de: FHA 203K...The Contingency Reserve
- 01/08/12 10:01 AM
What's The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it's an extremely important part of the FHA 203k loan. The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses that may arise as a result of the rehab. How Much? The Contingency Reserve can be anywhere from 10-20% of the rehabilitation costs. This rehabilitation number is set aside in case we open up the walls and there are broken pipes, missing, etc- one never … (3 comments)
de: NJ FHA 203k Success Story- Yep we did it again!
- 06/21/11 03:00 PM
Its starting to sound like a bad Britney Spears song (sorry to all you Britney fans out there) but ...We Did It Again. We took a wonderful NJ couple and showed them the power of the FHA 203k mortgage program. We showed the customer once again that by using this mortgage program that you can buy a home in NJ, PA, DE, or any of the 27 states that AnnieMac Home Mortgage is licensed in to create INSTANT EQUITY. Amazing Isn't It? Everyday we watch the news and see that home values continue to drop, foreclosures are up and short sales … (1 comments)
de: FHA 203k Mortgage-The Quarterback (QB)- Part 1
- 05/22/11 03:38 AM
Peyton Manning? Are you serious? Yep- I am. I am personally a Philadelphia Eagles fan but for the purposes of this blog and what I am going to be showing you during my next few blogs I need you to understand my point. Peyton Manning is the true general on the football field. There are others in the league who might be better but no one at his peak can command an offense of 11 players. If your a Pats fan or Saints fan lets leave that aside and let me explain how this fits in with FHA mortgages and more … (5 comments)
de: FHA 203k Mortgage and a sample situation
- 05/03/11 12:00 PM
One of the best parts of FHA 203k mortgages is that over night your property can "Poof" have equity! Who would have thought that is possible in this real estate environment- not most people so let me explain in detail how this works. Current Home Specs and Estimated Value You own a home that is currently worth $300,000- here are the details of the property: 3 Bedrooms 2 Bathrooms 2100 square feet This home as it sits is worth around $300,000 or so. This customer has a mortgage that has a balance of $295,000. So from first glance most borrowers would … (30 comments)
My blog is here to provide information regarding FHA 203K loans and conventional renovation loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!
What's The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it's an extremely important part of the FHA 203k loan. The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses that may arise as a result of the rehab. How Much? The Contingency Reserve can be anywhere from 10-20% of the rehabilitation costs. This rehabilitation number is set aside in case we open up the walls and there are broken pipes, missing, etc- one never … (3 comments)
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