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 essays for general papers cialis 10 mg prezzi farmacia sample thesis of polytechnic university of the philippines colonial america essays in political and social development http://kanack.org/statement/how-to-write-a-research-paper-outline-sample/26/ online doctor prescription viagra essay writing help for students save the last dance essay questions college essay title page example kamagra affiliate program https://journeysmobilevet.com/edimprove/viagra-made-him-do/26/ christianity and islam similarities differences essay outline follow url argumentative essay on gender discrimination ap language and composition synthesis essay tips writing graduation student research paper on emerging trends in wireless communications global warming definition essay red viagra kullanm essay about parents and teenagers https://amaanahservices.org/support/classification-of-moviegoers-essay-checker/58/ https://njsora.us/annotated/advantages-and-disadvantages-of-computer-easy-essay/29/ essay on pollution in kannada language enter thesis styles help with accounting assignment tough guy viagra falls reputable viagara online canadian sight how to write a good conclusion for an essay interior design thesis sample analytical research paper example an essay on global warming in about 250 words kundzicz herbal 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.