Financing in 19403>Question Details

Rebecca, Both Buyer and Seller in Jeffersonville, PA

Streamlined 203K loans? What are the restrictions, as far as comparing to the regular 203K HUD loan?

Asked by Rebecca, Jeffersonville, PA Sun Jun 21, 2009

We are looking and are limited to taxes, listing prices..therefore making our search less expansive, anyhow my husband is a contractor/handyman(not licensed) and we can get a lot more for our money if we buy a "fixer-upper' still livable but needing work..I know about the 203K HUD loan, because we have to go FHA, due to my credit of 680..but saw a streamlined 203K that seems a lot more doable for us NOT needing licensed contractors for every project needing work ,is there .anything else anyone can add about this loan, that can give us more insight as to whether or not its another option? thanks.

0 votes Share Flag Financing in 19403

Help the community by answering this question:

Answers

5
BEST ANSWER
Rebecca,

The Streamlined 203K is a great option if your repairs are under $35K. That gives you quite a bit of room. Here's HUD's info. on it: http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm Click on and down the HUD Mortgagee Letter 2005-50. It details the program and answers what is allowable and has some good Q&As.

Good luck!

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First Realty
480.560.7255 (direct & text)
shar@speakingofphoenixrealestate.com
Twitter: @SharRundio
0 votes Thank Flag Link Sun Jun 21, 2009
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
0 votes Thank Flag Link Sat May 25, 2013
thank you the link was a wonderful help!
0 votes Thank Flag Link Sun Jun 21, 2009
Rebecca,

Great question. When you get a chance, please contact Ruth Falcone at Trident Mortgage. She is well versed on what it takes to get things done.

Ruth H. Falcone

Mortgage Consultant

305 2nd Avenue, Suite 210

Collegeville, PA 19426

Phone (610) 831-8112

E-Fax (610)650-5599

ruth.falcone@prufoxroach.com

http://www.ruthfalcone.tridentmortgage.com
0 votes Thank Flag Link Sun Jun 21, 2009
Hi Rebecca,

The FHA 203K options have been good ones but they are not without pitfalls. I always advise people to seek advise from the expert in the field. You need to speak with a mortgage loan officer. I have a couple I work closely with and trust their judgement. Call me and I will pass on the contact information. Mortgages have gotten a lot trickier in the last year or so. Always go to a mortgage professional to get mortgage advise.

Nancy Judovits
Weichert, Realtors
Collegeville, PA
610-409-9911x160/Office
610-409-6660/Direct
0 votes Thank Flag Link Sun Jun 21, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer