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Jose
- 1 Helpful Answer
- 13 Answers
- 2 Questions
Profile Link:
Specialties:
HUD/FHA 203(k) Consultant and Compliance Inspector
Interests:
Real Estate Construction/Remodeling/Renovation
Jose answered:
Yes, you can use the Regular FHA 203(k) Loan to completely rebuilt a distressed property.
Find and visit with an experienced FHA 203(k) Consultant in your immediate area as a Consultant will be
required.
As far as having to use existing foundation, that depends on the condition of existing foundation.If existing foudation is in good condition wheather pier and beam or slab/concrete one may add to existing foundation to meet new plans.
There are existing loan limits per State and per County, you may go to HUD Website to find out mortgage limits in your county.
My steps for an FHA 203(k) Loan
1. Find an experienced FHA 203(k) Consultant and ask as many questions as possible, including who are the most experienced FHA 203(k) Lenders the Consultant has worked with.
2. Once you find an experienced Lender, get pre-approved to find out mortgage limit you qualify for. Try your best to find an experienced FHA 203(k) Lender. Be sure to ask the Lender how long it will take to close and if they can guarantee a close within the time they stated. Some Lenders are taking up to eight weeks or longer to close and have caused serious setbacks to Borrowers, Sellers, and all involved.
3. If you have not found your property yet, find a Realtor knowledgeable with the Regular FHA 203(k) Loan and share as much information needed to find you the property you want.
4. Once you find the right property, get your FHA 203(k) Consultant to visit the property with you and provide you with an analysis report on the property. During this visit, provide the Consultant with your plans on what you want to accomplish with the property. From here on the Consultant will pretty much lead you all the way to closing.
5. If you decide to go with a property with minimum repairs, it is best to get your FHA 203(k) Consultant to provide you with an analysis report on the property. In doing so, you will know whether the property qualifies for the Streamline FHA 203(k) Loan or the Regular FAH 203(k). Many times the Lender will go forward with the Streamline only to find out on the 11th hour that the property will have to go Regular FHA 230(k).
Hope, the above will be of help, if any further questions, email me at FHAInspections@austin.rr.com.
Find and visit with an experienced FHA 203(k) Consultant in your immediate area as a Consultant will be
required.
As far as having to use existing foundation, that depends on the condition of existing foundation.If existing foudation is in good condition wheather pier and beam or slab/concrete one may add to existing foundation to meet new plans.
There are existing loan limits per State and per County, you may go to HUD Website to find out mortgage limits in your county.
My steps for an FHA 203(k) Loan
1. Find an experienced FHA 203(k) Consultant and ask as many questions as possible, including who are the most experienced FHA 203(k) Lenders the Consultant has worked with.
2. Once you find an experienced Lender, get pre-approved to find out mortgage limit you qualify for. Try your best to find an experienced FHA 203(k) Lender. Be sure to ask the Lender how long it will take to close and if they can guarantee a close within the time they stated. Some Lenders are taking up to eight weeks or longer to close and have caused serious setbacks to Borrowers, Sellers, and all involved.
3. If you have not found your property yet, find a Realtor knowledgeable with the Regular FHA 203(k) Loan and share as much information needed to find you the property you want.
4. Once you find the right property, get your FHA 203(k) Consultant to visit the property with you and provide you with an analysis report on the property. During this visit, provide the Consultant with your plans on what you want to accomplish with the property. From here on the Consultant will pretty much lead you all the way to closing.
5. If you decide to go with a property with minimum repairs, it is best to get your FHA 203(k) Consultant to provide you with an analysis report on the property. In doing so, you will know whether the property qualifies for the Streamline FHA 203(k) Loan or the Regular FAH 203(k). Many times the Lender will go forward with the Streamline only to find out on the 11th hour that the property will have to go Regular FHA 230(k).
Hope, the above will be of help, if any further questions, email me at FHAInspections@austin.rr.com.
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