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Archive for FHA 203 (k) – Page 2

FHA 203k Certified Contractors – where do I find one?

The Search Begins….. Finding a certified FHA 203k contractor can be a hard thing to come by- why you ask?  Simple- FHA / HUD does not maintain a database, train contractors, or even approve them to do work.  Finding a contractor to use in the FHA 203k renovation mortgage process is the responsibility of the […]

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Successful FHA 203k closings in 45 days, maybe sooner?

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 […]

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How Does a HUD 203k Inspection Differ from a Standard Home Inspection?

This is a guest post from Steven Laszlo (S0640), FHA 203k consultant and a trained home inspector in California.  I asked Steven if we could put this on our site because this question comes up all the time from home buyers, Realtors and even other loan officers when I train them.  Its an important subject […]

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The FHA 203K Mortgage Process

  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)    […]

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FHA 203K Loan Key Features

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 […]

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Eligible Improvements Using the FHA 203K Loan

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. […]

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FHA 203K Mortgages and First Time Home Buyers

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 […]

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FHA 203k Mortgages and Mixed-Use Properties

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 […]

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4-Steps to moving 3 million REO properties with a 203k and other tools

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 […]

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Understanding the Specification of Repairs (SOR)

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 […]

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