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Home Buying in 60624 : Real Estate Advice

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Activity 4
Thu May 7, 2015
Brittany898 answered:
The experts at Prospect Mortgage can answer all of your specific questions about the types of repairs and renovations that you can undertake when you finance your home with a 203(k) Renovation Loan.

To give you an idea of the flexibility you have, the following charts list the projects that are allowable by the FHA with the Streamline K and Consultant K programs.

Streamline K: Eligible and Ineligible Repairs (not all inclusive)

> Eligible:
* Repair/replacement roof, gutters and downspouts
* Repair/replacement/upgrade of existing HVAC systems
* Repair/replacement/upgrade of plumbing and electrical systems
* Repair/replacement of existing floors
* Minor remodeling, such as in the kitchen, which does not involve structural repairs
* Exterior and interior painting, including lead-based paint stabilization
* Weatherization, including storm windows and doors, insulation, weather stripping, etc.
* Repair/replacement/upgrade of appliances (may include free-standing ranges, refrigerators, washer/dryers, dishwashers and microwaves)
* Improvements for accessibility for persons with disabilities
* Basement finishing/remodeling/waterproofing (not requiring structural repairs)
* Repair/replace/add decks, patios and porches
* Window and door replacements and exterior wall re-siding
* Septic and/or well repair or replacement

> Ineligible:

* Major rehabilitation or major remodeling, such as relocation of a load-bearing wall
* New construction, including room addition
* Repairs of structural damage
* Repairs requiring detailed drawings or architectural exhibits
* Any rehabilitation activities that require more than two payments per specialized contractor
* Landscaping or similar site amenity improvements
* Work that would cause the borrower to be displaced from the property for more than 30 days during the time of rehabilitation
* Work items that would necessitate a consultant to develop a work write-up
* Any repair or improvement requiring a work schedule longer than six months
* Foundation work
* Pool repairs
* New tennis court
* Gazebo or bathhouse
* Additions or alterations to provide for commercial use
* Photo mural
* Television antenna or satellite dish
* New swimming pool
* Outdoor fireplace/hearth/barbecue pit
* Other types of luxury items
Reference Link: http://fha203kloan.org/
... more
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Wed May 6, 2015
Carriedia answered:
FHA 203k Appraisal Guidelines:

An appraisal conducted by a licensed and approved FHA appraiser is needed for underwriting a 203k loan. All residential home loan programs including VA, FHA and conventional (Fannie Mae, Freddie Mac) require the performance of comprehensive appraisal report.

The type of appraisal required for the financing of rehab property is specified under the 203(K) appraisal requirements and guidelines.

The primary objective of an appraisal report is to establish the value of a subject property based on its existing condition and local market conditions. A lender evaluates other factors only after the suitable property value has been determined.

The loan amount allowed by the 203(K) rehab loan program is determined based on the market value established by the FHA approved appraiser.
Reference Link: http://fha203kloan.org/203k-eligible/
... more
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Tue Jul 23, 2013
Santiago Kensel Sanchez answered:
The appraisals can write any comment they want related to property market value , and plus now they are doing comments in property condition .
for more info go to http://www.Chicago-appraiser.com ... more
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Fri Feb 15, 2013
Mary Laurent answered:
Please contact our Guaranteed Rate 203k Reha department - they are experts in anwering questions regarding this FHA program
Aimee Renkes
Vice President of Mortgage Lending
203k Rehabilitation Loan Specialist
P: (312) 379-3529
C: (312) 399-3191
F: (773) 516-6026 aimee.renkes@guaranteedrate.com
www.guaranteedrate.com/aimeerenkes
NMLS: 755968
320 W. Ohio St Ste 410 • Chicago, IL • 60654

NMLS ID 2611 | NMLS Consumer Access
Licensing Information: https://www.guaranteedrate.com/licensing
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