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Do you have a FHA 203k question you’d like to ask a 203K Specialists?  Just post it here on the blog.

 

Scroll down all the way to the bottom of this page (the QA post page) and type your question in the “Leave a Reply” box and press “Submit”

 

Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well.   A 203K Specialists will answer your question the best to their ability.

 

We look forward to hearing from you!

 

“Your FHA 203K Mortgage Lender”
www.203kMortgageLender.com

 

 


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  • Hi, I’m looking at a fixer upper home in East Orange, NJ and I noticed that it’s not one of the NJ cities that you service. Any info on why or how to use a 203k loan there would be great!

    • Hi Ben,

      FHA financing including the 203k is available throughout New Jersey and the U.S. If the city is not listed on the state page it’s only because there are too many cities to list.

      Best of Luck

  • Is it better to get a FHA loan first then get a FHA 203k loan later within 1-2 months of purchasing the home

    • Hi Malcolm,

      If you get an FHA 203k loan first then there would be no need to get another loan 1-2 months afterwards. It’s an All In One Loan, Purchase plus Improvement funds combined.

      Best of Luck

  • R. Milord says:

    Are locations in Queens, Nassau, and Suffolk County eligible for the FHA (203k) loan?

  • I’m looking to purchase a former elementary school that is zoned residential (and has been used as a residence in the past). The building is approximately 17,000 SQFT. The building itself is structural sound but has not been maintained for ~5 years. I’m looking to use the 203k streamline and the $35,000 obviously would not cover the whole building.

    Does the whole building need to “habitable” ie. water/electric/heated/cooled, or can you finish out just a portion of the space as an “apartment” inside the building?

    Thank you for the help!

    • Hi NM,

      Financing Mixed use is allowed with an FHA 203k with the end result being habitable so it’s best to talk to a renovation specialist on what your other options might be considering only a portion would be completed.

      Best of Luck

  • With a FHA 203k Loan, can I do the renovations myself. I know they are limited in what you can do but looking for specifically if I can do the painting, sanding of floors, carpeting, new kitchen & appliances and some updates to the bathroom(new toilet, sink, some tiling). I do not plan on doing any electric, plumbing, or structural changes myself. I am not a contractor but I do know how to do this work.

    • Hi Luke,

      Based on some of the work you are describing it should be doable for you to do yourself, or for you to make arrangements with your contractor.

      Best of Luck

  • I have a low credit score; but within FHA loan criteria, Good income and I am professionally employed how do I go about finding an FHA/203 lender to rehab a rural single family home?

  • can you get down payment assistance with the Streamline FHA 203K

    • Hi JD

      Combining a down payment or other assistance program with an FHA 203k Loan is possible although it is an extra layer to consider and should be discussed with your renovation specialist.

      Good luck

  • Can you get a 203k loan on a home you have been renting and now want to purchase?

    • Hi Steve,

      Yes you can get a 203k loan on a home you are renting or leasing and now plan to purchase to live in.

      Good luck

  • Jerry Livingston says:

    Can an FHA 203k rehab loan can be used to refinance a home that has been gutted and is currently vacant?

  • If there’s a financial issue can you sell a home that was bought with a 203k loan before the 12 month period. And if so what are the penalties?

    • Hi Chris,

      FHA Loans including the 203k don’t typically come with penalties for early pay off so that shouldn’t become an issue.

      Good luck

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