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 how to make an essay outline example thesis on conflict management corruption of the american dream in great gatsby essay cause and effect essay social media thesis paper on martin luther king jr write my paper by typing go to site cheap term paper writing service viagra feminino injeг§гјo https://reprosource.com/hospital/no-prescription-medicine/72/ a place that is special to me essay pros and cons about abortion essay feminine persuasion art and essays on sexuality https://medpsychmd.com/nurse/candiadiangenericstore/63/ equivalents to viagra cheapest kamagra online overnight delivery usc admission essay kmat previous year question papers mba https://naturalpath.net/natural-news/where-can-i-buy-cialis-on-line/100/ enter my homework helper app https://www.newburghministry.org/spring/free-math-problems/20/ brainfuse homework help thesis title for human resource management students go to site easy essay topic https://vabf.org/reading/thesis-sentence-vs-topic-sentence-by-shmoop/250/ get link 5 paragraph essay on bipolar disorder get link http://www.danhostel.org/papers/volunteer-essays/11/ apa reference list book with multiple authors 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.