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fixeruppers: FHA 203(K)----OK----Contingency Reserves - 02/07/09 12:46 PM
The FHA 203(k) program is the loan program to assist you with repairing/ rehabilitating your primary residence. In other posts we’ve discussed improvements that are required, eligible improvements and improvements that are ineligible for the loan program.
 
By now you have selected your property. You have determined you offer price for the property, as is. Or perhaps you are repairing/ rehabbing your existing home.
 
You have been working with your real estate professionals to determine your cost estimates for your project. You are meeting with your lender and she tells you we must include a contingency reserve.
 
… (9 comments)

fixeruppers: FHA 203(K)----OK----What Improvements Are Not OK? - 01/24/09 12:33 PM
The last couple of posts regarding the FHA 203(k) program have dealt with what are the required improvements and the eligible improvements. Today we are going to review ineligible improvements under the 203(k) program.
 
While you are putting together repair/rehabilitation estimates it will be good to know the types of improvements you can not include for financing purposes.
 
Ineligible Improvements for both the traditional and streamline FHA 203(k) program:
Barbeque pit Bathhouse Dumbwaiter Exterior hot tub, sauna, spa and whirlpool bath Outdoor fireplace Photo mural Instillation of a new swimming pool Gazebo Television antenna Satellite Dish Tennis Court Tree … (12 comments)

fixeruppers: FHA 203(k)----OK-----What Improvements Are Eligible? - 01/18/09 07:21 PM
 
This week we want to outline the types of repair/rehabilitation improvements that are eligible under the FHA 203(k) program.
 
Last week we discussed the types of improvements that are required under the program. For information concerning this, click here, for a review.
 
Let’s begin! First let me draw your attention to a distinction between the Streamline 203(k) and the Traditional 203(k) programs. The Streamline program is limited to repair/rehabilitation cost not exceeding $35,000. There are other restrictions which we will try and address in this post on eligible improvements.
 
Eligible Improvements Under Both Traditional And Streamline … (6 comments)

fixeruppers: FHA 203(K)….OK….What Improvements Are Required? - 01/10/09 07:55 AM
 Your have located the fixer-upper that you want to buy or you are preparing to repair/rehabilitate your existing home. You are now preparing your feasibility analysis for the repairs and rehabilitation with your real estate professionals.
 
 HUD has required improvements that must be included to be eligible for FHA 203(k) financing. What are these required improvements you ask? Here is a list:
 
FHA 203(k) required improvements:
Weather strip all doors and windows if existing weather-stripping is inadequate Caulk or seal all openings. Cracks, or joints in the building to reduce air infiltration Insulate all openings in exterior walls where … (7 comments)

fixeruppers: You Want To Buy A Fixer-Upper…OK…203(k) - 01/03/09 11:08 AM
You are interested in a property that needs a little work. Well, maybe it needs a lot of work. What do you do?
 
Unless you have the wherewithal to purchase the property “as is” and pay for the “fix up” from your own money, you may want to consider the FHA 203(k) loan.
 
FHA offers two variations of the 203(k) program; the traditional and streamline. Both are designed to assist with the repair/rehabilitation of an owner occupied property. Both have a minimum repair limit of $5,000.00.
 
The FHA 203(k) Streamline provides for a maximum repair allowance of $35,000.00. … (5 comments)

 

Jay Williams, Mortgage Loan Officer Getting You The Right Loan

Greenville, NC

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Greenville, NC

Address: 218 E. Arlington Blvd, Greenville, NC, 27858

Office Phone: (252) 493-4802

Cell Phone: (910) 527-1809

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