Home Buying in Middlesex>Question Details

Mark, Home Buyer in Middlesex, NJ

An reo that needs some repairs. I was looking into a fha 203k or fha 203b. what is the success rate of closing on these types of loans?

Asked by Mark, Middlesex, NJ Sat Aug 14, 2010

the home needs 15k in roof repairs and probably another 15k in interior repairs. The house has been an REO for two years now and i will be the first bid since then. there is some mold and one plaster wall is damaged along with the paint in one room. all due to roof damage. I would like to take an fha 203 but what is the success rate of these loans? I am a first time home buyer and just wondering before i get too deep if it is worth it?

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It is substantially easier to do a streamlined rehab loan with FHA. Affectionately, I call these Baby K's. If you can stay under the 35K, by all means, do.
0 votes Thank Flag Link Sat Aug 14, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
You may be able to go streamline on this no problem as long as the repairs are not majorly structural in nature. The 203k Streamline allows up to 35k for repairs. Visit the Govt. site for more info: http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm. I have found these loans to close just fine if you have the right lender doing them(I can't stress this enough). Figure 45-60 days to close one minimum. It takes longer to get them done. They are good loans though and are definitely worth it. Here are two lenders that are pros at them:

Barbara A Marchette
Home Mortgage Consultant
Wells Fargo Home Mortgage
15 Commerce Blvd. Ste. 302
Succasunna, NJ 07876
ph(973) 598-8918
fax(866) 359-8061

Jeremy Knapp
Loan Officer
Residential Home Funding

Hope that helps.
0 votes Thank Flag Link Sat Aug 14, 2010
If the house has more than 29000 in repairs you have to go go 203k full if less then 29000 you have to go 203k stream line. I all depends how much needs to be done and what you qualify for. If you have any further question you can contact my partner who is a mortgage banker he would be able to explain it to you in much more detail.frank D Angelo 908-377-7109. He can answer any questions or concerns about those type of loans.

Ron Simone Jr.
All Towne Realty
732-978-0991 Cell
732-453-2930 Private
0 votes Thank Flag Link Sat Aug 14, 2010
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