Although I am a now a designated 203K "specialist", I will be much more confident once I have had hand's on experience. I see plenty of opportunity in my local area of expertise including Wanaque, Haskell, Pompton Lakes, Riverdale, Wayne, Pequannock, Lincoln Park, Bloomingdale and Wayne. There are many homes on the market for sale and many of them need improvement in some way.
From the extensive training, reading I have had to date, I can sum this 203K program up like this: A great opportunity for an owner occupied buyer to purchase a home that needs repair (appliances to roofs and septics allowed) and have that cost included in their government FHA mortgage. There are specific guidelines to follow and quite a few forms to fill out. Your attention to detail in the 1st few weeks or so is critical to expedite the process, ie:meeting with a qualified 203K lender to discuss your limits etc., getting specific quotes on the work that is to be included, staying on top of the time lines and completing necessary forms. This program does enable the buyer to qualify for more of a mortgage with more lenient end ratio's. I am looking forward to taking action and learning to assist my buyers with this process with as much ease and convenience as possible. On our first meeting, we will go through the forms and a time graph with all of the required steps. I would meet with you at your appointment with the lender so we can schedule inspections and such in a timely fashion.
I am grateful to and welcome my first few buyers for the experience and the rewards!
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