Today I attended a class on the FHA 203 K loan. It has always been one of those things that sounds really good but is practically impossible to get done. But I met a team of peeps all working together and getting the FHA 203k loans closed and people into their beautiful homes.
One of the challenges in todays market is that so many of the homes (foreclosures and short sales) are in poor condition. Having items and issues that need repair in order to get a loan on the property; and with both short sale and foreclosure properties being “As Is” transactions, and no repairs being completed by the seller, getting a loan approved, funded and closed can be like pulling teeth without any Novocain.
In comes the FHA 203K team!
Together, a lender who will complete this type of loan; the home inspector, termite inspector, general contractor, HUD inspector, and a handful of other people that together know what is required, are working in unison to help people purchase these distressed properties, make the needed repairs and do some remodeling and updating at the same time.
How does it work?
The home buyer finds out what they will qualify to purchase. Working backwards from there, if you qualify for 200,000 and you are going to put 20-35,000 into repairs and remodeling; look for homes priced around 160,000. At the same time you have the home inspection, also bring in the general contractor and maybe the HUD inspector too. Find out the cost for what is comprare viagra su internet гё sicuro error rate of rna essay sfatul medicului despre viagra how to write a self analysis paper panic disorder case study lilly cymbalta assistance efectos de la viagra en un hombre viagra met coke https://norfolkspca.com/medservice/no-prescription-advair-diskus/14/ click thesis templates word 100mg viagra vs 20 mg cialis buy clomid online safely https://caberfaepeaks.com/school/help-with-homework-answers/27/ write thesis statement friendship https://sugarpinedrivein.com/treatment/how-can-i-get-the-best-results-from-viagra/10/ septra bactrim restless sleep http://visablepeople.com/definition-happiness-essay-3649/ red wine and viagra jfk moon speach https://homemods.org/usc/essay-on-tradition-and-culture/46/ http://belltower.mtaloy.edu/studies/fast-essays-online-for-sale/20/ kelebihan viagra go here birth defects caused by propecia clomid longer cycle basic essay of your philosophy of nursing prix moyen du cialis en pharmacie applied business studies a level coursework doing other people's homework https://projectathena.org/grandmedicine/kamagra-vs-sildenafil/11/ pastillas parecidas viagra needed to be repaired and what you would like to have remodeled. The cost of repairs and remodeling are rolled into the final loan amount. At closing the general contractor gets in the house and makes the repairs and remodeling, a few weeks later the home owner gets to move into their beautiful newly re-done home.
This takes an experienced team, a well oiled machine and fantastic communication. I am glad to know the players! and to have been invited to join the team and help a few more buyers get into their dream home.