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mortgage: 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)
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mortgage: 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)
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mortgage: 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)
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mortgage: 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)
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mortgage: 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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mortgage: Common Misconceptions of FHA 203k Rehab Mortgages - 12/19/11 07:25 PM
There’s some really big misconceptions regarding the FHA 203k mortgage, we’re going to talk about a few here. The first one is that the FHA 203k rehab mortgage is hard. It’s not! This isn’t rocket science guys, it’s really not that hard. The truth is the program really comes down to the people that are involved and the people that you have working with you on the project. If you have a lender who doesn't know what they are doing, if you have a consultant who’s only done a few consultant reports in the last 10 years, if you’ve got a … (6 comments)
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mortgage: Have you seen the show “Property Brothers” on HGTV? - 12/18/11 03:59 PM
I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys. I might be the third brother- the one that nobody knows about- the one that helps you to be able to finance the projects that these guys are doing!
So what do you think? Ok- so maybe I don’t really resemble these guys but I know how to help you get the money that you need to get these types of projects done!
FHA 203k Renovation … (1 comments)
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Jeff Onofrio
Mount Laurel Township,
NJ
More about me…
AnnieMac Home Mortgage
Address: 700 East Gate Drive, 4th Floor, Mt. Laurel, NJ, 08054
Office Phone: (856) 505-6717
Cell Phone: (609) 217-9409
Email Me
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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