BEST ANSWER
Hi 80andsunny,
I love Hollywood, FL - I was just down there visiting one my old haunts called LeTub!
I am a 203k specialist. I've closed several 203K standard and Streamline loans all over Florida. As you may know, the 203K rehab loan allows you to roll the cost of the repairs into one payment. There are two types the 203K standard - which has a min. loan amount of $5K and no max loan amount. You have up to 6 months to complete the repairs, which can involve major renovations.
The 203K streamline allows less extensive repairs. There is no min. loan amount but the max is $35,000.00. You can use the streamline to do one or two projects or simply just purchase appliances.
If you have access to funds to cover the repairs, you may also have another option. This is called an Escrow Holdback. This involves depositing the funds to cover the repairs with an esrow agent and then after you close and the repairs are complete, the escrow agent will release the funds to the contractor. Of course, a final inspection will have to be done to insure the work is done to code and FHA guidelines.
I'm assuming you already have an FHA appraisal and home inspection. Before you can request a 203K loan, you will need an inspection by a 203K consultant. There are several in the South Florida area. Their fees are about $400-500. A portion of their fees can be rolled into the loan.
Please feel free to give me a call to determine the best course of action for you.
Sincerely,
JACQUELINE CLARKE
DPA/203K Specialist
Enterprise Mortgage Group
Winter Park, FL
Cell: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
Sun Oct 11 2009, 15:12
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