All the best,
If you qualify - great, go for them, but ask for what issues you should anticipate down the road.
If you don't qualify - ask what you need to change in order to qualify - and plan ahead.
Hope this helps,
Beachfront Realty, Inc.
Please contact me if I can be any assistance to you!
There still seems to be a little confusion with some on the limits of an FHA 203k loan. I've just arranged financing for two clients' using the FHA 203k loan.
One was for a $257,000 purchase with $80,000 in repair costs, totaling a $349,000 loan amount.
The other was $109,000 purchase with $17,000 in repair costs added to the loan. This is referred to as an FHA 203k Streamline loan because of the lower repair amount, there are less requirements.
FHA 203k loans are a little more complicated than a regular mortgage loan in that the borrower &/or their contractor must provide all labor & material costs upfront, however they are well worth the extra paperwork. It's like having a trusted adviser (the lender) on your side to be sure you have everything planned AND priced appropriately.
Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
Many buyers falsely resume that they can get one of these loans and then do the work themselves which isn't true., The work must be done by approved contractors/tradesmen who are on the FHA list in your area. You may be permitted to do some of the work if yo are a licensed contractor or can provide evidence of ample experience to satisfy their requirements.
I am only aware of a couple of lenders in my area who offer these loans, and I don't know your area so I can't reccomend anyone to you. but you could always check out the FHA website and perhaps pull down a list of lenders in your area who offer this loan product.
There are more details but its not really a big deal if you are working with professionals, it can all go very smooth a simple.
Have fun buying your new home! Jim
203ks are a fabulous way for people that are not fortunate enough to have cash, to be able to buy a distressed property. There are 2 different loans, one that can go up to $30k where you as the homeowner can hire up to 3 contractors to complete the work. The other loan can go up to the FHA cap in Miami-Dade, or $423,750, which includes the price of the house and the repairs. This loan must be orchestrated by a general contractor. It sounds difficult but it isn't. Imagine that you could have your dream house with new bathrooms, kitchens, etc just the way that you want them. Call me to find out more, Christine Knize, Broker, Palladio Realty 305-505-2282
It is real, It is possible? in most of the cases it is a complicate transaction.
You need a contractor.
A good Realtor.
Selling agent and seller willing to accepted a 203K
Repairs not to exceed 30K
Subject to appraisal and tons of other regulation.
For an FHA buyer's you must contact an agent and work with She/he.
Realty World Executive Homes.
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