FHA 203K Renovation Financing: An Opportunity For Everyone

We have all seen properties that aren’t in the greatest of shape, but there is a way to sell prospects on potential. With renovation financing, you can show your buyers how to turn a property they’re thinking of buying – or the one they already own – into the home they have always wanted.

All types of homebuyers can enjoy the benefits of renovation financing programs. Any qualified customer who plans to purchase or refinance a primary residence, vacation home or an investment property to make renovations is eligible to apply. Qualified buyers can choose a fixed or adjustable-rate loan that is based on the after-improved value of the property. The loan covers all the costs of minor and major repairs/additions/renovations, as well as the purchase price or any existing liens, minus the required borrower investment. … continue reading FHA 203K Renovation Financing: An Opportunity For Everyone

By rob-weber, | Comments (2)

New! 203K Mortgage Lender Directory

Find a 203K Lender in your area

Have you been looking for a 203K Lender in your area?

203K Mortgage Lender has just launched our National Directory of 203K Lenders!
So if you have been looking for a 203K lender go ahead and check it out.

By 203K Mortgage Lender, | Comments

Rehab Loan Options for Homeowners

Are you a homeowner looking for a rehab loan to improve your home? Are you thinking of adding an extra room, upgrading your kitchen or bathroom? Or maybe you just need to tend to a few upgrades or make some much needed repairs to your older home. Do you have little equity due to the market conditions or because you just recently purchased? If you answered YES to any of the above then you might want to consider financing your rehab project with the FHA 203k loan.
The FHA 203k rehab loan will help you finance your rehab project from minor repair work to turning your current residence into the home you’ve always dreamed about.

FHA 203K Rehab Loan vs. Conventional Cash Out & Home Equity Loans?
Most rehab loans are usually designed for investors. These loans have much higher interest rates and shorter terms. Standard Conventional (cash out) loans and Home Equity Loans are limited to the amount you can borrow and allow homeowners only to borrow up to 75% of the property value. Which these days, with values dropping homeowners may find themselves short in equity.

In comparison, the FHA 203k rehab loan is designed for a higher loan to value and can even exceed the property’s future value which means very little equity is needed. Along with that the 203k rehab loan is determined by the future value after repairs have been made instead of the property’s current value. It takes into consideration what the new value will be with the money you will be using for the rehab. … continue reading Rehab Loan Options for Homeowners

By 203K Mortgage Lender, | Comments (2)

203K Contractors and Cost Consultants

Hello Homebuyers and Homeowners…

In case you weren’t sure about this, you are allowed to select your own Contactor and Cost Consultant(if needed) on a 203k loan. Below are some links to where you can find these licensed sources plus additional information to help you.

Get Contractor information here:
http://www.cslb.ca.gov/Consumers/HireAContractor/

Find an FHA Cost Consultant here
https://entp.hud.gov/idapp/html/f17cnsltdata.cfm

Get Termite Company or inspector information here
http://www.pestboard.ca.gov/about/consumer.shtml

Check the Better Business Bureau here
http://www.la.bbb.org/BusinessFind.aspx

Get your 203K Loan Resources Here

By 203K Mortgage Lender, | Comments

Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds

Once again, another great article on the FHA 203k

This article  was originally posted on the RIS Media website read on:

Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds

By Eve Mitchell

FHA 203k Helps Homeowners RISMEDIA, March 27, 2010—(MCT)—The word “as-is” can indeed be one scary phrase. Especially when buying a home in today’s market where foreclosures and short sales that need fix-up work are plentiful.

But a little-known Federal Housing Administration (FHA) loan program that’s been around since 1978 can help take the sting out of “as-is.” Only 219 borrowers took advantage of the FHA’s 203k program in 2009. Not that many lending and real estate professionals are aware of the program, say observers.

Last year, Tom Meyer found a classic Oakland, Calif., home built in 1925 near Mills College he liked a lot. As a short sale it was priced right and about half the original asking price. Trouble was, the place needed some fix-up work—foundation improvements, dry rot work, a new roof over the garage and other improvements.

… continue reading Fixer-Upper Financing: 203k Program Provides Buyers with Renovation Funds

By 203K Mortgage Lender, | Comments (1)

Beware! No Termite License Can Be a Terminator!

No termite license can terminate the deal!

Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers.  As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction.  Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash?  Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.

Wow!!! That was a first for me but never the less an easy solution.  These were my options:

… continue reading Beware! No Termite License Can Be a Terminator!

By 203K Mortgage Lender, | Comments (2)

FHA 203K Tips – Contractors Bid and Work Write Ups

Contractors Bids

When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.

If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.

Here a sample of what you should be looking for when receiving a Bid from Contractor.

… continue reading FHA 203K Tips – Contractors Bid and Work Write Ups

By 203K Mortgage Lender, | Comments (3)

Interview with an FHA 203K Cost Consultant

Join Me For A 7 Part Series With An FHA 203K Cost Consultant

The 203K Cost Consultant plays a significant part of the 203K and is required on all 203K Standard loans.
In this interview I talk to a Hud Certified Cost Consultant. This 7 part series will cover:

The role of the 203K Cost Consultant What to expect at the inspections
How to avoid mistakes How to prepare for the 203k process
As well as other insider tips to help you get your loan closed with less stress

… continue reading Interview with an FHA 203K Cost Consultant

By 203K Mortgage Lender, | Comments (1)

Can You Afford to Say No to FHA 203K Borrowers?

This is for all the Real Estate Agents out there!

Today I came across yet another great post encouraging Real Estate Agents to consider those buyers who want to use FHA financing.   As a 203K Mortgage Lender I am trying to do my part in spreading the word that FHA Loans have a lot of benefits that the standard Conventional loans don’t.  So read on…you may be pleasantly surprised on how far FHA has come. … continue reading Can You Afford to Say No to FHA 203K Borrowers?

By 203K Mortgage Lender, | Comments

New Features on 203K Mortgage Lender website!

I just added some great new features on the 203K Mortgage Lender website

So check them out.

What's Your Home Worth?

What's Your Home Worth?

Interactive Home Search Find your new home!

Interactive Home Search Find your new home!

By 203K Mortgage Lender, | Comments (4)
« Newer Entries  
  Older Entries »
blog links Real Estate directory