HUD 203K Loans for First-Time Buyers
February 2, 2010 by admin · Leave a Comment
HUD203K Loans for First-Time Buyers
You may be familiar with the $8000 tax credit currently being offered to first-time homebuyers, and the $6500 tax credit being offered to homebuyers who have already owned a home, but still meet certain criteria. What you may not be as familiar with are HUD203K loans for first-time buyers.
HUD203K insurance (as it is referred to in the official documentation) is actually another financing method. Those who are looking to buy a home can not only purchase a home, they can also combine the purchase price and the cost of rehabilitating the home they wish to purchase in one mortgage.
This means that if you find a house that you absolutely love and know that you can afford, but you are also aware that it needs some rehabilitation. This does not mean that the home must be literally falling down in order for you to be eligible; a minimum of $5000 worth of repairs means you can apply for the loan.
Those who already own a home that itself is needing rehabilitation may do the same thing. As long as there is a minimum of $5000 worth of repairs needed, you are eligible to apply.
How much your mortgage can be is determined by one of two methods. Either the property value before rehabilitation, plus the cost of rehabilitation is considered, or 110% of the property’s appraisal value is considered. Whichever one is the least is the amount your mortgage will be.
HUD203K only applies to single-family dwellings; however, some condominium properties are eligible if they meet other certain requirements. If your home fits the above category, and if you can make the monthly mortgage payment that is quoted to you, you can make an application.
Again, the home must need at least $5000 in repairs. Homes that will need to be demolished or razed as a part of the rehabilitation program are still eligible; however, the original foundation structure must remain intact and in place.
For more information, go to http://www.hud.gov/offices/hsg/sfh/203k/203k–df.cfm
Falmouth Building Outfitted With ‘Most Efficient’ Solar Panels
January 6, 2010 by admin · Leave a Comment
Woods Hole Landholdings in Falmouth has outfitted nearly 2,400 square feet of roof space with Sun Power panels. The 176 panels, provided by Beaumont Solar, are the most efficient solar panels commercially available on the global market, according to a statement.
The office building is the headquarters for the Woods Hole Group Inc., an international, environmental, scientific and engineering consulting organization and its affiliate, the Woods Hole Group Middle East, according to a statement.
“While the international community continues to fail in achieving a common basis for combating global climate change, Woods Hole Landholdings has moved forward locally to address our corporate responsibility to help the United States develop more sustainable energy,” said David Aubrey, owner of WHLH. “When our building was first constructed 10 years ago, we were not able at that time to finalize a renewable energy component, though we wanted to and incorporated such an eventuality into our building design.”
Using a grant from the stimulus bill provided by the federal government and a rebate from the Massachusetts Renewable Energy Trust, WHLH installed solar photovoltaics (PVs), arrays of cells containing a material that converts solar radiation into direct current electricity, which will provide 40 percent of the building’s electric power requirements. The cost of the system will be paid back within five years.
With state funding, WHLH is also upgrading its interior and exterior lighting, at a savings of nearly 50 percent in electricity use for lighting.
“Cape Cod has the second highest electricity rate in the nation after Hawaii,” said Beaumont Solar Company President and CEO Phil Cavallo. “The Beaumont Solar Co. has been developing renewable energy projects for the past four years, including installations in southeastern Massachusetts, and companies like WHLH understand both the environmental need and financial benefits of putting renewable energy to use.”
Mass. unveils new solar-rebate programs
Massachusetts energy officials unveiled the heirs apparent to its wildly successful Commonwealth Solar rebate program, using a mix of ratepayer funds and stimulus money to pay for the incentives.
Dubbed Commonwealth Solar II and Commonweath Solar Stimulus, the programs aim to fill the gap in financial incentives left when the first, $68 million Commonwealth Solar program ran out of money in October — more than two years ahead of schedule.
At the time, solar installers told the Boston Business Journal they were concerned the lack of incentives would stop projects from moving forward.
Commonwealth Solar II will provide rebate incentives for small residential and commercial systems, with total allocations up to $4 million per year. This program will be funded through the Massachusetts Renewable Energy Trust, which managed the last Commonwealth Solar program and is funded by a surcharge on electricity bills.
For larger projects, state officials plan to tap $8 million in state energy plan funding from the American Recovery and Reinvestment Act to provide rebates to projects.
Both programs are expected to begin in late January.
“Commonwealth Solar has already played an important role in speeding the Bay State’s transition to a clean energy economy,” Gov. Deval Patrick said in a statement. “I commend the more than 1,200 homeowners, businesses and municipalities who have taken advantage of this innovative program in the past two years, and encourage many more to partner with the commonwealth as we continue along the path toward a cleaner future.”
The state continues to work on a long-term incentive program based on renewable energy credits, which must be purchased by utilities and can be used to finance projects, rather than post-construction rebates. The Massachusetts Department of Energy Resources is developing regulations for such a scheme, and officials say they expect a program to launch in January.
Yacht Haven Under Agreement For $9.9M
December 21, 2009 by admin · Leave a Comment
Yacht Haven Under Agreement For $9.9M
By Paul McMorrow
Banker & Tradesman Staff WriterToday
Read more
Click here to read more about the history of the Yacht Haven auction.
Boston’s Yacht Haven marina is under agreement and is slated to sell for an eye-popping $9.9 million in January, federal bankruptcy court documents show.
The sale price is nearly $2 million more than the $8 million credit bid that North End marina’s current owner, Northern Bank & Trust, paid at bankruptcy auction in August. No private bidder came close to matching that price at auction, with most bidders quitting the action at $5 million.
The $9.9 million figure is also close to the $10.1 million face value of Northern Bank’s 2005 mortgage on the 4.75-acre property.
According to a purchase and sale agreement on file with the bankruptcy court, Northern Bank has set a Jan. 8 closing date for the property. The buyer is Boston Boat Basin, LLC.
Paperwork on file with the secretary of state’s office shows Boston Boat Basin is controlled by prominent Newburyport developer Charles Lagasse. The LLC shares an address with Newburyport Development, a unit of Steve Karp’s New England Development. Neither Lagasse nor New England Development could be immediately reached for comment.
At the August auction, many attendees argued the marina’s former owner, Yovette Mumford, had grossly overpaid for the waterfront property. Mumford, the former sister-in-law of Congressman Ed Markey, took the waterfront gem from Modern Continental for $11.7 million in 2005. Auction attendees told Banker & Tradesman that Yacht Haven’s marina business wasn’t worth nearly that much, and that Mumford could have only justified the purchase price by redeveloping the site and operating it in violation of a series of deed restrictions.
The marina’s Commercial Wharf neighbors appear to believe that is still the plan. A bankruptcy court motion filed today by the Commercial Wharf East Condominium Association argues Northern Bank is attempting to sell the property free of any litigation currently attached to the site. The condo association’s land court suit restricted the marina’s parking and barred Mumford from operating the business as a restaurant, bar or function hall. The bank has also asked the bankruptcy court to bar the state’s land court from maintaining jurisdiction over deed restriction disputes. That, the condo association’s brief argues, would amount to an end-run around the site’s deed restrictions, making it much more valuable.
Northern Bank has rebutted this argument, telling the bankruptcy court that Boston Boat Basin has “repeatedly announced its intention to abide by” the restrictions.
Adding a Patio Spa to Your Backyard
December 3, 2009 by admin · Leave a Comment
If you’re looking for a way to enjoy the amenities of a spa retreat without the costly expense, all you need is your own backyard patio. Although you may typically use your patio as a place for cooking outdoors and entertaining guests, why not recreate a spa-like atmosphere in the privacy of your own backyard?
“I generally use my patio for entertaining, but for a spa treatment, that’s special,” says garden designer Jill Slater. With simple embellishments from around the house and purchased from the garden center, Jill shows how you can turn your patio into a day spa where special guests can enjoy facials, foot baths and even spa rock treatments.
Creating a spa-like atmosphere
In order to create a tranquil spa retreat, find ways to appeal to the five senses – sight, smell, taste, sound and touch – to help you get in the mood. Incorporate plants and accessories that offer appealing colors, textures, fragrances and even tastes.
To start, embellish existing patio furniture with big, comfortable pillows that invite spa-goers to sit and rest. Don’t be afraid to use different colors, sizes and textures. You can find a variety of pillows designed for indoor and outdoor use, and if you want something that stays on the patio, many of the new weatherproof fabrics are durable and attractive. Toss the pillows anywhere a bit of added comfort is desired.
However, if you’re looking for an inexpensive alternative to dressing up drab pillows and cushions, use a beach towel as a covering. This way you can adjust it to fit an existing pillow accordingly, and when you’re finished, take it back inside to wash in the laundry. “The best spas are meticulously clean so a beach towel that gets flung into the washing machine after a messy spa treatment makes a lot of sense,” Slater says.
A home spa just wouldn’t be a spa without the sound of tranquil water. “You can buy miniature tabletop fountains practically anywhere,” Slater says. To add your own personal touch to your tabletop water feature, float flowers from your garden in the water or add brightly colored rocks or marbles to the water basin.
The soothing power of plants is an important ingredient to your backyard spa oasis. Use plants with palate-pleasing scents and textures. Herbs such as rosemary, lavender and scented geraniums not only smell and look great but can also be used in your homemade herbal spa treatments. Incorporate plants in shades of pastel pinks, purples, whites and silvers to create a soothing color palette. Get creative with moveable container plantings.
Finish setting up your outdoor spa by accessorizing with scented candles, an outdoor rug, hand towels, bottled water and other objects. Play some soft mood music in the background. Set up a standalone umbrella to protect spa-goers from the sun or stand an oscillating fan in one corner to provide a gentle breeze on a hot day.
Homemade spa treatments
Once the atmosphere has been created, invite some friends over for a day at your home spa and prepare all-natural homemade spa treatments that you can give to your friends. Start with a foot and hand soak. Add equal parts of warm water and buttermilk to a large bowl and stir gently. Then add a few dashes of essential oil to the mixture. Lavender can be used for its calming and balancing properties, while eucalyptus is a good choice for an uplifting, refreshing feel. Place hands in the bowl and allow to rest for a few minutes. Add smooth rocks to the bowl for a nice foot massage.
Perhaps a little exfoliation is on the menu? Prepare two cups of sea salt, one cup of grapeseed oil and a few liberal dashes of jasmine essential oil for a moisturizing exfoliating treatment.
And who doesn’t love a rose mask facial? Prepare three tablespoons of natural yogurt (not the low-fat kind), 2-1/2 tablespoons of rose water and a dollop of honey as a natural antiseptic.
You could even grow the sponge used to apply these mixtures. The loofah sponge is a natural exfoliant and can be grown in your own garden. Purchase loofah gourd seed online or at a specialty garden center and plant them after the last frost date. Let the fruit ripen on the vine. Harvest them when you can hear the seeds rattling inside. Peel away the skin, remove the seeds and allow them to soak in water prior to use.
Patios are supposed to be relaxing sanctuaries that make you feel better, and here’s one that helps you look better too. But the best part about the patio spa? No appointment necessary!
