive as the monthly cost of home ownership in some large metropolitan areas. Home ownership is 45 percent cheaper than renting nationwide and cheaper than renting in all of the 100 largest U.S. metros by wide margins. How wide depends on the location according to Trulia’s Summer 2012 Rent vs. Buy Report. Despite the recent price rebound, rents continue to rise faster than ho...me prices, and mortgage rates are near record lows. Home ownership makes the most financial sense for people whose strong credit scores let them snag the lowest mortgage rate and who get the biggest benefit from deducting mortgage interest and property taxes from their income taxes, Jed Kolko, Trulia’s Chief Economist. Buy-vs.-rent calculation The cost of owning a home considers a 3.5 percent mortgage and itemized deductions at the 25 percent federal tax bracket with the home sold after 7 years. Costs include includes closing costs, maintenance, insurance, property taxes and others. The cost of renting includes a security deposit and renters insurance. Monthly costs are based on net present value of costs averaged over 7 years, and based on the average across all properties listed in the metro area, including those for sale and those for rent, in summer 2012. In the 100 metros studied, home ownership affordability was best in Detroit, MI where home ownership was 70 percent cheaper than renting; Gary, IN, 63 percent cheaper; Oklahoma, OK, 63 percent; and Lakeland-Winter Haven, FL and Toledo, OH, both 61 percent cheaper. Even in metros where home ownership affordability was the lowest, home ownership affordability still outpaced renting affordability. It was 24 percent cheaper to own than rent in Honolulu, HI; 28 percent in San Francisco; 31 percent in both New York, NY-NJ and San Jose, CA and 32 percent cheaper in Los Angeles, CA. The monthly savings was even more telling $800 a month or more in San Jose, San Francisco, New York. For homeowners unable to secure the best mortgage rates, or fail to itemize their tax deductions or plan to stay in their home fewer than seven years, the cost of home ownership, relative to renting, will also be greater. What the report doesn’t cover is rent-vs-buy factors that aren’t financial.

When you are a landlord like I am, property repairs and upkeep are just routine parts of the job. Something is always breaking or in need of upkeep. Tenants tend to think that their particular maintenance request is the most important and is always an emergency! This article examines those maintenance requests that are emergencies requiring quick action by the landlord. What Are True Landlord Maintenance Emergencies? Some things really are maintenance emergencies that requ...Continue reading

The 203k loan from FHA is a home improvement loan meant to help home buyers renovate the house they're buying, all in one mortgage instead of a second mortgage or a home equity loan. FHA came up with the program back in the late 1970's and revamped it, adding the 203k Streamline decades later. Between these 2 options, a home buyer could finance almost any remodeling project. With the 203k loan, you could pay for a new kitchen including appliances. You might add a bathroom. Ne...w carpet and flooring? Done. Build a deck, replace windows & doors, repair a roof or fix a driveway with the 203k. All of these projects - and others - are eligible for some kind of 203k financing when you buy a house. You can also finance all of this work if you already own the house when you refinance and remodel. Convert your current home loan into a 203k loan and you can pay for renovations to add value to your house, even if the current equity is lacking. With all of this knowledge, it seems the 203k loan is a golden treasure for home buyers and homeowners alike. But is it all too good to be true? Are there downfalls to this home improvement loan? Let's be honest: nothing is perfect. So, what are the 203k loan pros and cons? Let's take a look... +203k Loan Pros -203k Loan Cons +No current equity needed -Do it yourself work not allowed +203k Streamline: no minimum renovation amount -Borrower must work with contractors for bids +structural repairs eligible -Approved contractors must be used +3.5% down payment requirement -Down payment required +One mortgage, one payment, tax deductible -Many lenders do not understand the process +FHA loans are assumable mortgages -Only eligible for primary residences +Finance desired home improvements -Not open to investors +Replace missing appliances like a furnace -More paperwork involved than other mortgages +Makes a house eligible for FHA financing before the work is done -Closing a 203k loan can take longer than other mortgages As you can see, there are some problems you may run into with a 203k loan. Sometimes a home equity line of credit might be the better answer. If you're the DIY-type, or you want to have your cousin do the work "because he's handy," you might need to find another way to pay for the materials and labor. However, the 203k is one of the top options when it comes to buying a fixer upper and having the work done by a professional. The key is to find an expert 203k lender who understands the process and can get your mortgage closed in a timely manner.

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