Here is short video on how the FHA 203K can help you buy a property that needs repairs. Whether it's minor or major, in today's market this is just what you might be looking for.
Showing posts with label 203k financing. Show all posts
Showing posts with label 203k financing. Show all posts
Thursday, August 6, 2009
Sunday, August 2, 2009
Do You Have a Question? Post it Here
Hey there, it's me Marvin,
If you have a question you'd like to ask me just post it here.
Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well. I receive all comments & questions personally and I will answer your question the best to my ability.
So if you have a question just type your question in the "Post a Comment" box below and press "Submit"
Talk to you soon!
Marvin Hernandez
"Your FHA 203K Mortgage Lender"
www.203kMortgageLender.com
If you have a question you'd like to ask me just post it here.
Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well. I receive all comments & questions personally and I will answer your question the best to my ability.
So if you have a question just type your question in the "Post a Comment" box below and press "Submit"
Talk to you soon!
Marvin Hernandez
"Your FHA 203K Mortgage Lender"
www.203kMortgageLender.com
Questions about FHA Financing
Today, I had two different people ask some very good questions regarding FHA financing that I thought I’d share. Read on…
Q. Is there no way to buy with less that 10% down? I keep getting passed over by someone with more cash!
A. Don't give up just use another tactic. Typically properties that have just hit the market are the hottest so why not take a look at the one’s that have been on the market longer? Those properties would be more negotiable and can be an opportunity for you.
So putting down less than 10% would no longer be as big of an issue and you can even go with the minimum FHA down payment of 3.5%
Bottom line avoid the turn key properties and look for that diamond in the rough.
Q. What does it mean when a home is not qualified for FHA financing? I am approved for a FHA loan. Some of the homes that I have been interested in will not accept FHA financing.
A. There can be two reasons why a property doesn't “qualify” for FHA financing.
1) the Seller is just looking for Buyers who can put down a larger down payment and figures a Conventional loan would close faster and easier or
2) the Seller is under the impression that the property won’t qualify for a standard FHA loan due to deferred maintenance that they aren’t willing to fix
If it’s reason (1) then there’s not much you can do until the property sits on the market for awhile and the Seller has a change of heart. But if it’s reason (2) then you and those who represent you need to explain to the Seller that you plan to use the FHA 203k and not a standard FHA 203B loan.
With the FHA 203K you no longer have the problem of the property not qualifying. And now the Seller doesn’t have to make those repairs they were concerned about.
Until next time
Marvin
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
Q. Is there no way to buy with less that 10% down? I keep getting passed over by someone with more cash!
A. Don't give up just use another tactic. Typically properties that have just hit the market are the hottest so why not take a look at the one’s that have been on the market longer? Those properties would be more negotiable and can be an opportunity for you.
So putting down less than 10% would no longer be as big of an issue and you can even go with the minimum FHA down payment of 3.5%
Bottom line avoid the turn key properties and look for that diamond in the rough.
Q. What does it mean when a home is not qualified for FHA financing? I am approved for a FHA loan. Some of the homes that I have been interested in will not accept FHA financing.
A. There can be two reasons why a property doesn't “qualify” for FHA financing.
1) the Seller is just looking for Buyers who can put down a larger down payment and figures a Conventional loan would close faster and easier or
2) the Seller is under the impression that the property won’t qualify for a standard FHA loan due to deferred maintenance that they aren’t willing to fix
If it’s reason (1) then there’s not much you can do until the property sits on the market for awhile and the Seller has a change of heart. But if it’s reason (2) then you and those who represent you need to explain to the Seller that you plan to use the FHA 203k and not a standard FHA 203B loan.
With the FHA 203K you no longer have the problem of the property not qualifying. And now the Seller doesn’t have to make those repairs they were concerned about.
Until next time
Marvin
"Your 203K Mortgage Lender"
www.203kMortgageLender.com
Launching New FHA 203K promo -(Spreading the word)!
So this week I'm launching my new promo on the FHA 203K because I want everyone to know about the opportunities that are out there. So check it out it's a short sweet little plug.
Buying As-Is , Forclosures & Rehab Properties
Right now the Foreclosure market is booming and it’s an opportunity for Home Buyers to purchase a distressed property. There’s only one problem, most of these properties are being sold in their “As-Is” condition. An “As-Is” condition means “No repairs will be done”. Missing toilets, torn up carpet, leaky pipes, missing water heaters, you name it, I’ve seen it all. But never the less these properties are still good deals and should not to be overlooked. Most Buyers or even Realtors won’t consider the potential these “gems” have as they may think it’s too hard to get the property financed. Standard home loans won’t finance a property that does not have the minimum property requirements and the Seller may not be willing or unable to make the minimum repairs needed. So how do you purchase that property and take advantage of the “As -Is” sale price?
Purchase the property with the FHA 203K! You can Buy it and Fix it. All in one loan! If you would like more information about the FHA 203K and how it can work for you then sign up for my FREE FHA 203K guide.
So go to www.203kmortgagelender.com and sign up today to find out more about the FHA 203K Loan. And when you're ready to get started I'm here for you every step of the way to help you finance that deal.
Purchase the property with the FHA 203K! You can Buy it and Fix it. All in one loan! If you would like more information about the FHA 203K and how it can work for you then sign up for my FREE FHA 203K guide.
The 203K Guide is packed with information about the 203K Loan.
Information like:
Information like:
- The difference between the Standard 203K and the Streamline 203K loans
- What Properties are Eligible?
- Eligible and Ineligible improvements
So go to www.203kmortgagelender.com and sign up today to find out more about the FHA 203K Loan. And when you're ready to get started I'm here for you every step of the way to help you finance that deal.
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