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60624 : Real Estate Advice

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  • Local Info2
  • Home Buying8
  • Home Selling1
  • Market Conditions0

Activity 16
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
2 votes 10 answers Share Flag
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
0 votes 7 answers Share Flag
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
0 votes 4 answers Share Flag
Fri Apr 26, 2013
Bob Brandt answered:
Too many buyers and not enough homes. Expect some price appreciation as a result of the current market and look ahead to where the value will be in 6 months. That will be a better guide than bidding using last years values. ... more
0 votes 16 answers Share Flag
Thu Apr 18, 2013
Mike Opyd answered:
My guess is you lost out to a cash offer. Cash is king and typically will beat financing offers since its more guaranteed of a closing than a financing offer is. Not your fault.
0 votes 23 answers Share Flag
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
... more
0 votes 7 answers Share Flag
Sat Jan 26, 2013
John Walin answered:
Great detailed answer, thanks!
0 votes 9 answers Share Flag
Mon Dec 17, 2012
Maria Cipollone answered:
Shop around for a mortgage broker they have access to many banks, private lenders and many different programs. Choose one that can answer all your questions and give at least two financial options in your first meeting. The internet is a great research for mortgage brokers.

Best of Luck,

Maria Cipollone

Century 21 Tenace

www.Flahomespecialist.com
... more
1 vote 10 answers Share Flag
Mon Dec 17, 2012
Maria Cipollone answered:
Predictions for 2013 include home prices continuing to increase as the real estate market stregthens. It will be a good idea to shop around for a mortgage broker that can assist you in this type of loan.

Best of Luck,

Maria Cipollone

Century 21 Tenace

www.Flahomespecialist.com
... more
2 votes 12 answers Share Flag
Sun Nov 28, 2010
Anna M Brocco answered:
Consider a Google search....
0 votes 1 answer Share Flag
Sat Dec 26, 2009
Ifeta answered:
I think you should contact ins agent to get correct answer. I use ALLSTATE they are the best 773-282-9280
Zlatko or Nerm will be very helpfull. Good luck!

Ifeta Faye Redzovic R E Broker Chicago, Il ... more
0 votes 2 answers Share Flag
Fri Jun 12, 2009
Rob Weber answered:
Ken, my post in your other thread pretty much answered this question as well as your other questions in that thread. I'm posting the link to it below, if you still have questions, feel free to follow-up with me.

http://www.trulia.com/voices/Financing/APR_on_FHA_k_vs_Conventional_loans_What_factors_-132987
... more
0 votes 2 answers Share Flag
Thu Jun 4, 2009
Brittany898 answered:
Two little-known home renovation mortgage programs offer solutions for buyers and homeowners who want to renovate.

Fannie Mae and the Federal Housing Administration have home renovation mortgage programs that allow buyers to borrow based on what the house is expected to be worth after the home rehab is completed. Homeowners can also use both programs to refinance their existing mortgage plus the renovation costs into one loan.

FHA's 203(k) program and Fannie's HomeStyle Renovation Mortgage have been around for years. In the old days, when most borrowers could easily get second mortgages or generous credit lines to pay for renovations, these loans weren't as appealing as they are today.

Home renovation loans in demand
"A couple years ago there wasn't as much demand for these loans," says Leesa Sandoval, a loan officer with PrimeLending in Dallas who specializes in renovation mortgages. "But now they are great to get some of this (housing) inventory sold and get these foreclosures out of the market."

More On Home Renovations:
Shop for an FHA-insured mortgage
Get the most from your home repair dollars
Calculator: Should you borrow from home equity?
Create a news alert for
"mortgages"

The FHA insured 22,491 home renovation mortgages in the 2010 fiscal year, according to the agency's latest report on 203(k) loans. That is more than six times the number of 203(k) loans the agency insured in 2007. Fannie says the volume of HomeStyle loans has picked up recently, but declined to provide details.

Dustan Shepherd, a loan officer and 203(k) specialist with BNC National Bank in Overland Park, Kan., says while demand for the rehab loans is up, many borrowers are not aware of the programs or think they are too complicated.

http://fha203kloan.org/
... more
0 votes 3 answers Share Flag
Fri Sep 26, 2008
Ken Dooley answered:
Erika,

Doesn't look like it. You pulled up a sold link to the property. If it's the location you must have, drive-by and call the sign if there's on there. If not, check for alternatives in the area.

Good luck, Ken.
... more
0 votes 1 answer Share Flag
Wed Aug 20, 2008
Kale Realty answered:
hello - check out www.ccrd.info and type in the pin number to see if the bank has filed a lien on the property. Let me know if you need any help

good luck!
0 votes 1 answer Share Flag
Tue Jul 3, 2007
Joe Zekas answered:
The following is from ChicagoTribune.com/homes recent sales:

$315,000 1/3/07
3855 W Monroe St, West Garfield Park, 60624
to Barbara Akintonde, from Charlson Clay

It's not always completely current, but it's the easiest to use site that's available to the public.

You can also go to the Cook County Assessor's office and locate the PIN (Property Identification Number) for the parcel, then go to the Cook County Recorder of Deeds site and look up filings by the PIN. That produces the same result as the search on the Tribune site. No later information than this as to deed transfers on 3855 W Monroe.
... more
0 votes 2 answers Share Flag
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