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Launch of Full 203(k) Renovation Financing

Renovation Mortgage Financing Wisconsin 203(k) | Photo Credit MORTGAGE LAUNCHES FHA FULL 203(k) LOAN PRODUCT

Unique Product Increases Buying Opportunities for Borrowers, Rolling in Renovation and Repair Costs, Positively Impacting Neighborhoods Across America

Houston, TX – January 7, 2013 – Envoy Mortgage, a full-service mortgage banking firm operating retail branch locations across the United States, and currently originating mortgage loans in more than 48 states, recently expanded its FHA 203(k) loan product offering to include a full 203(k) loan option in which borrowers have an unrestricted window for costs of renovation and repair on a home purchase—limited only by area FHA loan limits. To date, Envoy has been offering a streamline option, in which borrowers can combine the purchase price of a home, plus up to $35,000 for renovation and repair costs, into a single mortgage transaction.

“The U.S. real estate market continues to have a high inventory of distressed properties, which includes foreclosures and REOs that are a result of the economic downturn,” said Suzanne Schakett, Senior Vice President of Builder Products in Envoy Mortgage’s National Builder Division. “The full 203(k) loan is a construction-related product that essentially benefits everyone involved in real estate today. For borrowers, it means opportunities to take advantage of favorable prices on existing homes and to be able to customize the homes to their specifications. For real estate agents, the 203(k) products allow a means to sell distressed properties “as is”. And for builders who have expanded their business to include renovations, these products provide much-needed financing for their buyers. At a minimum, these unique products allow us to move through some of the overhang inventory in order to bring the new construction market back to a more normal state. All in all, such loan products have a positive impact on neighborhoods across the United States.”

The full 203(k) FHA loan augments Envoy Mortgage’s suite of products that fall under its National Builder Division umbrella. Through either 203(k) loan product, a borrower can purchase an existing property, roll in costs of renovation and repair into the final loan amount, close on the property “as is,” and then begin the repairs.

“These 203(k) products are in fact FHA-insured loans. Borrowers can purchase properties under essentially similar guidelines as the FHA 203(b), which allow most to qualify with a 3.5 percent down payment—regardless of the costs for renovation and repair,” Schakett said. “FHA loan limits vary from market to market. These loan products stimulate affordable housing and the economy by encouraging sales of distressed properties, rehabilitating neighborhoods, and expanding the buyer pool to FHA-qualified families. Because these products can be slightly more complex than an FHA 203(b) loan, Envoy’s loan officers are well-trained as experts to effectively help borrowers find the product that meets their needs based on the property condition and their financial profile.”

“The addition of the full 203(k) loan product is really a win-win across the board” Schakett said. “In 2013 there will still be a record number of properties on the market that need some form of rehabilitation. These products represent the perfect solution for a large percentage of them to sell and kick start our ongoing recovery in a meaningful way.”

For more information, please contact me.

Septic Care


Adapted from:

Full care guide from the EPA:

How to Care for Your Septic Tank and Septic System
Septic System Ongoing Maintenance

If you live in a rural area you probably have a septic system instead of a sewer connection. Taking care of your septic system isn’t difficult, because modern systems function efficiently when you follow a few basic guidelines.

Put these tips to use for a clean and trouble-free septic system.

Divert Rainwater From the Septic Drainfield

A soggy drainfield won’t absorb and neutralize liquid waste. Plan landscaping, roof gutters and foundation drains so that excess water is diverted away from the septic drainfield.

Don’t Overload the Septic Tank and Drainfield

  1. Check faucets and toilets for leaks; make repairs if necessary.
  2. Use aerators on faucets and flow reducer nozzles on showers to help lower water consumption.
  3. Reduce water levels for small loads of laundry.
  4. Wait until the dishwasher is full to run it.
  5. Use a displacer to reduce the amount of water needed to flush the toilet.

Keep Trees Away from the Septic System

  1. Discourage root damage by keeping trees at least 100 feet away from the septic system.
  2. Trees with very aggressive roots, such as willows, should be even farther away from the system.

The Toilet Isn’t a Garbage Disposal

Never flush cat litter, disposable diapers, sanitary napkins, tampons, paper towels, facial tissues, coffee grounds, or cigarette butts and filters. They’ll clog your septic tank in less time than you might imagine.

Use Garbage Disposals Wisely

  1. A garbage disposal can double the amount of solids added to a septic tank.
  2. Choose a top-line disposal that grinds food into tiny particles that are easier for a system to digest.

Minimize Heavy Duty Cleaners

Overuse of heavy cleaners kills beneficial bacteria in the septic tank, so solids won’t break down as well.

Do Not Pour Grease Down the Drain

Grease can clog the septic drainfield, making it impossible for soil to absorb liquids. If that happens you’ll need a new drainfield.

Avoid Hazardous Chemicals

Varnish, paint thinners, motor oils, gasoline and other similar chemicals can ruin your system and are a hazard to groundwater. Dispose of them properly.

Protect the System from Damage

  1. Do not drive over the drainfield, build a structure on top of it, or cover it with concrete or asphalt.
  2. Do plant grass on the drainfield to minimize soil erosion.

Perform Regular Maintenance

Solids must eventually be pumped from the tank. Many experts advise a family of four with a 1,000 gallon septic tank to have the tank pumped after 3-5 years of full time use. Other experts say you can go much longer between pumping operations.

Never attempt to open a septic tank yourself. Gases and bacteria in it are dangerous.

Related Articles
How To Keep Your Septic System in Tip Top Shape
About Septic Tanks and Septic Systems – Private Waste Removal Systems
Garbage Disposal (Septic Type)
Selecting a Garbage Disposal – Garbage Disposal
Garbage Disposal – Garbage Disposer