The down payment is 3.5% of the acquisition cost - this is the purchase price plus the construction costs. Keep in mind you will still have additional closing costs as well as a reserve requirement. Do your self a favor and reach out to a lender for a pre approval.
Web Reference: http://fhamortgageinfo.com/203k-loan-requirements/... more
"FHA 203K consultant’s fees are established by HUD and can found on the HUD website. These fees are paid directly to the consultant and not a lender charge. Fees for the consultant can vary slightly by state and by consultant.
Valuations on real estate websites do not necessarily reflect real values. These values are determined by tax records and prior listing info and then those sites have algorithms to give an average value based on the info the site has about that home and the surrounding homes it uses to compare to.... more
Good news, I just went through this for the 3rd time so I have your answer! Chances are there is not a HUD tag (be sure to check all closets, kitchen cupboards, and beneath the sinks).
In each case, we had to go through the DMV (department of motor vehicles), and believe it or not the police department was able to help with information needed to refinance and/or sell. I believe you are trying to establish ownership, and in most states these homes are considered vehicles so they are registered with the appropriate department.
This might sound strange, but it is what was necessary. They treat your home the same as a vehicle. Hopefully this works well for you, when we tried getting a title company to help it was of little use.... more
I assume you are going to hire the services of a professional home inspector before making any kind of real estate purchase. If so, great! I think you're making the right move. He/she will help determine if your electrical issues are considered a safety concern. As mentioned already in some of the answers, safety is one of the required repair items/issues under the 203K Program and they're required to be repaired by a licensed contractor.
You, as the buyer, will not be allowed to repair the electrical issues unless you can prove to the lender and their underwriting department that you are qualified to make the repairs (example: you are a licensed electrician), and...you'll want to be sure your lender will allow "self help". Not all lenders allow the buyer to work on the rehab. Check with your lender of choice.
No, I would not suggest a master bedroom with a bath in the basement. For your best return, kitchens and baths are the items that bring you back the most return. If these areas need attention, I would put some money into these areas. For the basement a finished family room and some much needed room for storage would be ideal. Contact Team Gardiner and we can give you some ideals. We have a certified Staging Expert as well as contractors on our team that we can recommend as well. Call me for your free pre-listing visit.
Hello, As the other stated the records show who the owner is at this current time but it doesnt show if it is a foreclosure. You can look up the property tax records on your own. If your interested in buying a foreclosure please feel free to give me a call. Happy House Hunting.
Brian, I am sorry to hear about all those appraisal costs. Hopefully, if you decide to go FHA you can use the old appraisal again with little modification. Many banks want to order their own appraisal (I can't say I blame them) because of the possibility of fraud.
I didn't realize that in your quetion that had already mentioned the streamline (I missed that s even though you capitalized it), but I think it is an excellent program for your needs. It shouldn't take as long as a USDA loan takes.
The only issue you might have with the streamline is that you have to be able to move in to the home within 30 days of closing.
If your current lender has experience with it you can ask hem how long it generally takes him. I can't imagine it would take more than 45 days. A USDA will likely end up taking 60 or more days.
Hope this helps but feel free to post more info or questions.... more