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Financing in Pinellas Park : Real Estate Advice

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Activity 2
Tue Oct 2, 2012
cmor481 asked:
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This question is about this property: http://www.trulia.com/property/3081428308-82120-B-St-N-Pinellas-Park-FL-33781
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Fri Mar 5, 2010
William Polack answered:
Mr. Lerette will be your best option. I can do 203K loans also, but with this program, it's best to use a local person. There are 2 types of 203K loans: Streamline and regular (for lack of better words). The Streamline does not allow structural repairs whereas the regular does. Streamline is restricted to $35K or 110% of the after repair value, whichever is less. The regular is unlimited not to exceed the FHA loan limit for your county. To make Mr. Lerette's life easier, find a HUD approved contractor to give you a list of repairs needed for the house, the dimensions, number of items, price etc. The contractor will need to provide a resume, references, insurance, bond and license. The appraisal will need to show "subject to repair" with an estimate of the house after repairs. You can get new appliances, new floors, new roof, new everything. It's a great FHA product. Rate's a little higher than normal. Good Luck ... more
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