Chicago's North Shore - North and Northwest Suburbs Real Estate Archive

Dave Luczak of Inlanta Mortgage (www.Inlanta.com), forwarded the following information regarding special financing that might help agents provide new opportunities to their clients.  He sheds light on some the of novel financing opportunities for those who may purchase a property needing repairs, expansion or other improvments.  He advises:

"When showing your clients a home that needs repair, give them some information on our Federal Housing Administration (FHA) 203K renovation loans. These loans are perfect for a bargain hunter who has spotted a fixer-upper or a foreclosure in need of immediate repair, or a client who has found a home that would be ideal if only there were a third bedroom and a second bathroom (or needing MAJOR remodeling!)

Our renovation loans provide the money to both purchase the home and finance the home's renovation. With one loan, there is only one application, one set of fees, one closing and one monthly payment. At closing, the house is paid for, and the repair money is put into a trustee account for disbursement as repairs are completed. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, APPLIANCES,  landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits* under the new stimulus package.

Another great advantage of a renovation loan is that it provides borrowers a loan based on the increased property value after renovation. But that's not the only financial upside. The required down payment on a renovation loan can be as low as 3.5%. As a tax deductible first mortgage, the renovation loan will usually feature a lower interest rate than a second mortgage (impossible to get now!) and improvement costs can be spread over the term of the loan. The loan can also provide financing for up to six months of mortgage payments if the house is not occupied during construction."

Dave also reminds us that it is best to always consult your tax advisor for tax information and advice.

If you are beginning to start your yearly spring cleaning, an important area to not overlook is your air ducts. Air duct cleaning is an important part of home maintenance because a dirty air duct can lower the quality of the air in your home by promoting the circulation of allergens and bacteria in the air. 

Cleaning your air ducts can help allergies, asthma and the overall air quality in your home. The cost for this service can range in costs depending on the services offered, the size of the system to be cleaned, system accessibility, and level of contamination.

You should consider having the air ducts in your home cleaned if:

• There is substantial visible mold growth inside the ducts. You may not always be able to see the mold in sections of the ducts that are not accessible. You will need a professional to inspect the ducts for this.
• Ducts are infested with vermin such as rodents or insects.
• Ducts are clogged with excessive amounts of dust and debris and/or particles are actually released into the home from your supply registers.
• You notice a strange or offensive odor from your air supply.

If you decide to have your heating and cooling system cleaned, be sure to have the service provider clean all components of the system and is qualified to do so. Duct cleaning generally refers to the cleaning of various heating and cooling system components of forced air systems, including the supply and return air ducts and registers, grilles and diffusers, heat exchangers heating and cooling coils, condensate drain pans (drip pans), fan motor and fan housing, and the air handling unit housing.

To find a qualified HVAC technician near you and to learn more about duct cleaning, visit the   National Association of Duct Cleaners.