During my travels along the east coast, I've run a cross a lot of 1st time home buyers and home owners interested in purchasing and or renovating their existing homes. Many asking the same question, can the 203k FHA Mortgage Loan work for me and how can I qualify. Over the next upcoming posts I will discuss the different aspects of the 203k program and attempt to correct some of the misconceptions about how the 203k FHA Loan works.
I will discuss what steps you should take to develop a good 203K team that will help guide you through the 203k process. Once the potential home buyer has selected a realtor and decided on a property, whether it's a fixer upper or just needs some appliance upgrades and it's within their budget. I would highly recommend at this point a 203k Consultant be considered, for some of these important reasons listed. These steps can also apply to the home owner interested in upgrades and or remodeling they're current home.
1. A Consultant can help expedite the loan process.
2. A Feasibility Analysis should be undertaken by the home buyer and Realtor, prior to signing a sales contract, if requested by the Borrower. This can be prepared by the Consultant for a reasonable fee.
3. Termite and Home Inspection Report required
4. Plan Review of proposed Plan of Dwelling
5. Work Write Up / Specifications of repairs
6. Inspections and Draw Fees
I will explain each of the numbered items, in detail so those interested in buying or looking to add or upgrade the kitchen, bathrooms etc. can better understand the loan process and how to proceed.
Contact us today to schedule your consultation: (718)200-1029
"We create a solid foundation for you to build on." -Ron Vinson