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Joe Finnerty
"Lehigh Valley Real Estate Agent"
- 5 Helpful Answers
- 17 Answers
- 7 Listings
Locations:
Profile Link:
Experience:
Electrical Engineer for Agere Systems
August 1996—October 2004
Worked on web based simulation tools for the design and analysis of semiconductors.
Worked on web based simulation tools for the design and analysis of semiconductors.
Specialties:
Experience
* Realtor with Long & Foster Real Estate, Inc. since February 2005 ... show more
* Realtor with Long & Foster Real Estate, Inc. since February 2005 ... show more
Certifications
& Awards:
& Awards:
* Long & Foster Executive's Club
* Long & Foster Chairman's Club ... show more
* Long & Foster Chairman's Club ... show more
About:
Joe Finnerty is a full-time ePro Certified Realtor® affiliated with Long & Foster Real Estate, Inc. He resides in Lehigh Valley with his spouse and three
... show more
Testimonials:
"As first time home-buyers, my wife and I were greatly encouraged and comforted by Joe's friendly, hard-working and professional manner. Throughout the
... show more
Joe Finnerty answered:
With an FHA 203k loan, an appraisal is done before you purchase the house. A list of what work is going to be done is given to the appraiser. The appraised value is the value of the house as if it already had that work done.
For instance, you are purchasing a home for $150,000. It needs a new kitchen and bath. The estimate for these modifications is approximately $20,000. That means before you can get the loan an appraiser must go to the house and verify that the house will be worth $170,000 after these repairs are completed.
The bank will loan you the $150,000 to purchase the house but hold the $20,000 to pay the contractor after the work gets completed. You will be on a timeline to get this work completed and the contractor must be on an approved list from the mortgage company.
For instance, you are purchasing a home for $150,000. It needs a new kitchen and bath. The estimate for these modifications is approximately $20,000. That means before you can get the loan an appraiser must go to the house and verify that the house will be worth $170,000 after these repairs are completed.
The bank will loan you the $150,000 to purchase the house but hold the $20,000 to pay the contractor after the work gets completed. You will be on a timeline to get this work completed and the contractor must be on an approved list from the mortgage company.
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