Mountain Views News          Saturday, April 12, 2014

HOMES & PROPERTY Mountain Views News Saturday, April 12, 2014 
B3 HOMES & PROPERTY Mountain Views News Saturday, April 12, 2014 
B3 
A “203” FOR TLC 
You find a neat "fixer-upper," then learn that banks won't lend until the repairs are done, but the 
repairs can't be completed until the house is purchased! This Catch-22 scenario can be solved 
by HUD's FHA-backed 203(k) "rehab loan," growing in popularity because so many foreclosure 
purchases are in dire need of repairs. 

This loan covers the cost of the home, plus money for repairs up to a maximum of $35,000! To get 
the ball rolling, you'll need funds for the 3.5% required downpayment, and then to find a suitable 
property. Your real estate representative will prepare your offer, stating that you'll be seeking 203(k) 
financing. 

Next you'll apply to an FHA-approved lender, including a sheet listing each repair and its cost. 
Finally, an appraisal is performed to determine the value of the home once the proposed repairs are 
complete. 

Upon approval, you'll have financed the home purchase plus all your proposed repairs (there's even 
a 10%-20% "contingency reserve" included to cover any unforeseen improvements). At closing, the 
seller receives the purchase price, and the remaining funds go into escrow, to be disbursed to the 
contractor as work is completed (within six months).
Real estate agents support this loan program because it expands homeownership and revitalizes 
neighborhoods, but all you need to know is that it will get you into a very affordable home right now. 

JOIN THE SIERRA MADRE GARDEN CLUB -
MONDAY, APRIL 14, 2014 
DESIGNING WITH SUCCULENTS 
Come to the April Garden Club meeting and hear guest speakers Michael & Danielle 
Romero share their experience and expertise in growing, designing and crafting with 
succulents. 
Michael has worked at the Huntington Library Desert Garden and he and Danielle 
now work together at California Cactus Center in Pasadena. Danielle was published in 
Debra Lee Baldwin's 2013 book "Succulents Simplified". In addition to landscaping with 
succulents they design amazing creations and recently began staging plants with crystals 
and minerals. Don't miss this special program by two talented designers! 
Everyone is invited. Dinner begins at 6:30 P.M.; followed by the program at 7:15 P.M. 
Catered dinner is $10; reservations for dinner must be made by April 10th at 626-836-4945. 
There is no charge for attending only the program. 
Location: Hart Park House Memorial Park, 222 W. Sierra Madre Blvd., Sierra Madre. For 
information call the reservation number or visit www.smgarden.org 
52nd Annual 


Sierra Madre Art Fair 


Saturday, May 3 - 9:30 a.m. to 6 p.m. 

Sunday, May 4 - 9:30 a.m. to 5 p.m. 


Photos by George Post

Leather Cuff Bracelet 
Enamel Earrings 


Jewelry Designs by Beverly Jones 
100 Artists, Children’s Activities 
Live Entertainment, Food Trucks 
Wine and Beer Garden 

Free Admission • Sierra Madre Memorial Park 

222 West Sierra Madre Blvd., Sierra Madre, California 
For event information: 626.355.7186 or www.sierramadrelibraryfriends.org 
Benefits Sierra Madre Public Library 


Wild & Tame Necklace 


Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com