Kentlands Flower Photographs & FHA 203(k) Settlement  8/25/11

Approved FHA 203(k) loan settlement and disbursement

After final approval by the mortgage underwriter, the closing package is sent to the settlement attorney/title agency.  At the closing table, the seller is paid their portion of the funds and the remaining renovation money is placed in an escrow account.

A rehab account is created and funds are disbursed as work is completed and inspected

The mortgage lender creates a Rehabilitation Escrow Account to hold the total amount necessary to finance the construction plus the contingency reserve, inspection fees, and mortgage payments, where applicable.  When the work is extensive, the buyer has the option of financing the monthly payments while the work is being completed.

A Draw Request form is signed off by the contractor, the home owner and the consultant as the work is completed.

The lender cuts a check in the name of the contractor and the home owner and is mailed to the current address of the home owner.

Once the work has been completed and the final draw has been paid, any amount left over in the escrow account is used as a principal curtailment on the mortgage loan.

Kentlands Flowers.  Photographs by Roy Kelley.  Canon PowerShot G11 Camera.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 
This post has been included in Maryland Real Estate News Montgomery County, MD Real Estate News
Post is included in group: EXPRESS WITH PHOTOGRAPHS AT ACTIVERAIN
Post is included in group: Great Shots!
Post is included in group: Photos

18 Comments on Kentlands Flower Photographs & FHA 203(k) Settlement 8/25/11

AUG
25
2011
939,095 Points 74 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You just answered one of the more common consumer questions concerning FHA 203(k) loans...good explanation Roy.

Great flora shots today too!
5:35am • #1
379,863 Points 84 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Roy - I was away for your birthday so happy belated birthday and here's my flower for you:
5:36am • #2
1,242,533 Points 158 Featured Posts Outside Blog Called Shot Master

Good morning Roy. Sorry, I do not speak fluent realtor speak and don't have a clue what you wrote about. I do like the flowers tho...
5:41am • #3
126,033 Points 1 Featured Post Outside Blog Hit Router

Good Morning Roy, great information, I love the first photo, very different.
7:04am • #4
565,201 Points 10 Featured Posts Called Shot Master

May the approaching storm leave all of your flowers unaffected so we may continue to enjoy your photography! Enjoy your day!
7:36am • #5
1,445,933 Points 26 Featured Posts Outside Blog Called Shot Master

Good morning to all.  Have an outstanding day and be prepared if you are in the path of a storm.

Kentlands.  Photograph by Roy Kelley.
7:45am • #6
761,712 Points 37 Featured Posts Outside Blog Called Shot Master

Roy....I've learned a lot from this series.....Great photos as always.....I mentioned you in a post this morning....hope it's ok.....Thanks!
Hope you have a great day!---Rob

Go Vols!
7:48am • #7
280,883 Points Outside Blog Attended Rain Camp Called Shot Master

Roy, As always great pictures and also great information! Thanks and have a nice day.
7:49am • #8
1,445,933 Points 26 Featured Posts Outside Blog Called Shot Master

Thanks, Rob.  William Johnson suggested this FHA 203(k) series which ends today.  Thanks for the mention in your blog!

Keith:  It looks like you should prepare for the hurricane.  Be safe.

Kentlands in the rain.  Photograph by Roy Kelley.
7:53am • #9
480,749 Points 59 Featured Posts Outside Blog Called Shot Master

Hi Roy,

While the "rehab" is in progress, is there step or phase inspections for the banks to issue "completed phases"?

I hope so. Have a great day ahead my friend, Clint Mckie
8:19am • #10
796,330 Points Outside Blog

Good morning Roy.

The big storm is approaching...

Have a great day.
9:03am • #11
390,099 Points Outside Blog

More great pictures.

Are the first two Lilies? Don't know enough about flowers, but that is what they look like.
9:40am • #12
1,445,933 Points 26 Featured Posts Outside Blog Called Shot Master

Good morning to all.  We are having a few showers in Maryland.  Thanks for your comments.

Than:  Yes, the first two are lilies.

Joshua:  Looks like you need to prepare for the hurricane.  We lost our cell phone service for hours in the DC area after the recent earthquake.

Clint:  The FHA 203(k) draws are similar to draws on a contstruction loan.

Kentlands.  Photograph by Roy Kelley.
11:32am • #13

Clint Mckie -

On the Standard/Full 203k, anytime the contractor has completed any work, the contractor can request an inspection, which leads to a draw payment. There is a standard 4 draws + final on the Standard/Full 203k but if the rehab exceeds $10,000, more draws can be permitted by prior written authorization of the borrower and the lender. 10% of each draw is withheld until the project is completed to ensure no liens are on the property. 

On the Streamline 203k, the contractor receives max 2 draws/payments - 1 at the beginning and the final after all work has been completed (inspections only required by HUD if rehab exceeds $15,000)

On all draws for both versions, contractors typically sign lien waivers for work already completed. 
12:06pm • #14
1,445,933 Points 26 Featured Posts Outside Blog Called Shot Master

Thanks, Paul, for your information. Clint is a home inspector and might benefit from knowledge about the FHA 203(k) program.

Kentlands in the rain.  Photograph by Roy Kelley.
12:13pm • #15
355,167 Points 30 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Roy,

All of these photos are beautiful. I especially love the purple coneflower with the bee. These are all so lovely to look at and much better to see in person, but I'm like you, I get even more pleasure looking at the photos afterwards.
11:42pm • #16
AUG
26
2011
587,113 Points 46 Featured Posts Outside Blog Called Shot Master

Roy all are just too beautiful to pick out a favorite!  Glad you shared with the Rain ~
12:29am • #17
1,445,933 Points 26 Featured Posts Outside Blog Called Shot Master

Good Friday morning, Patricia and John.  Thanks for your feedback. Have a great day and an outstanding weekend.

Kentlands photograph by Roy Kelley.
8:10am • #18

Login or register to leave a comment
 
Img_2076 Rainmaker_large

Roy Kelley, Montgomery County, MD Homes For Sale

Gaithersburg, MD

More about me…

Roy Kelley and RE/MAX Realty Group

Address: Roy Kelley, RE/MAX Realty Group, 6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD, 20879

Office Phone: (301) 921-4569

Email Me

Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


Listings

Links

Archives

RSS 2.0 Feed for this blog