If you’re interested in the 203k loan and would like to know what additional costs or fees are involved in comparison to other FHA or Conventional loans this may help you.
From: http://ping.fm/OE7LK
Thursday, December 23, 2010
Thursday, October 14, 2010
New! 203K Mortgage Lender Directory
Have you been looking for a 203K Lender in your area?
203K Mortgage Lender has just launched our National Directory of 203K Lenders!
So if you have been looking for a 203K lender go ahead and check it out.
Friday, April 23, 2010
Beware! No Termite License Can Be a Terminator!
[caption id="attachment_430" align="alignleft" width="300" caption="No termite license can terminate the deal!"]
[/caption]
Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers. As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction. Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash? Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.
Wow!!! That was a first for me but never the less an easy solution. These were my options:
[/caption]Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers. As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction. Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash? Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.
Wow!!! That was a first for me but never the less an easy solution. These were my options:
FHA 203K Tips - Contractors Bid and Work Write Ups
Contractors Bids
When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.
If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.
Here a sample of what you should be looking for when receiving a Bid from Contractor.
When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.
If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.
Here a sample of what you should be looking for when receiving a Bid from Contractor.
Monday, October 5, 2009
Here is a sample of FHA 203K Resources that 203kMortgageLender.com offers
Videos - This is a sample version of the FHA 203K: 10 Steps from Offer to Closing video. You can see the complete version at the 203k Mortgage Lender website
Articles and Ebooks: In addition to the video we also have the Print Version of the 10 Steps from Offer to Closing. This can be a useful resource when you're meeting with your Real Estate Agent in the event they aren't familiar with the 203K program.
Here is an excerpt:
Videos - This is a sample version of the FHA 203K: 10 Steps from Offer to Closing video. You can see the complete version at the 203k Mortgage Lender website
Articles and Ebooks: In addition to the video we also have the Print Version of the 10 Steps from Offer to Closing. This can be a useful resource when you're meeting with your Real Estate Agent in the event they aren't familiar with the 203K program.
Here is an excerpt:
Friday, August 14, 2009
Combining FHA Loans
Here is a question someone asked me today...
Q. Can I get a regular FHA loan with assisted down payment with a 203k to replace carpets and paint rooms and do it in seven to ten days.
Marvin’s Answer
There is no combination of the two FHA loans. You choice is one or the other, which is either a regular FHA loan with no repairs or an FHA 203k with repairs.
As far as assisted down payment, no assisted down payments are available at this time to use in conjunction with the FHA 203k. Although, I can offer you a regular FHA loan with as little as one half of one percent (1/2%) down.
As far as the time frame, a typical FHA transaction will take at least 30 days and a 203K’ transaction will take anywhere from 30 to 60 days
Any further questions let me know.
Marvin
Q. Can I get a regular FHA loan with assisted down payment with a 203k to replace carpets and paint rooms and do it in seven to ten days.
Marvin’s Answer
There is no combination of the two FHA loans. You choice is one or the other, which is either a regular FHA loan with no repairs or an FHA 203k with repairs.
As far as assisted down payment, no assisted down payments are available at this time to use in conjunction with the FHA 203k. Although, I can offer you a regular FHA loan with as little as one half of one percent (1/2%) down.
As far as the time frame, a typical FHA transaction will take at least 30 days and a 203K’ transaction will take anywhere from 30 to 60 days
Any further questions let me know.
Marvin
Subscribe to:
Posts (Atom)