FHA 203K Rehab/Home Improvement Loan in Florida With all the Bank-Owned, Foreclosure, Short Sale and Aging properties on the market today the 203k loan is becoming the answer on a growing number of real estate purchase transactions. This HUD approved FHA 203k loan gives buyers the MONEY they need for property repairs and Improvements at closing. It's an FHA loan that requires only 3.5% down at closing. All homes are sold AS-IS and an escrow account is set up to pay for the improvements.
Everyone is winning with this program. My company an I offer a 1 hour training class at no cost by a HUD Certified 203K Instructor that is done at your office for anyone who is interested in hearing more about the 203k loan program.
The FHA 203K Streamline Rehabilitation Program Process is simple when followed. Now that you have found a home....whats next?
Congratulations on finding a new home! Now that your loan has been APPROVED it is time to get busy. We are currently in contact with the Realtors, Title Company and the Sellers to coordinate the closing of your loan. It is very important that we move quickly to complete the next few steps to meet your closing date on time.
1) Order a termite inspection today.
2) Make a complete list of all repairs to be done. (This is a final list so make sure it is COMPLETE!)
3) Get a Licensed and Insured contractor to provide a detailed estimate for all the work. (The estimate must include a breakdown of labor and materials)
4) The contractor will need to complete the forms I have attached in my email and provide copies of their licenses and workman's compensation insurance.
5) If you are using Sears, Lowes, Home Depot or IKEA to do the work we only need their estimates. We already have copies of their documentation.
6) Please submit all the estimates, forms and Licenses along with insurance within the next 7 days. (VERY IMPORTANT)
7) We need all these before we can order the property APPRAISAL.
8) When the Appraisal and termite reports are completed, the underwriter of your loan file may require additional repairs to be done. We will contact you if this is the case and you will need to get an estimate for these repairs as well.
9) At closing you will get a check payable to you and the contractor for 50% of the total cost of repairs.
10) When the work is complete the Lender will have the property re-inspected to certify the work is completed and at that time the remaining 50% will be paid to the contractor.