The FHA 203(k) is a great loan, and these steps will provide you with a road-map to understanding the process.

 

 
 1)    Buyer works with realtor to find the right property, or owner is ready for renovation on their existing property.

 

2)    Get pre-approved by lender for the price range and repair estimate.

 

3)    Go to contract on the house noting that it is FHA 203(k) financing (for a purchase).

 

4)    Buyer meets with HUD Consultant on site to complete the work write up and estimate of repairs.

 

5)    Lender orders appraisal of the property. The appraisal must contain the before and after renovation value of the home.

 

6)    Close on house escrowing the funds for repairs and upgrades.

 

7)    Contractor starts work and draws down funds for repairs and upgrades.

 

8)    Move in to your new home or settle in to your new and improved home.

 

 

House with couple

 
 

The FHA 203(k) inspection, work write-up and cost estimate are essential elements in processing the Section FHA 203(k) insured loan, in addition to the underwriting steps applicable to a regular mortgage. Therefore, when a consultant is used, it is the responsibility of the consultant to assure that the architectural exhibits are properly prepared.  

These steps will help guide you through the FHA 203(k) process and get you into the home of your dreams.

 

Jeff Onofrio

Director of Renovation Lending / Licensed Mortgage Originator- NMLS #38670

Office 856-505-6717- Mobile 609-217-9409 jonofrio@annie-mac.com

www.anniemacrenovationlending.com / www.anniemacloans.com

www.nj203klender.com

Renovating and Rebuilding America - One Home at a Time

Real Estate Investment & Advice Blogs - BlogCatalog Blog Directory

 
This post has been included in New Jersey Real Estate News
Post is included in group: FHA 203-k and FHA 203-k Streamline Loan Group
Post is included in group: The FHA Mortgage Group
Post is included in group: Reverse Mortgage Specialists

8 Comments on THE FHA 203(K) PROCESS

MAY
25

It was a good experience to read the articles and contents on this site.

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Roopa Pavan
12:05am • #1
JUL
15
305,492 Points 8 Featured Posts Outside Blog Attended Rain Camp

Jeff, keep putting the info out there, good job, don't worry about the comments, look at how many people are reading the post. You may be surprised
2:28pm • #2
AUG
01

This is really interesting…

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deepa
12:59am • #3
SEP
24

Mindblowing…………..

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sdee
7:12am • #4
DEC
01

Great loan programs for homes in need of repair.  Check out this home buyer's advocacy blog for home buyers at http://fha203kforrealtors.com
Wes McKibbon
9:24am • #5

Great loan programs for homes in need of repair. Check out this home buyer's advocacy blog for home buyers at http://fha203kforrealtors.com
wes mckibbon
9:26am • #6
DEC
10

 

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Jeff Onofrio

FHA 203k Lender

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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