renovation: FHA 203k Contractors: Who to Use? - 06/06/14 01:59 AM

 
Just the other week I wrote a blog, “Myths about the FHA 203k.” Since then another misconception has come to mind regarding 203k contractors. Many people want to know whom they have to use and if they need to have a special certification to work on FHA 203k projects.
 
The answer is NO. Neither HUD nor the Federal Housing Administration (FHA) require any kind of special certification or training in order to be eligible to work on a 203k project.
 
As a lender we do not recommend contractors as it is the job of the buyer or … (3 comments)

renovation: 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)

renovation: FHA 203k Mortgages & Multi-Unit Family Properties - 01/18/12 04:32 AM
Another Great Use! Buying and rehabbing a multi-family unit property can be done using the FHA 203k loan.  I’ve done a few of these loans and they are absolutely great!  I’m currently doing one right now -- it’s a four-unit property and it's a big job. The FHA 203k loan limits, which you can check out here, are much higher as the units go up.  So, the total rehab cost for this four-unit property is over $600,000.  It’s an enormous project and it's one of the really cool things the FHA 203k allows you to do.  In this situation, this customer is going to live in one … (5 comments)

renovation: 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)

renovation: 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)

renovation: 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)

 
Jeff Onofrio, FHA 203k Lender and Homestyle Reno Specialist (AnnieMac Home Mortgage )

Jeff Onofrio

FHA 203k Lender and Homestyle Reno Specialist

Mount Laurel Township, NJ

More about me…

AnnieMac Home Mortgage

Address: 700 East Gate Drive, 4th Floor, Mt. Laurel, NJ, 08054

Office: (856) 505-6717

Mobile: (609) 217-9409

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!


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