The FHA 203k is a great loan for someone making a purchase or refinancing, and these steps will provide you with a road-map to understanding the process. 1) The Buyer works with a realtor to find the right property for them, or the owner is ready for a renovation on their existing property. 2) [...]
KEY PRODUCT FEATURES OF THE FHA 203K Loan Many are surprised to find out that you can use a FHA 203k loan to refinance or purchase a property and roll in the cost of rehabilitation and renovation. This is one of the great ideas behind the FHA 203k loan. Frequently, I receive calls from customers [...]
Eligible Improvements Using the FHA 203K Loan
By Jeff Onofrio · Comments (0)
Friday,
April
13th,
2012
Lately I’ve been asked, “what are some allowable improvements when we use the FHA 203k rehab mortgage”? I’d like to give you some basic information that you can use to help understand how the FHA 203k renovation mortgage works and what is eligible. These are prime times for the FHA 203k program more than ever. [...]
FHA 203K Mortgages and First Time Home Buyers
By Jeff Onofrio · Comments (0)
Thursday,
March
22nd,
2012
It’s important for the first time home buyer to know what the expenses are when they are buying a home. Many first time buyers get stuck on what the down payment and closing costs are, but they don’t look beyond that. They need to consider what they may need in addition to those items. The [...]
FHA 203k Mortgages and Mixed-Use Properties
By Jeff Onofrio · Comments (0)
Saturday,
March
3rd,
2012
Mixed Use Properties and FHA 203k rehab mortgages One of the great options that the FHA 203k mortgage allows for is for a customer to buy a mixed-use property. The definition of a mixed-use property is a property that has a residential component and also has a commercial component. Examples: Doctors office Dentist office Law [...]
4-Steps to moving 3 million REO properties with a 203k and other tools
By Jeff Onofrio · Comments (0)
Sunday,
February
26th,
2012
This is a great blog post from Vito Simone, a FHA 203k consultant who services the Maryland area. His contact information is below and his blog can be viewed at http://203kexperts.com/. 4-Steps to moving 3 million REO properties with a 203k and other tools There is NO example of government owned rentals that have proven to [...]
Understanding the Specification of Repairs (SOR)
By Jeff Onofrio · Comments (0)
Saturday,
February
18th,
2012
FHA 203k Work Writeup – Specification of Repairs (SOR) It is imperative for the customer, Realtor and general contractor to understand the importance of the Specification of Repairs. Unlike the bid itself from the contractor, this document is attached to the appraisal report and presented to the appraiser to assist in determining the value and [...]
How come more people don’t use FHA 203k loans?
By Jeff Onofrio · Comments (0)
Tuesday,
February
14th,
2012
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 [...]
What’s the downside of FHA 203k mortgages?
By Jeff Onofrio · Comments (0)
Monday,
February
6th,
2012
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 [...]
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 [...]
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