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full 203k: What's the downside of FHA 203k mortgages? - 02/06/12 12:17 PM
So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, ...sounds like it’s the perfect loan for me...it does everything that I want it to do, BUT there can't be the perfect loan- there has to be something wrong!”  And you're right- maybe not so much wrong, but there is a downside to anything, which is what I tell any client, realtor or contractor during our initial conversation.
From A Customer's Standpoint: For customers, the interest rate is typically a little bit higher-- somewhere usually about a quarter to a half percent … (4 comments)

full 203k: Weather Conditions - 02/05/12 09:48 AM
We get A LOT questions that come in all the time and we try to answer as many of them as we can in blog posts so future customers will be able to see these posts and potentially have their questions answered up front.
Weather Conditions One of our most recent questions was from a client in New Hampshire.  The customer had a project where he was looking to put on an addition, which would require footers to be dug into the ground and, in order to do so, you obviously need to get into the ground.  In New Hampshire during this time of year- you know, November, … (3 comments)

full 203k: FHA 203k Mortgages & Multi-Unit Family Properties - 01/18/12 12:32 PM
Another Great Use! Buying and rehabbing a multi-family unit property can be done using the FHA 203k loan.  I’ve done a few of these loans and they are absolutely great!  I’m currently doing one right now -- it’s a four-unit property and it's a big job. The FHA 203k loan limits, which you can check out here, are much higher as the units go up.  So, the total rehab cost for this four-unit property is over $600,000.  It’s an enormous project and it's one of the really cool things the FHA 203k allows you to do.  In this situation, this customer is going to live in one … (4 comments)

full 203k: FHA 203k Contractors: Are there any certified contractors? - 12/31/11 02:27 PM
There’s a common misconception that contractors need to be certified in order to participate in FHA 203k loans.  This isn’t true!  There is NO actual official 203k training process that is certified or approved by HUD or FHA. We make sure you’re going with reputable contractors. The way we determine which contractors are going to be able to participate in FHA 203k loans is by: Contacting them personally Going over the premise of the loan Making sure they understand how it works Taking the time to go through their financials- making sure that they have the means and knowledge to be … (0 comments)

full 203k: What is an FHA 203k mortgage? - 12/24/11 01:31 PM
What exactly is an FHA 203k mortgage? An FHA 203k mortgage is essentially a regular FHA mortgage.  However, it has a special component which is an escrow account that allows the customer to be able to purchase or refinance a property and rehabilitate or renovate that said property.  This little piece that's attached to the loan allows the customer to be able to do awesome projects!  Things as simple as re-carpeting, tiling, painting, simple cosmetic repairs, and all the way to dealing with full-scale rehabilitation projects. This includes, but is not limited to, adding square footage, putting a second floor on a rancher, and taking a home down to the foundation and … (4 comments)

 
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Jeff Onofrio

Mount Laurel Township, NJ

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AnnieMac Home Mortgage

Address: 700 East Gate Drive, 4th Floor, Mt. Laurel, NJ, 08054

Office Phone: (856) 505-6717

Cell Phone: (609) 217-9409

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My blog is here to provide information regarding FHA and FHA 203K loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!


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