Profile picture for user8776888

How do I get mortgage estimates that include a construction loan?

I want to make an offer on a property but I'll need a construction loan to support the regular mortgage. I don't see an option that allows me to include the list/asking price but also asks for this additional loan. I need advice on how to do this, if possible. I think it's called a 203k loan.
  • October 02 2012 - Washington
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

There are many types of loans and 203k is only one.  The upside is that a 203k can be used to purchase or renovate a home via Refinancing it. 

Our firm also offers a conventional alternative and two or 3 other "Flavors" of renovation lending depending on your qualifications the FHA 203k Loan may not be the best choice...it might be presented to you as the only game in town which it isn't.  The Mortgage Insurance (PMI/UFMIP) are key differences between the FHA 203k Loan Programs and the Conventional Alternatives like HomeStyle and Portfolio Construction-Perm Alternatives available in our market place.

In this environment where fixed rates are likely to rise during the construction period...The conventional alternatives are critical to consider.

I would be happy to explain in more detail to you or any of our other Zillowers directly about these programs including:

1. HomeStyle  Renovation Loan.
2. HomePath  Renovation Loan
3. FHA 203k Streamline Renovation Loan
4. FHA 203k Renovation Loan
5. Portfolio Construction/Perm Loan
6. REMN HomeFixer/Repair Escrow Program

The best way to determine the right program is to contact an originator well schooled in these. 

Full Disclosure, our company does originate some, but not all of these.

RJS

  • December 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.


Sure contact Rob Ross at 703-568-3749

Best in the DC area!

http://www.ifha203k.com/
  • December 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You are correct that the loan you are describing is called the FHA 203k Loan. It includes the purchase price + rehab money into your Mortgage Loan. The 203k can also be used for refinances. 

The 203k allows the loan to close on a property (aka purchase the property) in its as-is condition and permits the borrower to complete the renovations after the loan is closed.
  • October 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Feel free to contact me and I can send you a list of lenders to contact. 

Wishing you the best,

Tyra
  • October 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi user877688,

Zillow Mortgage Marketplace doesn't offer construction loans.  I suggest reaching out to your local bank or credit union.

We appreciate your post!

Thanks,
Candace
Zillow Customer Support
  • October 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.