WNC Realty Professionals and Keller Williams Realty of Asheville are proud to announce they will be hosting a Renovation Loan Seminar, Saturday Oct. 8, in the Ferguson Auditorium of AB Tech. Asheville Real Estate Agent Jason Sheffield and Glenn Kavanagh of New American mortgage will present information for prospective real estate buyers on the process of the FHA's 203K Renovation Loan program, to include a showcase of 203K eligible properties in the area and a step by step explanation of the renovation home loan process.
The FHA's 203K Loan program was created in the mid-1970s in an effort to revitalize neglected homes or neighborhoods and to encourage positive urban development. Since that time, the loan has been streamlined, and additional options have been added. The renovation loan program of today allows potential home buyers to receive a federally guaranteed mortgage loan to cover not only the cost of purchasing a home but also the estimated cost of renovating the home. Often, this allows first time home buyers to generate so-called sweat equity, without refurnishing the properties on their own, or 'without the sweat.'
"It's obviously a great program for first time home buyers, but it's also wonderful for neighborhoods and communities. It means that if a home falls into disrepair it doesn't take a developer to come along with cash in hand to rehab the home and stabilize property values within an entire neighborhood, a family can move in and pay to rehab the home as part of their mortgage. In today's real estate market, that's a win-win," says Jason Sheffield of WNC Realty Professionals.
Sheffield has been a Real Estate Agent in the Asheville area for 6 years. He has extensive experience with bank owned properties, short-sales, and Renovation Home Loans.
The Seminar will begin at 10:00 a.m. on October 8, 2011 in the Ferguson Auditorium of AB Tech's Asheville Campus. The Seminar is free and open to the public; workbooks and a box lunch will be provided for an additional $15. To register or for questions, please contact Miranda Maynard of WNC Realty Professionals at Miranda@wncrealtypros.com.