Spring Remodeling Projects to Start Saving For

 As cold weather and snow continue through mid February, it is hard to imagine when Spring will come. Soon enough the warm weather will return and home improvement projects will be in full swing. According to CNBC, builder sentiment has remained in mid-to-upper-50’s (over 50 is positive) for the past 8 months, with February at a score of 55. This is a great score in comparison to last February, in which we experienced similar weather and builder sentiment was at a score of 46. The National Association of Home Builders’ Chief Economist David Crowe described the scores as “a modest, ongoing recovery,” predicting that “Solid job growth, affordable home prices and historically low mortgage rates should help unleash growing pent-up demand and keep the housing market moving forward in the year ahead.”

With a growing economy and improving weather, CF Funding expects remodeling projects to surge this spring. Many may be remodeling this year to increase their home’s appeal in order to sell it.

You may be wondering what is the best remodeling project for your home. Which improvement will provide a large return on investment? What can I afford this Spring? CF Funding is here to help.

According to Power Home Remodeling Group, the 4^th largest home remodeling company in America, “Giving your home some added curb appeal with an exterior makeover will automatically boost the resale value of your property... If you plan to stay put, focus on cost effective renovations that make your home more comfortable, functional and low maintenance for your family. Either way, enhancing your home this spring will help protect your greatest investment.” Examples of exterior improvement projects include updating siding, replacing windows, and painting or replacing entry doors.

If you plan to sell your home in the near future, these projects are important because they may make a great first impression on homebuyers. If you are worried about the cost, consider this: according to Steve Brown, the president of the National Association of Realtors, “Projects such as entry door, siding and window replacements can recoup homeowners more than 78 percent of costs upon resale.” The association also rated exterior projects among the most valuable home improvements in their Remodeling Cost vs. Value Report. Examples included deck addition, garage door replacement, and roofing replacement.

Looking to start remodeling indoors before the weather permits outdoor projects? CF Funding suggests a kitchen or bathroom remodel, as they also provide large return on investment. Be sure to contact us if you are considering a refinance, as you could receive cash back to help pay for your Spring projects. Visit www.cffunding.com for more info or call (888)-344-4080 to speak to a specialist today!

For more home improvement ideas, visit our Pinterest page at www.pinterest.com/cffunding. 

Guide to Buying and Selling in the Winter

There are many pros and cons to buying (or selling) a home during the winter season. Although the winter is generally known as a "slow season" for home buying and selling, it can have many benefits on both sides.





Here are CF Funding's list of Pros and Cons for Buying and Selling during the Winter season: 

Buying Pro's

Reduced Competition means less pressure, lower prices, and less likelihood of a bidding war.
Realtors may have more time during "slow season," are more available and responsive to your needs
Sellers may have less showings during winter months, therefore they may be quicker to respond.
Tax Benefits may be available for those who close by December 31, such as mortgage interest and property taxes.
Home shopping in winter allows you to see how well the house is built for winter weather (heating system, hot water, drafts, etc.)

Buying Cons

Limited inventory means you have less houses to choose from.
You may have difficulty seeing all features of the home's exterior due to weather (snow-covered defects may be hidden) leading to an unpleasant surprise.
You may feel a lot of pressure trying to balance holiday shopping / events with home shopping and mortgage tasks. Completing your holiday shopping early can help relieve this pressure !

Selling Pro's

Less competition from other sellers
Winter buyers tend to be more motivated, with a pressing need to move quickly.
Adorning your home with Christmas decorations is an easy way to make it look warm and welcoming!
According to a Redfin survey analyzing homes listed from March 2011 - March 2013, homes listed in winter had a 9% better chance of selling and sold about a week faster. They also sold for 1.2 percent higher price than those listed in other seasons! Read more on Redfin.com

Selling Cons

Showings may interrupt holiday events and activities.
Many home shoppers avoid looking during the winter, as they want more inventory, and may want to avoid moving in the cold and snow.


If you are looking to buy or sell this season, be sure to contact CF Funding for your mortgage needs. We can refer you to a great Realtor to help you get started, and we offer free preapprovals ! Give us a call at 630-328-8900 today, or visit our website at www.cffunding.com .

Affordable Housing Programs Extended through December 2016

CF Funding is pleased to share that the Obama administration has announced the expansion of its affordable housing program. The program helps to support the construction of rental housing, and provides assistance to underwater homeowners in order to avoid foreclosures. The administration will be tapping into Treasury funds in order to support these programs. The Home Affordable Modification Program was set to expire at the end of 2015, but is now extended for another year. According to the Washington Post, the program has “reduced the payments of about 1.3 million homeowners, far short of its initial 4 million projection.”

The announcement was scheduled to coincide with the Making Home Affordable program’s 5^th anniversary, as the program was introduced in 2009 (after the housing crash) as a means of stimulating the economy and improving the housing industry. As CF Funding has shared previously, the housing industry has come a long way since then. In CF Funding’s April press release “Underwater Homes at Lowest Level in Two Years,” the lender shared news that foreclosures and shadow inventory are continuously decreasing, and that an increase in home values has allowed homeowners to regain equity. Increased equity has allowed many homeowners to refinance or invest in remodeling projects. However, more improvement is needed to reach peak levels of housing activity.

The program is now extended through December 2016, according to US Treasury Secretary Jack Lew. “We need to continue to be there for homeowners who are facing foreclosure, those who are struggling with increasing interest rates on their modified mortgages, and those whose homes are caught underwater,” Lew said. The program not only helps to construct affordable rental housing, but allows state housing finance agencies to underwrite multifamily FHA loans. In doing so, the finance agencies take on a risk, as they share any losses from those loans.

The new program will receive anywhere from 500 million dollars to 1 billion dollars in annual funds from the Treasury and the FHA, in comparison to 363 million dollars which the FHA provided to the program last year.

The administration also hopes to bring back the private sector in order to reduce the government’s role in the mortgage market. The market is currently dominated by Freddie Mac and Fannie Mae, which are government-owned mortgage firms. Lew said he has directed his team “to bring investors and securitizers together in the months ahead so we can uncover new paths to increase private investment.”

CF Funding will keep readers updated on mortgage and housing news on the lender’s blog at http://cffundingcorporation.blogspot.com .