For example, if you still owe $100,000 on a home appraised at a value of $240,000, then your equity balance is $140,000, or roughly 58% of the total value of the home. The greater this percentage, the better, as it allows you to borrow more and increases your total net worth.

We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.

Have you found a house in the perfect location however the house needs too much work done to qualify for a regular mortgage?

Don’t let this ugly home slip through your fingers as there’s a mortgage product available that lets you buy a home, have it renovated and include the rehab costs into the mortgage!

Don’t want to live on a building site whist the renovations are being done? No problem, you can have all the work done before you even move in!

What is the awesome mortgage called I hear you ask?

It’s called a FHA 203k and it’s a specialized renovation or construction loan, backed by the Federal Housing Administration. It is available to buyers, and combines the traditional “home improvement” loan with a standard FHA mortgage, allowing you to borrow your renovation costs.

Below is an overview of the 203k loan program:

• Downpayment of 3.5% of the purchase price plus renovation costs.
• 600 FICO score.
• You can do anything with this loan, fix foundation issues, add a room, move a wall, make repairs, even repair the pool, ect.
• All of the renovations will be done before you move in.
• Customize any home into your dream home.

Please contact me or txt / call 469-556-2393 and I can put your in contact with a lender that specializes in renovation loans as some lenders don’t do them.

12728 Alfa Romeo Way
4 Bed, 2 Bath, 2610 Sq. Ft. Built 2002
$348,000

1344 Hazel Green Dr
5 Bed, 3.1 Bath, 3556 Sq. Ft. Built 2006
$354,900

1339 Polo Heights Dr
4 Bed, 3 Bath, 3370 Sq. Ft. Built 2016
$414,900

Click Here for the latest homes for sale (updated daily) in the Grayhawk neighborhood in West Frisco, TX.

13541 Mill Town DR
4 Bed, 2.1 Bath, 2339 Sq. Ft. Built 2005
$299,900

13222 Bavarian DR
4 Bed, 3.0 Bath, 3146 Sq. Ft. Built 2005
$349,900

13679 Dutch Hollow DR
5 Bed, 4.1 Bath, 3528 Sq. Ft. Built 2005
$365,000

12446 Alfa Romeo WAY
5 Bed, 3.1 Bath, 3838 Sq. Ft. Built 2002
$369,000

13327 Mannheim DR
5 Bed, 3.1 Bath, 3993 Sq. Ft. Built 2006
$399,990

Click Here for the latest homes for sale (updated daily) in the Grayhawk neighborhood in West Frisco, TX.

1146 Hazel Green Dr
6 Bed, 3.2 Bath, 4232 Sq. Ft. Built 2006
$409,900

1352 Pelican Dr
4 Bed, 3.5 Bath, 3485 Sq. Ft. Built 2016
$404,900

13958 Union Grove Dr
5 Bed, 4 Bath, 3737 Sq. Ft. Built 2016
$414,900

13936 Union Grove Dr
5 Bed, 4 Bath, 3737 Sq. Ft. Built 2016
$419,900

1314 Polo Heights Dr
5 Bed, 4.5 Bath, 3535 Sq. Ft. Built 2016
$419,900

1482 Polo Heights Dr
4 Bed, 3.5 Bath, 3703 Sq. Ft. Built 2016
$434,900

14297 Rising Star Blvd
5 Bed, 4 Bath, 3895 Sq. Ft. Built 2016
$439,900

2013 Menominee Dr
5 Bed, 4 Bath, 3963 Sq. Ft. Built 2016
$444,900

Click Here for the latest homes for sale (updated daily) in the Grayhawk neighborhood in West Frisco, TX.

12731 Daimler
4 Bed, 3.5 Bath, 3713 Sq. Ft. Built 2002
$365,000

1352 Pelican Dr
4 Bed, 3.5 Bath, 2729 Sq. Ft. Built 2016
$404,900

13958 Union Grove Dr
5 Bed, 4 Bath, 3737 Sq. Ft. Built 2016
$414,900

13936 Union Grove Dr
5 Bed, 4 Bath, 3737 Sq. Ft. Built 2016
$419,900

1314 Polo Heights Dr
5 Bed, 4.5 Bath, 3535 Sq. Ft. Built 2016
$419,900

1482 Polo Heights Dr
4 Bed, 3.5 Bath, 3703 Sq. Ft. Built 2016
$434,900

14297 Rising Star Blvd
5 Bed, 4 Bath, 3895 Sq. Ft. Built 2016
$439,900

2013 Menominee Dr
5 Bed, 4 Bath, 3963 Sq. Ft. Built 2016
$444,900

Click Here for the latest homes for sale (updated daily) in the Grayhawk neighborhood in West Frisco, TX.

13402 Cottage Grove Dr
5 Bed, 3.5 Bath, 3778 Sq. Ft. Built 2006
$419,900

1498 Pelican Dr
4 Bed, 3 Bath, 2729 Sq. Ft. Built 2005
$369,900 Now $309,900

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13095 Rhinelander Dr
4 Bed, 3 Bath, 3167 Sq. Ft. Built 2006
$294,900

13608 Fall Harvest Dr
4 Bed, 3.5 Bath, 3993 Sq. Ft. Built 2005
$415,000 Now $409,000

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The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Americans prefer owning their own home instead of renting are:

1. They want the opportunity to build equity.
2. They want a stable and safe environment.

Building Equity

In a recent article, John Taylor, CEO of the National Community Reinvestment Coalition, explained that those who lack the opportunity to become homeowners have a weakened ability to reinvest their wealth:

“We traditionally have been huge supporters of homeownership. We see it as a way to provide stability for households but also as an asset-building strategy. If you continue to be a renter, locked out of the homeownership arena, increasingly those things are further and further out of reach. They’re joined at the hip. They perpetuate each other.”

Family Stability

Does owning your home really create a more stable environment for your family?

A survey of property managers conducted by rent.com last month disclosed two reasons tenants should feel less stable with their housing situation:

• 68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%.
• 53% of property managers said that they were more likely to bring in a new tenant at a higher rate than negotiate and renew a lease with a current tenant they already know.

We can see from these survey results that renting will provide anything but a stable environment in the near future.

Bottom Line

Homeowners enjoy a more stable environment and at the same time are  given the opportunity to build their family’s net worth.

1. While there may be less buyers out there, people who look for a home during the holidays are serious they are ready to buy!
2. There are fewer homes for buyers to look at during the holidays which means less competition for you … less competition equals more money!
3. After the holidays the supply of listings increases substantially which lowers the demand for your home … more competition equals less money!
4. Your home shows better when decorated for the holidays!
5. Many buyers have more time to look for property during the holidays as opposed to a normal work week.
6. We will restrict the showings on your home to the times you want it shown. You remain in control.
7. You can sell now for more money and not have to physically move until January or February … as opposed to just starting the whole process at that time.

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