Home Buying in Dallas>Question Details

michael, Home Buyer in Hiram, GA

FHA 203k streamline loan...Planning to buy a foreclosure/bank owned home in need of minor repairs..Confused on the 203k streamline loan

Asked by michael, Hiram, GA Sun Dec 19, 2010

So I have been pre-qualified for a regular FHA loan.I put a offer in on a bank owned home last week. The bank will not accept my offer on this home unless I go FHA 203k streamline loan b/c it needs some minor repairs in the bathroom and laundry room. My lender does not do that loan so I am looking for someone in Georgia who does but I am also confused on this loan.
Can you do a 203k on a log home b/c that is what this house is? Also the repairs needing to be done to the home are very minor and I could do them myself.Do I have to have a contractor? Any help would be appreciated..If you are in Ga and do the 203k streamline loans please leave me your information so I can contact you asap.Thanks in advance,
Michael

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Answers

5
Good question, Michael. Being that it is a log home should not matter IMO, but I suggest you contact Ken Cook for a definitive answer.

http://kennycook.com/research/locust-grove-30248/

Georgia FHA Leader
Ken Cook 877-7000-KEN (536)
NMLS ID 208452

Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
1 vote Thank Flag Link Sun Dec 19, 2010
We do many of the 203K loans, they allow you to have the repairs completed by a contractor with inspections and payments all financed into the new loan. If the repairs are minor enough, we hve gotten around this and closed with you doing the repairs. Call me if you are not taken care of and I can explain how we have handled repairs in the past without going through the 203K loan process which is more involved if the repairs are very minor. Good luck to you, I am sure you are getting a terrific buy.
0 votes Thank Flag Link Sun Dec 19, 2010
Call me. I'll explain it. I probably do as many or more than anyone else. I'm in Marietta. 678-439-8683 cell.

Georgia FHA Leader
Ken Cook 877-7000-KEN (536)
NMLS ID 208452

Employer: AmericaHomeKey, Inc. 2300 Windy Ridge Parkway, Atlanta GA 30339. Georgia residential mortgage licensee #23191. NMLS ID 15076. Equal housing lender. Subject to errors, omissions and changes. Loans subject to approval.
Web Reference: http://kennycook.com
0 votes Thank Flag Link Sun Dec 19, 2010
Michael,

The 203K is a great loan but the down side is it requires more work on your part. You have to choose a contractor to do those repairs and stick with them. The reason that the FHA requires that a professional does the repairs so that they are done correctly and done at all. The extra money goes into a escrow account and paid to the contractor upon completion. You will be charged a fee of I think $35.00 to have the FHA reinspect the repairs and sign off on them.

Good luck,
Tom
0 votes Thank Flag Link Sun Dec 19, 2010
Michael,

I've heard that Justin Herring of Southeast Mortgage does 203k. Also, a lender in Macon that I use, Patrick Spencer is good to work with as well: 478-731-7483, and can do the underwriting quickly anywhere in the state.

You will have to use a contractor, unfortunately. That's one of the requirements to prevent fraud, and you'll need 2 or 3 competing bids.

Best of luck!
Web Reference: http://jonathanrainer.com
0 votes Thank Flag Link Sun Dec 19, 2010
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