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No-Brainer Tips for Your Wednesday
As a homeowner or borrower, you should open an open-ended HELOC (home equity line of credit) right now if you don’t already have one. You don’t need to use it yet, but go ahead and get it set up. Here’s why: If you’re going to borrow money this holiday season to purchase gifts that might not excite the recipients, it’s smarter to use a secured loan like a HELOC rather than an unsecured option like a credit card. The terms will typically be better with secured lending. So call up past clients and let them know—getting a HELOC established now is just a good idea. My friends at Oaktree can help get them set up easily.
In other no-brainer news, FHA recently changed the rules around 203K rehab loans to make them more borrower and lender friendly:
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- The maximum rehab costs for Limited 203Ks increased from $35,000 to $50,000 (or $75,000 in high-cost areas)
- Fees charged by consultants can now be financed into the mortgage amount, like with Standard 203Ks
- The rehab period for Standard 203Ks is extended from 6 to 10 months (Limited is extended from 6 to 7 months)
- The initial allowable draw increased to 75% of material costs (used to be 50%)
- The fee schedule for consultants is streamlined
In short, since home prices are so high, FHA made it possible to finance more renovation costs into the mortgage. This gets homeowners access to more money, faster. The bottom line—203K rehab loans just got better, so use them!
And a final easy recommendation: Call your clients. Sure, text and email them too. But sometimes people just want to hear your voice. Check in and ask sincerely how they’re doing.
