Not all FHA Lenders or loan officers have the expertise to handle an FHA 203K Loan. Don’t take a chance talk to the 203K Specialist who can do FHA 203K Renovation loans as well as standard FHA loans.
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General Answers About the 203k Loan...
What type of financing is it?
Think of the 203k as an all in one home loan for improving a property in almost any condition. One loan for buying or refinancing, while getting the money you need for improvements combined into one loan.
There are two types of 203k's
Streamline for loans up to 35,000 and
2) the Standard version for higher loan amounts or more extensive improvements.
Loan Requirements: Property must be owner occupied, 1-4 unit properties
A 203k appraisal is based on the future value after improvements
Down Payment: 3.5% of the total amount borrowed
Refinancing? Only little equity is needed to avoid bringing cash to close
Rates: Are just a little higher than home loans without additional funds for improvements
For more ANSWERS download our Free 203K Guide below.
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Our downloadable FHA 203K Guide is packed with information about the FHA 203K Loan. Find out what type of projects are eligible and which are not. What properties meet FHA requirements and more!
FHA 203K Video explaining the FHA 203K Transaction
Our exclusive 203K Web Cast Interview with an FHA 203K Cost Consultant
203k Mortgage Lender articles & downloads
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Hello! I'm a Mortgage Consultant (my focus is in FHA / Emerging Markets & RENOVATION/Construction-Perm financing) with Prime Lending. I'm one of those people who is working all the time and has their laptop with them everywhere they go. Between the office & my wireless cell card, I'm pretty much working 24/7 (ok, it's more like 70-80+).
When I'm not doing a Homebuyer Seminar, a Renovation or FHA presentation, at a conference, or a networking event, I like to stretch my legs at the beach playing Volleyball (competitive 2's/4's sand and indoor 6's) and inline speedskating. Oh, I almost forgot, whenever I get the chance, it's always fun to hit one of the race tracks (car) in the midwest and race around for a while (although the tires get expensive to replace). I think it's important to get out and get that work stress out so when I'm working with clients (whether here, in or another state), I'm not distracted and can give them my full attention and have the energy to repeat this every week without burning out (I know quite a few people who've burned out).
I'm from an engineering background (Software Engineer to be specific) and I was in IT for five years. I'm a big proponent of working smarter and I pretty much have every technological advantage I could ask for (as well as company resources).
Ok, wrapping up, here is a list of available product types:
RENOVATION Lending (both 203K and an investor rehab product for both purchases and refinances)
FHA financing (non-occupant borrowers can help a low income primary qualify, 3.5% down payment only!)
VA (100% financing for military personnel)
First-Time Buyer Programs (I have access to almost every program in every state)
Construction Lending (for larger projects)
Conventional/Jumbo (the standard loans)
203k Loans Indiana
Rob Weber - is an FHA 203k Lender helping homebuyers, homeowners and real estate agents with their Renovation Loan financing throughout these Indiana cities below..
Lending Q & A:
by Rob Weber
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