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Answers (11)
- Andrew Adams, "203K Specialist"
- Contributions:9349
Norm,
Non weather realted escrow on an FHA loan. I can do a lot of things..that is not one of them.
Agreed that a conventional loan will not make the deck any more safe but I would have a better chance of closing a conventional loan with a non weather related escrow for repair than an FHA loan.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Chris,
How is a conventional loan going to make the deck any less hazardous (less unsafe?)?
Try 203-b with repairs escrow.
How is a conventional loan going to make the deck any less hazardous (less unsafe?)?
Try 203-b with repairs escrow.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Anette, A deck is not structural..that alone would not make it a full 203k.
- Annette Levinson, "Annette Levinson"
- Contributions:200
Have you asked the seller to make repairs as a condition of your purchase? If they refuse, then 203K streamline is your best option for repairs. If the deck must be replaced (your home inspector will let you know), then you need a regular 203K.
Your lender will walk you through the process, that makes it easier.
Your lender will walk you through the process, that makes it easier.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Tgoad,
If you want an honest 2nd look from someone who understands the programs and has nothing to gain. Don't hesitate to reach out. I don't lend in VA so my opinion will be unbiased!
If you want an honest 2nd look from someone who understands the programs and has nothing to gain. Don't hesitate to reach out. I don't lend in VA so my opinion will be unbiased!
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
Hi! :)
203k is a POSSIBLE option, but not necessarily the BEST option, depending on your circumstances. If, for instance, you have the wherewithal to put down 20%, you can avoid the MI with the FHA 203k Loan. In addition, there are a multitude of other renovation loans available, so don't just jump at the 203k. Do your homework first.
:)
b
203k is a POSSIBLE option, but not necessarily the BEST option, depending on your circumstances. If, for instance, you have the wherewithal to put down 20%, you can avoid the MI with the FHA 203k Loan. In addition, there are a multitude of other renovation loans available, so don't just jump at the 203k. Do your homework first.
:)
b
- Paul Welden, "203k Contractors"
- Contributions:17
FHA 203k loans are not complicated when a 203k experienced lender, Realtor and contractor, such as a Certified 203k Contractor, are involved. If it's just the deck and back door, it may not be cost effective to do a 203k but with the 203k you can include a remodeled kitchen, bathroom, addition, new paint, flooring, etc. The 203k is not limited to items that are in disrepair.
- Andrew Adams, "203K Specialist"
- Contributions:9349
203K is the way to go...Go conventional and you still need money for repar the deck and add a lock to the back door. My guess is there are a few other itemns that you would like to change or update in addition to the major items you listed.
203K loans are only more difficult to close when you work with a lender that doesn't actually originate and close them. You do not want your loan officer learning the program with you!
I don't lend in VA, but for what it's worth I would be calling Deborah if I were in your shoes. To at least have a conversation about teh 203K loan.
203K loans are only more difficult to close when you work with a lender that doesn't actually originate and close them. You do not want your loan officer learning the program with you!
I don't lend in VA, but for what it's worth I would be calling Deborah if I were in your shoes. To at least have a conversation about teh 203K loan.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hi TGoad,
I agree, if it is just the deck and lock, a 203K is probably not the way to go. You say the house does not qualify for an FHA loan...is it just because of the deck and lock? Or are there other reasons?
The 203K offers two versions, a "streamline" and a regular 203K. The procedures are spelled out on the HUD website, and they are not as bad as it may seem, although it does add another layer in an already rather dense process.
We also are located in VA. Happy to help if we can. Jim, American Bank.
I agree, if it is just the deck and lock, a 203K is probably not the way to go. You say the house does not qualify for an FHA loan...is it just because of the deck and lock? Or are there other reasons?
The 203K offers two versions, a "streamline" and a regular 203K. The procedures are spelled out on the HUD website, and they are not as bad as it may seem, although it does add another layer in an already rather dense process.
We also are located in VA. Happy to help if we can. Jim, American Bank.
- Chris Hacker, "thelendingcoach"
- Contributions:130
If it's really only the deck and door lock, that does not sound like a major problem. Just go conventional, it's a lower down payment anyway at only 3% vs. 3.5% and there is no upfront MIP.
If you have to go FHA, there are plenty of lenders doing those and they are not that difficult.
If you have to go FHA, there are plenty of lenders doing those and they are not that difficult.
- Deborah Garvin, "loanmonarch"
- Contributions:438
203K loans are not that complicated and provide a great opportunity for a consumer to buy a home and make it their own. I have written several blog posts on the program and would be happy to send you links if you are interested. My company is headquartered in VA and we do lots of 203K loans. You can contact them directly or I would be happy to put you in touch with someone there.
Finding a lender who offers 203(K)
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