Any advice about FHA 203K loans?

Asked by Debnyc, Bergen County, NJ Mon Mar 2, 2009

I'm looking at a house in north NJ but it needs improvements/updating. The house is a mess but I think it's structurally sound. I'd like to get an additional 50-70k for improvements.

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3
Frank Gillig…, Agent, Monmouth Beach, NJ
Tue Feb 9, 2010
Hi,
Make sure you find an agent that is a 203K specialist.
Frank Gilligan
Prudential New Jersey Properties
Re-buildUSA Specialist
Serving Monmouth & Ocean County
732-539-8668 Cell
0 votes
Michael Grace, Other Pro, New Providence, NJ
Sun May 31, 2009
Get your pre-approval. Know your loan limits.

Prior to writing your purchase contract, you need to determine the extent of the work necessary and the approximate costs of repairs and the impact on market value. This can be accomplished with a HUD 203 (k) Consultant.

Michael Grace
HUD 203(k) Consultant
Web Reference:  http://www.your203home.com
0 votes
Damon Redmond, , Newark, NJ
Mon Mar 2, 2009
The 203k program is a great program for a first time homebuyer. As long as the seller is willing to accept a contract with the 203k mortgage financing contingency I would recommend taking the house.
Make sure that you work with an experienced loan officer that specializes in 203k FHA loans because they are not for the unexperienced. My advic would be to get your contractors estimate up front and submit it with your offer ALSO meet face to face with your loan officer so that they can give you a proper timeline on the processing of the loan before you submit an offer
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