FHA 203-k Mortgage -- What can it do for you.....

By
Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

 

 

What is the FHA 203(k) Loan?

 
The FHA 203(k) allows homeowners and homebuyers an opportunity to purchase or refinance existing homes and finance 110% of the costs needed to improve the home!  The 203(k) is ideal for neighborhood revitalization!  This program is one of the fastest growing mortgage programs in the country.

 

Old house  new house

 

 

                           

                                                  OR

 

 

 

 

 

 

 

What you can do with the FHA 203(k):

 

☆       Include all repairs in the mortgage - with a minimum of $5000 in repairs

☆       Eliminate health hazards

☆       Put on an addition  -  add a second floor

☆       Remodel a kitchen, bathroom, etc.

☆       Replace Siding, roof, gutters, downspouts, etc.

☆       Update the plumbing, heating and electrical systems

☆       Install or repair the well and/or septic system

☆       Replace flooring, carpeting or tile

☆       Make energy conservation improvements:  Double pane windows and doors, insulation and caulking

☆       Add a deck, patio or fencing

☆       Repair an existing swimming pool

☆       Replace free standing appliances   

 

Get the answers to all of your questions!

Call Jeff Belonger to help you with your financing needs.

1-888-835-1663

jbelonger@ihmci.com

 

 

 

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For more information on FHA loans, please go to this link. The FHA Expert   You can also go to this group : The FHA Mortgage Group

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

 

Copyright  © 2007   by Jeff Belonger

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

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For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Rita Gibbons 08/02/2010 12:25 AM
Location:
New Jersey Camden County Cherry Hill
Groups:
Realtors®
Mortgages
All About Mortgages/Mortgage Networking
The FHA Mortgage Group
FHA 203-k and FHA 203-k Streamline Loan Group
Tags:
fha
florida home loans
rehab loans
new jersey mortgages
bad credit loans
203k mortgages
fha 203k loans
rehab mortgages

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Rainmaker
394,903
Lew Corcoran, ASP®
Scena Home Staging & Decora Photography - East Bridgewater, MA
Home Stager & Real Estate Photographer

Amy:

FHA imposes a minimum of $5000 in repairs. (FHA Mortgage Letter 2005-59)

Sep 06, 2008 12:39 AM #23
Rainer
55,071
Frank Marta
Nuhome Group, LLC NMLS#:835196 - Houston Tx | Mortgage Broker| 713-373-0345 - Houston, TX
Texas Home Loan Specialist NMLS#: 245813

This is all very informative just started doing FHA Loans and there great!!! It is so much better than people make it out to be.  Thanks Jeff your post are always so informative...... Keep posting...

 

 

Oct 07, 2008 10:56 AM #24
Anonymous
Marcia Patterson

Can a 203K rehab loan be used to repair the foundation, baffle on septic tank and aeration unit for radon in water? I'm in negotiations w/a bank on a short sale property w/cracks in the foundation. The bank has agreed to lower the sales price by $30K to cover the estimated cost of repair of determined health/safety issues. I'll have to come up with repair funds myself however.

Mar 24, 2010 12:02 PM #26
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

Marcia....  to answer your question, yes it can.  We just have to prove that a foundation was there previously, depending on how much has to be taken down and or repaired.  If you would like to talk about this further, please don't hesitate to call me.  I can be reached from 8 am until 8 pm Monday through Friday... and on the weekends from 11 am until 7 pm.  I will say this, you need to be careful on what lender you pick to help you with your 203-k loan. Not all lenders and or loan officers are very experienced to handle this.  Even if it's a well known lender, it comes down to the support staff and how experienced they are in handling these types of loans.  my cell is : 609-440-5133  thanks, jeff

 

Mar 24, 2010 12:25 PM #27
Anonymous
marcia Patterson

Thanks Jeff, my lender was unsure whether or not he can escrow funds on an FHA mortgage, even a 203K. He's an old friend of the family. Would it be okay if he were to call you? I'm sure he'd understand what you have to say a whole lot more than I. He works for a local bank here in CT (loan officer) and is a super nice guy.

 

Thanks again,

Marcia

Mar 24, 2010 12:51 PM #28
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

Marcia... sure,he could call me.  But why don't you send me an e-mail to this e-mail address...  jbelonger@ihmci.com   I wanted to mention a few things.  thanks, jeff

 

Mar 24, 2010 02:14 PM #29
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

Marcia... sure,he could call me.  But why don't you send me an e-mail to this e-mail address...  jbelonger@ihmci.com   I wanted to mention a few things.  thanks, jeff

 

Mar 24, 2010 02:15 PM #30
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

A 203-K Loan is a wonderful product, especially in an age where rehab loans of any kind seemed to have died an unnatural death.   My knowledge of the product is simply textbook.

But, to answer the title of the post, it can't do anything for you if your lender doesn't call or email you back.  Just saying ...

Mar 25, 2010 02:20 PM #31
Anonymous
Will P

I am applying for fha 203k loan for abotu 165K but I was asked to come up with almost 16k for the closing costs and all kinds of fees and god knows what else in that.  but my question is that does fha 203k really cost this much?  I thought the whole point of fha was to help people with low down payment.  can someone advise me what to do?  should I look for another lender or go with the conventional loan.  any help would be appreciated.

Jun 02, 2010 02:50 PM #32
Anonymous
Will P

Can someone post the list of estimated closing costs along with other fees that are involved?  I would like to compare these fees to my estimate for me as buyer contributions toward the closing of the settlement.  I think I am being ripped, but can't say for sure.

Jun 02, 2010 02:53 PM #33
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

Will... sorry for the delayed response... my computer crashed last week and it hasn't been fun playing catch up.  Please e-mail me at jbelonger@ihmci.com and I can help you compare your current situation.  Thanks, jeff  PS.. what state are you buying your home in?

 

Jun 09, 2010 04:54 AM #34
Anonymous
Claudia

I am looking at a house in Michigan the home is missing the front porch and back deck; needs a water tank and sink is missing in one bathroom, there is also minor repairs such as 5 missing lights 6 foot of unfinished wall that needs to be drywalled. The house had built in selves riped out leaving exposed drywall and a spot of floor is showing where the carpet went up the the shelf. Also 2 new windows possibly. This home is a modular can you do a 203K on this property and if so im having a hard time from my realtor understanding the inspection and not being able to get a loan because of these things? what is your opinion Thanks very much.

Jul 30, 2010 03:37 AM #35
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

CLAUDIA... . no matter if it's a 203-k loan or a regular FHA loan, doing loans on modular homes are much tougher now and many investors are allowing this for now.  I need to know what kind of modular home it is and how it was built.  Also, I can't help you in Michigan, but I can highly recommend someone that might be able to help you out.  His name is Drew Sygit and he can be found on here also.  Click on : Drew Sygit  Thanks and keep me posted.

 

Jul 30, 2010 09:07 AM #36
Anonymous
claudia

I believe it would be a ranch home is what they would call it. I dont know how it was built but reading online at the diffrent types of modulars I am positive it would be a ranch. It is long horizontal and to me looks like a manuf. but without the peak in fornt.

Jul 30, 2010 08:42 PM #37
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans


CLAUDIA....
  well, in any case, give Dre Sygit a call. I left his link above to his contact info.  thanks and keep me posted.

 

Jul 31, 2010 01:20 AM #38
Rainmaker
70,752
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Thanks for the referral Jeff.  Claudia, you can contact me at 248-356-3739.

Aug 02, 2010 04:09 AM #39
Anonymous
claudia

Hi Jeff,

Thank you for wanting to help but I was told by the loan officer we got that we could not due a 203k loan since we only want to spend 60,000 so finally he got ahold of me and said our best bet is to go RD and have a investor loan us the money. Agian thank for willing to help.

Aug 02, 2010 01:11 PM #40
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

CLAUDIA.... please still speak to Drew.  Just because that loan officer said that doesn't mean it's true. Some lenders just don't want to do lower loan amounts. It has nothing to do with the 203-k as much as it has to do with loan amounts.  My suggestion?  Even if you don't talk to Drew, find someone else. It could be that this loan officer and or their office is not good at 203-k loans either.  I have seen some loan officers tell borrowers that a certain loan couldn't be done for a certain reason because they either didn't do them or just weren't experienced with them. 203-k loans are a FHA loan... so something doesn't sound right with his answer, which is why I suggest seeking someone else. The loan officers job should be to use the best mortgagt for you and not for them. It happens more than it should... I see it more than I should.  thanks

 

Aug 02, 2010 02:12 PM #41
Anonymous
Claudia

Thanks Jeff, we will get a hold of Drew we live about 40 min away from Detroit in Port Huron so I know its away from his work but we will get a hold of him. I appriciate you letting me know that because I kinda thought that too but was not sure since I dont know much about lenders. You are a great help.

Aug 02, 2010 02:25 PM #42
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

CLAUDIA... my pleasure... I just love what I do... and it does sound funny and for me, it's usually a red flag. I once had two different loan officers tell a borrower that going conventional with 10% down was cheaper than using her VA benefits.  I told her that was not true and she said both of them said they ran numbers for her. I said, did you ever see the comparisons?  She said no... I sent her mine and the VA loan was about $73 cheaper than the conventional loan. After doing some research, one of the lenders weren't even VA approved.  Hence why some loan officers give you loans that are easier for them, but not always better for the borrower. I have a few of these stories, even worked with one guy that would put borrowers into subprime loans than FHA loans, just because it was easier for him. He even told me himself. Thanks

 

Aug 02, 2010 02:45 PM #43
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