Comments on: Do You Have an FHA 203K Question? Post it Here http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/ Information, Questions & Answers about the FHA 203K Tue, 20 Jul 2010 06:34:02 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Marvin Hernandez http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-892 Marvin Hernandez Tue, 20 Jul 2010 06:34:02 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-892 <strong>Mark Asked:</strong> When seeking financing, does the buyers have to go thru a bank or mortgage company that directly offers 203K financing or can they iniciate the loan thru, say, their own local bank who inturn can go thru a 3rd party. In my area there are no known 203K financers within 60 miles and many buyers are nervous to go to outsiders. B O A in a city 60 miles away offers it but the local branch is not listed on HUD list of financers as offering 203K financing. Can a buyer go to the local B O A to apply who in turn goes to a larger branch to complete the financing? Can a bank work with a mortgage company in another area to complete the 203K financing? Is there somewhere where 203K financers in North Carolina are listed that the HUD listing? <strong>Marvin's Answer:</strong> Hi Mark, An FHA 203k loan can be acquired through a Bank, Mortgage Banker or Mortgage Broker. The proximity of the lender shouldn't matter just make sure they have some experience in handling FHA 203k loans. If you need a referral in your state feel free to contact me as we plan to expand and help homebuyers and homeowners throughout the U.S. Thank you and good luck. Marvin Hernandez Mark Asked:
When seeking financing, does the buyers have to go thru a bank or mortgage company that directly offers 203K financing or can they iniciate the loan thru, say, their own local bank who inturn can go thru a 3rd party.
In my area there are no known 203K financers within 60 miles and many buyers are nervous to go to outsiders.
B O A in a city 60 miles away offers it but the local branch is not listed on HUD list of financers as offering 203K financing. Can a buyer go to the local B O A to apply who in turn goes to a larger branch to complete the financing?
Can a bank work with a mortgage company in another area to complete the 203K financing?
Is there somewhere where 203K financers in North Carolina are listed that the HUD listing?

Marvin’s Answer:

Hi Mark,

An FHA 203k loan can be acquired through a Bank, Mortgage Banker or Mortgage Broker.

The proximity of the lender shouldn’t matter just make sure they have some experience in handling FHA 203k loans.

If you need a referral in your state feel free to contact me as we plan to expand and help homebuyers and homeowners throughout the U.S.

Thank you and good luck.

Marvin Hernandez

]]> By: mark lail http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-889 mark lail Sun, 11 Jul 2010 21:32:23 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-889 when seeking financing, does the buyers have to go thru a bank or mortgage company that directly offers 203K financing or can they iniciate the loan thru, say, their own local bank who inturn can go thru a 3rd party. In my area there are no known 203K financers within 60 miles and many buyers are nervous to go to outsiders. B O A in a city 60 miles away offers it but the local branch is not listed on HUD list of financers as offering 203K financing. Can a buyer go to the local B O A to apply who in turn goes to a larger branch to complete the financing? Can a bank work with a mortgage company in another area to complete the 203K financing? Is there somewhere where 203K financers in North Carolina are listed that the HUD listing? when seeking financing, does the buyers have to go thru a bank or mortgage company that directly offers 203K financing or can they iniciate the loan thru, say, their own local bank who inturn can go thru a 3rd party.
In my area there are no known 203K financers within 60 miles and many buyers are nervous to go to outsiders.
B O A in a city 60 miles away offers it but the local branch is not listed on HUD list of financers as offering 203K financing. Can a buyer go to the local B O A to apply who in turn goes to a larger branch to complete the financing?
Can a bank work with a mortgage company in another area to complete the 203K financing?
Is there somewhere where 203K financers in North Carolina are listed that the HUD listing?

]]> By: Marvin Hernandez http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-776 Marvin Hernandez Thu, 17 Jun 2010 00:56:14 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-776 <strong>Catherine asked:</strong> Marvin, we are investors in the San Fran Bay area. We want to buy a house with our cash plus hard money or transactional funding, and turn around and market it to an end buyer owner/occupier as a 203k fixer. Do you have available hard money lenders or short term transactional fund lenders? We are working with a 203k consultant but have not yet done this type of a deal. We were considering starting a 203k non-profit but are there still no lenders lending to non-profits? <strong>Marvin's Answer:</strong> Yes, hard money rehab loans are available but they are typically used by investors. There are Conventional rehab loans also available and these are geared for owner occupied, second homes and investors. I will have someone e-mail you directly with more information. In Regards to FHA 203k loans for non-profit organizations, I do have some updated news and they are available!!! Non-profits who are eliglible, must be an existing organization with a minimum 2 years experience in providing housing for low-and-moderate income persons Good luck. Marvin Hernandez Catherine asked:

Marvin, we are investors in the San Fran Bay area. We want to buy a house with our cash plus hard money or transactional funding, and turn around and market it to an end buyer owner/occupier as a 203k fixer. Do you have available hard money lenders or short term transactional fund lenders? We are working with a 203k consultant but have not yet done this type of a deal.

We were considering starting a 203k non-profit but are there still no lenders lending to non-profits?

Marvin’s Answer:

Yes, hard money rehab loans are available but they are typically used by investors.
There are Conventional rehab loans also available and these are geared for owner occupied, second homes and investors.

I will have someone e-mail you directly with more information.

In Regards to FHA 203k loans for non-profit organizations, I do have some updated news and they are available!!!

Non-profits who are eliglible, must be an existing organization with a minimum 2 years experience in providing housing for low-and-moderate income persons

Good luck.
Marvin Hernandez

]]> By: Catherine http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-759 Catherine Sat, 12 Jun 2010 22:33:44 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-759 Marvin, we are investors in the San Fran Bay area. We want to buy a house with our cash plus hard money or transactional funding, and turn around and market it to an end buyer owner/occupier as a 203k fixer. Do you have available hard money lenders or short term transactional fund lenders? We are working with a 203k consultant but have not yet done this type of a deal. We were considering starting a 203k non-profit but are there still no lenders lending to non-profits? Marvin, we are investors in the San Fran Bay area. We want to buy a house with our cash plus hard money or transactional funding, and turn around and market it to an end buyer owner/occupier as a 203k fixer. Do you have available hard money lenders or short term transactional fund lenders? We are working with a 203k consultant but have not yet done this type of a deal.

We were considering starting a 203k non-profit but are there still no lenders lending to non-profits?

]]> By: Marvin Hernandez http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-687 Marvin Hernandez Tue, 25 May 2010 07:48:54 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-687 Jenny asked: Hi Marvin, I’ve lived in the house for 2 years, just notice about 203k loan, I plan to make a 2nd unit in up-stair, and add a bath room, kitchen, so I can rent it out. Do I qualify this type of loan? currently I have FHA loan on our 1st mortgage. If I qualify what should I do next? <strong>Marvin's Answer</strong>: Hi Jenny, Yes...you can add 2 or more units to your existing property as long as you don't go pass the 4 unit maximum. That rule also applies to owners looking to downsize to 4 units as well who might currently have 5 or more units. Whether you have an FHA or a conventional loan it doesn't matter because the new FHA 203k loan will be paying off the existing loan you currently have and will give you the additional funds for your project. The next step is to find out how much you would qualify for which can include the new expected rental income from that additional unit your planning to build...which of course will help. Feel free to contact me when you're ready to get started. Jenny asked:

Hi Marvin,

I’ve lived in the house for 2 years, just notice about 203k loan, I plan to make a 2nd unit in up-stair, and add a bath room, kitchen, so I can rent it out. Do I qualify this type of loan? currently I have FHA loan on our 1st mortgage. If I qualify what should I do next?

Marvin’s Answer:

Hi Jenny,

Yes…you can add 2 or more units to your existing property as long as you don’t go pass the 4 unit maximum. That rule also applies to owners looking to downsize to 4 units as well who might currently have 5 or more units.

Whether you have an FHA or a conventional loan it doesn’t matter because the new FHA 203k loan will be paying off the existing loan you currently have and will give you the additional funds for your project.

The next step is to find out how much you would qualify for which can include the new expected rental income from that additional unit your planning to build…which of course will help.

Feel free to contact me when you’re ready to get started.

]]> By: Jenny http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-685 Jenny Tue, 25 May 2010 01:02:58 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-685 Hi Marvin, I've lived in the house for 2 years, just notice about 203k loan, I plan to make a 2nd unit in up-stair, and add a bath room, kitchen, so I can rent it out. Do I qualify this type of loan? currently I have FHA loan on our 1st mortgage. If I qualify what should I do next? Hi Marvin,

I’ve lived in the house for 2 years, just notice about 203k loan, I plan to make a 2nd unit in up-stair, and add a bath room, kitchen, so I can rent it out. Do I qualify this type of loan? currently I have FHA loan on our 1st mortgage. If I qualify what should I do next?

]]> By: Jacques http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-308 Jacques Fri, 22 Jan 2010 04:09:01 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-308 Can you send me a list of national lenders who particpate in the 203K program for nonprofits ? Can you send me a list of national lenders who particpate in the 203K program for nonprofits ?

]]> By: Marvin Hernandez http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-254 Marvin Hernandez Mon, 21 Dec 2009 10:36:01 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-254 <strong>Stephen asked:</strong> <em>Hi Marvin, I’ve done tons of conventional and FHA’s deals but have never done an FHA 203k. Should we have a contractor go out first to give us an estimate before we write up the offer. Buyer is approved for $200k and property is listed at $170K. If we offer full price $170k that still gives us $30k to work with for the repairs.</em> <strong>Marvin's Answer:</strong> Hi Stephen, Having an estimate from a contractor before writing up an offer would be helpful and is a good idea. Although not necessary as lots of buyers and agents will kind of guess-estimate on what those repair or rehab cost would be then bring in the contractor after the offer has been accepted. It sounds like you're on the right path and got it covered already so if you have any other questions let me know. Good luck. Marvin Stephen asked:

Hi Marvin,
I’ve done tons of conventional and FHA’s deals but have never done an FHA 203k. Should we have a contractor go out first to give us an estimate before we write up the offer. Buyer is approved for $200k and property is listed at $170K. If we offer full price $170k that still gives us $30k to work with for the repairs.

Marvin’s Answer:

Hi Stephen,
Having an estimate from a contractor before writing up an offer would be helpful and is a good idea. Although not necessary as lots of buyers and agents will kind of guess-estimate on what those repair or rehab cost would be then bring in the contractor after the offer has been accepted. It sounds like you’re on the right path and got it covered already so if you have any other questions let me know.

Good luck.

Marvin

]]> By: Stephen http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-253 Stephen Fri, 18 Dec 2009 23:26:20 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-253 Hi Marvin, I've done tons of conventional and FHA's deals but have never done an FHA 203k. Should we have a contractor go out first to give us an estimate before we write up the offer. Buyer is approved for $200k and property is listed at $170K. If we offer full price $170k that still gives us $30k to work with for the repairs. Hi Marvin,

I’ve done tons of conventional and FHA’s deals but have never done an FHA 203k. Should we have a contractor go out first to give us an estimate before we write up the offer. Buyer is approved for $200k and property is listed at $170K. If we offer full price $170k that still gives us $30k to work with for the repairs.

]]> By: Marvin Hernandez http://www.203kmortgagelender.com/blog/do-you-have-an-fha-203k-question-post-it-here/comment-page-1/#comment-250 Marvin Hernandez Wed, 16 Dec 2009 18:17:16 +0000 http://www.203kmortgagelender.com/blog/?p=103#comment-250 <strong>Murf the Surf asked:</strong> <em>In one of the posts above you said”For the most part it would be like starting over again unless you already have an appraisal done subject to the repairs needed”. Ok, so if I have an appraisal already, how long is it good for?</em> <strong>Marvin's Answer:</strong> Hey "Murf", Starting in 2010 FHA Appraisals will be good for 120 days. Good luck to you! Marvin Murf the Surf asked:

In one of the posts above you said”For the most part it would be like starting over again unless you already have an appraisal done subject to the repairs needed”.
Ok, so if I have an appraisal already, how long is it good for?

Marvin’s Answer:

Hey “Murf”,

Starting in 2010 FHA Appraisals will be good for 120 days.

Good luck to you!
Marvin

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