With an FHA 203k loan can I remodel or improve ?
Yes, Any or all of the following:
- Paint
- Add a deck or patio
- Insulate for greater energy efficiency
- Replace flooring ie tile, carpet, etc
- Add a bathroom, replace a bathroom
- Finish a basement
- Replace windows (for which you can get a nice energy credits well)
- Replace Appliances ie stove, furnace, water heater…energy credit
- Add central air (again energy credit here)
- And Much More
For the Florida home buyer the FHA 203K mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
- Down payment less than 3% of Sales Price Gifts are allowed
- Seller can credit up to 6% of sales price towards closing and prepaid costs.
- 100% Financing available
- No reserves required.
- FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
-
- No minimum FICO score or credit score requirements.
- FHA will allow a home purchase 1 year after a Bankruptcy.
- FHA will allow a home purchase2 years after a Foreclosure.
APPLY NOW AT http://www.fhamortgagefhaloan.com/
What Can’t you do with an FHA203k mortgage loan?
- Put in a pool or an ice skating rink
- Add a Theater Room and all the equipment (you could get away with the room)
- Any other Luxury item, like gold plating the baseboards
- Putting in a yard
So what do I have to do to get one of these FHA 203k loans?
There are hoops to jump through to qualify .
- Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
- The house must have been completed for at least 1 year , no new construction houses, sorry
- You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
- You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
- Repairs and addition must have the proper permits, inspections and be done to code
- And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home.
- You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money)
Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for.
Don’t forget if you are a first time homebuyer, you can have the $8000 tax credit working for you too!
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Help answer the question about home
How do you turn a second home into a primary home?My husband and I sold our primary home this year, but still own another house in a different state. We are now renting in the city of our primary home, but would like our second home to be considered our primary for capital gains reasons. I spend at least 50 % of my time at our second (now only) home. What do we need to do to make our 2nd home our primary?
ancora una volta bellissimo!!!!!!!
Muy Bueno! Belleza..y el misterio de la vida. Para aquellos que gusten de esta película, quizás también aprecien otra que anda por lugares similares y es de 1992, se llama Baraka y es de Ron Fricke.
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Amount of the home. It is 10% up to 8000.
"Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can't happen? My real estate agent must be confused."
Your agent is a scumbag, he just wants the sale. You can not sign the title over to anyone without all lien holders agreeing to it. Your father has to pay off the mortgage, by check or another mortgage in your name, before he can transfer the title to you.
With your credit score, you could probably find a credit card with 0% interest or a very good interest rate for a period of time (6 months to a year), to finance your A/C.
You cannot do a mortgage and a home improvement loan simultaneously, isn't going to happen. Typically, there is a waiting period of 30 – 60 days after you purchase before you can get a HELOC.
Both FHA and VA loans require inspections. Talk to a realtor, FHA/VA inspector, lender, to find out what is possible.
A $229,000 mortgage on a $277,000 property is an 82% loan-to-value (LTV) ratio. So, you have some wiggle room in obtaining a second (these usually max out at 90% LTV).
My first question would be where is the other $48,000 coming from for the purchase? If it's cash, then you will have no problem getting a home equity loan for about $20,000 with your remaining equity (up to the 90% LTV). If you came up with the $48,000 with a second mortgage, you're already at 100% LTV and, particularly with blemished credit, I doubt you'll be able to get the additional funds.
The fact that you were approved for $40K over the purchase price means nothing. A bank is only going to lend up to the value of the house and, in today's mortgage industry situation, I would be surprised if anyone were willing to go over 90% LTV.
Yes the rates are a little higher and there is a little more work involved but in your situation its the only option. The house as it sits is not FHA insurable so you need to either make the needed repairs before you close (money out of your pocket), do a 203k loan or find a new house.
The comparable can be found by your realtor or appraiser.
The 203K will require a subject to appraisal which simply states an opinion of value as if the repairs/improvements have already been made. It sounds like you need to find comps in your area that have sold in the last 90 days that will justify the higher value of your home.
That's high and it sounds as if you are getting screwed. The broker is betting on the fact that at this late date, you are not going to walk away.
The 1 point origination on an FHA loan is standard and allowed by FHA. I have never seen $2000 in processing and admin. fees, but as a disclaimer I am not in California. The MIP…again that it is standard and the rates are based by FHA. As for the "mandatory" discount points…who made them mandatory? If the broker is trying to say that he does and it was not on the initial signed GFE then that is illegal and he has to honor the signed one. If it is something for the lender (maybe to buy your rate down) it still should have been on the initial GFE, but if you told them not to lock in your rate, there may not be anything you can do about that.
Personally, I would find another broker. FHA K's do take a long time, so you're probably going to extend the process about a month, but I would prefer that to knowing I got screwed.
And as far as going after him later…Why? It will take forever and it will cost more money then you would even get back. However, I would report him to the state, federal and FHA departments that he is licensed with.
this year is a major home improvement time for our house. we are going to renovate everything.“`
we do a lot of stuffs for home improvement since our house is getting old already.`’~