Home Buying in 06067>Question Details

Robin, Home Seller in Rocky Hill, NJ

1st mortgage/home improvements

Asked by Robin, Rocky Hill, NJ Tue Feb 23, 2010

Are there any FHA loan programs that enable you to take out a mortgage, say 270k, and then provide additional funds to you (assuming you qualify for more) to handle the home repairs or renovations?

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Answers

5
a 203k loan is what you are looking for.
0 votes Thank Flag Link Tue Mar 30, 2010
Hi Robin,

It appears that you will be buying in the Rocky Hill, CT Area. If that is the case , I am a Certified Mortgage Broker Specialist in the FHA 203K program, and I am located in the Hartford CT area. This is the program that provide additional funds to you (assuming you qualify for more) to handle the home repairs or renovations. Feel free to call with any questions or for more information.

Steven Geryk
Mortgage Officer
State Finance Company, Inc.
860-684-3111
860-684-7183 (fax)
stevegeryk@aol.com
0 votes Thank Flag Link Thu Feb 25, 2010
Robin,

Yes, it 's called a 203-k loan. This is a FHA mortgage and you can do the same with conventional loans, but it all depends on your credit scores and down payment. There are 2 types of 203-k loans... a full/regular 203-k loan and a streamline 203-k. I can go into the details with you at another time if interested.

Is this for a purchase of a new home or to refinance? You have yourself listed as a home seller. Because there will be issues if your house is currently on the market, if this was your plan.

You can call me and or e-mail me any time.

Thanks,
jeff


Jeffrey J. Belonger
Area Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : jbelonger@ihmci.com
0 votes Thank Flag Link Tue Feb 23, 2010
Yes, the FHA 203K loan allows you to purchase a home and place in escrow money to be used to rehab/repair the home.

Check out this link:

http://www.fha.com/fha_article.cfm?id=37
0 votes Thank Flag Link Tue Feb 23, 2010
Robin - I referred your questions to an FHA Expert in New Jersey. His name is Jeff Belonger and is with Infinity Home Mortgage Company. ph# 609.440.5133. You should receive an answer from him shortly, otherwise feel free to contact him directly with any/all questions pertaining to FHA financing.
Web Reference: http://www.TexasLoanGuy.com
0 votes Thank Flag Link Tue Feb 23, 2010
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