fha 203k loan: Pro’s and Cons of the FHA 203k
- 07/10/14 04:52 AM
I honestly believe that the FHA 203k renovation loan is the best mortgage product available. The loan creates amazing opportunities in ways that other mortgage products cannot. At the same time it is not the perfect loan for everyone in every situation. Here is how I weigh the FHA 203k loan looking at both the pro’s and cons:
Pro’s
· Home renovations can include many things from windows and siding to new kitchens, additional bedrooms, bathrooms, and levels · It is easier to qualify for this loan. Credit scores as low as 640 and higher DTI’s are eligible · … (13 comments)
fha 203k loan: Who Qualifies for the FHA 203k Program?
- 06/24/14 03:53 AM
For whatever reason, you have heard of the FHA 203k and are intrigued by its great potential to build the house of your dreams. The question is though, are you qualified for this renovation loan? Will you be able to take advantage of all of the great things it has to offer?
Here are some of the FHA 203k borrower qualifications:
You must be looking to buy and renovate a primary residence as an owner occupant* or renovate your existing home. You do not have to be a first time homebuyer. Both purchases and refinances qualify While HUD … (2 comments)
The FHA 203k program is specifically for primary residence properties only. It is not intended for investment purposes in the sense of buying a home, renovating it with the FHA 203k, and then selling it. A process that is better known as “flipping.”
There is, however, a situation in which someone could legitimately utilize the FHA 203k in an investor-like fashion. If a homebuyer were to purchase a multi-unit (multi-family) property in which one of those units were their primary residence, then they could use the FHA 203k to renovate the entire property (up to … (3 comments)
fha 203k loan: Successful FHA 203k closings in 45 days, maybe sooner?
- 04/26/13 12:11 AM
Yes it is true. I know if you are reading blogs, forums, posts, articles, etc., etc., about the FHA 203k renovation mortgage it might seem that it might be impossible but let me be the first to tell you that it is possible and even very likely if you have an experienced 203k renovation team surrounding you. I hear it all the time that how hard these loans are and how much time they take and then I ask them the simple question- "where did you hear all of this?" and there answer- THE INTERNET. It reminds me of my favorite … (1 comments)
fha 203k loan: 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)
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!
I honestly believe that the FHA 203k renovation loan is the best mortgage product available. The loan creates amazing opportunities in ways that other mortgage products cannot. At the same time it is not the perfect loan for everyone in every situation. Here is how I weigh the FHA 203k loan looking at both the pro’s and cons:
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