fha: How come more people don't use FHA 203k loans?
- 02/14/12 07:31 AM
Knowledge & Experience Needed! How come more Realtors and customers don't use FHA 203k loans? It’s a great question! The answer really lies in the fact that most lenders (in house mortgage companies for the Realtors) don't do the FHA 203k loan, or just don't do it well. Secondly, Realtors have fear about the FHA 203k loan because of past experiences with using the loan with inexperienced teams of people around them trying to secure the financing. This is a great loan for today's market. The product really should be offered out to more people and recommended to pretty much all first-time homebuyers and really any other type … (6 comments)
fha: What's the downside of FHA 203k mortgages?
- 02/06/12 04:17 AM
So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, ...sounds like it’s the perfect loan for me...it does everything that I want it to do, BUT there can't be the perfect loan- there has to be something wrong!” And you're right- maybe not so much wrong, but there is a downside to anything, which is what I tell any client, realtor or contractor during our initial conversation. From A Customer's Standpoint: For customers, the interest rate is typically a little bit higher-- somewhere usually about a quarter to a half percent … (5 comments)
fha: Weather Conditions
- 02/05/12 01:48 AM
We get A LOT questions that come in all the time and we try to answer as many of them as we can in blog posts so future customers will be able to see these posts and potentially have their questions answered up front. Weather Conditions One of our most recent questions was from a client in New Hampshire. The customer had a project where he was looking to put on an addition, which would require footers to be dug into the ground and, in order to do so, you obviously need to get into the ground. In New Hampshire during this time of year- you know, November, … (4 comments)
fha: FHA 203k Contractors: Are there any certified contractors?
- 12/31/11 06:27 AM
There’s a common misconception that contractors need to be certified in order to participate in FHA 203k loans. This isn’t true! There is NO actual official 203k training process that is certified or approved by HUD or FHA. We make sure you’re going with reputable contractors. The way we determine which contractors are going to be able to participate in FHA 203k loans is by: Contacting them personally Going over the premise of the loan Making sure they understand how it works Taking the time to go through their financials- making sure that they have the means and knowledge to be … (1 comments)
fha: What is an FHA 203k mortgage?
- 12/24/11 05:31 AM
What exactly is an FHA 203k mortgage? An FHA 203k mortgage is essentially a regular FHA mortgage. However, it has a special component which is an escrow account that allows the customer to be able to purchase or refinance a property and rehabilitate or renovate that said property. This little piece that's attached to the loan allows the customer to be able to do awesome projects! Things as simple as re-carpeting, tiling, painting, simple cosmetic repairs, and all the way to dealing with full-scale rehabilitation projects. This includes, but is not limited to, adding square footage, putting a second floor on a rancher, and taking a home down to the foundation and … (5 comments)
fha: Common Misconceptions of FHA 203k Rehab Mortgages
- 12/19/11 11:25 AM
There’s some really big misconceptions regarding the FHA 203k mortgage, we’re going to talk about a few here. The first one is that the FHA 203k rehab mortgage is hard. It’s not! This isn’t rocket science guys, it’s really not that hard. The truth is the program really comes down to the people that are involved and the people that you have working with you on the project. If you have a lender who doesn't know what they are doing, if you have a consultant who’s only done a few consultant reports in the last 10 years, if you’ve got a … (7 comments)
fha: Have you seen the show “Property Brothers” on HGTV?
- 12/18/11 07:59 AM
I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys. I might be the third brother- the one that nobody knows about- the one that helps you to be able to finance the projects that these guys are doing!
So what do you think? Ok- so maybe I don’t really resemble these guys but I know how to help you get the money that you need to get these types of projects done! FHA 203k Renovation … (2 comments)
fha: FHA 203k rehab loans- Question and Answer- Part 2
- 01/13/10 01:29 PM
Hi guys- thanks for reading our last post about FHA 203k rehab loans. We have received a few more questions and as promised I am going to answer them here for everyone to read. I am hoping to have a few contractors and a good 203K consultant I know to do a Question and Answer here for you in the next few days. Enjoy the information and feel free to contact me with any questions regarding the FHA fixer upper loans! Question #1- What are the steps when buying a house with a FHA 203k rehab loan? I took this … (3 comments)
fha: NJ-PA-DE-MD-VA Rehab loans - NJ FHA 203K
- 11/10/09 09:17 AM
While most FHA lenders look down on repair escrows and wanting to hold back money on loans the easy way around this is the FHA 203K rehab loan. I am located in Mt. Laurel, NJ and recently my Realtors have been asking specifically for FHA 203K rehab loans because the banks are now requiring this as a condition to accepting an offer on bank owned properties, why? This is simple- most foreclosures have work that needs to be done in order to satisfy HUD/FHA minimum property requirements. You cannot get around this with a typical FHA loan and the options are … (3 comments)
fha: FHA 203K Rehab Loans- Important things to know
- 11/07/09 10:00 AM
There are some important features to remember when looking into a FHA 203K Rehab loan. These are great loans for buyers looking to purchase a foreclosure or short sale or for the home owner who wants to update or remodel there house. Below are a few important things to remember: FHA loans are for primary residences only- you cannot be an investor and try to get a FHA loan or a FHA 203K rehab loan. This is really important- I cannot tell you how many calls we get from investors looking to utilize this program and or skirt the system. FHA … (3 comments)
fha: FHA Streamline Refinance
- 10/04/08 01:46 PM
With mortgage rates taking a tumble over the last few days, loan officers with customers who have an FHA insured mortgage have been calling frantically to get them locked in at a lower rate. What is an FHA streamline? FHA Streamline refinance is a program designed to give borrowers who already have an FHA insured mortgage the ability to refinance to a lower rate without the expense and hassle of a traditional refi. Typically that means no appraisal, no credit check (other then a mortgage reference to make sure they have been on time and you can be late up to … (0 comments)
My blog is here to provide information regarding FHA 203K loans and conventional renovation loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!
Knowledge & Experience Needed! How come more Realtors and customers don't use FHA 203k loans? It’s a great question!
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