Charlie....  for the most part, when I started in 1992, by 1994, I already was introduced to so many of these products. One reason why I feel like I know so many of them inside and out. It is true in what they say though, experience can go a long way.

Tom W. ...... Thanks for stopping by and for the compliment.

Kris......   yes, FHA is a great way to go. One thing that I didn't mention was that you can do this type of program on the conventional side. But it requires a little more money down. FHA is just a lot less money out of pocket. 

Gary.....   Glad that my explanation was something like your class.

Karen..... the only negative thing about the 203-k and the rehab conventional program is that you don't get the normal rates.  They to to be about 1/2% to 3/4% higher in rates. Other than that, it's a great program to adding to your house or fixing it up, outside of a home equity loan. 

CHUCK... so sorry for the delay.....  yes, it can be used for 1 to 4 family as a primary residence tool.  It can also be used in conjuction with a commcerical property, as long as there is a certain percentage used for living space and is primary. But not non-owner.

CLOSING COST......  why compare a 203-k to a convnetional deal?   Wouldn't you be comparing a regular FHA loan to a regular conventional loan?

Now, if you meant the conventional rehab program, that is a different story. And to answer your question, no, the costs would be the same. The negative with a conventional rehab is that you need good credit scores and 10% or more down.  FHA 203-k, the scores can be much lower and you still only need 3% into the transaction.

He is my guess.... the person telling you this doesn't know anything about the FHA 203-k or they aren't even licensed to do FHA loans period. And not all lenders that can do FHA can do 203-k loans or even know how. I know this for a fact, because in Califironia, many brokers say they can't do 203-k loans... but that they can do FHA loans.  You need a true expert that know how to do the 203k loans and that their company is full equiped to handle them.  I hope this helps some.

CLOSING COSTS..... why don't you call me or e-mail me. It would be easier to discuss this. And possibly send me your good faith estimate, because I would be able to tell you what is a cost and what isn't. It just doesn't sound like it's been explained properly to you.

My e-mail address is : jbelonger@ihmci.com   and my cell is 609-440-5133    thanks, Jeff

ANTHONY aka closing costs....sorry that I lost you on the phone. Please call me back at your earliest convenience.  thanks, jeff

Marcia....  to answer your question, yes it can.  We just have to prove that a foundation was there previously, depending on how much has to be taken down and or repaired.  If you would like to talk about this further, please don't hesitate to call me.  I can be reached from 8 am until 8 pm Monday through Friday... and on the weekends from 11 am until 7 pm.  I will say this, you need to be careful on what lender you pick to help you with your 203-k loan. Not all lenders and or loan officers are very experienced to handle this.  Even if it's a well known lender, it comes down to the support staff and how experienced they are in handling these types of loans.  my cell is : 609-440-5133  thanks, jeff

Marcia... sure,he could call me.  But why don't you send me an e-mail to this e-mail address...  jbelonger@ihmci.com   I wanted to mention a few things.  thanks, jeff

Marcia... sure,he could call me.  But why don't you send me an e-mail to this e-mail address...  jbelonger@ihmci.com   I wanted to mention a few things.  thanks, jeff

Will... sorry for the delayed response... my computer crashed last week and it hasn't been fun playing catch up.  Please e-mail me at jbelonger@ihmci.com and I can help you compare your current situation.  Thanks, jeff  PS.. what state are you buying your home in?

CLAUDIA... . no matter if it's a 203-k loan or a regular FHA loan, doing loans on modular homes are much tougher now and many investors are allowing this for now.  I need to know what kind of modular home it is and how it was built.  Also, I can't help you in Michigan, but I can highly recommend someone that might be able to help you out.  His name is Drew Sygit and he can be found on here also.  Click on : Drew Sygit  Thanks and keep me posted.

CLAUDIA....  well, in any case, give Dre Sygit a call. I left his link above to his contact info.  thanks and keep me posted.

CLAUDIA.... please still speak to Drew.  Just because that loan officer said that doesn't mean it's true. Some lenders just don't want to do lower loan amounts. It has nothing to do with the 203-k as much as it has to do with loan amounts.  My suggestion?  Even if you don't talk to Drew, find someone else. It could be that this loan officer and or their office is not good at 203-k loans either.  I have seen some loan officers tell borrowers that a certain loan couldn't be done for a certain reason because they either didn't do them or just weren't experienced with them. 203-k loans are a FHA loan... so something doesn't sound right with his answer, which is why I suggest seeking someone else. The loan officers job should be to use the best mortgagt for you and not for them. It happens more than it should... I see it more than I should.  thanks

CLAUDIA... my pleasure... I just love what I do... and it does sound funny and for me, it's usually a red flag. I once had two different loan officers tell a borrower that going conventional with 10% down was cheaper than using her VA benefits.  I told her that was not true and she said both of them said they ran numbers for her. I said, did you ever see the comparisons?  She said no... I sent her mine and the VA loan was about $73 cheaper than the conventional loan. After doing some research, one of the lenders weren't even VA approved.  Hence why some loan officers give you loans that are easier for them, but not always better for the borrower. I have a few of these stories, even worked with one guy that would put borrowers into subprime loans than FHA loans, just because it was easier for him. He even told me himself. Thanks