Taylor, Home Buyer in Ormond Beach, FL

Fha 203k in Florida

Asked by Taylor, Ormond Beach, FL Fri Jul 5, 2013

Hi. My husband and I like most are upside down in our current home that we have grown out of. We had tested the market out and have received multiple offers that would cover our mortgage. We have found a foreclosure that is not habitable as is and were looking into an fha 203k loan. The problem is we really only can afford to put the 3.5% down but have heard that the other fees are expensive on the 203k. Are those able to be rolled into the loan? Secondly, the realtor tells us the bank wants a cash deal. Are we wasting our time with this? We haven't been able to find a knowledgeable 203k broker. Any help is appreciated

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Carl Head’s answer
Hi Taylor,

I will be glad to help you. Please feel free to contact me directly carlrealtycenter@aol.com or by phone 407-832-4650.

I am familiar with FHA 203k loans, and actually used the program once myself to buy and renovate a home here in Orlando.

Also, I can recommend a very good, local Mortgage Broker.

Of course the Listing Agent wants a cash buyer, then they won't have to worry about inspections, appraisals, etc. But you should have an equal chance to have your offer considered.

I hope to hear from you soon.


Carl Head
Realty Center-Orlando
0 votes Thank Flag Link Fri Jul 5, 2013
If the bank wants a cash deal then you are better of moving on and finding a different property. The bank has the right to sell to whom ever they want and your chances with a 203k are behind anyone trying with a conventional or with cash.

However, that does not mean to give up on 203k. They are a good product and work well under the right circumstances. You will be able to use it with any government foreclosure (Fannie, Freddy or HUD).
1 vote Thank Flag Link Fri Jul 5, 2013
Hi Taylor,

If you haven't already found a lender, I have specialized in this type of loan for 21 years and teach a continuing education course across the state of Florida to Realtors about the program. With the FHA 203K, you turn into a cash buyer. I have had to speak to many selling agents and educate them about the program. Please check out our website http://www.titanhl.com, as it is a wealth of information regarding the 203K. I have to warn that some of the larger financial institutions can give this program a bad name. Make sure whoever you are working with can close them in the same amount of time as a regular FHA loan...if not, you will be in a world of agony. Also, make sure they are not telling you that a property "doesn't qualify for FHA 203K" or there is a "$35,000 max to repairs". This means they only do Streamline 203K and not Full...

I hope this was helpful and good luck!

Andy Wood
0 votes Thank Flag Link Tue Oct 15, 2013
You will need an experienced 203k Consultant who can evaluate the property, and identify FHA and HUD 203k requirements, and guidelines.

203k is a very good program however, getting it is not the easiest process. You have to team up with a great lender who is knowledgeable about it.

Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sat Oct 5, 2013

Ask your realtor to show you the fees that lender charges or the charges associated with that 203K loan to see if this is something you want to purse. You don't know until you try. Worse case scenario, you learn what the fees are just in case there is another deal that comes up! =o)
0 votes Thank Flag Link Tue Jul 9, 2013
The best advice I can offer is to give me a call and we can discuss specifics. I'm certified to handle the 203K with Wells Fargo and I have over thenty years experience in mortgage lending working for several commercial banks. My number 321-268-5564
0 votes Thank Flag Link Fri Jul 5, 2013
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