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I am a first time home buyer planning on buying a fixer upper in Jersey City, NJ and was planning on getting a 30 yr fixed FHA Mortgage for around 400K and at the same time apply for 203k loan for another 300K(this would be used to gut the place and remodel n extend the building as either a 4 family home or extend the building and use it as a mixed used property) Do you think I can apply for both these loans together? I know that I have to get a 203k Consultant, Contractor who is willing to work with 203k loans and Architect. I am wondering what should my approach be, should I go to the lender and ask to refer me to consultant n contractor as it would be a much smoother process if the lender n consultant n contractor have working relation?
Info on my Credit n incomeCredit - 640-660(Borrower), 700-720(Co Borrower)Income- $180,000/yearOutstanding Debt - less than $1000/monthProjected income if I get the loan n convert it into a 4 family - $4000/month
Just to summarize following are my questions.
1) Can I apply for both 30YR FHA Mortgage (400K) + 203K Update loan (300K) together?2) Can someone who has experienced this scenario help me in laying out a plan as in what's first,second n so on?3) Anyone have any contacts for good FHA 203K lenders, Consultants, Contractors n Architects?
Thanks one n all.
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this person is active and covers NJ. link
How do I know if a 203K consultant is any good?Andrew, I checked the link for consultants listed in my area. However they all show a termination date that is in the past. Is the HUD website updated, does anyone know?
In all honesty I would start by finding a good 203K Hud Consultant, they will know what lenders and loan officers write k loans regularly as well as the contractors that are familiar with and have worked with K loans in the past.
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